Financial Management Practices of the Bureau of the Treasury

Abstract

The study aimed to assess the level of effectiveness of the financial management practices of the Bureau of the Treasury. The descriptive-survey method of research was used in this study. The respondents of the study consist of 182 employees of Bureau of the Treasury for the year 2018. They assessed the financial management practices of the Bureau of the Treasury in terms Planning, Organizing, Leading and Controlling as effective. On the level of effectiveness of the financial management practices of the Bureau of the Treasury when grouped to age, sex, highest educational attainment, job position, number of years in the agency and annual number of trainings/seminars attended related to financial management for the last 3 years, the null hypotheses were accepted. As such, the bureau should establish annual action plans, budgets, programs and activities at the operations level anchored on the strategic planning; ensure that all financial files are well-kept and well-maintained; require a secure authentication process for users attempting to access the system from remote locations; establish an independent audit function that is staffed by qualified employees to review and evaluate operations and financial reports. A new study on the accounting practices and financial reporting of the Bureau of the Treasury to assess and identify the relevance of financial reports in the decision-making process of the management is recommended.