BASIC FINANCIAL RECORD KEEPING AND PROCUREMENT MANAGEMENT

Financial record keeping is vital to every aspect of procurement process. Efficient and thorough record management helps in fraud reduction as well as creates environment for efficient service delivery. A good record management ensures stakeholders have relevant information needed for decision making and action planning. Without good financial record management, it would be difficult to access financial information needed to formulate, monitor or manage resources consequently making it almost impossible to hold individuals accountable. The principal hallmarks of effective public procurement are economy, efficiency, fairness, reliability, transparency and accountability. The main objective of due process in procurement is to obtain the best possible value for money while rigorously maintaining the procuring entity’s business principles and the agreements under which it operates. To avoid the negative effect of poor record keeping practice, this training has been designed to enable the participants to comprehend basic and fundamental financial documents in procurement management and strategies for proper record management. In this training programme, participants would be engaged in examining financial & procurement process that would ensure transparent and competitive procurement process.