Public Finance Management Act
Course Overview
The Public Finance Management Act, Act 1 of 1999 and Treasury Regulations, requires National and Provincial departments to align their budget to the achievement of their strategic plans.
Management in the public sector must be empowered to apply strategic planning for effective service delivery and budget implementation. There is a need to plan, strategise, share with representatives and stakeholders measurable objectives and evaluate their mandated activities, to meet not only the Government performance and results requirements, but also, at the same time they have to deal with a number of management reform initiatives.
The PFMA is designed to prevent wastage of public finances and failure to comply with the prescribed regulations could put performance at risk. Through a risk management process risk should be identified that could negatively impact on service delivery and through effective internal control systems manage the risk. It is for assisting Management to effectively comply with the legislation and fi nancial management reform initiatives.
Learning Outcomes
- Familiarise yourself with principles of sound Public Sector Financial Management
- Identify the Roles and Responsibilities of Line Managers Re: Financial Management
- Understand the Core Components of the PFMA and Treasury Regulations
- Successfully linking the Budget to the Strategic and Operational Planning within the MTEF
- Apply sound financial management process to prevent unauthorised, irregular and Wasteful Expenditure
- Identify actions required for successful integration of Supply Chain Management Model into the department's management process
- Apply effective Risk Management principles and Internal Control Systems
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