27 November 2012

The Accounts Department

Our Role:

PUSRP’s financial management system has been designed to meet the requirements of various stakeholders, including the World Bank and the Government of Uganda. As far as fulfilling the following aspects of entity management are concerned. PUSRP’s Financial Management System (FMS) provides for:

  • Sound internal controls.
  • Proper funds accountability.
  • Control of waste, fraud and abuse of resources.
  • Smooth flow of information.
  • Adequate reporting complying with stakeholders’ requirements.
  • Budgets’ construction and their monitoring.

To consolidate the robustness and consistency in application of the FMS, a Financial Management Manual (FMM) has been written to document the provisions of the FMS in a well structured framework. FMM contains finance, accounting and procurement procedures and statements of policy.

It’s designed as a guide to staff to achieve uniform and co-ordinated understanding of policies, procedures and systems to be followed in the processing of information in the course of the project’s implementation.

Our Control Environment/ Regulatory Framework:

The PUSRP operates within the framework of the Perd Act which set up the Privatization Unit and regulates the divestiture and reform activities of government in respect of public enterprises. The PUSRP adheres to the legal framework of the GOU and particularly the Public Finance and Accountability Act (PFAA) that regulates public finances. The books of accounts are maintained in conformity with internationally accepted accounting standards particularly the International Financial Reporting Standards (IFRS) and the International Public Sector Accounting Standards (IPSAS). Our financial and management reporting is tailored to the needs of our stakeholders which have included over time the World Bank, the Ministry of Finance, the Parliament of Uganda and the general public.

Our Structure:

There is established positions for the Chief/ Principal Accountant, two Accountants and one Accounts Assistant/ Cashier. Some positions are vacant at the moment awaiting transition into a fully fledged PPP unit at which point there will be a review of staff requirements.

Our Services:

  • The overall responsibility of the accounts department includes:
  • Provision of necessary finances for the project.
  • Verification, management and documentation of all funds
  • Accounting for all funds (divestiture & operational).
  • Financial Management reports.
  • Management information and technical advice.
  • Annual Budgeting.
  • Quarterly reporting to GOU and project against budget.
  • Divestiture/ Redundancy Account Reports.