Public Finance Management Act

By: Peakford  12-13-2010
Keywords: training solutions and outsourcing

 Government has prioritised the transformation of the public sector to enable it to meet the needs of the people. Given the enormous demand for services and the limited resources available to satisfy that demand, all available resources must be used as effectively and efficiently as possible. Government is determined to modernize the management of the public sector, to make it more people friendly and sensitive to the communities it serves. This was enhanced by introduction of service delivery indicators, performance budgets and generally recognized accounting practice (GRAP). The PFMA also witnessed the following key measures. Enterprise Risk Management became a critical function in the public sector. The term 'enterprise risk management' (ERM) has become a popular way of describing application of risk management throughout the institution rather than only in selected business areas or disciplines. Risk management is a management discipline with its own techniques and principles. It is a recognised management science and has been formalised by international and national codes of practice, standards, regulations and legislation. In the whole scheme of things Corporate governance is the cornerstone. Corporate governance is the international term associated with the trend towards greater corporate responsibility and the conduct of business within acceptable ethical standards. Transparency, accountability and openness in reporting and disclosure of information, both operational and financial, are internationally accepted to be vital to the practice of good corporate governance.

Keywords: training solutions and outsourcing

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