New PCB Budget Procedure Policy to Shape SOE Budgeting and Audit Practices
Photo: MV+
The Privatisation and Corporatisation Board (PCB) has published a new Budget Procedure Policy for State-Owned Enterprises (SOEs), with the aim of bolstering transparency, accountability, and consistency in the budgetary processes across all SOEs.
SOE Budget Procedure Policy has been published by the Privatization and Corporatization Board. This policy aims to enhance transparency, accountability, and consistency in budget planning, submission, and monitoring function across all SOEs. https://t.co/mIAEd6lZsd#pcb #SOEs pic.twitter.com/29r6VwyCAy
— Privatization & Corporatization Board (@pcb_gov) November 4, 2024advertisement
According to PCB, this policy outlines essential research and procedural standards that must be met by government-owned companies, government-participating entities, and commercially operated government bodies in formulating their budgets. The policy also details the required steps for submitting budget documents to both the PCB and the Ministry of Finance for comprehensive review.
As many SOEs are already engaged in the process of finalising their budgets for 2025, PCB stated that the new budget compilation procedures will become mandatory for the preparation of the 2026 budget. However, from today, companies are expected to implement the policy’s requirements for budget disclosure and internal audit activities.
To view the policy, please visit: https://www.pcb.gov.mv/storage/downloads/circulars/2024/454-cir-2024-10-soe-budget-procedure-policy-1730709657.pdf
