The World Bank provides many useful diagnostic documents on FM issues at a country level, as shown below.

Public sector

The Country Financial Accountability Assessment (CFAA)  is a key financial management diagnostic tool designed to enhance the Bank’s knowledge of financial accountability arrangements in a country.

The Bank also prepares Public Expenditure Reviews (PERs) as well as Country Procurement Assessment Reports (CPARs). Also, the Public Expenditure and Financial Accountability (PEFA) Secretariat has issued a Public Financial Management Performance Measurement Framework (PEFA Framework) in 2005. This is a new PFM tool that covers the wide spectrum of PFM.

The Bank also draws on PFM diagnostic products of other donors—for example, the IMF’s Fiscal Transparency ROSC and IMF’s Central Bank Safeguards Assessment, HIPC Assessments, Financial Management and Governance reviews by the African and Asian Development Banks, and Audits by the European Commission. In addition, many borrower countries have institutions and processes that provide valuable insights on PFM performance. These include published government accounts, reports by supreme audit institutions, proceedings of parliamentary oversight bodies and work done by research bodies.

Private sector

The Report on Observance of Standards and Codes Accounting and Auditing (ROSC-A&A) review evaluates a country’s accounting and auditing standards and practices in the private sector, using international standards and practices as benchmarks. It also analyzes the strengths and weaknesses of the country’s institutional framework that underpins the accounting and auditing practices.