- 12 Marks
PSAF – March 2024 – L2 – Q5a – Public Financial Management
Differentiate between Principal Account Holder and Principal Spending Officer and explain the responsibilities of Principal Spending Officers.
Question
The Principal Account Holders and Principal Spending Officers are responsible for effective financial management of the covered entities. The Public Financial Management Act, 2016 (Act 921) has assigned specific responsibilities to both officers. However, the ability to work together will bring out greater results.
Required:
i) In the context of Public Financial Management, explain, with examples, the difference between a Principal Account Holder and a Principal Spending Officer of a covered entity. (2 marks)
ii) Explain FIVE (5) responsibilities of the Principal Spending Officers of a covered entity under the PFM Act 2016.(10 marks)
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