Abstract:
Sound public financial management supports aggregate control, prioritisation,
accountability, the efficient management of public resources and the
delivery of services. Good governance depends on accountability since
accountability is one of the prerequisites of democracy. One of the key elements
of good governance is a sound system of internal financial control. This control
system incorporates rules, procedures and practices through clearly stated policies.
The absence of a clearly defined system of financial control could lead institutional
corruption, theft and fraud.
