- 20 Marks
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.
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