The practice of public financial management is now considered critical in combating corruption, alleviating poverty and ensuring the effective use of internal and external resources. The objective of this article is to suggest better practices in public financial management in the third tier of government in Nigeria and to bring to the attention of policy makers and practitioners the need for reforming the existing systems. To achieve this, the researchers embarked on a critical review of related literature from library, books, journals and internet material, noting down better practices in cash management. From the review, it was discovered that counties in advanced countries hav better financial management practices and use of transparent procurement processes that mitigate corruption. Also, discovered are the ideals for local government financial management which include: when to use debt, how to access debt affordability, what debt to use, how to issue debt, and how to manage debt. Again, the use of internal controls and audits has been regarded as an antidote that ensures efficiency and integrity in both private and public sectors. On the bases of our findings, we recommend that external audit should be employed for combating corruption, while internal audit methods are suggested for trapping down the “monster”.