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Periodical article Periodical article Leiden University catalogue Leiden University catalogue WorldCat catalogue WorldCat
Title:Public Finance Management Act, I of 1999: a compliance strategy
Author:Madue, S.M.
Year:2007
Periodical:Politeia: Journal for Political Science and Public Administration
Volume:26
Issue:3
Pages:306-318
Language:English
Geographic term:South Africa
Subjects:public finance
public accounting
legislation
Abstract:The author highlights the importance of compliance with the Public Finance Management Act, I of 1999, as amended by Act 29 of 1999 (PFMA), in relation to the Constitution and the National Treasury regulation as components of good governance. Compliance with the PFMA is compliance with the International Financial Reporting Standards (IFRSs). Following a presentation of the background to the PFMA and an identification of factors influencing lack of compliance with the PFMA, the author suggests a strategy for improving such compliance. This strategy integrates planning, budgeting and performance as a basis of accountability. Budgeting is supported by predetermined performance indicators. Reporting is mainly threefold: monthly reporting on actual expenditure and revenue against budgets; quarterly reporting on meeting performance targets; and annual reporting through financial statements, annual reports and audit reports. The implementation of a compliance strategy by government departments and public entities will further help to reduce non-compliance levels. Bibliogr., sum. [ASC Leiden abstract]
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