What are the key provisions of the Fiscal Procedures & Financial Accountability Act?

The Fiscal Procedures & Financial Accountability Act (FPFAA) is a legislative framework that aims to ensure transparency, accountability, and responsible financial management in government operations. Some of the key provisions of this act include the establishment of a comprehensive budgeting system, which requires the government to prepare and present an annual budget outlining its revenue, expenditure, and borrowing plans. The act also emphasizes the importance of transparent and competitive procurement processes to prevent corruption and ensure value for money. Additionally, the FPFAA mandates regular financial reporting and auditing procedures to assess the government's financial performance, enabling public scrutiny and informed decision-making. Through these provisions, the act plays a vital role in promoting sound financial practices and safeguarding public funds.

This mind map was published on 28 November 2023 and has been viewed 76 times.