Subject (SQ): PUBLIC SECTOR ACCOUNTING AND FINANCE

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  • 15 Marks

PSAF – L2 – Q4.1- International Public Sector Accounting Standards

Discuss five roles of IPSASB in global financial reporting.

The International Public Sector Accounting Standards Board (IPSASB) plays a critical role in regulating public sector accounting and reporting practices worldwide.

Required:

(a) Discuss five roles played by the IPSASB in the financial reporting space globally.

(b) Discuss the position of the Government of Kapania on the IPSAS.

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  • 20 Marks

L2 – Q3.4- Public Procurement

Discuss the object of the Public Procurement Act 2003, Act 663, as amended by Act 914 in 2016.

The Public Procurement Act 2003, Act 663 (amended by the Public Procurement Amendment Act, 2016, Act 914) was enacted to establish an oversight authority and regulate public procurement activities within the public sector.

Required:

(a) Discuss the object of the Public Procurement Act 2003 Act 663 (Public Procurement Amendment Act, 2016, Act 914).

(b) Explain the functions of the Public Procurement Authority in terms of

(i) procurement policy making;

(ii) capacity building of procurement practitioners;

(iii) procurement information system;

(iv) anti-corruption in public procurement; and

(v) monitoring and evaluation of public procurement.

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  • 20 Marks

FM – L2 – Q3.1- Public expenditure and financial accountability framework

Discuss views on ineffective PFM laws in Ghana and justify need for reforms.

A leader of a prominent Accountability Civil Society Organisation remarked, “Laws don’t work in Ghana. We have all the laws in public financial management but they do not have any effect, so I don’t see the need to waste more resources on reforming our public financial management enactments.”

Required:

(a) Discuss the views expressed in the quote above and explain why reforms of public financial management laws are necessary.

(b) Explain the limitations of public financial management laws in Ghana.

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  • 20 Marks

PSAF – L2 – Q2.4- Public expenditure and financial accountability framework

Explain the two methods for scoring PEFA indicators and provide two advantages of each.

PEFA employs a robust methodology in developing its framework for assessing public financial management performance in the public sector. It uses two methods to convert dimensions into indicators.

Required:

(a) Explain the two methods used in scoring indicators under the PEFA framework and provide two advantages of each.

(b) In a recent PEFA assessment, a country received the following scores for the Indicators of Accounting and Reporting:

 

Indicator Score
Financial data integrity D
In-year budget reports C
Annual financial reporting D

Required:

(i) Discuss the performance of the country in relation to the accounting and financial reporting pillar of public financial management.

(ii) Suggest a practical way of improving performance in each of the indicators.

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  • 20 Marks

PSAF – L2 – Q2.3 – Public expenditure and financial accountability framework

Discuss seven PEFA pillars for building a public financial management system in a developing country.

You have been appointed as the consultant to develop a robust public financial management system for a developing country.

Required:

(a) Discuss seven pillars upon which you will build your public financial management system, referencing the PEFA framework.

(b) Explain three outcomes you would expect from the public financial management system you have designed, guided by the PEFA framework.

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  • 20 Marks

PSAF – L2 – Q2.2 – Public expenditure and financial accountability framework

Map eight observations on Zamora's PFM to PEFA pillars and discuss their impact on the related pillar.

The following observations were made regarding public financial management in Zamora:

(i) Over the years, governments have included superfluous projects and programs in the annual budget, which were not intended to be achieved. Consequently, these projects and programs were not delivered to the people.

(ii) In Zamora, the annual budget is presented to the entire parliament and broadcast live on radio and television for all Zamorians to hear and see. Subsequently, the entire budget is published in newspapers and finally gazetted when approved.

(iii) It is becoming difficult to access the financial reports of many covered entities, and these entities also fail to post the financial reports on their websites for public access.

(iv) In recent years, the government has invested significant resources into implementing the International Public Sector Accounting Standards (IPSAS), resulting in over 90% implementation of the standards across the public sector.

(v) The Audit Service has been denied resources to operate because it is perceived as overly critical of corruption in the public sector.

(vi) Managers of State-Owned Enterprises (SOEs) were given high salaries and allowances despite making huge losses for the state.

(vii) Resource allocation is mostly done based on intuition and personal preferences rather than a well-formulated policy-based fiscal strategy.

(viii) The adoption and implementation of the Zamora Integrated Financial Management Information System (ZIFMIS) have helped the government improve budget controls.

Required:

Map out each observation (a-h) to PEFA’s pillars of public financial management and discuss how each affects the related pillar.

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  • 20 Marks

PSAF – L2 – Q1.3- Public Sector Fiscal Planning and Budgeting

Discuss four general principles of fiscal policy objectives under the Public Financial Management Act 2018 (Act 750).

Fiscal policy making is an essential aspect of planning as it provides not only fiscal direction to the economy but guides the entire budget preparation process. Thus, serious attention should be given to the fiscal policy making processes.

Required:
(a) Discuss four general principles of fiscal policy objective under the Public Financial Management Act 2018 (Act 750).

(b) Explain the guiding principles in formulating fiscal policy objective in the following areas:

(i) revenue;

(ii) spending;

(iii) borrowing; and

(iv) fiscal risk.

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  • 20 Marks

PSAF – L2 – Q1 – Concept of Public Financial Management

Explain the concept of Public Financial Management in the context of resource management and public service delivery.

(A) Explain the concept of Public Financial Management.

(B) Explain the elements of public financial management process.                                                                                                                         

(C) Discuss five challenges of the public financial management system in Zamara.

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