Public Sector Financial Management And Accountability: Ensuring Transparency And Value

Introduction:

Effective financial management is crucial for public sector organizations to achieve their missions and serve the public interest. This comprehensive training course on Public Sector Financial Management and Accountability equips participants with the skills and knowledge to manage public funds responsibly, ensure transparency, and maximize value for taxpayers. Participants will learn best practices for budgeting, financial reporting, auditing, and accountability, empowering them to contribute to sound financial governance and efficient resource allocation in the public sector. This course bridges the gap between financial theory and practical application, enabling participants to confidently navigate the unique financial landscape of the public sector.

Target Audience:

This course is designed for professionals working in the public sector who are involved in financial management, budgeting, accounting, auditing, or oversight, including:

• Government Officials
• Public Sector Managers
• Budget Analysts
• Financial Officers
• Auditors
• Accountants
• Legislative Staff
• Anyone involved in public sector financial administration

Course Objectives:

Upon completion of this Public Sector Financial Management and Accountability training course, participants will be able to:

• Understand the principles of public sector financial management.
• Apply best practices in budgeting and financial planning.
• Prepare and analyze public sector financial statements.
• Ensure transparency and accountability in public spending.
• Understand the legal and regulatory framework for public finance.
• Conduct effective audits of public funds.
• Manage public sector resources efficiently and effectively.
• Promote ethical conduct and prevent fraud and corruption.
• Improve financial decision-making in the public sector.
• Enhance public trust and confidence in government.
• Contribute to sound financial governance.
• Maximize value for taxpayers.
• Stay up-to-date with best practices in public sector financial management.
• Effectively communicate financial information to stakeholders.
• Contribute to improved public sector performance.

DURATION

10 Days

COURSE OUTLINE

Module 1: Introduction to Public Sector Financial Management

• Unique characteristics of public sector financial management.
• Key principles of public finance and budgeting.
• The role of financial management in achieving public sector objectives.
• Ethical considerations in public sector financial management.
• The legal and regulatory framework for public finance.

Module 2: Budgeting and Financial Planning

• Different types of public sector budgets (e.g., line-item, program, performance).
• Budgeting processes and timelines.
• Forecasting revenues and expenditures.
• Developing a multi-year financial plan.
• Linking budget allocations to strategic priorities.

Module 3: Accounting and Financial Reporting

• Generally Accepted Accounting Principles (GAAP) for governments.
• Fund accounting and its application in the public sector.
• Preparing and analyzing financial statements (e.g., balance sheet, statement of revenues, expenditures, and changes in fund balances).
• Understanding the different fund types and their uses.
• Financial reporting requirements for public sector entities.

Module 4: Cash Management and Investment

• Managing public funds effectively.
• Cash flow forecasting and management.
• Investing public funds safely and prudently.
• Banking relations and cash pooling.
• Risk management in cash and investment management.

Module 5: Debt Management

• Different types of public debt.
• Issuing and managing public debt.
• Debt financing and its implications.
• Debt service and repayment strategies.
• Managing debt risk.

Module 6: Procurement and Contract Management

• Public procurement principles and procedures.
• Competitive bidding and contract award processes.
• Contract negotiation and management.
• Managing vendor relationships.
• Ensuring transparency and fairness in procurement.

Module 7: Asset Management

• Managing public assets effectively.
• Inventory management and control.
• Fixed asset accounting and depreciation.
• Capital planning and investment.
• Asset maintenance and disposal.

Module 8: Performance Measurement and Evaluation

• Developing performance indicators and metrics.
• Measuring program effectiveness and efficiency.
• Using performance information for decision-making.
• Evaluating the impact of public programs.
• Performance reporting and accountability.

Module 9: Auditing and Accountability

• Types of public sector audits (e.g., financial, compliance, performance).
• Auditing standards and procedures.
• Internal controls and risk management.
• Reporting audit findings and recommendations.
• Legislative oversight and accountability.

Module 10: Fraud Prevention and Detection

• Types of fraud in the public sector.
• Fraud risk assessment and prevention.
• Detecting and investigating fraud.
• Whistleblower protection and reporting mechanisms.
• Ethical conduct and anti-corruption measures.

Module 11: Transparency and Open Government

• The importance of transparency in public finance.
• Open data initiatives and access to information.
• Citizen engagement and participation in budget processes.
• Communicating financial information to the public.
• Building public trust and confidence.

Module 12: Intergovernmental Fiscal Relations

• Fiscal federalism and intergovernmental transfers.
• Revenue sharing and grant programs.
• Coordination of fiscal policies across different levels of government.
• Managing fiscal imbalances and disparities.
• Intergovernmental cooperation and collaboration.

Module 13: Public Sector Budgeting and Fiscal Policy

• The role of the budget in fiscal policy.
• Budgetary policy and its impact on the economy.
• Fiscal sustainability and long-term financial planning.
• Managing fiscal risks and shocks.
• The relationship between fiscal policy and other public policies.

Module 14: Financial Management in Specific Public Sector Entities

• Financial management in various public sector organizations (e.g., education, healthcare, social services).
• Unique financial challenges and opportunities in different sectors.
• Sector-specific accounting and reporting requirements.
• Best practices in financial management for different entities.

Module 15: Emerging Trends and Future Challenges in Public Sector Financial Management

• The impact of technology on public finance.
• The role of data analytics in financial decision-making.
• The increasing focus on performance and outcomes.
• The evolving landscape of public sector governance and accountability.
• Future challenges and opportunities in public sector financial management.

Training Approach

This course will be delivered by our skilled trainers who have vast knowledge and experience as expert professionals in the fields. The course is taught in English and through a mix of theory, practical activities, group discussion and case studies. Course manuals and additional training materials will be provided to the participants upon completion of the training.

Tailor-Made Course

This course can also be tailor-made to meet organization requirement. For further inquiries, please contact us on: Email: info@skillsforafrica.org, training@skillsforafrica.org  Tel: +254 702 249 449

Training Venue

The training will be held at our Skills for Africa Training Institute Training Centre. We also offer training for a group at requested location all over the world. The course fee covers the course tuition, training materials, two break refreshments, and buffet lunch.

Visa application, travel expenses, airport transfers, dinners, accommodation, insurance, and other personal expenses are catered by the participant

Certification

Participants will be issued with Skills for Africa Training Institute certificate upon completion of this course.

Airport Pickup and Accommodation

Airport pickup and accommodation is arranged upon request. For booking contact our Training Coordinator through Email: info@skillsforafrica.org, training@skillsforafrica.org  Tel: +254 702 249 449

Terms of Payment: Unless otherwise agreed between the two parties’ payment of the course fee should be done 5 working days before commencement of the training.