Question Tag: Accountability

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SCS – Nov 2024 – L3 – Q5c – Board Independence and Accountability in Corporate Governance

Evaluation of how the governance structure at BOGML affects board independence and accountability.

Question

There are a number of concepts of good corporate governance that every entity, including BOGML, must strive to adhere to.

Required:
Provide an evaluation of how the existing corporate governance structure at BOGML may undermine or compromise the following key concepts of good corporate governance, with particular reference to the current composition and organisation of the board.

i) Independence
ii) Responsibility and accountability

Answer

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Tags: Accountability, Board Independence, Corporate Governance, Ethics, Governance Framework, Leadership, Responsibility
Level: Level 3

Topic: Corporate Governance
Series: Nov 2024

PSAF – Nov 2024 – L2 – Q5c – Functions of the State Interests and Governance Authority

Explains four functions of the State Interests and Governance Authority (SIGA) in overseeing state entities.

Question

The Nine Hundred and Ninetieth Act of the Parliament of the Republic of Ghana entitled the State Interests and Governance Authority Act, 2019 was established to oversee and administer state interests in state-owned enterprises, joint venture companies, and other state entities and to provide for related matters.

Required:

Explain FOUR functions of the State Interests and Governance Authority (SIGA).

Answer

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Topic: Public expenditure and financial accountability framework
Series: Nov 2024

PSAF – Nov 2024 – L2 – Q5b – Nolan’s Principles of Public Life

Explains four of Nolan’s Seven Principles of Public Life, which guide ethical behavior in public office.

Question

Nolan’s Seven Principles of Public Life serve as guidelines for ethical behavior in public service. They are not typically enforceable through direct legal actions; instead, they often operate as moral and professional standards shaping the behavior of individuals in public office.

Required:

Explain FOUR of these principles.

Answer

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Tags: Accountability, Integrity, Leadership, Nolan’s Principles, Professionalism, Public Ethics, Public Governance, Public Service, Selflessness
Level: Level 2

Topic: Public expenditure and financial accountability framework
Series: Nov 2024

PSAF – Nov 2024 – L2 – Q4b – Public Expenditure and Financial Accountability

Explanation of the Public Expenditure and Financial Accountability framework and its application.

Question

Based on your results in (a), write a report to the newly appointed board analyzing and indicating whether their performance is better in comparison with the old board.

Answer

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Tags: Accountability, Budgeting, Compliance, Financial Reporting, Public Expenditure
Level: Level 2

Topic: Financial Statements Discussion and Analysis
Series: Nov 2024

AT – May 2024 – L3 – SC – Q5 – Tax Administration and Dispute Resolution

Discuss NEITI's vision, mission, and objectives, and explain the responsibilities of stakeholders in Nigeria's tax policy.

Question

The Nigeria Extractive Industries Transparency Initiative (NEITI) was established through the NEITI Act, 2007. The body has the responsibility for the development of a framework for transparency and accountability in the reporting and disclosure of revenue due to or paid to the Federal Government by companies in the extractive industry.

In the same vein, the National Tax Policy, 2017, expressly stipulates the responsibilities of the various stakeholders towards the achievement of efficient tax administration in Nigeria.

Required:

a. Discuss the vision, mission and FOUR primary objectives of NEITI as provided for in the enabling Act. (6 Marks)

b. Explain THREE responsibilities of each of the underlisted stakeholders as provided for in the National Tax Policy, 2017:
(i) The government (3 Marks)
(ii) The taxpayer (3 Marks)
(iii) Revenue agencies (3 Marks)

(Total 15 Marks)

Answer

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Tags: Accountability, Government, NEITI, Nigeria, Revenue Agencies, Taxpayer, Transparency
Level: Level 3

Topic: Tax Administration and Dispute Resolution
Series: MAY 2024

FM – Nov 2017 – L3 – Q5 – Corporate Governance and Financial Strategy

Identify stakeholder financial objectives and discuss methods to incentivize directors to maximize shareholder wealth.

Question

Private sector companies have multiple stakeholders who are likely to have divergent interests.

Required:

(a) Identify FIVE stakeholder groups and discuss briefly their financial objectives.
(10 Marks)

(b) Explain ways in which companies’ directors can be encouraged to achieve the objective of maximisation of shareholders’ wealth.
(5 Marks)

(Total 15 Marks)

Answer

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Tags: Accountability, Corporate Governance, Director Incentives, Financial objectives, Private Sector, Shareholder Wealth Maximization, Stakeholder Objectives
Level: Level 3

Topic: Corporate Governance and Financial Strategy
Series: NOV 2017

CSME – May 2017 – L2 – SC – Q7 – Corporate Governance

Explain the Nolan principles guiding public life and discuss standards for ethical conduct in the public sector.

Question

Nolan Committee on standards in public life was set up to report on standards of behaviour amongst politicians, civil servants and public bodies. Provide an analysis of Nolan‟s‟ SEVEN Principles of Public Life. (15 Marks)

Answer

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Tags: Accountability, Ethics, Integrity, Nolan Principles, Public Sector
Level: Level 2

Topic: Corporate Governance
Series: MAY 2017

PSAF – May 2021 – L2 – Q6b – The Budgeting Process in the Public Sector

Explanation of budget uses and steps for National Chart of Accounts application in public budgeting.

Question

The importance of classification code as a system driven for budget cannot
be over emphasised as it forms the basis for budgeting and budgetary
control mechanism. Thus, for a country, state or local government to
achieve a reasonable level of success in accountability, transparency,
performance evaluation and adherence to Appropriation Act, the
application of unified chart of accounts is paramount.

Required:

Discuss FOUR uses of budget and FOUR steps to be followed to ensure completeness of using the National Chart of Accounts for budgeting.

Answer

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Tags: Accountability, Budget Classification, Budget Completeness, Chart of Accounts, Transparency
Level: Level 2

Topic: The Budgeting Process in the Public Sector
Series: MAY 2021

CSME – Nov 2015 – L2 – Q5 – Corporate Governance

Outlines key responsibilities and duties of the board in corporate governance, relevant for improving corporate structure and performance.

Question

The owner of ABC Company learned from a conference and a professional magazine that weak corporate governance accounted for recent corporate failures in Nigeria. Many board members were found lacking a clear understanding of board responsibilities and duties.

Required:
The Managing Director will soon address the board and has requested a paper detailing the board’s responsibilities and duties.

Answer

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Tags: Accountability, Board Duties, Board Structure, Corporate Governance, Strategic Oversight
Level: Level 2

Topic: Corporate Governance
Series: NOV 2015

CSME – Nov 2019 – L2 – Q3a – Corporate Governance

Discusses basic concepts that are essential for good corporate governance and their relation to governance practices.

Question

(a) There are basic concepts that must be observed for good corporate governance in an entity.

Required:
Discuss these concepts and show how they relate to good corporate governance. (14 Marks)

Answer

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Tags: Accountability, Corporate Governance, Fairness, Transparency
Level: Level 2

Topic: Corporate Governance
Series: NOV 2019

AAA – Nov 2023 – L3 – Q4a – Government External Audit and Public Accountability, Public Sector Audit

Discuss ways in which the Auditor-General can adopt standards and processes that are objective and transparent, and how the Audit Service can operate economically, efficiently, and effectively.

Question

a) Accountability and transparency are two important elements of good governance. Transparency is a powerful force that, when consistently applied, can help fight corruption, improve governance, and promote accountability.

Accountability and transparency are not easily separated: they both encompass many of the same actions, for instance, public reporting. The concept of accountability refers to the legal and reporting framework, organisational structure, strategy, procedures, and actions. The notion of transparency refers to timely, reliable, clear, and relevant public reporting on its status, mandate, strategy, activities, financial management, operations, and performance. In addition, it includes the obligation of public reporting on audit findings and conclusions and public access to information about the Government audit.

An important principle set out in INTOSAI-P 20: Principles of Transparency and Accountability is that SAIs should adopt audit standards, processes, and methods that are objective and transparent.

Required:

i) Discuss FIVE (5) ways in which the Auditor-General can adopt standards, processes, and methods that are deemed objective and transparent. (5 marks)

ii) Discuss FIVE (5) ways the Audit Service can operate economically, efficiently, effectively, and in accordance with laws and regulations. (5 marks)

Answer

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Tags: Accountability, Good Governance, Public Sector Audit, Transparency
Level: Level 3

Topic: Government external audit and public accountability, Public sector audit
Series: NOV 2023

BMIS – May 2021 – L1 – Q1b – Business and organisational structure

Explain five benefits a company would derive from adopting a matrix organizational structure.

Question

International Ltd is a Dutch multinational construction company engaged in different forms of construction in various countries, including Ghana. The company has decided to change its existing organizational structure, which is a functional structure, to a matrix structure in order to improve its operations.

Required:
Explain FIVE (5) benefits the company would derive from this decision.

Answer

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Tags: Accountability, Decision Making, Innovation, Matrix Structure, Organizational Structure
Level: Level 1

Topic: Business and Organisational Structure
Series: MAY 2021

PSAF – Nov 2023 – L2 – Q5c – Financial statements discussion and analysis

Explain the objectives of financial reporting in the public sector and its usefulness to primary users.

Question

Financial reporting is not an end in itself but a means to an end. The end game of financial reporting is to provide value to the user of the information. In the local government, financial reporting must deliver the expected value to the users.
i) Explain the objective of financial reporting in the public sector.
ii) Explain the usefulness of financial statements of a Metropolitan Assembly to three of its primary users of the information.

Answer

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Tags: Accountability, Decision Making, Financial Reporting, Public Sector, Users of financial statements
Level: Level 2

Topic: Financial Statements Discussion and Analysis
Series: NOV 2023

PSAF – Nov 2019 – L2 – Q5a -Public sector fiscal planning and budgeting

Discuss objectives for ensuring asset control systems and circumstances where accountability is discharged.

Question

a) According to Section 52 of Act 921, “A principal Spending Officer of covered entity, State – Owned enterprise or public corporation shall be responsible for the asset of the institution under the care of the Principal Spending Officer and shall ensure that proper control systems exist for the custody and management of the Assets”.

Required:

i) State and explain TWO (2) objectives for which spending officers are required to ensure the existence of proper control systems. (4 marks)

ii) State and explain any THREE (3) circumstances under which the Principal Spending Officer is discharged of accountability over government stores. (6 marks)

Answer

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Tags: Accountability, Asset Management, Control Systems
Level: Level 2

Topic: Public sector fiscal planning and budgeting
Series: NOV 2019

PSAF – Nov 2017 – L2 – Q5c -Public sector fiscal planning and budgeting

Identifying mechanisms for achieving value for money in public sector management.

Question

Value for money (VFM) is derived from the optimal balance of benefits and costs on the basis of total cost of ownership. The nature of public financial management is such that it involves discretionary decision-taking on behalf of government at all levels. Value for money is therefore not a choice of goods or services which is based on the lowest bid price but a choice based on the whole life costs of the project or service.

Required: Identify FIVE mechanisms that can be used to achieve “value for money” in public sector management. (5 marks)

Answer

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Tags: Accountability, Efficiency, Public Financial Management, Value for Money
Level: Level 2

Topic: Public sector fiscal planning and budgeting
Series: NOV 2017

PSAF – Mar 2023 – L2 – Q3a – Public expenditure and financial accountability framework

Describes the scope and goals of the Public Expenditure and Financial Accountability (PEFA) framework.

Question

The Public Expenditure and Financial Accountability (PEFA) program was initiated in 2001 by seven international development partners: The European Commission, International Monetary Fund, World Bank, and the governments of France, Norway, Switzerland, and the United Kingdom. PEFA began as a means to harmonize the assessment of PFM across the partner organizations. It subsequently established a standard methodology for PFM diagnostic assessments, the PEFA framework. Since 2001, PEFA has become the acknowledged standard for PFM assessments.

Required:
Describe the scope and goals of the PEFA framework.

Answer

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Tags: Accountability, International Development, PEFA, PFM Assessment, Public Financial Management
Level: Level 2

Topic: Public expenditure and financial accountability framework
Series: MAR 2023

PSAF – Nov 2018 – L2 – Q5 – Public Procurement

Discuss corporate governance issues in the public sector and best practices for PPP arrangements.

Question

a) Good corporate governance is an important way of ensuring accountability and value for money in the public sector.

Required:
i) State and explain FOUR (4) corporate governance problems in the public sector of Ghana. (6 marks)

ii) Discuss FOUR (4) principles of corporate governance that ensure effective accountability and value for money in the public sector. (6 marks)

b) Public-Private Partnership (PPP) is one of the strategies governments can adopt to bridge the infrastructure gap in developing countries. To account effectively for a PPP arrangement, best practices are recommended in executing the arrangements.

Required:
Discuss FOUR (4) best practices that ensure effective PPP arrangements in the public sector. (8 marks)

Answer

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Tags: Accountability, Best Practices, Corporate Governance, PPP, Public Sector, Value for Money
Level: Level 2

Topic: Public expenditure and financial accountability framework, Public Procurement
Series: NOV 2018

PSAF – Nov 2021 – L2 – Q5c – General purpose financial reporting framework

Discuss how general-purpose financial reporting supports accountability and decision-making in the public sector.

Question

Discuss how general-purpose financial reporting supports accountability and decision-making in the public sector.

Answer

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Tags: Accountability, Decision Making, General Purpose Financial Reports, Public Financial Reporting
Level: Level 2

Topic: General purpose financial reporting framework
Series: NOV 2021

PSAF – Nov 2018 – L2 – Q1d – The context of public financial management

Explain five reasons why public sector accounting is useful in any national economy

Question

A public sector organization is an entity that is owned and operated by the government for non-profit goals. The public sector is made up of different organizations, and as such requires an effective accounting framework to ensure transparency and accountability.

Required:
Explain FIVE (5) reasons why Public Sector Accounting is useful in any national economy.

Answer

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Tags: Accountability, National Economy, Public Sector Accounting, Transparency
Level: Level 2

Topic: The context of public financial management
Series: NOV 2018

PSAF – May 2019 – L2 – Q5a – Public expenditure and financial

Describe the composition of the Audit Committee and explain its role in enhancing public financial governance.

Question

a) In an effort to strengthen public financial accountability, the Public Financial Management (PFM) Act, 2016 (Act 921) has introduced an Audit Committee in the covered entities as part of the public financial governance infrastructure to replace the Audit Report Implementation Committee (ARIC). Many experts hold the view that ARIC did not perform well due to lack of independence and legal framework. To address these lapses, the PFM Act paid attention to the composition of the Audit Committee and empowers the Minister of Finance to issue regulations for the effective functioning of the committee. A good number of Audit Committees have since been inaugurated and operational.

i) Describe the composition of the Audit Committee and explain how the structure of the committee could enhance the effectiveness of public financial governance. (5 marks)

ii) Explain THREE (3) responsibilities of the Audit Committees as enshrined in the PFM Act and the related guidelines issued by the Minister of Finance. (3 marks)

iii) Suggest TWO (2) ways by which the effectiveness of Audit Committee can be enhanced. (2 marks)

Answer

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Tags: Accountability, Audit Committee, Audit Report Implementation, Governance, Public Financial Management
Level: Level 2

Topic: Public expenditure and financial accountability framework
Series: MAY 2019

Question Tag: Accountability

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SCS – Nov 2024 – L3 – Q5c – Board Independence and Accountability in Corporate Governance

Evaluation of how the governance structure at BOGML affects board independence and accountability.

You're reporting an error for "SCS – Nov 2024 – L3 – Q5c – Board Independence and Accountability in Corporate Governance"

PSAF – Nov 2024 – L2 – Q5c – Functions of the State Interests and Governance Authority

Explains four functions of the State Interests and Governance Authority (SIGA) in overseeing state entities.

You're reporting an error for "PSAF – Nov 2024 – L2 – Q5c – Functions of the State Interests and Governance Authority"

PSAF – Nov 2024 – L2 – Q5b – Nolan’s Principles of Public Life

Explains four of Nolan’s Seven Principles of Public Life, which guide ethical behavior in public office.

You're reporting an error for "PSAF – Nov 2024 – L2 – Q5b – Nolan’s Principles of Public Life"

PSAF – Nov 2024 – L2 – Q4b – Public Expenditure and Financial Accountability

Explanation of the Public Expenditure and Financial Accountability framework and its application.

You're reporting an error for "PSAF – Nov 2024 – L2 – Q4b – Public Expenditure and Financial Accountability"

AT – May 2024 – L3 – SC – Q5 – Tax Administration and Dispute Resolution

Discuss NEITI's vision, mission, and objectives, and explain the responsibilities of stakeholders in Nigeria's tax policy.

You're reporting an error for "AT – May 2024 – L3 – SC – Q5 – Tax Administration and Dispute Resolution"

FM – Nov 2017 – L3 – Q5 – Corporate Governance and Financial Strategy

Identify stakeholder financial objectives and discuss methods to incentivize directors to maximize shareholder wealth.

You're reporting an error for "FM – Nov 2017 – L3 – Q5 – Corporate Governance and Financial Strategy"

CSME – May 2017 – L2 – SC – Q7 – Corporate Governance

Explain the Nolan principles guiding public life and discuss standards for ethical conduct in the public sector.

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PSAF – May 2021 – L2 – Q6b – The Budgeting Process in the Public Sector

Explanation of budget uses and steps for National Chart of Accounts application in public budgeting.

You're reporting an error for "PSAF – May 2021 – L2 – Q6b – The Budgeting Process in the Public Sector"

CSME – Nov 2015 – L2 – Q5 – Corporate Governance

Outlines key responsibilities and duties of the board in corporate governance, relevant for improving corporate structure and performance.

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CSME – Nov 2019 – L2 – Q3a – Corporate Governance

Discusses basic concepts that are essential for good corporate governance and their relation to governance practices.

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AAA – Nov 2023 – L3 – Q4a – Government External Audit and Public Accountability, Public Sector Audit

Discuss ways in which the Auditor-General can adopt standards and processes that are objective and transparent, and how the Audit Service can operate economically, efficiently, and effectively.

You're reporting an error for "AAA – Nov 2023 – L3 – Q4a – Government External Audit and Public Accountability, Public Sector Audit"

BMIS – May 2021 – L1 – Q1b – Business and organisational structure

Explain five benefits a company would derive from adopting a matrix organizational structure.

You're reporting an error for "BMIS – May 2021 – L1 – Q1b – Business and organisational structure"

PSAF – Nov 2023 – L2 – Q5c – Financial statements discussion and analysis

Explain the objectives of financial reporting in the public sector and its usefulness to primary users.

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PSAF – Nov 2019 – L2 – Q5a -Public sector fiscal planning and budgeting

Discuss objectives for ensuring asset control systems and circumstances where accountability is discharged.

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PSAF – Nov 2017 – L2 – Q5c -Public sector fiscal planning and budgeting

Identifying mechanisms for achieving value for money in public sector management.

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PSAF – Mar 2023 – L2 – Q3a – Public expenditure and financial accountability framework

Describes the scope and goals of the Public Expenditure and Financial Accountability (PEFA) framework.

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PSAF – Nov 2018 – L2 – Q5 – Public Procurement

Discuss corporate governance issues in the public sector and best practices for PPP arrangements.

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PSAF – Nov 2021 – L2 – Q5c – General purpose financial reporting framework

Discuss how general-purpose financial reporting supports accountability and decision-making in the public sector.

You're reporting an error for "PSAF – Nov 2021 – L2 – Q5c – General purpose financial reporting framework"

PSAF – Nov 2018 – L2 – Q1d – The context of public financial management

Explain five reasons why public sector accounting is useful in any national economy

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PSAF – May 2019 – L2 – Q5a – Public expenditure and financial

Describe the composition of the Audit Committee and explain its role in enhancing public financial governance.

You're reporting an error for "PSAF – May 2019 – L2 – Q5a – Public expenditure and financial"

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