...FINANCIAL MANAGEMENT OF COURTS BUDGET Programme Director, Tererai Mafukidze Members of the South African Judges Commission, Members of the Venice Commission Various Professionals and members here present, Distinguished Guests, Registrars from various parts of the world, Ladies and Gentlemen Protocol observed. I am humbled to address this auspicious gathering of the South African Judges Commission and Venice Commissions Registrar’s workshop held in our most beautiful land, South Africa. Allow me, therefore, to extend a warm word of welcome to all newly appointed Registrars and also pay recognition to those of you who have been a pillar of strength at your various organizations ensuring enhanced administrative support and capacitating the Judiciary that you serve. You are indeed a critical foundation on which the future of judicial effectiveness lies. Ladies and Gentlemen: I have been requested to talk about Financial Management, Management of Courts Budgets and its Challenges. I am sure you will agree with me that anyone requested to talk about this topic, can do so for the whole day or two or even a week. I am saying so precisely because financial Management, Management of Courts Budget and its Challenges are extensive and to sum this up in 30 minutes is in itself a challenge. INTRODUCTION It is said that if managers expect their subordinates to adopt any of their wishes or characteristics, such as frugal qualities in the workplace, managers themselves must...
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...FINANCIAL MANAGEMENT OF COURTS BUDGET Programme Director, Tererai Mafukidze Members of the South African Judges Commission, Members of the Venice Commission Various Professionals and members here present, Distinguished Guests, Registrars from various parts of the world, Ladies and Gentlemen Protocol observed. I am humbled to address this auspicious gathering of the South African Judges Commission and Venice Commissions Registrar’s workshop held in our most beautiful land, South Africa. Allow me, therefore, to extend a warm word of welcome to all newly appointed Registrars and also pay recognition to those of you who have been a pillar of strength at your various organizations ensuring enhanced administrative support and capacitating the Judiciary that you serve. You are indeed a critical foundation on which the future of judicial effectiveness lies. Ladies and Gentlemen: I have been requested to talk about Financial Management, Management of Courts Budgets and its Challenges. I am sure you will agree with me that anyone requested to talk about this topic, can do so for the whole day or two or even a week. I am saying so precisely because financial Management, Management of Courts Budget and its Challenges are extensive and to sum this up in 30 minutes is in itself a challenge. INTRODUCTION It is said that if managers expect their subordinates to adopt any of their wishes or characteristics, such as frugal qualities in the workplace, managers themselves must...
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...FINANCIAL MANAGEMENT OF COURTS BUDGET Programme Director, Tererai Mafukidze Members of the South African Judges Commission, Members of the Venice Commission Various Professionals and members here present, Distinguished Guests, Registrars from various parts of the world, Ladies and Gentlemen Protocol observed. I am humbled to address this auspicious gathering of the South African Judges Commission and Venice Commissions Registrar’s workshop held in our most beautiful land, South Africa. Allow me, therefore, to extend a warm word of welcome to all newly appointed Registrars and also pay recognition to those of you who have been a pillar of strength at your various organizations ensuring enhanced administrative support and capacitating the Judiciary that you serve. You are indeed a critical foundation on which the future of judicial effectiveness lies. Ladies and Gentlemen: I have been requested to talk about Financial Management, Management of Courts Budgets and its Challenges. I am sure you will agree with me that anyone requested to talk about this topic, can do so for the whole day or two or even a week. I am saying so precisely because financial Management, Management of Courts Budget and its Challenges are extensive and to sum this up in 30 minutes is in itself a challenge. INTRODUCTION It is said that if managers expect their subordinates to adopt any of their wishes or characteristics, such as frugal qualities in the workplace, managers themselves...
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...of Accounting, Auditing and Finance Research Vol.4, No.7, pp.23-42, July 2016 ___Published by European Centre for Research Training and Development UK (www.eajournals.org) EFFICIENCY AND ACCOUNTABILITY OF PUBLIC SECTOR REVENUE AND EXPENDITURE IN NIGERIA (1970-2014) Omodero Cordelia Onyinyechi and Prof. M.C. Okafor 1 Doctoral Student of Accounting, Micheal Okpara University of Agriculture, Umudike, Umuahia, Abia State, Nigeria. 2 Department of Accounting, Micheal Okpara University of Agriculture, Umudike, Umuahia, Abia State, Nigeria. ABSTRACT: Nigeria is the sixth largest producer of oil and gas in the world, but the average Nigerian on the street is poor and there is poor infrastructure like power supply, roads, hospitals etc. This study examines the efficiency and accountability of public sector revenue and expenditure in Nigeria (1970-2014). Data on total federal government revenue and expenditure, state governments’ revenue and expenditure were collected from Statistical bulletin from the Central Bank of Nigeria from 1970-2014. The results were analysed using relevant statistical tools. The findings reveals that the level of accountability is very poor in Nigeria because the attributes of accessibility, comprehensiveness, relevance, quality, reliability and timely disclosure of financial information, social and political information about government activities are completely non available or partially available for the citizens to assess the performance of public officers...
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...economy in the world and Africa’s largest economy. Paradoxically, this same resource-rich nation ranks among the five “extremely poor” nations of the world, ranking 153rd with a Human Capital Development Index of 0.471 according to UNDP in 2013. Of course this does not portend economic development. What is however, not surprising is Transparency Internationals’ Corruption Perception Index which ranks Nigeria as one of the most corrupt countries in the world, coming 144th out of 177 surveyed countries. This paper therefore seeks to examine the accountability of public officers in Nigeria and their effects and bearing on the economic development of the nation. It also looks at the factors militating against public sector accountability and the ways of achieving accountability in the public sector. The study uses historical data and a descriptive approach of study; it was found that Public sector accountability is essential to economic development in Nigeria. And the nation seems to exist at two extremes, abundant resources at one extreme, and poverty at the other extreme due to lack of accountability in public sector. Amongst others, it is recommended that the legislature should champion the accountability process, the Nigerian society should be re-orientated on value process, and whistle blowers should be protected to achieve accountability and economic development. Keywords: Public Sector, Accountability, Economic development. INTRODUCTION The...
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...A Proposal to Introduce Value Based Management in NGOs of Bangladesh Munima Siddika1 Abstract: Presently the rapid growth and diversification of the gigantic NGO sector of Bangladesh has given rise to questions and concerns, about their trade-offs between sustainability and pro-poor orientation; the impact and quality of services; corporate governance; management and accountability. The paper is based on a proposal to introduce a modern management system viz. value based management (VBM) in the NGOs of Bangladesh. Value-based management can be defined as an integrated management control system that measures, encourages and supports the creation of net worth. The report of Transparency International Bangladesh ‘Problems of Governance in the NGO Sector: The Way Out’ (TIB) 2007 is used here as an information source of finding out the flaws of existing management techniques. Finally the paper recommended implementation techniques of VBM in order to regain the image of the NGOs as a pioneer of social welfare in Bangladesh. Keywords: NGO, Transparency, Governance, Management, Strategies, Value Addition, Value Based Management etc. 1. Introduction Bangladesh has largely failed to assist the poor or reduce poverty because of limited resources and faulty planning, while Non Government Organizations (NGOs) have grown dramatically and ostensibly to fill up this gap. There are more and bigger NGOs here than in any other country of equivalent size. Bangladesh’s NGO sector is remarkable for...
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...Strengthening Corporate Accountability and Responsibility with Sarbanes-Oxley Act and COSO Enron, Arthur Andersen, WorldCom. What does these companies and others have in common? They involved audit and corporate governance failures, resulting in the erosion of public confidence. Because of these high-profile corporate and accounting scandals, Congress passed the Public Company Accounting Reform and Investor Protection Act, commonly known as the Sarbanes Oxley Act of 2002 (SOX). SOX mandated reforms to improve financial disclosures from corporations and to prevent accounting fraud. I. SOX SOX applies to all public companies in the United States and international companies that have registered equity or debt securities under the Securities Exchange Act of 1934. It is also applicable to accounting firms that provide auditing services to these companies subject to the Act. Its purpose is to enhance corporate accountability and responsibility. The Eleven Titles There are eleven titles in SOX. Title I addresses public company accounting oversight board. Title II addresses an auditor’s independence. Title III addresses corporate responsibility. Title IV address enhanced financial disclosures. Title V addresses analyst conflicts of interest. Title VI addresses commission resources and authority. Title VII addresses studies and reports regarding consolidation, credit rating, violations, enforcement and investment banks. Title VIII addresses corporate and criminal...
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...Internal Controls XACC/280 Internal Controls are an integral part of an organization’s financial and business policies and procedures. They consist of all various measures take to protect resources, ensuring accuracy and reliable data in accounting as well as operations, securing compliance with policies, and evaluating performance within the organization. Every bit of an organization’s recourses are directed, measured and monitored by Internal Controls. Internal Controls safeguard all of a company’s (or organization’s) assets from fraud, theft or any type of robbery. They also enhance accuracy within its accounting records by reducing errors and regularities (unintentional or intentional). It is good business practice for all organizations to have Internal Controls that focus on safeguarding assets and manage all resources. It is checks and balances type of protection and provides assurance of reliable operational and financial data, effective and efficient operations, and compliance with state and federal laws as well as internal policies. In July 2002, the Sarbanes-Oxley Act (SOX) was signed into law. Composed by Senator Paul Sarbanes and Representative Michael Oxley, this act, compiled of eleven titles, set a number of non-negotiable deadlines for compliance by corporations. This act was due to outbreak of corporate scandals and bankruptcies in 2000, such as Enron, Tyco International, World Com, and Adelphia. With the collapse of these corporations and the loss of...
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... | |Managing | |Financial Records | |[pic] |[pic] | | | | |INTERNATIONAL |INTERNATIONAL RECORDS | |COUNCIL ON ARCHIVES |MANAGEMENT TRUST | Managing Public Sector Records: A Study Programme Managing Financial Records MANAGING PUBLIC SECTOR RECORDS A STUDY PROGRAMME GENERAL EDITOR, MICHAEL ROPER; MANAGING EDITOR, LAURA MILLAR Managing Financial Records International Records International Management Trust Council on Archives Managing Public Sector Records: A Study Programme Managing Financial Records © International Records Management...
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...CONFERENCE ON FINANCIAL CRIMINOLOGY 2015 13-14 April 2015,Wadham College, Oxford, United Kingdom Enhancement of the Accountability of Public Sectors through Integrity System, Internal Control System and Leadership Practices: A Review Study Mohamad Azizal Abd Aziza, Hilmi Ab Rahmanb, Md. Mahmudul Alamc, Jamaliah Saidc* a Faculty of Accountancy, Universiti Teknologi MARA (UiTM), Shah Alam, Selangor, Malaysia b Universiti Teknologi MARA (UiTM) Kelantan Campu, Malaysia c School of Business, Universiti Utara Malaysia c Accounting Research Institute (ARI), Universiti Teknologi MARA (UiTM). Shah Alam, Selangor, Malaysia Abstract Currently, governance in public administration has become a global issue as a result of the continuous stream of governance failures, fraud, inefficiency, corruption, and poor internal control and financial management. Public sectors worldwide are now under pressure to justify the sources and utilizations of public resources as well as improving the performance in their services delivery. Now it is considered as public rights to monitor the transparency and efficiency of public administration. To ensure good governance, understanding the way to improve accountability in public sector is very essential. Therefore, to enhance the accountability in the public sector, based on the literature review this study discusses on the organizational internal factors that has influences on accountability; integrity system, internal control system and...
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...Chapter 01 Introduction to Accounting and Financial Reporting for Governmental and Not-for-Profit Entities True / False Questions 1. Special purpose governments generally provide a wider range of services to their residents than do general purpose governments. True False 2. Examples of general purpose governments include cities, towns, and public schools that receive tax revenue to finance the services they provide. True False 3. The Governmental Accounting Standards Board (GASB) is the body authorized to establish accounting principles for all state and local governments, both general purpose and special purpose. True False 4. The Governmental Accounting Standards Board (GASB) is the body authorized to establish accounting principles for all government entities. True False 5. The Financial Accounting Standards Board (FASB) is the body authorized to establish accounting principles for all colleges and universities and health care entities. True False 6. Neither governmental nor not-for-profit entities have residual equity that can be distributed to owners. True False 7. A characteristic common to governmental and not-for-profit organizations is that they do not exist to provide goods or services at a profit or profit equivalent. True False 8. The needs of users of government financial reports are the same as those of users of business entity financial reports. True False 9. The Federal...
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...for Internal Controls 1. Background A. Federal Managers’ Financial Integrity Act (FMFIA) of 1982 1) A statutory requirement 2) Amended the Accounting and Auditing Act of 1950 3) Requires evaluations and reports on the adequacy of the systems of internal accounting and administrative control B. Office of Management and Budget (OMB) Circular No. A-123 1) Provided guidance to implement the FMFIA of 1982. Guidance has evolved: 2) Circular No. A-123, Internal Control Systems, revised, dated August 4, 1986, replaced; 3) Circular No. A-123, Management Accountability and Control, revised, dated June 21, 1995, effective through 09/30/05; and 4) Circular No. A-123, Management’s Responsibility for Internal Controls, revised, dated December 21, 2004, effective on 10/01/05 2. Federal Managers’ Financial Integrity Act (FMFIA) of 1982 A. Internal accounting and administrative controls of each executive agency shall be established in accordance with standards prescribed by the Comptroller General, and shall provide reasonable assurances that: 1) Obligations and costs are in compliance with applicable law; 2) Funds, property, and other assets are safeguarded against waste, loss, unauthorized use, or misappropriation; and 3) Revenues and expenditures applicable to agency operations are properly recorded and accounted for to permit the preparation of accounts and reliable financial and statistical reports and to maintain accountability over the assets...
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...Global Technology Audit Guide Auditing IT Governance Global Technology Audit Guide (GTAG®) 17 Auditing IT Governance July 2012 GTAG — Table of Contents Executive Summary......................................................................................................................................... 1 1. Introduction................................................................................................................................................ 2 2. IT Governance Risks................................................................................................................................... 7 3. Aligning the Organization and IT — Key Considerations................................................................ 12 4. The Role of Internal Audit in IT Governance............................................................................ 15 Conclusion....................................................................................................................................................... 18 Authors and Reviewers.............................................................................................................................. 18 Appendix — IT Governance Risk Assessment/Engagement Planning Considerations............................................. 19 iv GTAG — Executive Summary Executive Summary To support the heightened importance of IT governance and the mandatory nature of the International Standards...
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...Global Technology Audit Guide Auditing IT Governance Global Technology Audit Guide (GTAG®) 17 Auditing IT Governance July 2012 GTAG — Table of Contents Executive Summary......................................................................................................................................... 1 1. Introduction................................................................................................................................................ 2 2. IT Governance Risks................................................................................................................................... 7 3. Aligning the Organization and IT — Key Considerations................................................................ 12 4. The Role of Internal Audit in IT Governance............................................................................ 15 Conclusion....................................................................................................................................................... 18 Authors and Reviewers.............................................................................................................................. 18 Appendix — IT Governance Risk Assessment/Engagement Planning Considerations............................................. 19 iv GTAG — Executive Summary Executive Summary To support the heightened importance of IT governance and the mandatory nature of the International Standards for the Professional...
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....Objective: An objective is something which a person or organization set out to achieve. Manager:The person who is responsible for supervising the organizations resources to meet the set goals. 1.Control costs and/or generate revenue 2. Develop or approve plans and processes 3. Assign and monitor tasks 4. Reorganize and hire or fire people as needed 5. Help new people get started and understand the objectives 6. Make sure deadlines are meet 7. Resolve conflicts and staff issues 8. Guide, motivate and recognize the team 9. Support the team and fight for them 10. Escalate issues or concerns to upper management 11. Help the staff develop their job skills and career 12. Inform the staff of decisions made at higher levels Employee Motivation One of your goals as a manager is to achieve high morale among the ranks. Employee motivation should be at the top of the list when it comes to the goals for your company if you want to achieve success. As author Stephen Covey wrote in his book "The Seven Habits of Highly Effective People": "There are organizations that talk a lot about the customer and then completely neglect the people that deal with the customer--the employees." It's important to set goals both for your employees to achieve and for you to accomplish as the owner to ensure a happy workplace. For instance, one of your goals could be to establish a successful employee recognition program or to increase employee productivity (which is related to motivation)...
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