ADVANCED PUBLIC FINANCIAL MANAGEMENT

Preface
Public financial management is a cornerstone of national development, service delivery, and economic governance. With growing public expectations for transparency, accountability, and efficiency in the use of public resources, it is essential that today’s public finance professionals possess deep knowledge of financial principles, legal frameworks, and evolving public sector dynamics.
This book, Advanced Public Financial Management, has been developed specifically to support candidates preparing for Paper No. 16 (S4) of the Certified Public Accountants (CPA) examinations under the KASNEB syllabus. It is equally valuable for ACCA students and public sector professionals who aim to master the complex field of financial management within the public sector.
The content comprehensively covers all core areas of the syllabus, including public budgeting, procurement, debt management, internal and external auditing, the Public Finance Management Act (PFM Act), public investment, public-private partnerships (PPPs), and county financial systems. The material is presented in a practical, student-friendly format that integrates:

• Accurate, current, and exam-aligned content structured around the CPA syllabus.
• Coverage of local (Kenyan and East African) examples alongside international best practices.
• Use of tables, structured summaries, and institutional frameworks to simplify complex topics.
• Inclusion of exam-style questions with suggested answers, section by section, to enhance exam readiness.
• Emphasis on legal compliance, public accountability, and policy application relevant to the Kenyan context.

Special attention has been paid to ensure that each Chapter is fully exhausted, allowing learners to confidently approach exam questions and real-world problems. This book not only prepares candidates for success in professional examinations but also equips future public finance practitioners with the competencies required to operate effectively in dynamic public sector environments.
As governments worldwide seek to improve the delivery of public services through reforms and innovations in financial management, this book aims to contribute to that vision by preparing competent, ethical, and solution-oriented professionals.
I trust that this guide will serve as a practical, authoritative, and insightful companion on your journey to becoming an expert in advanced public financial management.
CPA Ronoh Benson Benhard
Synapse Global Institute
2025