Financial managers are responsible for the financial health of an organization. The findings revealed that guidelines are not strictly adhered to when carrying out development planning with regard to ensuring judicious use of public financial resources in local governments of Bayelsa state Though the study revealed that the performance of public financial management in local government administrations is to a moderate extent, the management of financial activities still require rapt attention.
Also, there must be an existence of a transparent procurement system as an integral part of the overall public financial management system which is supported by a clear regulatory framework that provides for competition, value for money and effective controls.
The consequence of wider discussion between developing country actors could lead to a more balanced, realistic, relevant and ultimately effective approach to Public Finance Management reform in developing countries. The finance manager’s job is to maximize profits whilst keeping the risk to a minimum so you can understand why there is a high level of stress associated with this work. The descriptive design is applied to facilitate the research to identify the present practice of local government public financial management regarding effective and judicious use public financial resources in Bayelsa state. The PFMC2016 conference will host several special Finance Research Letters (FRL) sessions that will be chaired by one the editors of the Journal.
The basic rule is that management is responsible for establishing and enforcing internal controls. In an attempt to measure the degree of corruption, Transparency International has developed a Corruption Perception Index that it publishes annually for about 150 countries. One of the most famous management gurus Lee Iacocca referred to finance managers as Bean-Counters who almost look at the expense part with a rather pessimistic view. Public internal financial control (PIFC) is the term used in the European Union (EU) for an integrated internal control system for the entire public sector (EC, 2005).
The first part gives students grounding in core business skills such as marketing, human resource management, information systems, financial and management accounting, and others. The responsibility for controls, for example, rests with the Ministry of Finance (MOF) instead of the public institution in question. Finance managers are people who always like to see where they have been and do not look towards the future in the same way that a sales manager does.