How to protect and enhance the role of public sector CFOs
The effectiveness and efficiency of a country’s public sector is vital to its success. Furthermore, sound financial management is a critical element in ensuring good delivery of public services.
This was the point of departure that was explored during a panel discussion presented by CFO Talks, presented by the Southern African Institute for Business Accountants (SAIBA) last week.
How the role of the public sector CFO could be elevated, protected and enhanced to improve service delivery was a topic examined by the invited speakers, including Dumisani Dlamini, CFO at the National Arts Council; Michael Sass, independent consultant and former Accountant General SA; Trishantanie Pillay, former CFO at SAFCOL; and Ntina Themba, Gauteng Provincial Accountant General.
The keynote speaker was Tsakani Ratsela, Deputy Auditor General of South Africa (AGSA), who tackled the topic of how the integrity and independence of public sector CFOs could be protected.
Ratsela said public sector CFOs are in a privileged position because both the Public Finance Management Act (PFMA) and the Municipal Finance Management Act (MFMA) emphasise the CFO’s important role of ensuring the proper financial management in the public sector.
“In essence, these and a plethora of other legislative frameworks protect and endorse the CFO’s role of ‘effective financial management of the institution including the exercise of sound budgeting and budgetary control practices; the operation of internal controls and the timely production of financial reports'”.
She said AGSA has been playing its part to help protect and enhance the role of the public sector CFO.