The Treasury, with donor support is trying to improve public finances and accountability in the Government sector. A recent study on financial accountability in the public sector done with World Bank support showed there is a long way to go.
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In an effort to push up the standards the government recently asked ministries to adopt Zero Based budgeting for the current fiscal year while hiring managers with private sector experience in to State enterprises Big Government institutions are also expected to appoint Chief Financial Officers to improve accountability and the financial reporting. rn
rnGovernment accounts and those of most business that are government owned are made in a very simple way -cash inflows and outflows are presented in a simple format.rn
rnThere is little detail on the overall assets or liabilities of the business and very little information to support the management in their day-to-day decision-making.rn
rnAccounting in large private sector companies are done on an acc