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An Overview of the Public Procurement and Concessions Commission (PPCC) Covering the Period September 2005 to September 2025

Finance Division

Division of Finance

Overview
The Division of Finance is responsible for the effective financial management of the Public Procurement and Concessions Commission (PPCC). It ensures that all financial transactions and accounting processes are conducted in accordance with established public financial management (PFM) laws, regulations, and standards. 

The Division plays a critical role in maintaining fiscal discipline, ensuring accountability, and promoting the efficient use of the Commission’s financial resources in support of its mandate to promote transparency and integrity in public procurement and concessions administration.
The Division is headed by a director who reports directly to the Executive Director of the Commission.

The Division oversees all accounting, budgeting, expenditure, and reporting functions, ensuring compliance with the Government of Liberia’s financial management frameworks and international best practices.

Core Functions
The key responsibilities of the Division of Finance include:
1. Financial Systems Management – Operating and maintaining the Commission’s accounting systems to ensure accountability and efficiency in all financial transactions.

2. Compliance and Integration – Ensuring the PPCC financial management system aligns with the Government of Liberia’s Treasury and Financial Management System.

3. Budget Execution – Managing the efficient and effective use of appropriations under the Commission’s control in compliance with all relevant enactments and regulations.

4. Bookkeeping and Records – Maintaining accurate, up-to-date financial books and records of all accounts under the Commission’s control.

5. Audit and Oversight Support – Producing financial records, vouchers, and other relevant documents when required by the Ministry of Finance and Development Planning (MFDP), Internal Audit Agency (IAA), the General Auditing Commission (GAC), or other authorized entities.

6. Bank and Cash Management – Managing and reconciling all PPCC bank accounts and ensuring the safekeeping and efficient utilization of cash and financial assets.

7. Asset and Inventory Control – Preserving and securing all financial and non-financial assets of the Commission and ensuring their economical use.

8. Audit Follow-up – Establishing mechanisms to address audit queries and implement recommendations from the GAC and other oversight bodies.

9. Legislative Reporting – Appearing before the Ways, Means and Finance Committee of the National Legislature to provide explanations related to the Commission’s financial accounts.

10. Financial Reporting – Preparing and submitting the PPCC’s financial statements and reports to statutory authorities in accordance with PFM Regulations.

Custodial Responsibilities
The Division of Finance exercises custodial responsibility over all PPCC resources as follows: 

  • time: Appropriations are received into PPCC accounts until their full and lawful utilization for approved purposes, with accountability to the Comptroller and Accountant General (CAG).
  • Advance payments are issued to any officer of the PPCC until they are duly retired in accordance with the PFM Regulations.

Financial Management and Accounting Systems
The PPCC employs both automated and manual systems for its financial management and reporting. The Division of Finance uses:

  • The Integrated Financial Management Information System (IFMIS) for government-wide financial transactions.
  • QuickBooks (QB) and International Public Sector Accounting Standards (IPSAS) for internal accounting and reporting.
  • Manual ledgers and Excel-based records to complement electronic systems pending full access to all IFMIS modules.

Operational Functions Summary
- Function
- Core Activities
- Cash & Bank Management
- Maintain cash books for all transactions; manage bank accounts; prepare monthly bank reconciliations.
- Petty Cash Management
- Maintain petty cash books; ensure safekeeping of petty cash; adhere to PFM petty cash ceiling ($200).
- Revenue Management
- Record all funds received; ensure prompt banking; maintain accurate accounting records.
- Expenditure Control
- Disburse funds based on approved budgets; record all expenditures; ensure compliance with PFM regulations.
- Payroll Management
- Manage incentive and allowance payments in line with PPCC policies and PFM requirements.
- Budget Management
-Coordinate the Medium-Term Expenditure Framework (MTEF) budget process; liaise with MFDP and internal stakeholders; ensure budget compliance.
- Accounting Ledgers
- Maintain current and accurate ledgers of all sources and uses of funds.
- Financial Reporting
- Prepare and submit monthly, quarterly, and annual financial reports to the MFDP and relevant authorities.
- Audit Support
- Provide all required documentation to internal and external auditors; respond to audit queries and implement recommendations.

Conclusion
The Division of Finance serves as the financial custodian of the PPCC, ensuring transparency, accountability, and prudent use of public resources. Through its systematic financial management processes and adherence to national and international financial standards, the Division upholds the Commission’s integrity and contributes to the overall effectiveness of public procurement and concessions governance in Liberia.