Financial Procedure Act 1957 (Act 61) [As At 10th March 2017]

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Financial Procedure Act 1957 (Act 61) 

(As At 10th March 2017) 

 
Financial Procedure Act 1957 is a an Act to provide for the control and management of the public finances of Malaysia and for financial and accounting procedure, including procedure for the collection, custody and payment of the public moneys of the Federation and of the States, and the purchase, custody and disposal of public property, other than land, of the Federation and of the States and for matters connected therewith.

Detailed Contents Of Financial Procedure Act 1957 (Act 61) [As At 10th March 2017] :

The Financial Procedure Act 1957 (Act 61) is a law in Malaysia that outlines the procedures and regulations for the management and control of government finances. The act is aimed at ensuring proper financial accountability and transparency in the use of public funds.

The act is divided into several sections, each dealing with different aspects of financial management. Below is a brief summary of each section:

Part I - Preliminary This section provides definitions for key terms used in the act, such as "appropriation," "expenditure," "revenue," and "treasury."

Part II - Estimates and Budgets This section outlines the procedures for preparing and presenting the annual budget to Parliament. It also describes the process for revising the budget in the event of unforeseen circumstances.

Part III - Appropriations and Advances This section deals with the approval and management of government expenditures. It outlines the procedures for requesting and approving appropriations and advances, and sets limits on the amounts that can be spent without prior approval.

Part IV - Payments and Receipts This section describes the procedures for making payments and receiving revenue on behalf of the government. It also sets out the requirements for maintaining accurate records and ensuring that all transactions are properly authorized.

Part V - Control and Audit This section establishes the role of the Auditor General in ensuring proper financial control and accountability. It also sets out the procedures for conducting audits and investigations.

Part VI - Miscellaneous This section includes various provisions related to the implementation of the act, such as the power to make regulations and the protection of public officers who report suspected fraud or corruption.

Overall, the Financial Procedure Act 1957 (Act 61) is an important piece of legislation that provides a framework for effective financial management and accountability in the Malaysian government. Its provisions are aimed at ensuring that public funds are used for their intended purposes and that the government is held accountable for its financial decisions and actions.

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