PUBLIC SECTOR ACCOUNTING AND FINANCE

SCS – L3 – Q6- Professional practice and codes of ethics

Outline five personal or professional qualities expected of an accountant in strategic management.

Question

(a) The personal qualities as well as the professional qualities of an accountant can influence his/her role in the strategic management process. Outline FIVE (5) personal or professional qualities expected of an accountant.

(b) Ghana’s corporate governance environment has been influenced by the principles of governance published by the Organisation for Economic Cooperation and Development (OECD). These principles deal mainly with performance problems that result from the separation of ownership and management of a company. Explain FIVE (5) principles of corporate governance.

Answer

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Tags: Accountant roles, Ethics, Personal qualities, Professional qualities, Strategic management
Level: Level 3

Topic: Professional practice and codes of ethics

SCS – L3 – Q5- Functional strategies

Explain how the production function integrates with other functions in a company.

Question

(a) Strategic management is a cross-functional activity. The production function for example, has relationship with other functions of a company. Explain how the production function can be integrated with other functions in company.

(b) Explain the FOUR (4) different orientations Organizations may adopt a number of different orientations towards their customers: they include a production or product approach, a sales approach, a marketing approach and a societal approach. Explain the meaning of each of these different approaches.

Answer

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Tags: Cross-Functional Integration, Financial Planning, HR Management, Production Function, R&D Coordination
Level: Level 3

Topic: Functional strategies

PSAF – L2 – Q16.4 – Internal Audit Functions

Explain the four functions of internal audit in the public sector.

Question

16.4 FUNCTIONS OF INTERNAL AUDIT

Internal audit effectiveness is at the heart of public sector governance. In recent public financial management reforms, the role of internal audit has been emphasized. Further, the support role of Audit Committees to internal auditors has been emphasized.

Required:

(a) Explain the four functions of internal audit in public sector.

(b) Discuss five advisory roles and responsibilities of Audit Committees.

Answer

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Tags: Compliance, Financial management, Internal Audit, Public Sector Governance, Risk Management
Level: Level 2

Topic: Public expenditure and financial accountability framework

PSAF – L2 – Q16.3 – Stakeholder Analysis

Explain stakeholder analysis in the context of public sector governance.

Question

(a) Explain stakeholder analysis in relation to public sector governance.

(b) Identify four primary stakeholders of the hospital and discuss their expectations about the hospital.

Answer

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Tags: Accountability, Public Hospital, Public Sector Governance, Stakeholder Analysis
Level: Level 2

Topic: Public expenditure and financial accountability framework

PSAF – L2 – Q16.2- Public Expenditure and Financial Accountability

Discuss five ways public sector governance differs from private sector governance.

Question

At a recent conference of public sector governance where private sector governance is compared to that of the public sector, the speaker stresses “Public sector governance is different”.

Required:

(a) Discuss the statement of the speaker of the conference, pointing out five ways by which public sector governance is different.

(b) Discuss five benefits of engaging the stakeholders in public sector governance.

Answer

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Tags: Accountability, decision making, Private Sector Governance, Public Sector Governance, Risk Management, Transparency
Level: Level 2

Topic: Public expenditure and financial accountability framework

PSAF – L2 – Q16.1- Public Expenditure and Financial Accountability

Explain governance in the context of public sector management and accountability.

Question

(a) Explain governance in relation to the public sector.

(b) Discuss four elements of good governance in the public sector.

Answer

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Tags: Accountability, Good Governance, Public Sector Governance, Rule of Law, Transparency
Level: Level 2

Topic: Public expenditure and financial accountability framework

PSAF – L2 – Q15.4 – Public Financial Management Audit

Discuss four responsibilities of the Internal Audit Agency and Audit Service in public financial management.

Question

(a) Internal audit and external audit functions are critical to ensuring effective management of public resources. While the two functions lie in two separate organizations, both can co-operate and co-ordinate their functions in a manner that will promote value for money in the auditing space.

Required:

(a) Discuss four responsibilities of the:

(i) Internal Audit Agency; and

(ii) Audit Service.

(b) Explain four ways that the two institutions in question (a) can co-operate to ensure effective audit in the public sector.

Answer

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Tags: Accountability, Audit Coordination, Audit Service, External Audit, Governance, Internal Audit, Internal Audit Agency, Public Financial Management
Level: Level 2

Topic: The context of public financial management

PSAF – L2 – Q15.3 – Public Expenditure and Financial Accountability Framework

Discuss five functions of the Internal Audit Agency in public financial management.

Question

(a) A missing link in public financial management is the lack or weak internal audit function in covered entities. In 2003, the Internal Audit Agency was established to provide oversight on internal audit in the public sector.

(b) Suggest five practical strategies that the Internal Audit Agency can use in promoting effective internal audit in the public sector.

Answer

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Tags: Accountability, Governance, Internal Audit, Oversight, Public Financial Management
Level: Level 2

Topic: Public expenditure and financial accountability framework

PFM – L2 – Q15.2 – State-Owned Enterprises Governance

Discuss five functions of the State Oversight and Governance Authority (SOGA) in managing SOEs in Zamora.

Question

(a) Discuss five functions of the State Oversight and Governance Authority (SOGA)

(b) Suggest five practical strategies that the State Oversight and Governance Authority (SOGA) can employ to improve the performance of SOEs in the country.

Answer

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Tags: Financial Oversight, Governance, SOGA, State-Owned Enterprises, Zamora
Level: Level 2

Topic: The context of public financial management

PSAF – L2 – Q15.1 – Public Financial Management Responsibilities

Explain five responsibilities of the Ministry of Treasury in public financial management in Zamora.

Question

(a) Explain five responsibilities of the Ministry of Treasury in public financial management.

(b) Explain five responsibilities of the Controller and Accountant General’s Department in public financial management. (c) Explain five responsibilities of the Audit Service in public financial management.

(d) Explain five responsibilities of the Bank of Zamora in public financial management.

Answer

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Tags: Audit Service, Bank of Zamora, Controller and Accountant General, Ministry of Treasury, Public Financial Management, Responsibilities
Level: Level 2

Topic: The context of public financial management

Subject (SQ): PUBLIC SECTOR ACCOUNTING AND FINANCE

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SCS – L3 – Q6- Professional practice and codes of ethics

Outline five personal or professional qualities expected of an accountant in strategic management.

SCS – L3 – Q5- Functional strategies

Explain how the production function integrates with other functions in a company.

PSAF – L2 – Q16.4 – Internal Audit Functions

Explain the four functions of internal audit in the public sector.

PSAF – L2 – Q16.3 – Stakeholder Analysis

Explain stakeholder analysis in the context of public sector governance.

PSAF – L2 – Q16.2- Public Expenditure and Financial Accountability

Discuss five ways public sector governance differs from private sector governance.

PSAF – L2 – Q16.1- Public Expenditure and Financial Accountability

Explain governance in the context of public sector management and accountability.

PSAF – L2 – Q15.4 – Public Financial Management Audit

Discuss four responsibilities of the Internal Audit Agency and Audit Service in public financial management.

PSAF – L2 – Q15.3 – Public Expenditure and Financial Accountability Framework

Discuss five functions of the Internal Audit Agency in public financial management.

PFM – L2 – Q15.2 – State-Owned Enterprises Governance

Discuss five functions of the State Oversight and Governance Authority (SOGA) in managing SOEs in Zamora.

PSAF – L2 – Q15.1 – Public Financial Management Responsibilities

Explain five responsibilities of the Ministry of Treasury in public financial management in Zamora.

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Subject (SQ): PUBLIC SECTOR ACCOUNTING AND FINANCE

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SCS – L3 – Q6- Professional practice and codes of ethics

Outline five personal or professional qualities expected of an accountant in strategic management.

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SCS – L3 – Q5- Functional strategies

Explain how the production function integrates with other functions in a company.

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PSAF – L2 – Q16.4 – Internal Audit Functions

Explain the four functions of internal audit in the public sector.

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PSAF – L2 – Q16.3 – Stakeholder Analysis

Explain stakeholder analysis in the context of public sector governance.

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PSAF – L2 – Q16.2- Public Expenditure and Financial Accountability

Discuss five ways public sector governance differs from private sector governance.

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PSAF – L2 – Q16.1- Public Expenditure and Financial Accountability

Explain governance in the context of public sector management and accountability.

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PSAF – L2 – Q15.4 – Public Financial Management Audit

Discuss four responsibilities of the Internal Audit Agency and Audit Service in public financial management.

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PSAF – L2 – Q15.3 – Public Expenditure and Financial Accountability Framework

Discuss five functions of the Internal Audit Agency in public financial management.

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PFM – L2 – Q15.2 – State-Owned Enterprises Governance

Discuss five functions of the State Oversight and Governance Authority (SOGA) in managing SOEs in Zamora.

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PSAF – L2 – Q15.1 – Public Financial Management Responsibilities

Explain five responsibilities of the Ministry of Treasury in public financial management in Zamora.

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