Governance – Page 2

AAA – L3 – SA – Q5.3 – Professional responsibility and liability

What should an auditor do upon suspecting fraudulent activity by a director?

Question

An audit engagement partner suspects that a director of a client company has been carrying out fraudulent activity. What would be the most appropriate immediate course of action?

A Challenge the suspected individual

B Report the suspicions to the audit committee of the client company

C Report the suspicions to the chairman of the board of the client company

D Seek legal advice

Answer

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Tags: Audit committee, Auditor Response, Fraud suspicion, Governance, Legal advice
Level: Level 3

Topic: Professional responsibility and liability

AAA – L3 – SA – Q5.1 – The regulatory environment

What are the functions of an audit committee?

Question

Which of the following are functions of the audit committee?

1 Policy on giving non-audit work to the audit firm

2 Review of the performance of the external auditor

3 Review of the external auditor’s working papers

4 Review with the external auditors their report on the financial statements

A 1,2 and 3 only

B 1,3 and 4 only

C 2,3 and 4 only

D 1,2 and 4 only

Answer

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Tags: Audit committee, Auditor performance, Financial Statements, Governance, Non-Audit Work
Level: Level 3

Topic: The regulatory environment

Title: BCL – L1 – Q4 – The Constitution

Explain why the 1992 Constitution is the supreme law of Ghana.

Question

“The 1992 Constitution is the Supreme Law of the Republic of Ghana”. Explain the above statement.

Answer

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Tags: Constitution, Fundamental Rights, Governance, Supreme Law
Level: Level 1

Topic: Sources of Law

BCL – L1 – Q2 – Separation of Powers

Explain how separation of powers contributes to the legal system's function.

Question

How does the separation of powers contribute to the functioning of the legal system?

Answer

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Tags: Checks and Balances, Governance, Legal System, Separation of Powers
Level: Level 1

Topic: Sources of Law

SCS – L3 – Q26 – Professional practice and codes of ethics

Advise Unity Aid on four fundamental principles for its code of ethics.

Question

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.

Answer

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Tags: Code of Ethics, Confidentiality, Governance, Integrity, NGO, Objectivity, Professional Competence
Level: Level 3

Topic: Professional practice and codes of ethics

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 – Q14.1 – Sustainability Reporting

Explain sustainability reporting in the context of the public sector.

Question

(a) Explain sustainability reporting in the public sector context.

(b) Discuss five justifications for public sector sustainability reporting.

Answer

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Tags: Environmental Impact, Governance, Public Sector, Social Impact, Sustainability Reporting
Level: Level 2

Topic: The context of public financial management

PSAF – L2 – Q12.4- International Public Sector Accounting Standards

Explain the elements of control for consolidated financial reporting under IPSAS 35.

Question

(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.

Answer

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Tags: Benefits, Consolidation, Control, Financial Reporting, Governance, IPSAS 35, Power, Public Sector
Level: Level 2

Topic: International Public Sector Accounting Standards

Tag (SQ): Governance

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AAA – L3 – SA – Q5.3 – Professional responsibility and liability

What should an auditor do upon suspecting fraudulent activity by a director?

AAA – L3 – SA – Q5.1 – The regulatory environment

What are the functions of an audit committee?

Title: BCL – L1 – Q4 – The Constitution

Explain why the 1992 Constitution is the supreme law of Ghana.

BCL – L1 – Q2 – Separation of Powers

Explain how separation of powers contributes to the legal system's function.

SCS – L3 – Q26 – Professional practice and codes of ethics

Advise Unity Aid on four fundamental principles for its code of ethics.

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 – Q14.1 – Sustainability Reporting

Explain sustainability reporting in the context of the public sector.

PSAF – L2 – Q12.4- International Public Sector Accounting Standards

Explain the elements of control for consolidated financial reporting under IPSAS 35.

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Tag (SQ): Governance

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AAA – L3 – SA – Q5.3 – Professional responsibility and liability

What should an auditor do upon suspecting fraudulent activity by a director?

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AAA – L3 – SA – Q5.1 – The regulatory environment

What are the functions of an audit committee?

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Title: BCL – L1 – Q4 – The Constitution

Explain why the 1992 Constitution is the supreme law of Ghana.

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BCL – L1 – Q2 – Separation of Powers

Explain how separation of powers contributes to the legal system's function.

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SCS – L3 – Q26 – Professional practice and codes of ethics

Advise Unity Aid on four fundamental principles for its code of ethics.

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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 – Q14.1 – Sustainability Reporting

Explain sustainability reporting in the context of the public sector.

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PSAF – L2 – Q12.4- International Public Sector Accounting Standards

Explain the elements of control for consolidated financial reporting under IPSAS 35.

You're reporting an error for "PSAF – L2 – Q12.4- International Public Sector Accounting Standards"

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