Training
Public Financial Management
The public sector, in its quest for efficiency, must allocate its financial resources in the most productive way possible and optimize the use of public funds, while respecting the objectives of the government policies. This seminar focuses on the processes of preparing budgets and evaluating the profitability of public investments, drawing on good practices in budgetary monitoring and internal control, which are necessary conditions for good governance.
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Practical Objectives
Understand the concepts and principles necessary for sound public financial management.
Improve capital budgeting decisions in the public and para-public sector.
Be aware of the best practices related to the implementation of an Integrated Financial Management Information Systems (IFMIS).
Acquire the necessary know-how to enhance internal controls to prevent fraud and corruption.
Training Seminar Topics
Introduction
Trends in public financial management. Achievements, challenges and opportunities.
Budget Management
Expenditure framework and budget process. Performance monitoring and reporting. Financial and non-financial indicators. Scorecards.
Integrated Financial Management Information Systems (IFMIS)
IFMIS and financial reforms. Major challenges and key success factors for implementation. Lessons learned and case studies.
Internal Control
Internal control integrated framework (COSO). Implementation and assessment of the internal control system. Consequences of an inadequate internal control system. Fraud prevention.
Capital Budgeting, Investment Decision and Economic Analysis
Setting priorities according to policies. Monetary and non-monetary tools: Multi-criteria, Cost-Effectiveness and Cost-Benefit Analysis. Capital and interest, cash flows, decision-making criteria: internal rate of return (IRR) and net present value (NPV). Cost of public capital and external financing. Risk analysis and critical variables. Economic analysis, distortions and shadow prices.
Planning of Capital Projects
Detailed work/resource allocation. Multi-annual and annual budget by products. Product oriented annual cashflow forecasts.
Monitoring and Evaluation of Capital Projects
Budget execution rate. Performance-expenditure continuum. Cost benefit review.