Are The University Accounts Sections Using Standard Format And Procedures In Managing The Financial Resources And Techniques In Reporting

Abstract

Financial management is a process in which proper planning and appropriate management of financial resources and reduce spending. The aim of the study was to know the financial management practices of Public Universities in Papua New Guinea. Many institutions have been affected due to a lack of planning and control in the budgets, which hinders the schools from being productive. This study entails acquiring data especially questionnaires issued to obtain information from the Bursary section in where all the decision-making on funds allocation and disbursement is made to specific areas. The questionnaires, several interviews, and even observations are the sources for the data collection.  Sample size of 36 staff in the Bursary section involved with since the study directly relates to their duties and responsibilities towards the Financial Management domain. A public University's success and sustainability entirely depend on sound effective financial management.

 Hence, during both internal and external audit compliance and performance financial and systems audits, an opinion is always expressed for the period to verify and justify its status throughout the audits performed. The study recommends that to invest in fundraising initiatives and look for and cultivate reciprocal relationships with the industry and private sector to diversify revenue streams. Look at ways to generate cash via intellectual property, continuing education initiatives, and research and innovative development commercialization.