Accountability – Page 2

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

PSAF – L2 – Q14.4 – Sustainability Reporting Principles

Discuss four principles for implementing sustainability reporting in a public tertiary hospital.

Question

A public tertiary hospital, St. Mary’s Hospital, is considering implementing sustainability reporting from the next financial year, arguing that such reports are fundamental to health and sustainable development. However, the management is not clear about what it entails and its implications for the hospital.

Required:

In a memorandum to the Chief Executive of St. Mary’s Hospital:

(a) Discuss four general principal considerations in implementing sustainability reporting in the hospital.

(b) Conduct a needs assessment of the hospital in relation to the implementation of sustainability reporting.

Answer

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Tags: Accountability, ESG, Hospital, Principles, Public Sector, Stakeholder Engagement, Sustainability Reporting, Transparency
Level: Level 2

Topic: General purpose financial reporting framework

PSAF – L2 – Q14.2- Sustainability Reporting Principles

Discuss five general principles of sustainability reporting in the public sector.

Question

(a) Discuss five general principles of sustainability reporting in the public sector.

(b) Explain four potential challenges of implementing sustainability reporting in the public sector.

Answer

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Tags: Accountability, Integration, Materiality, Public Sector, Stakeholder Engagement, Sustainability Reporting, Transparency
Level: Level 2

Topic: The context of public financial management

PSAF – L2 – Q13.2 – Financial Statements Discussion and Analysis

Explain the relevance of financial statement discussion and analysis for a public healthcare facility.

Question

The management of a Central Healthcare Facility demands that the Director of Finance should ensure that the financial statements of the entity are laid before the oversight board together with financial statement discussion and analysis. However, some members of the board question the relevance of the request.

Required:
(a) As the Director of Finance, explain the relevance of the request to the healthcare facility.

(b) Discuss the five limitations of financial statement discussion and analysis.

Answer

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Tags: Accountability, Budgetary Control, Financial Reporting, Public Sector, RPG 2, Transparency
Level: Level 2

Topic: Financial Statements Discussion and Analysis

PSAF – L2 – Q13.1 – Financial statements discussion and analysis

Discuss four general considerations for financial statement discussion and analysis per RPS 2.

Question

(a) Discuss the four general considerations of financial statement discussion and analysis under the RPS 2.

(b) Discuss the typical content of financial statement discussion and analysis in line with RPS 2.

Answer

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Tags: Accountability, Discussion and analysis, Financial Statements, Public sector reporting, Qualitative characteristics, RPS 2, Transparency
Level: Level 2

Topic: Financial Statements

PSAF – L2 – Q12.2 – International public sector accounting standards

Assess if a local authority can apply IPSAS 35 to consolidate a housing association's activities.

Question

(a) A local authority has a policy that, where it holds land that is surplus to its requirements, consideration should be given to making the land available for affordable housing. The local authority establishes terms and conditions to ensure that the housing provided remains affordable and available to meet local housing needs. In accordance with this policy, the local authority sold part of a site to a housing association for GH₵10 million to provide 20 affordable homes. The remainder of the site was sold at open market value to a private developer. The contract between the authority and the housing association specifies what the land can be used for, the quality of housing developments, ongoing reporting and performance management requirements, the process for return of unused land, and dispute resolution. The land must be used in a manner consistent with the local authority’s policy for affordable housing. The agreement also has requirements regarding the housing association’s quality assurance and financial management processes. The housing association must demonstrate that it has the capacity and authority to undertake the development. It must also demonstrate the added value that can be achieved by joining the local authority’s resources with that of the housing association to address a need within a particular client group in a sustainable way. The Board of the housing association is appointed by the members of the housing association. The local authority does not have a representative on the Board.

Required:
Assess whether the local authority could apply IPSAS 35 Consolidated Financial Statement to the activities of the Housing Association.

(b) A national museum is governed by a board of trustees who are chosen by the government department responsible for funding the museum. The trustees have freedom to make decisions about the operation of the museum. The department has the power to appoint the majority of the museum’s trustees.

Required:
Discuss whether the government department has the power over the activities of the museum. (c)

In a recent workshop, a senior fellow of a civil society organisation asserts that the efforts of the Financial Controller to prepare consolidated financial statements of the authority is an exercise in futility. It further noted that the exercise is a waste of public resources.

Required:
Discuss the merit and demerit of the view of the Senior Fellow in light of IPSAS 35.

Answer

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Tags: Accountability, Consolidation, Control, Financial Reporting, Governance, Housing Association, IPSAS 35, Public Sector
Level: Level 2

Topic: International Public Sector Accounting Standards

PSAF – L2 – Q5.4 – Public expenditure and financial accountability framework

Discuss roles of EOCO, OSP, PAC, and FIC in promoting ethics and accountability in public sector management.

Question

Ethics management is the responsibility of every organisation; however, certain institutions are specifically established to champion ethical practices and accountability in public sector management.

Required:

Discuss five roles of each of the following institutions in relation to ethics and accountability:

(a) Economic & Organised Crime Office;

(b) Office of the Special Prosecutor;

(d) Financial Intelligence Centre

Answer

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Tags: Accountability, Corruption, EOCO, Ethics Management, FIC, Financial Crimes, OSP, PAC, Public Sector, Transparency
Level: Level 2

Topic: Public expenditure and financial accountability framework

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

Discuss five roles of IPSASB in global financial reporting.

Question

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.

Answer

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Tags: Accountability, Financial Reporting, IPSAS, Public Sector Accounting, Transparency
Level: Level 2

Topic: International Public Sector Accounting Standards

L2 – Q3.4- Public Procurement

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

Question

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.

Answer

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Tags: Accountability, Ghana Financial Laws, Procurement Policy, Public Procurement, Transparency
Level: Level 2

Topic: Public Procurement

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

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

Question

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.

Answer

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Tags: Accountability, Fiscal Discipline, Ghana, Public Financial Management, Reforms, Transparency
Level: Level 2

Topic: Public expenditure and financial accountability framework

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FM – L2 – Q126 – Internal Control System

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

PSAF – L2 – Q14.4 – Sustainability Reporting Principles

Discuss four principles for implementing sustainability reporting in a public tertiary hospital.

PSAF – L2 – Q14.2- Sustainability Reporting Principles

Discuss five general principles of sustainability reporting in the public sector.

PSAF – L2 – Q13.2 – Financial Statements Discussion and Analysis

Explain the relevance of financial statement discussion and analysis for a public healthcare facility.

PSAF – L2 – Q13.1 – Financial statements discussion and analysis

Discuss four general considerations for financial statement discussion and analysis per RPS 2.

PSAF – L2 – Q12.2 – International public sector accounting standards

Assess if a local authority can apply IPSAS 35 to consolidate a housing association's activities.

PSAF – L2 – Q5.4 – Public expenditure and financial accountability framework

Discuss roles of EOCO, OSP, PAC, and FIC in promoting ethics and accountability in public sector management.

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

Discuss five roles of IPSASB in global financial reporting.

L2 – Q3.4- Public Procurement

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

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

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

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Discuss roles of EOCO, OSP, PAC, and FIC in promoting ethics and accountability in public sector management.

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Discuss five roles of IPSASB in global financial reporting.

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

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