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- 5 Marks
Question
The Controller and Accountant General is a key public officer responsible for ensuring the custody, safety, and integrity of public funds. In addition, the Controller and Accountant General has a responsibility towards covered entities to ensure effective public financial management across the public sector.
Required:
Explain FIVE (5) specific responsibilities of the Controller and Accountant General towards the covered entities under the Public Financial Management Act 2016 (Act 921).
Answer
- Ensuring the Proper Custody of Public Funds:
- The Controller and Accountant General is responsible for ensuring that all public funds, including those of covered entities, are safely and securely held in accordance with the law. This involves maintaining control over the opening and operation of government accounts.
- Supervising the Compilation of Accounts:
- The Controller and Accountant General must oversee the compilation of accounts from all covered entities. This includes ensuring that all financial transactions are accurately recorded and reported in line with statutory requirements.
- Managing the Consolidated Fund:
- One of the key responsibilities is to manage the Consolidated Fund, ensuring that all revenues collected by covered entities are properly accounted for and that all disbursements from the Fund are lawful and correctly documented.
- Supporting Budget Execution:
- The Controller and Accountant General plays a vital role in supporting budget execution by ensuring that funds are released to covered entities in accordance with approved budgets, and by monitoring expenditure to prevent overspending.
- Providing Financial Reports:
- It is the responsibility of the Controller and Accountant General to prepare and submit financial reports to the Minister of Finance and other relevant authorities. These reports must be comprehensive, accurate, and submitted on time to support decision-making and accountability in public financial management.
- Topic: Public sector fiscal planning and budgeting
- Series: NOV 2021
- Uploader: Theophilus