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PROGRAMME 5: FINANCIAL
ACCOUNTING AND REPORTING
Purpose: Financial Accounting and Reporting programme intends
to develop new and enhance existing accounting policies and
practices to ensure compliance with Generally Recognised
Accounting Practices (GRAP) accounting standards to be issued
by the Accounting Standards Board, enabling a transition from
the cash basis to an accrual basis of accounting. It also
endeavors to improve the timelines, accuracy and efficiency of
financial reporting; and to provide mechanisms for improved
financial accountability in the public sector.
Measurable objective: The programme aims to improve the quality of financial accounting and reporting by ensuring that appropriate accounting policies and financial practices are developed for improved disclosure.
The Office of the Accountant-General has
undergone considerable restructuring and now consists of the
following subprogrammes:
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Financial Reporting for
National Accounts is responsible for the accounting of the
National Revenue and Reconstruction and Development Programme
Fund, banking services for national Government, developing and
implementing accounting policies, and preparing consolidated
financial statements.
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Financial Management
Improvement incorporates the improvement of financial management
and training as well as internal audit services. It also provides
assistance to the Institute for Public Finance and Auditing.
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Service Charges provides for
bank service charges for the deposit accounts of all departments.
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Audit provides for
compensation for shortfalls of statutory bodies and municipalities
in certain instances in terms of the Auditor General Act (12 of
1995).
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Public Sector Risk Management Framework
The Public Sector Risk Management Framework (Framework)
represents the pre-eminent source of reference and guidance on
risk management practices in the public sector. The Framework
aims to support the objectives of public sector institutions
through providing information and guidance to enable the
implementation and maintenance of effective systems to identify
and mitigate the risks that threaten the attainment of service
delivery and other objectives, and optimise opportunities that
enhance institutional performance.
The Public Sector Risk Management Framework updates and builds
on the National Treasury Risk Management Framework published in
2004.
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