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Unity Aid (UA) is a non-governmental organisation that provides charitable support to disadvantaged families. It is currently involved in a number of community projects to assist in the provision of clean water supply to families in Sierra Leone, Kenya, and Senegal. In its home country, Uganda, it focuses more on assisting clients in accessing state-granted financial support as well as providing counselling and psychological support to less privileged people.
The NGO has grown very rapidly in recent years as demand for its services has increased. In line with this rising demand, it has begun to slowly evolve from an enterprise primarily run by volunteers to an institution employing professional managers from the private sector. These changes are considered essential in supporting the sustainability of the charity.
The board of trustees at the NGO recognize the need to adopt a relevant code of ethics as part of necessary governance support structures. They are, however, concerned about recent criticism of such codes and wish to ensure that any code developed is effective throughout the organization.
Required:
(a) Advise UA on FOUR fundamental principles to be included in its code of ethics.
(b) Explain FOUR benefits of good corporate governance to UA.
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(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.
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(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.
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(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.
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(A) CONTROL
Explain the elements of control for consolidated financial reporting purposes. (B)
CONTROL
Discuss the circumstance in which a controlling entity does not have to prepare consolidated financial statements under IPSAS 35.
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(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.
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