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INTRODUCTION TO PUBLIC SECTOR FINANCIAL MANAGEMENT & ACCOUNTING (Key…
INTRODUCTION TO PUBLIC SECTOR FINANCIAL MANAGEMENT & ACCOUNTING
MAIN ACTIVITIES
Budgeting
Financial Accounting
Reporting
Auditing
Key characteristics of PS
Public accountability
Multiple objectives
Rights, powers & responsibility
Lack of equity ownership
Operating & financial frameworks set by legislation
The importance of the budget
Governance structure
Nature of resources
Exchange transactions
DIFFERENCES BETWEEN PUBLIC SECTOR & PRIVATE SECTOR
Control & maintenance
PUBLIC: in the hands of government
PRIVATE: owned & manage by the private individuals & corporations
Aim
PUBLIC: to serve people
PRIVATE: profit motive
Employees
PUBLIC: security of the job, Seniority for promoting employees
PRIVATE: performance
OBJECTIVE OF PUBLIC SECTOR
Primary
Providing a public service and goods to society
Provides a wellbeing
Warranty of security to citizens
Secondary
Promote rapid economic development
Provide basic infrastructural facilities
Reduce disparities in income
Exercise social control and regulation
Control over sensitive area
Attain self-reliance in different technologies
Enhance the employment opportunities
Component of PS in Malaysia
Federal Government
Central Agencies
Operating Agencies
State Government
Local Government
Public Enterprises
Statutory Bodies
Off-Budget Agencies
Government Linked Companies
Government Link Investment Companies