Some of the things that a public servant can do in order to assist his or her public entity in effective financial management and ultimately reaching its service delivery objectives:
• Keep records – the maintenance of credible and usable records will ensure accountability. Controls over daily and monthly processing and the reconciling of transactions must be implemented, with variance and exception reports reviewed regularly.
• Develop effective policies and procedures – these should be implemented to achieve control objectives.
• Reporting – transparency and accountability in reporting and disclosure of information is vital to the practice of good corporate governance. The Municipal Finance Management Act and the Public Finance Management Act speak to the need for quality and relevance of financial reporting.
• Checklists or dashboards – reviewing and monitoring mechanisms to ensure compliance.
• Performance information – this process must begin when policies are developed and must continue through each of the planning, budgeting, implementing and reporting.