Financial Management in Public Sector (Advanced)
Course Summary:

Magna Skills presents the Advanced Financial Management in Public Sector course, designed for finance professionals, government officials, and policymakers seeking to deepen their understanding and mastery of financial management principles and practices in the public sector. This advanced course delves into complex financial topics specific to governmental organizations, including budgeting, financial reporting, performance management, and strategic financial planning.

Course Objectives:

Upon completion of the course, participants will:

  1. Master Advanced Budgeting Techniques:

    • Gain expertise in advanced budgeting methodologies, such as performance-based budgeting and zero-based budgeting.
    • Learn how to develop and manage multi-year budgets aligned with organizational priorities.
  2. Navigate Complex Financial Reporting Standards:

    • Understand the intricacies of financial reporting standards and regulations specific to the public sector, such as Governmental Accounting Standards Board (GASB) standards.
    • Learn how to prepare comprehensive financial statements and reports in compliance with regulatory requirements.
  3. Enhance Performance Management Skills:

    • Develop skills in performance measurement and evaluation for governmental programs and services.
    • Learn how to use performance data to improve decision-making and accountability.
  4. Strategic Financial Planning and Risk Management:

    • Develop strategic financial plans to support long-term organizational goals and objectives.
    • Understand the principles of risk management and how to mitigate financial risks in the public sector.
  5. Leverage Technology for Financial Management:

    • Explore the use of financial management information systems (FMIS) and other technology tools for efficient and effective financial management.
    • Learn how to integrate technology into financial processes to improve transparency, accuracy, and decision-making.

Course Outline

Module 1: Advanced Budgeting Techniques

  • Performance-based budgeting
  • Zero-based budgeting
  • Multi-year budgeting

Module 2: Financial Reporting Standards in the Public Sector

  • Overview of Governmental Accounting Standards Board (GASB) standards
  • Preparation of comprehensive financial statements and reports

Module 3: Performance Management in the Public Sector

  • Performance measurement and evaluation
  • Using performance data for decision-making and accountability

Module 4: Strategic Financial Planning

  • Developing strategic financial plans
  • Aligning financial plans with organizational goals and objectives

Module 5: Financial Risk Management

  • Principles of financial risk management
  • Mitigating financial risks in the public sector

Module 6: Financial Management Information Systems (FMIS)

  • Role of FMIS in financial management
  • Integration of technology tools into financial processes

Module 7: Ethics and Integrity in Financial Management

  • Ethical considerations in financial management
  • Ensuring integrity and transparency in financial processes

Module 8: Fiscal Policy and Economic Analysis

  • Understanding fiscal policy in the public sector
  • Economic analysis for financial decision-making

Module 9: Internal Controls and Audit - Principles of internal controls in financial management - Conducting internal audits for compliance and accountability

Module 10: Case Studies and Best Practices - Analysis of real-world financial management challenges and solutions - Best practices and lessons learned in advanced financial management in the public sector

This course is suitable for finance professionals, government officials, and policymakers involved in financial management and decision-making in the public sector. Through a combination of theoretical knowledge, case studies, practical exercises, and expert insights, participants will develop the advanced skills and expertise needed to navigate complex financial challenges and drive financial excellence in governmental organizations