PUB3705 Portfolio 2025 (Final) - Due 22 May 2025

PORTFOLIO: May/June 2025 PUB3705 PUBLIC FINANCIAL MANAGEMENT AND ADMINISTRATION 100 Marks Due date: Thursday, 20 May 2025 at 19h00 QUESTION 1: ANALYTICAL APPLICATION 1.1 Discuss the functions of key role players in the management of public finances. Illustrate your answer with the use of practical examples. The management of public finances is a complex and coordinated activity involving several key role players at various levels of government. These role players include the legislature, executive authorities ministries and departments, National Treasury, accounting officers, and auditing institutions, among others. Each of these actors plays a vital role in ensuring that public money is managed in a legal, efficient, transparent, and accountable manner, as outlined in the Public Finance Management Act (PFMA) and the Municipal Finance Management Act (MFMA) (Ferreira 2001). 1. The Legislature It comprising Parliament at the national level and provincial legislatures, is responsible for authorising all government expenditure. It exercises oversight over the executive's financial operations to ensure that public funds are spent lawfully and appropriately. Approves budgets, scrutinises financial reports, and holds the executive accountable. For example Parliament debates and approves the national budget tabled by the