PUB 2601 ASSIGNMENT 2 2021

Functions of the executive with regard to public finances Function of the executive with public finances are as follows; to regulate financial management in the national government and provincial governments, to ensure that all profits, expenditure, assets and accountabilities of those governments are managed professionally and effectively, to provide for the responsibilities of persons trusted with financial management in those governments. Public Finance Management A well-organized public finance management system is a key factor to the effective use of a nation’s rare public resources and the realization of public sector objectives such as poverty reduction, and support towards national growth and prosperity. A truthful and efficient national public finance management system is also one important condition for contributors to provide general budget support and to use national public finance management systems. The management of public finance covers the following (a) Organization and judicious application of resources. (b) Management of investments and liabilities of the Government. (c) Proper supervision, use and maintenance of Government properties. (d) Clear and obvious accounting of all public receipts and expenditures and reporting thereon. Accounting Officer An Accounting Officer has an overall responsibility for This study source was downloaded by from CourseH on :27:36 GMT -05:00 This study resource was shared via CourseH (a) Respectability and regularity of the public finances for which the Accounting Officer is answerable. (b) The performance in the delivery of outputs, taking into account the performance indicators. (c) Exercising reasonable care to prevent and detect unauthorized, irregular and nugatory expenditure, and must for this purpose implement effective, efficient and transparent processes of financial and risk management. (d) Ensuring that financial transactions pertaining to the Department are duly processed through the Treasury Accounting System and outputs and performance are reported on time. Responsibility of public finance management Responsible for matters relating to the collection, management and control of public money, including: developing and implementing budgetary, economic, economic income generating, and tax policies, developing and implementing fiscal responsibility policies, plans and financial management systems The national treasury The National Treasury has a controlling fairly than an advisory or executive function, and administrates and exercises control over the state’s money and assets. It supports the state in the distribution of public funds to achieve the government’s objectives and priorities. These objectives and priorities are concerned with social needs that can be fulfilled by means of government services and programs, or by other institutions with financial backing from the state. The National Treasury also assists with the writing of the annual budget for presentation to Parliament This study source was downloade