Government at a Glance

Latin America and the Caribbean 2014: Towards Innovative Public Financial Management

image of Government at a Glance

Latin American and Caribbean Government at a Glance offers a dashboard of more than 30 indicators to help decision makers and citizens analyze and benchmark government performance both within the LAC region and compared to the OECD countries. The publication focuses in four broad areas: budgeting practices; public sector pay and employment; public procurement and public finances. Furthermore, the policy chapter deepens in the budgetary and fiscal innovations which have taken place for the LAC region in the past years.

Despite the fact that the LAC region has not been so badly affected by the recent Global and Financial crisis, the Latin American an Carribbean Government at a Glance argues that governments need to be more inclusive, transparent, receptive and efficient. For that, they need to improve among other budgetary, employment and procurement practices, as well as increase the transparency levels.

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Internal audit

Internal auditing (IA) constitutes a key part of the public financial management system and can be carried out at different levels within the government. By providing senior management with independent evaluation and counsel to improve internal control, internal audit increases value for money and strengthens accountability. Furthermore, internal audit is a critical component of government control systems, with the external function audit carried out by supreme audit institutions (SAI). Although SAIs and internal auditors carry out differing tasks according to clearly defined roles, they collectively promote good governance through the promotion of transparency and accountability for the use of public resources. More specifically, however, internal auditors carry out the first review of the quality of budget, financial and accounting information, concerning the extent to which organisations have achieved previously established objectives, while SAIs have the responsibility of evaluating the effectiveness of the internal audit function. Internal audit units are subordinate to the head of the entity within which they reside, but are organisationally and functionally independent.

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