Financial Management Division

Objectives

Proper Financial Management in Provincial Councils & Local Authorities has become a prime requirement to ensure proper utilization of resources to ensure and achieve expected targets within the existing legal framework. The Financial Management Division of the Institute has properly understood those requirements and has planned out its activities to achieve those tasks.

 

Certificate Course on Local Government Financial Management 2015

 

The Financial Management Division of the Institute has been conducting many professional, academic and skill development study courses for Local Authorities & Provincial Councils with the aim of improving the knowledge and skill of various aspects of accounting procedures and financial management in order to ensure proper utilization of scarce resources of funds towards the development targets in the manner of official acceptance and ensuring transparency in all the transactions.

 a)       In these efforts the Financial Management Division has pioneered in introducing a Diploma Course in order to give the knowledge and skill on accounting & financial management to the Accounting staff of Local Authorities. As a result, the first programme of this Diploma Course was inaugurated in January 2007 and continued for a period of 6 years with different modules relevant to the accounting & financial management. There were a total of 214 participants who have enrolled in this course and have completed the course successfully. b)      The Financial Management Division having gained wide experience in this field has organized to conduct the Certificate Course for the batch of approx. 50 participants selected from Local Authorities during the Academic Year 2015, with a modified syllabus with special practical training on different modules in the accounting & financial management field.

In addition to the subject relevant to accounting & financial management, subjects such as Auditing and Accounting Information System etc. are included in the Course syllabus of this Certificate Course.

 

FM 02 – Practical Training Programme on preparation & presentation of Financial Statements for LAs based on Sri Lanka Public Sector Accounting Standards (SLPSAS)

 a)      This programme will provide ample opportunities to gain practical experience and skill to prepare the financial statements of Local Authorities and also submit this to the proper authorities to fulfill the legal obligations. b)      It became necessary to build up the practical knowledge of the accounting staff of Local Authorities to undertake the above function due to the present difficulties in completing the financial statements annually and submitting them to the Auditor General through the respective Commissioners of Local Government (CLGs) consequent to the inadequate practical experience and knowledge of the relevant staff. c)      This programme is planned to be conducted for Local Authorities in other provinces. d)     The methodologies of conducting this programme have been decided in such a way to analyze each transaction in appropriate accounting manner to build up the knowledge and skills of the participants in a gradual manner. For this purpose, a practical annual set of accounts will be used. e)      Application of the practical knowledge of the participants will be observed and monitored at the end of the programme through the exercise given to the individual participants to prepare and submit a set of financial statements for Local Authorities to fulfill the administrative and statutory obligations.