Enhancing Public Finance Accountability: A Comprehensive Analysis of Parliamentary Oversight on Audit Reports in Bangladesh

Abstract This research paper, titled "Enhancing Public Finance Accountability: A Comprehensive Analysis of Parliamentary Oversight on Audit Reports in Bangladesh," delves into the critical role of parliamentary oversight in ensuring fiscal accountability within the context of Bangladesh's economic landscape. Against the backdrop of commendable economic growth, the study scrutinizes the challenges faced by the Public Accounts Committee (PAC) and the Office of the Comptroller and Auditor General (OCAG) in examining government audit reports. The research questions aim to assess the effectiveness of current oversight mechanisms, identify challenges encountered by the PAC, and propose actionable recommendations. Utilizing a theoretical framework grounded in accountability theory, institutional analysis, and governance literature, the study employs a mixed-method research design. Primary data is extracted from PAC reports and parliamentary proceedings, supplemented by external sources and comparative case studies. The comprehensive analysis reveals multifaceted challenges, including political interference, resource limitations, and technological gaps, hindering the transparency and accountability of public finances. The study combines mixed-method research, including efficiency analysis, document analysis, key informant interviews, surveys, and case studies, to propose actionable recommendations for strengthening transparency, accountability, and good governance in Bangladesh's financial management. The findings emphasize the urgent need for reforms and a multifaceted strategy to address the identified challenges, fostering economic growth and sustainable development. The findings underscore the urgency for a holistic strategy, leading to a set of recommendations categorized into capacity building, independence and transparency reforms, digitalization and automation, open government data initiatives, and strategic resource allocation. A long-term impact assessment envisions positive economic outcomes, including GDP growth and reduced deficit and debt burden, endorsing the transformative potential of the proposed reforms. In conclusion, this research emphasizes the pivotal role of parliamentary oversight in reshaping Bangladesh's financial governance. The proposed recommendations, supported by a multicriterial analysis, offer a pathway to fortify public finance accountability, fostering transparency, efficiency, and public trust. The research contributes valuable insights for policymakers, practitioners, and citizens, advocating for continuous inquiry to refine strategies and ensure sustained improvements in governance and accountability.