The Public Sector

Question 1

What are the 4 legislation and regulations applicable within the public sector?

Answer 1

1. Public Finance Management Act
2. Municipal Finance Management Act
3. Treasury Regulation according to PFMA
4. Companies Act

Question 2

What is the purpose of the PFMA?

Answer 2

To regulate financial management in the national government and provincial government

To ensure that all revenue, expenditure, assets and liabilities of those governments are managed efficiently and effectively

To provide for the responsibilities of persons entrusted with financial management in those governments

To provide for matters connected there with.

Question 3

What is the objective of the PFMA?

Answer 3

To provide for a effective corporate governance of national and provincial government and its agencies and entities, by regulating direction and control and improving transparency and accountability.

Question 4

What is the aim for Municipal Finance Management Act

Answer 4

The aim is to modernize budget, accounting and financial management practices by placing local government finances on a sustainable footing in order to maximize the capacity of municipalities to deliver services to communities.

Question 5

What is the objectives of the MFMA?

Answer 5

To secure sound and sustainable management for the financial affairs of municipalities and other institutions in the local sphere of government

To establish treasury norms and standards for the local sphere of government

To provide for matters connected there with.