The Ministry of Finance in Muscat has issued a circular to all State’s Administrative Apparatus institutions concerning the preparation of the Final Accounts Report for Fiscal Year 2024. Institutions are required to submit this report by 20 February 2025, emphasizing the importance of highlighting results and objectives achieved when implementing approved budgets. The report should include a comparison of approved revenues and expenditures with actual figures, as well as details on cash balances, advance payments, and financial rights owed to the government.
Additionally, institutions must prepare statements on non-financial assets such as real estate, land, warehouse assets, government movables, and libraries. They are also asked to include copies of reports from internal audit departments for the last quarter of fiscal year 2024 with their submissions. This comprehensive approach ensures transparency and accountability in financial management within the State’s Administrative Apparatus.
The Ministry’s requirements aim to provide a clear picture of each unit/institution’s financial performance and assets. By comparing approved budgets with actual figures, any discrepancies or issues can be identified and addressed. This level of financial reporting helps to ensure that resources are managed efficiently and effectively, in line with government regulations.
The inclusion of non-financial assets in the reports adds another layer of accountability, ensuring that all government-owned assets are properly documented and accounted for. This information is essential for proper asset management and strategic planning within government institutions. By requiring this information, the Ministry is promoting transparency and good governance practices.
Submitting reports prepared by internal audit departments further enhances the accountability and integrity of financial reporting within government institutions. These reports provide an additional layer of oversight and help identify any potential areas of improvement in financial management practices. This requirement demonstrates a commitment to sound financial practices and compliance with regulations.
Overall, the Ministry’s circular underscores the importance of accurate and comprehensive financial reporting within the State’s Administrative Apparatus. By requiring detailed reports on financial and non-financial assets, as well as internal audit reports, the Ministry is promoting transparency, accountability, and good governance practices. This approach helps ensure that government resources are managed effectively and efficiently, in accordance with established regulations and guidelines.
