NEWS & COMMUNICATION Foundation of the Public Finance Management Academy [ Back to the News & Communication Page ] Financial events in the 2000/2001 fiscal financial year will be overshadowed by the implementation of the Public Finance Management Act (PFMA) (as amended). According to Professor Dieter Gloeck, Executive President of the Southern African Institute of Government Auditors (SAIGA), the Public Finance Management Act (PFMA) introduces what can be described as statutory performance management based on advanced management concepts and state-of- the-art accountability arrangements. Reporting requirements are expanded and transparency is enhanced by requirements for regular, timely reporting according to prescribed norms and standards. These requirements are applicable to all departments at national and provincial level as well as to a wide range of organisations falling under the definition of "public entities" and their subsidiaries. The PFMA net further extends over all entities who fall under the new concept described as "ownership control". Gloeck believes that successful implementation of the PFMA is dependant on effective knowledge empowerment. Thousands of officials at national and provincial level will have to be educated, not only in the actual PFMA requirements, but also so as to understand and be able to implement newly introduced concepts such as risk management, REAL management (Revenue, Expenditure, Assets, Liabilities), GRAP (Generally Recognised Accounting Practices) the 3E's (efficiency, economy & effectiveness), financial statements, activity based budgeting, measurable objectives and performance reporting. In order to assist Treasury in the PFMA implementation, SAIGA has founded the Public Finance Management Academy which has developed the Public Finance Management Programme (PFM Programme) consisting of various Modules. Since the Public Finance Management Academy's foundation in November last year, more than 1,000 senior government officials, staff from public entities and partners from private sector accounting and auditing firms have been certified after completing the Foundation Module of the PFM Programme. Professor Herman de Jager, Secretary of SAIGA, points out that a dedicated team of academics, accounting professionals, chartered accountants and auditors are responsible for the Academy's curriculum design and development. "The Public Finance Management Academy is well-positioned to deliver its products by focusing on the PFM legislation, SAQA requirements of outcome based education and taking into account aspects such as prior learning and skills requirements in the public sector" says De Jager. [ Back to the News & Communication Page ]
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