Financial Management and Reporting

This Garvey Africa Institute training course is designed to deepen participants’ understanding of public sector financial management techniques. It strengthens skills and gives insight into financial management and reporting tools. 

It covers financial management; record keeping; budgeting; and budget planning, monitoring and control. The course provides the knowledge and skills to enable participants to exercise good financial management and reporting. 

It will help our delegates not only in meeting the highest standards of financial management and reporting, but also to secure the benefits of improved financial management to help secure organisational objectives and goals in their work place.

The course covers various topics required for sound financial management in order to comply with national regulations, to execute effective reporting and to apply the necessary performance requirements for strategic planning and budgeting, as well as internal control for financial accountability. It addresses accepted financial and accounting principles including IFRS and IPSAS.

Course Objectives:

• understand the concepts and principles necessary for sound financial management and reporting
• comply with the requirements of relevant statutes and regulations
• apply the principals of financial management approach to managing for results
• apply the performance requirements for financial management
• apply the principles of effective financial reporting
• design ways to manage and control use of financial resources in the public sector
• link the institutional budget to strategic and performance plans

• Financial management and reporting definitions, concepts and principles
• Financial framework applicable to public officials
• Importance of good financial management
• Benefits of effective financial management practices
• Financial and strategic planning
• Expenditure classification
• Performance measurement
• Internal control
• Payment processes
• In-year management, monitoring and reporting
• Financial reporting and accountability
• Public sector accounting standards
• Improving public sector financial reporting: national international standards
• IFRS and IPSAS
• Impact of IPSAS on auditors and internal control system
• Impact of IFRS on financial statement interpretations
• Impact on financial processes and systems
• Links and implications to and for broader strategies: financial management, taxation, asset management, governance and accountability
• The transition process to IFRS or IPSAS
• Exceptions relating to the financial statements of a transitioning organisation
• Record keeping for improved financial information
• How to satisfy stakeholder requirements and implications for internal and external audit
• Implementation
• Managing substantial financial resources
• Risk management
• How to develop skills to aid implementation, capacity development, benefits realisation and risk management plans
• How to reduce risk of qualified accounts
• Formulating a documented action plan