A new inquiry has been launched with a view to upgrading Victoria’s financial management practices and to bring them into line with world’s best practice.
The inquiry by the Public Accounts and Estimates Committee (PAEC) aims to:
- improve the financial administration of the public sector
- make it more accountable, and
- provide for the annual reporting to the Parliament by departments and public sector bodies in relation to the state budget and financial report.
This inquiry is being conducted at the same time as the Government’s comprehensive review into the Financial Management Act 1994 and related legislation being undertaken by Department of Treasury and Finance.