Ways in which public financial resources can be safeguarded under the PFM Act 2016 include:

• Clear Definition of Powers and Responsibilities: The PFM Act clearly defines the powers and responsibilities of financial stewards, including individual office holders, ensuring that roles are explicitly assigned to central players in the financial administration of the country. This includes the responsibilities of the Minister of Finance, Chief Directors, Principal Spending Officers, and the Controller and Accountant-General, among others.
• Micro and Fiscal Policy Principles and Strategies: The Act provides guidelines for the formulation of micro and fiscal policies, ensuring that public financial resources are managed in line with the country’s macroeconomic framework, thereby safeguarding economic stability.
• Budget Preparation, Approval, and Management: The Act establishes strict guidelines for the preparation, approval, and management of the national budget. It ensures that budgetary allocations are in line with the government’s priorities and are used efficiently, reducing the risk of mismanagement of public funds.
• Establishment of Funds and Debt Management: The Act establishes the Contingency Fund, Sinking Fund, and mechanisms for debt servicing and public debt management. These provisions ensure that resources are available for emergencies and that the country’s debt is managed sustainably, safeguarding financial resources from being exhausted by unforeseen events or mismanagement.
• Establishment of Audit Committees: The Act replaces Audit Report Implementation Committees with Audit Committees, which are tasked with ensuring that financial reports are accurate and that any recommendations made by auditors are implemented. This strengthens oversight and accountability, ensuring that public resources are protected from misuse.
• Offenses and Penalties: The Act outlines offenses and penalties for non-compliance, including surcharges and penalties for contraventions. This serves as a deterrent against the misuse of public funds, helping to safeguard financial resources.
• It has set dates under which Public Accounts are supposed to be submitted and
  audited
• The Act has also establish Audit Committees to replace Audit
  Reports Implementation Committees.