FINANCIAL MANAGEMENT

FM – L2 – Q133 – Procuring Consultants

Explain four methods of procuring consultants: QCBS, QBS, FBS, and LCS.

Question

(a) Explain the following methods of procuring consultants:

(i) Quality and Cost Based Selection (QCBS)

(ii) Quality Based Selection (QBS)

(iii) Selection Under Fixed Budget (SFB)

(iv) Least Cost Selection (LCS)

(b) A government has some unserviceable vehicles that it intends to dispose of immediately upon the directive of the Auditor General.

Required:

Discuss the procedures involved in disposal of the vehicles under the Public Procurement Law 2005, as amended.

Answer

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Tags: Disposal, Procurement, Public Financial Management, Public Procurement Law, Unserviceable Vehicles
Level: Level 2

Topic: Economic and regulatory environment

FM – L2 – Q132 – Public Procurement

Advising on commercial procurement for an autonomous agency and discussing tendering procedures for silo construction.

Question

An autonomous agency of government intends to construct new silos for storage of farm produce. The agency was set up by an Act of Parliament in 2017 and is responsible for ensuring food security in the country. The Head of Entity is of the view that the entity should apply commercial procurement practices since their objects are critical to national security.

(a) Advise the Head of Entity on the decision to use commercial procurement practices.

(b) Discuss the tendering procedures in the procurement of contractors for the construction of the silos.

Answer

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Tags: Competitive Tendering, National Security, Procurement Practices, Public Procurement, Tendering, Transparency, Value for Money
Level: Level 2

Topic: Public Procurement

FM – L2 – Q131 – Public Procurement Methods

Explain methods of public procurement and their conduct under the Public Procurement Act 2003, as amended.

Question

(a) The selection of an appropriate method of procurement is a critical matter in public procurement.
Required:
Explain the following methods of procurement and how they are conducted,
(i) Competitive Tendering
(ii) Two Stage Tendering
(iii) Restricted Tendering
(iv) Request for Quotation.

(b) Single source procurement is a delicate method of procurement which must be used with extra caution because of the risk associated with it.
Required:
(a) Explain the exceptional conditions under which the use of single source procurement will be appropriate under the Public Procurement Act 2003, as amended.

(b) Discuss the likely risks associated with indiscriminate use of single source procurement.

Answer

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Tags: Procurement Act, Procurement Risks, Public Procurement, Single Source Procurement
Level: Level 2

Topic: Economic and regulatory environment

FM – L2 – Q130 – Public Procurement

Discuss qualifications of tenderers under the Public Procurement Act 2003, as amended.

Question

TENDER

(a) Every firm can tender for the supply of goods, performance of works and delivery of services to public sector entities, however the firm must meet the qualifications of tender set out in the Public Procurement Act 2003, as amended by the Public Procurement Act 2016.

Required:

Discuss the qualification of tenderers under the Public Procurement Act 2003, as amended.

(b) The Public Procurement Act 2003, as amended has provided clear rules to follow in the public procurement to eliminate the use of discretion capriciously.

Required:

Explain the procurement rules in the following matters:

(i) Rejection of tenders

(ii) Suspension or cancellation of procurement proceedings.

Answer

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Tags: Ghana, Procurement Cancellation, Procurement Rules, Procurement Suspension, Public Procurement, Tender Rejection
Level: Level 2

Topic: Economic and regulatory environment

FM – L2 – Q129 – Public Procurement Oversight

Discuss the role, functions, and funding of the National Procurement Agency in Zamunda's public procurement system.

Question

129 PUBLIC PROCUREMENT AGENCY

National Procurement Agency provides an oversight of procurement throughout the entire public sector.

(a) Explain the objective of establishing the National Procurement Agency in the Public Procurement system.

(b) Explain FIVE functions of the National Procurement Agency.

Answer

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Tags: Accountability, Funding, Oversight, Procurement Authority, Public Procurement, Transparency
Level: Level 2

Topic: Treasury Management

FM – L2 – Q128 – Public Procurement Principles

Explain five general principles of public procurement to enhance public financial management.

Question

(a) Public procurement rules seek to ensure adherence to certain general principles in procurement of goods, works and services in the public sector with the view of enhancing public financial management.

Required:

Explain five general principles of public procurement.

(b) Structures are important in achieving an open and orderly public procurement system. Each structure is entrusted with certain responsibilities in public procurement.

Required:

Explain the responsibilities of the following structures in public procurement within the framework of the Public Procurement Act:

(i) Head of Procurement Entity

(ii) Procurement Unit

(iii) Entity Tender Committee

Answer

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Tags: Compliance, Due Process, Entity Tender Committee, Head of Procurement, Procurement Structures, Procurement Unit, Public Procurement, Responsibilities
Level: Level 2

Topic: Economic and regulatory environment

FM – L2 – Q127 – Value for Money in Public Financial Management

Explain the concept of value for money in PFM and its elements with illustrations.

Question

(a) Value for money is critical in public financial management (PFM) and therefore every public policy and programme should be subjected to the value for money test.

Required:

(i) What do you understand by value for money in relation to PFM? (2 marks)

(ii) Explain, with illustration, the elements of value for money and their interrelations.

(b) The flagship programme of government is a Free Secondary Education Programme (FSEP) which aims at improving quality and access to secondary education through the removal of cost barriers.

Required:

Discuss steps that should be taken to ensure value for money in the implementation of the FSEP. (10 marks)

Answer

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Tags: Economy, Effectiveness, Efficiency, Equity, Free Education, Public Financial Management, Value for Money
Level: Level 2

Topic: Introduction to financial management

FM – L2 – Q126 – Internal Control System

Discuss objectives of internal control system and explain COSO framework components in relation to PEFA.

Question

(a)

The PEFA assessment of a PFM system considers internal control system of the country, as the internal control system plays a vital role across every pillar in addressing risks and providing reasonable assurance that operations are carried out in orderly and open manner.

Required:

(i) Explain the objectives of an effective internal control system.

(ii) With reference to the COSO framework, explain the components of internal control system in relation to the PEFA framework.

Answer

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Tags: Accountability, Control Environment, COSO Framework, Internal Control, PEFA framework, Public Financial Management, Risk Management
Level: Level 2

Topic: Treasury Management

FM – L2 – Q125 – Public Financial Management

Discuss benefits of PEFA reports and methodology for measuring PFM performance in Zamara.

Question

(a) PEFA reports on countries’ PFM performance has gained prominence in Zamara in recent times. This is largely attributed to the robustness of its scoring methodology, the wide coverage of their measurements and factors considered in drawing conclusion of the status of a PFM system.

(i) Discuss the benefits of PEFA reports in promoting open and orderly PFM systems across the world.

(ii) Explain the methodology of PEFA in measuring PFM performance.

(b) A country performance of PFM dimensions are as follows:

(i) For the legislation scrutiny and audit indicator, a score of A, A and D were obtained on three dimensions. This indicator is measured using Method 1 (Weakest Link).

(ii) Budget preparation process as an indicator of PFM performance was measured using three dimensions and the scores obtained are B, C, D. This indicator is measured using method 2 (Average Method).

Required:
Compute the score of each indicator in (i) and (ii) for the country and interpret your result.

Answer

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Tags: Fiscal Discipline, PEFA Reports, PFM Systems, Resource Allocation, Service Delivery, Transparency
Level: Level 2

Topic: Public Financial Management Systems

FM – L2 – Q124 – Public Financial Management

Discuss three outcomes and seven pillars of an open and orderly PFM system per PEFA framework.

Question

(a) Governments have been encouraged to invest in building strong public financial management. The Public Expenditure and Financial Accountability (PEFA) framework has been developed to assess the public financial management systems of countries with the aim of helping them to improve their public financial management system.

Required:

(i) With reference to the PEFA, discuss the THREE outcomes that a country derives from establishing an open and orderly public financial management system.

(ii) Explain the seven pillars of an open and orderly public financial management system.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Asset management, Budget reliability, Fiscal Discipline, PEFA, Public Financial Management, Resource Allocation, Service Delivery, Transparency
Level: Level 2

Topic: Public Financial Management Systems

Subject (SQ): FINANCIAL MANAGEMENT

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FM – L2 – Q133 – Procuring Consultants

Explain four methods of procuring consultants: QCBS, QBS, FBS, and LCS.

FM – L2 – Q132 – Public Procurement

Advising on commercial procurement for an autonomous agency and discussing tendering procedures for silo construction.

FM – L2 – Q131 – Public Procurement Methods

Explain methods of public procurement and their conduct under the Public Procurement Act 2003, as amended.

FM – L2 – Q130 – Public Procurement

Discuss qualifications of tenderers under the Public Procurement Act 2003, as amended.

FM – L2 – Q129 – Public Procurement Oversight

Discuss the role, functions, and funding of the National Procurement Agency in Zamunda's public procurement system.

FM – L2 – Q128 – Public Procurement Principles

Explain five general principles of public procurement to enhance public financial management.

FM – L2 – Q127 – Value for Money in Public Financial Management

Explain the concept of value for money in PFM and its elements with illustrations.

FM – L2 – Q126 – Internal Control System

Discuss objectives of internal control system and explain COSO framework components in relation to PEFA.

FM – L2 – Q125 – Public Financial Management

Discuss benefits of PEFA reports and methodology for measuring PFM performance in Zamara.

FM – L2 – Q124 – Public Financial Management

Discuss three outcomes and seven pillars of an open and orderly PFM system per PEFA framework.

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Subject (SQ): FINANCIAL MANAGEMENT

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FM – L2 – Q133 – Procuring Consultants

Explain four methods of procuring consultants: QCBS, QBS, FBS, and LCS.

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FM – L2 – Q132 – Public Procurement

Advising on commercial procurement for an autonomous agency and discussing tendering procedures for silo construction.

You're reporting an error for "FM – L2 – Q132 – Public Procurement"

FM – L2 – Q131 – Public Procurement Methods

Explain methods of public procurement and their conduct under the Public Procurement Act 2003, as amended.

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FM – L2 – Q130 – Public Procurement

Discuss qualifications of tenderers under the Public Procurement Act 2003, as amended.

You're reporting an error for "FM – L2 – Q130 – Public Procurement"

FM – L2 – Q129 – Public Procurement Oversight

Discuss the role, functions, and funding of the National Procurement Agency in Zamunda's public procurement system.

You're reporting an error for "FM – L2 – Q129 – Public Procurement Oversight"

FM – L2 – Q128 – Public Procurement Principles

Explain five general principles of public procurement to enhance public financial management.

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FM – L2 – Q127 – Value for Money in Public Financial Management

Explain the concept of value for money in PFM and its elements with illustrations.

You're reporting an error for "FM – L2 – Q127 – Value for Money in Public Financial Management"

FM – L2 – Q126 – Internal Control System

Discuss objectives of internal control system and explain COSO framework components in relation to PEFA.

You're reporting an error for "FM – L2 – Q126 – Internal Control System"

FM – L2 – Q125 – Public Financial Management

Discuss benefits of PEFA reports and methodology for measuring PFM performance in Zamara.

You're reporting an error for "FM – L2 – Q125 – Public Financial Management"

FM – L2 – Q124 – Public Financial Management

Discuss three outcomes and seven pillars of an open and orderly PFM system per PEFA framework.

You're reporting an error for "FM – L2 – Q124 – Public Financial Management"

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