PUBLIC FINANCE NOTES - PUBLIC FINANCE CPA CCP CIFA CS...

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1 SomeaKenya PUBLIC FINANCE CPA Section 2 CCP Section 2 CIFA Section 2 CS Section 2 STUDY NOTES Someakenya©
2 SomeaKenya With the introduction of public finance topics in taxation subject which covers approximately 40%. The following notes have been prepared by Someakenya team after collecting materials from major colleges and other relevant course materials These notes are good for use by students sitting for taxation subject both in diploma level and professional level. These notes are subject to update as times goes by and it’s advisable you keep in touch with the team for updates
Contact: +254 707 737 890 Email: [email protected] Someakenya© September 2015
3 SomeaKenya CONTENT 6.1 Introductions to public financial management Legal Framework -General overview of public financial management as envisaged by the constitution -Overview of the public financial management Act -Financial regulations -Treasury circulars; meaning and application -Process of developing county government finance bills 6.2 The operations of the national and county governments on management and control of public finance -Establishment of National County Treasury -Responsibility of National and County Treasuries with respect to public funds -Establishment, purpose and composition of intergovernmental budget and economic council -The process of sharing revenue -The role of the Commission on Revenue on Allocation (COR) -The role of the council of governors in county financial management 6.3 Establishment of public funds in the public sector -Provision of establishing public funds -Rationale of creation of public funds -The consolidated fund -The establishment and administration of contingency funds -The establishment and administration of equalization funds 6.4 supply chain management in public entities -Definition and terminologies -General overview of Public Procurement and Disposal (PPD) Act -Procurement guidelines as envisaged by PPD Act -Committees responsible for procurement -Procurement process by National, County and other Public entities -Tendering process and selection of suppliers in public sector -Concept of E-procurement 6.5 oversight function in public finance management -The role of National Assembly -The role of senate -The role of county assembly -The role of auditor general
4 SomeaKenya -The role of Internal Audit -Role of controller of budget in relation to disbursement of public funds as envisaged by the constitution and PFM Act, 2012
CHAPTER ONE PAGE Introductions to public financial management Legal Framework………………...……...5CHAPTER TWO The operations of the national and county governments on management and control of public finance………….........................................................................................30 CHAPTER THREE Establishment of public funds in the public sector…………………………………….…..61 CHAPTER FOUR supply chain management in public entities………………………………………………..73 CHAPTER FIVEOversight function in public finance management…………………………………………96
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