The following are some examples of modern financial management theories formulated on principles considered as ‘a set of fundamental tenets that form the basis for financial theory and decision-making in finance’ (Emery et al.1991). A review of country experience across many developing countries who have adopted the new program management approaches in their Public Finance management reforms shows that these efforts have often not been successful by any reasonable measure. These are derived from the way management runs its activities, and are integrated with the management process. Recent events in capital and stock markets have reinforced the importance of prudent financial and investment management for financial professionals.
So also increase in waste of financial resources and decrease in provision of services; as well as no room for local communities to exercise any scrutiny on the financial resources allocated and used at the service delivery units. The study findings give us …