Without financial accountability, there will be no effective financial management control. The FRMAI intends to serve as a vital instrument to provide unbiased and objective assessments of whether public monies are responsibly and effectively managed to achieve the intended results. The ultimate objectives of the FRMAI are:
• To help the audited agencies achieve accountability, improve operations and instil confidence among the public and stakeholders;
• To instil a sense of competitiveness amongst the agencies in discharging their duties and responsibilities as the trustees of public resources and promote a work culture of best practices;
• To enable the audited agencies to assess the trend of their financial management performance which will become the basis for benchmarking and measure the progress of their financial management over the years;
• To induce audited agencies to undertake necessary corrective actions on the reported shortcomings on a timely basis; and
• To motivate heads of the audited agencies to walk the talk in ensuring accountability and integrity in their respective organisations/agencies and to diligently resolve the persistent weaknesses in their financial management and strive for excellence in public service
Expected Outcome of the FRMAI
It is expected that the evaluation of audited agencies using the structured and objective instrument would help achieve:
• Enhanced accountability, transparency and efficiency of the public service delivery system – ensuring quality & timely delivery of public services;
• Enhanced transparency in decision-making, operations and reporting the results;
• Reduced incidences of fraud and corruption, and greater compliance to rules and regulations;
• Enhanced value for money in the use of public resources;
• Enhanced confidence in the public financial management system; and
• Excellence in public sector financial management and promote good governance.
The assessment tool would ultimately contribute towards achievement of GNH goals and aspirations.