Assessment of public finance management : accounting and reporting practice : evidence from Mizan-Tepi University, Bench Maji, Kaffa and Sheka Zone (finance and budget sections)

Abstract

A sound public financial management is vital for efficient and equitable utilization of scarce national resources. However, public financial management specifically on accounting and reporting practices hindered by several problems that lead budgeted resources to deficiency. The objective of the study was to assess public financial management: accounting and reporting practice; Mizan Tepi University, Bench Maji, Kaffa and Sheka Zones. Descriptive method of data analysis with the help of SPSS version 21 was used. Findings of the study showed that in selected public bodies there is no compliance with directives in preparing report, mismatch of approved budget with expenditure, lack of collaboration between budget and finance section with integration of IBEX system, misapplication of server and lack of IBEX trained experts. Thus, the public bodies have to refer financial manuals, record budget with respective code, correct amount, checking the approved budget balance, hire qualified IBEX experts and configure multi user IBEX system.