PEFA framework – Knowsia

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 – Q2.4- Public expenditure and financial accountability framework

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

Question

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.

Answer

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Tags: averaging method, PEFA framework, Public Financial Management, scoring methods, weakest link
Level: Level 2

Topic: Public expenditure and financial accountability framework

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.

Question

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.

Answer

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Tags: Asset management, Budget reliability, Fiscal strategy, PEFA framework, pillars, Public Financial Management, 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 – Q2.4- Public expenditure and financial accountability framework

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

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.

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Tag (SQ): PEFA 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.

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

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

You're reporting an error for "PSAF – L2 – Q2.4- Public expenditure and financial accountability framework"

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.

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