ABSTRACT
In public financial management, the executive branch of government is the fiduciary for acting in the interest of the population as a whole, and the interest in question is the faithful execution of the government budget. Thus, preventing fiduciary risk in the narrow sense requires that the budget execution systems should, in order: protect the money; and assure that it goes for the approved purposes. The types of budget execution controls track precisely the stages of the expenditure cycle. After the first stage of allocation/release of funds is completed, each stage of expenditure is associated with a specific type of control, financial, physical, accounting and audit control, with different entities responsible for each. Even with the best budget implementation plan and cash plan, and provisions for adapting to intervening changes, in most countries one sees a rush to spend at the close of the fiscal year.
