At the end of the year actual spending is compared with the budget and

At the end of the year actual spending is compared

This preview shows page 6 - 10 out of 31 pages.

At the end of the year, actual spending is compared with the budget and variances are identified. Any positive balance is returned to the CF. PAUL KWAME AWUAH 6
Image of page 6
REVENUE CONTROL Control of government revenue involves the process of ensuring that al revenue of the government generated in any form is paid into the CF (main account). The Collection of Revenue by MDAs involves; Revenue Collection; only officials nominated head of department and authorized by the relevant chief treasury officer may collect revenue. General Counterfoil Receipt Issued; a form of receipt issued by officials collecting revenue for every receipt. Cash and Cheque lodging; All revenue should be banked after receipt. Revenue Collectors Cash Book Written Up; every revenue collector must keep a cash book in which he/she records all receipt. Completion of Allocation Sheet; is a summary of the revenue collected under each account number during the period completed at the end of each period depending on the frequency of transaction. Cash Check at the Treasury; the revenue collector is required to take al relevant documents to the treasury for cash check to be performed. Counterfoil Receipt Issued; the issuance of treasury counterfoil receipt that the revenue will be accounted for in the public accounts. PAUL KWAME AWUAH 7
Image of page 7
EXPENDITURE CONTROL The expenditure control includes; Parliamentary Control Treasury Control Departmental Control Parliamentary Control (PC) PC involves the various measures adopted by Parliament to control public expenditure. The 1992 constitution established the parliamentary authority over public fund and their uses. Parliament achieves financial control over public revenue and expenditure through the following mechanisms; PAUL KWAME AWUAH 8
Image of page 8
PARLIAMENTARY CONTROL MECHANISMS Public Finance Committee ; a sub-committee of the parliament responsible for the Budget and proposals of government for the consideration of parliament. Appropriation Committee ; a committee set for passing of the Appropriation Act for the purpose of authorizing the budget after examination of the various subcommittees. It consists of the whole house of Parliament when it sits to pass the Appropriation Act. The functions include: Receives appropriation bills for examination and authorization. Responsible for ensuring that, the vote ambit are in line with the government objective. Suggest improvement in the vote submitted for approval. Authorizes appropriation bill to appropriate Act. Examination Sub-Committee ; a sub-committee responsible for the examination of individual estimate of organizations. They have the following responsibility; Determine whether an estimate should be included in the Appropriation Act or not. Monitor the expenditure of the relevant organization.
Image of page 9
Image of page 10

You've reached the end of your free preview.

Want to read all 31 pages?

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture