Mission

Staff of Financial Management and Accounting Division is committed to improving managerial capabilities of accountants, storekeepers and non-finance managers through provision of high quality training, teaching, consultancy and research services to both public and private sectors in the areas of finance, accountancy and materials management. 

Goals

 The Financial Management and Accountancy Division aims at:

• Offering an exceptionally high level training that will turn non-performers into performers.
• Equipping non-financial managers, financial managers, accountants and materials managers with necessary skills and knowledge to more efficient and effective in their jobs.
• Meeting broader management challenges at senior, middle and lower management levels for private and public sectors.

Specific objectives

 The Division intends to:

§         Conduct training needs assessment in the finance, accountancy and materials management areas for lower level managers by march 2006.

• Design courses, workshops and programmes for all sectors of the economy.
• Organise seminars, courses, workshops and programmes on financial management, accountancy, and materials management.
• Undertake research and consultancy assignments in problem areas of finance, accountancy and materials management.
• Monitor and follow up past participants progress in their respective workplaces.

§         Reduce prevalence of unprofessionalism within the accounting cadre through conducting short term training courses and introduction of a long-term programme. 

Finance  For Non-Finance Managers

AIM:

This course is intended to introduce managers with no financial background to Basics of Finance and financial management, materials management and accountancy.

OBJECTIVES:

At the end of the course the participants will be able to: 

§         Correctly interpret and use financial information presented to them effectively.

§         Read and follow accounting procedures and principles

§         Interact effectively with other management and accounting staff

§         Develop a reasonable level of fluency in accounting and finance language.

COURSE CONTENT:

§         Introduction to Finance

ü      Definition of corporate finance

ü      Functions of the financial manager

ü      Forms of business organization

ü      Financial institutions and financial markets

§         Sources and uses of cash

ü      Sources

ü      Increase in accounts payable

ü      Increase in share capital

ü      Increase in retained profit

ü      Uses

ü      Increase in accounts receivable

ü      Increase in inventory

ü      Decrease in short term debt

ü      Decrease in long term debt

ü      Net fixed asset acquisitions

§         Standardized Financial Statements

ü      Standardized income statement

ü      Standardized balance sheet

§         Stores and Financial Regulations

ü      Ordering process

ü      Central tender board

ü      Board of survey

ü      Payment for goods and services

ü      Duties of chief accounting officers

 §         Budgetary Control

ü      GOLFIS

ü      Types of warrants

ü      Vote book

ü      Status of funds

Ratio Analysis

ü      Short-term solvency ratios

ü      Financial Leverage ratios

ü      Asset utilization ratios

ü      Profitability ratios

§         Basics of Internal Audit

ü      Internal Controls

ü      Auditing Processes

ü      Responsibility of internal auditors

Budgeting Process

ü      Types of budgets

ü      Budget Cycle

Target Group:

• Heads of Divisions
• Principal secretaries
• Programme Directors
• Members of Parliament (Public Accounts Committee)

Methodology:

§         Lectures

§         Exercises

§         Group Activities and

§         Plenary Discussions.

Assessment:

§         Exercises and

§         Presentations.

Duration:  2 weeks

References: 

Brigham E. and Ehrhardt M.(2002). Financial Management. Mike Roche.

British Financial Management Training Team Lesotho (1990). Budget Training HandBook.Ministry of Finance

Hayes R. et.al (1999). Principles of Auditing.McGrawHill London

Ministry of Finance (1973). Financial Regulations.Government Printer.

Ministry of Finance. (1976). Stores Regulations.Government Printer. 

        Materials Management

AIM:

This course is intended to provide participants with the basic skills in efficient and

Economical procurement, storing, issuing and  handling of materials.

OBJECTIVES:

 At the end of the course participants will be able to:

§         Apply relevant stores regulations in: procurement, receiving, storing and issuing of stores.

§         Identify appropriate documentation for different materials management operations.

§         Develop appropriate stock levels and costing methods.

CONTENT: 

§         Processes of ordering, receiving and inspection of stores.

§         Stores Regulations

ü      Central Tender Board Procedures

ü      Board of survey

ü      Stores documentation

§         Stores management

ü      Stores Administration

ü      Stores records and recording

ü      Stock control and verification

§         Security of assets, consumables and personnel

Security of buildings and stockyards.

ü      Custody of Keys

ü      Access to premises

ü      Marking the stores

ü      Segregation of pilferable

§         Materials Accounting

ü      The Value of Stores in stock

ü      Basis of Material Costing

ü      Methods of pricing material issues

ü      Arrangement of stores accounts

§         Materials handling

ü      Benefits of Materials Handling

ü      Manual Handling.

ü      Mechanical Handling

§         Stock taking and Stock checking

ü      Purpose for stock taking

ü      Methods of stocktaking

ü      Stocktaking procedure

ü      Treatment of discrepancies

§         Stores layout and location

ü      Stock Yards

ü      Store rooms

ü      Shelves and bins etc.

§         Classification of stock.

ü      Coding systems

ü      Cataloguing

§         Loss reporting and handing over of sores

ü      Loss report form

ü      Handing over certificates

§         Law of Contract

ü      Definition

ü      The agreement

ü      Sale of Goodwill

ü      Contractual Capacity

ü      Communication

ü      Offer and acceptance

ü      Implied terms

ü      Performance

Target Group:

§         New recruits in stores as well as other employees in the stores cadre of Government and private sector.

Methodology:

§         Lectures

§         Group Discussions

§         Exercises

§         Field trip

Assessment:

§         Exercises

§         Test

Duration:  3 weeks

References:

British Financial Management Training Team Lesotho (1990). Budget Training Handbook, Ministry of Finance

Jessop D and Morrison A. (1994). Storage and Supply of Materials. Pitman Publishing, London

Ministry of Finance (1973). Financial Regulations.Government Printer, Lesotho.

Ministry of Finance. (1976). Stores Regulations.Government Printer, Lesotho. 

 Basic Government Accounting

AIM:

 This course is intended to equip accounts trainees with basics of government

Accounting  skills, basics of budgeting, payment for goods and services, revenue

collection and financial reporting in the Government of Lesotho.

OBJECTIVES:

At the end of the course participants will be able to:

§         Apply financial regulations in revenue and expenditure recording procedures.

§         Use various government accounting documents to effect financial transactions.

§         Follow the budget preparation process.

COURSE CONTENT:

§         Nature of public sector accounting

ü      Receipts and payments vs accruals

ü      The Consolidated Fund

ü      The Appropriation Act

§         Revenue collection process

ü      Paying-in

ü      Banking

§         Sources of revenue

ü      Public debt

ü      Taxes

ü      Printing press

§         Budgeting Process

ü      Budget Cycle

ü      GOLFIS

ü      MTEF

§         Payment process

ü      Payment Voucher

ü      Vote Book

§         Ordering process

ü      Order form AG11

ü      Stationary

ü      Equipment

ü      Furniture

§         Authority to incur expenditure

ü      Consolidated Fund

ü      Appropriation bill and act

ü      Types of warrants     

§         Business Mathematics

ü      Basic Mathematical Concepts

ü      Graphs

§         Financial reporting

ü      Status of Funds report

ü      Ledger and Financial Summary  

ü      Internal and External Audit

§         Government of Lesotho Financial Information System (GOLFIS)           

ü      Basis of Government Accounting System

§         Communication Skills for Accountants

ü      Reacting to Audit queries

Target Group:

Accounts Trainees, Newly recruited Accountants and Anybody who would like to do the course.  

Methodology:

§         Lectures

§         Case studies

§         Group discussions

Assessment:

§         Exercises

§         Test

Duration:      4 weeks

References: 

1.      Brigham E. and Ehrhardt M.(2002). Financial Management. Mike Roche.

2.      British Financial Management Training Team Lesotho (1990). Budget Training HandBook.Ministry of Finance

3.      British Financial Management Training Team Lesotho (1994) Government of Lesotho Accounting Training Manual. Government Printer, Lesotho.

4.      Hayes R. et.al (1999). Principles of Auditing.McGrawHill London

5.      Ministry of Finance (1973). Financial Regulations.Government Printer.

6.      Ministry of Finance. (1976). Stores Regulations.Government Printer. 

 Budget Preparation Workshop

 AIM:

This course is intended to equip Managers with knowledge, skills and techniques

In Budget preparation using Medium Term Framework approach.

OBJECTIVES:

 At the end of the course participants will be able to:

§         Set budget priorities and prepare budgets accordingly.

§         Use MTF software and excel in budget preparation and GOLFIS as the basis for government accounting

COURSE CONTENT:

§         Financial regulations

ü      The Call circular

ü      Duties of Chief Accounting Officer

§         The budgeting process

ü      The Budget Cycle

ü      MTEF Budget Forms

§         Types of budgets

ü      Recurrent

ü      Capital

§         Budgeting techniques

ü      Zero Based

ü      Programme Planned

§         Capital budget

ü      Cash Flows

ü      Objectives

ü      Progress report

ü      Project Description

§         MTF budgeting software

ü      Budgeting Forms

• Spreadsheets

Target Group:

§         Heads of departments

§         Financial controllers

§         Senior- middle level managers

Methodology:

§         Lectures

§         Case studies

§         Exercises

§         Group discussions

§         Computer practicals

Assessment:

§         Presentations

§         Practicals

Duration:      3 weeks

 References:

British Financial Management Training Team Lesotho (1990). Budget Training HandBook.Ministry of Finance

Ministry of Finance (1973). Financial Regulations.Government Printer.

Ministry of Finance. (1976). Stores Regulations.Government Printer.  

 Internal Audit

AIM:

This course is intended to establish the place, role and function of the internal

Audit  within an organization.

OBJECTIVES:

 At the end of the course participants will be able to:

§         Evaluate internal control systems and procedures in their organizations.

§         Monitor compliance with laid down internal control policies and procedures

COURSE CONTENT:

§         Introduction to internal auditing.

ü      Auditing of organizational assets

ü      Types of Audits

ü      Auditing Standards

ü      Types of auditors

§         Audit Process

ü      Setting Audit Objectives

ü      Risk and Materiality in the audit process

ü      Standard Audit Process

§         Internal controls

ü      Definition

ü      Importance

ü      Administrative and accounting

ü      Components

ü      Control Environment

ü      Risk Assessment

Target Group:

§         Supervisors in Parastatal, Private and Non Governmental Organizations

§         Departmental Heads

§         Audit Personnel

• Senior Managers

Methodology:

§         Lectures

§         Exercises

§         Case studies

§         Group activities

 Assessment:

§         Exercises

§         Presentations

Duration: 2 weeks

References:

Brigham E. and Ehrhardt M.(2002). Financial Management. Mike Roche.

Hayes R. et.al (1999). Principles of Auditing.McGrawHill London   

                                        Taxation on Income

 AIM:

The course is intended to introduce business owners, lawyers, officers, retiring indivuduals and others, to tax implications on their businesses and personal income.

OBJECTIVES:

 At the end of this course, participants will be able to:

§         Prepare financial statements i.e Profit and Loss Accounts in order to determine taxable income.

§         Calculate tax payable or P.A.Y.E. and fill income tax assessment forms correctly.

§         Complete tax return forms for the year of assessment

COURSE CONTENT:

§         The importance of taxation

§         Exemptions

§         Deductions (business expenses)

§         Personal Taxes

§         Corporate Tax

§         With-holding tax

Target Group:

§         Officers retired or about to retire

§         Contractors

§         Taxi owners

• Retailers
• And all other independent business practitioners

Methodology:

§         Lectures

§         Practical exercises

Assessment:

§         Presentations

Duration:  1 week

References:

Ministry of Finance (1996). Income Tax(Amendment )Act Government Printer Maseru.  

                                 Entrepreneurial Skills Development  

AIM:

The  course  is   intended to   help  aspiring  entrepreneurs  with  skills  to    start

businesses and to provide participants with critical analytical  skills as well as  to

evaluate business  opportunities.

OBJECTIVES:

At the end of this course, the participants will be able to:

§         Identify and assess a conducive business opportunities

§         Understand the role of the entrepreneur and the importance of the entrepreneurial team in successful new venture creation

§         Identify the resources needed and prepare a financial plan for a new venture.

§         Screen venture opportunities

 COURSE CONTENT:

§         The driving forces of a successful venture

ü      The opportunity

ü      Resources

ü      The entrepreneurial team

ü      The importance of fit and balance

§         Introduction to business

ü      Rewards and drawbacks of entrepreneurship

ü      Routes into business

§         Self Assessment

ü      Characteristics of an Entrepreneur

ü      How do you measure up?

ü      How does your team measure up?

§         Venture screening criteria

ü      Market and Margin Related Issues

ü      Competitive advantage

ü      Barriers to competitor’s entry

ü      Value creation and realization issues

 Target Group:

§         Small business entrepreneurs

§         Project managers

§         Aspiring entrepreneurs

§         Operations managers from parastatals and private sector, 

 Methodology:

§         Lectures

§         Exercises

§         Group discussions

§         Field trips or invited entrepreneurs

Assessment:

§         Tests

Duration:  3weeks

 References:

1.      Kingdom (Washington D.C.: The National Foundation for Women Business Owners and IBM, 2000).

2.      P D Reynolds, et al, Global Entrepreneurship Monitor, 2000.

3.      S Carter, et al, On the Move: Women and Men Business Owners in the United

4.      T J Stanley, et al, “The Millionaire Next Door,” Success Magazine, March 1997, pp. 45-51.