Table A1 Definition of the... | Emerald Publishing

Table A1

Definition of the sub-competencies in PSFM identified by Heiling (2020) and Smith et al. (2021)

Sub-competencies in PSA/PSFM	Courses in that area typically cover
Budgeting	▪ Government budgets ▪ Budgeting processes ▪ Planning of anticipated revenue and proposed expenditures ▪ Allocation of limited resources among potential users ▪ Monitoring of the overall revenue and expenditure of government
Financial management	▪ Comprises treasury and cash management (e.g. handling and control of cash and securities, supervision of depositories, cash flow projection) ▪ Short- and long-term investment of funds ▪ Cost-benefit analysis ▪ Tax administration ▪ Borrowing on capital markets and public debt ▪ Project financing (for both public-public partnerships and public-private partnerships) for construction and public works, and other infrastructures
Public finance and GFS	▪ Welfare economics ▪ Public goods ▪ Externalities ▪ Tax systems and taxation theory ▪ Inequality and redistribution ▪ Social insurance and social security ▪ Government Finance Statistics (SNA, GFS, ESA 2010)
Management accounting and resource management	▪ Evaluating, formulating and realizing social and financial results ▪ Cost accounting by governments ▪ Performance measurement and benchmarking ▪ Management and control of limited resources ▪ Structure and operation of the management control system ▪ Management reporting and internal accountability issues
Public sector financial accounting and reporting	▪ Book-keeping ▪ Financial reporting requirements (national GAAP, IPSAS, etc.) ▪ Accounting for assets, liabilities, revenues, expenses etc. ▪ Financial statement analysis ▪ External accountability and governance issues
Consolidated financial statements	▪ The economic entity concept and the definition of the consolidation perimeter in the public sector ▪ Consolidation techniques and reporting requirements (national GAAP, IPSAS, etc.) ▪ Challenges in preparing consolidated financial statements
Auditing	▪ Auditing standards (ISA and ISSAIs) and their requirements ▪ The concepts of risk and materiality ▪ Processes and internal controls and their audit ▪ Project management in auditing ▪ Audit procedures ▪ Audit evidence ▪ Reporting of audit findings

Sub-competencies in PSA/PSFM	Courses in that area typically cover
Budgeting	▪ Government budgets ▪ Budgeting processes ▪ Planning of anticipated revenue and proposed expenditures ▪ Allocation of limited resources among potential users ▪ Monitoring of the overall revenue and expenditure of government
Financial management	▪ Comprises treasury and cash management (e.g. handling and control of cash and securities, supervision of depositories, cash flow projection) ▪ Short- and long-term investment of funds ▪ Cost-benefit analysis ▪ Tax administration ▪ Borrowing on capital markets and public debt ▪ Project financing (for both public-public partnerships and public-private partnerships) for construction and public works, and other infrastructures
Public finance and GFS	▪ Welfare economics ▪ Public goods ▪ Externalities ▪ Tax systems and taxation theory ▪ Inequality and redistribution ▪ Social insurance and social security ▪ Government Finance Statistics (SNA, GFS, ESA 2010)
Management accounting and resource management	▪ Evaluating, formulating and realizing social and financial results ▪ Cost accounting by governments ▪ Performance measurement and benchmarking ▪ Management and control of limited resources ▪ Structure and operation of the management control system ▪ Management reporting and internal accountability issues
Public sector financial accounting and reporting	▪ Book-keeping ▪ Financial reporting requirements (national GAAP, IPSAS, etc.) ▪ Accounting for assets, liabilities, revenues, expenses etc. ▪ Financial statement analysis ▪ External accountability and governance issues
Consolidated financial statements	▪ The economic entity concept and the definition of the consolidation perimeter in the public sector ▪ Consolidation techniques and reporting requirements (national GAAP, IPSAS, etc.) ▪ Challenges in preparing consolidated financial statements
Auditing	▪ Auditing standards (ISA and ISSAIs) and their requirements ▪ The concepts of risk and materiality ▪ Processes and internal controls and their audit ▪ Project management in auditing ▪ Audit procedures ▪ Audit evidence ▪ Reporting of audit findings

Source(s): Authors’ elaboration