Public Financial Management

AA – L2 – SA – Q4.8 – PFM System Weaknesses

Non-weakness in Ghana’s PFM system.

Question

PEFA performance assessment report?

A Ministries, departments and agencies experience delays in receiving cash funds for approved projects

B Lack of independent quality reviews

C Expenditure commitments being made outside the approved budget

D Revenue administration is weak

Answer

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Tags: ICAG, PEFA Assessment, Public Financial Management, Public Sector
Level: Level 2

Topic: Public sector audit

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

FM – L2 – Q133 – Procuring Consultants

Explain four methods of procuring consultants: QCBS, QBS, FBS, and LCS.

Question

(a) Explain the following methods of procuring consultants:

(i) Quality and Cost Based Selection (QCBS)

(ii) Quality Based Selection (QBS)

(iii) Selection Under Fixed Budget (SFB)

(iv) Least Cost Selection (LCS)

(b) A government has some unserviceable vehicles that it intends to dispose of immediately upon the directive of the Auditor General.

Required:

Discuss the procedures involved in disposal of the vehicles under the Public Procurement Law 2005, as amended.

Answer

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Tags: Disposal, Procurement, Public Financial Management, Public Procurement Law, Unserviceable Vehicles
Level: Level 2

Topic: Economic and regulatory environment

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

PSAF – L2 – Q15.1 – Public Financial Management Responsibilities

Explain five responsibilities of the Ministry of Treasury in public financial management in Zamora.

Question

(a) Explain five responsibilities of the Ministry of Treasury in public financial management.

(b) Explain five responsibilities of the Controller and Accountant General’s Department in public financial management. (c) Explain five responsibilities of the Audit Service in public financial management.

(d) Explain five responsibilities of the Bank of Zamora in public financial management.

Answer

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Tags: Audit Service, Bank of Zamora, Controller and Accountant General, Ministry of Treasury, Public Financial Management, Responsibilities
Level: Level 2

Topic: The context of public financial management

FM – L2 – Q127 – Value for Money in Public Financial Management

Explain the concept of value for money in PFM and its elements with illustrations.

Question

(a) Value for money is critical in public financial management (PFM) and therefore every public policy and programme should be subjected to the value for money test.

Required:

(i) What do you understand by value for money in relation to PFM? (2 marks)

(ii) Explain, with illustration, the elements of value for money and their interrelations.

(b) The flagship programme of government is a Free Secondary Education Programme (FSEP) which aims at improving quality and access to secondary education through the removal of cost barriers.

Required:

Discuss steps that should be taken to ensure value for money in the implementation of the FSEP. (10 marks)

Answer

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Tags: Economy, Effectiveness, Efficiency, Equity, Free Education, Public Financial Management, Value for Money
Level: Level 2

Topic: Introduction to financial management

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

FM – L2 – Q124 – Public Financial Management

Discuss three outcomes and seven pillars of an open and orderly PFM system per PEFA framework.

Question

(a) Governments have been encouraged to invest in building strong public financial management. The Public Expenditure and Financial Accountability (PEFA) framework has been developed to assess the public financial management systems of countries with the aim of helping them to improve their public financial management system.

Required:

(i) With reference to the PEFA, discuss the THREE outcomes that a country derives from establishing an open and orderly public financial management system.

(ii) Explain the seven pillars of an open and orderly public financial management system.

Answer

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Tags: Asset management, Budget reliability, Fiscal Discipline, PEFA, Public Financial Management, Resource Allocation, Service Delivery, Transparency
Level: Level 2

Topic: Public Financial Management Systems

FM – L2 – Q6.4 – Public Financial Management Systems

Discuss five public financial management functions integrated on the ZIFMIS platform.

Question

The most important element of the Zamara Integrated Financial Management Information System (ZIFMIS) is its integration capability, which enables the linking of various functions of public financial management onto a single platform.

Required:

Discuss five public financial management functions integrated on the ZIFMIS.

Explain the risk associated with implementing the ZIFMIS.

Answer

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Tags: Accounting, Budget Preparation, GIFMIS, Integration, Procurement, Public Financial Management, Revenue Management, Treasury Operations
Level: Level 2

Topic: Public Financial Management Systems

PSAF – L2 – Q6.3 – Public Financial Management Systems

Explain steps to implement NIFMIS and discuss five benefits for a covered entity's financial management system migration.

Question

The principal spending officer of the covered entity where you work as a financial officer wishes to migrate the entity’s financial management system onto the Nigeria Integrated Financial Management Information System (NIFMIS) platform, in accordance with the provisions of the Public Financial Management Act 2019. However, he has a limited understanding of the steps involved in the implementation.

Required:

(a) Explain to the principal spending officer, the steps involved in implementing the NIFMIS in the entity.

(b) Discuss five benefits of implementing NIFMIS in the entity.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Benefits, Budget Management, Financial Systems, Implementation, NIFMIS, Public Financial Management, System Setup, Transparency
Level: Level 2

Topic: Public expenditure and financial accountability framework, Public Financial Management Systems

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AA – L2 – SA – Q4.8 – PFM System Weaknesses

Non-weakness in Ghana’s PFM system.

PSAF – L2 – Q15.4 – Public Financial Management Audit

Discuss four responsibilities of the Internal Audit Agency and Audit Service in public financial management.

FM – L2 – Q133 – Procuring Consultants

Explain four methods of procuring consultants: QCBS, QBS, FBS, and LCS.

PSAF – L2 – Q15.3 – Public Expenditure and Financial Accountability Framework

Discuss five functions of the Internal Audit Agency in public financial management.

PSAF – L2 – Q15.1 – Public Financial Management Responsibilities

Explain five responsibilities of the Ministry of Treasury in public financial management in Zamora.

FM – L2 – Q127 – Value for Money in Public Financial Management

Explain the concept of value for money in PFM and its elements with illustrations.

FM – L2 – Q126 – Internal Control System

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

FM – L2 – Q124 – Public Financial Management

Discuss three outcomes and seven pillars of an open and orderly PFM system per PEFA framework.

FM – L2 – Q6.4 – Public Financial Management Systems

Discuss five public financial management functions integrated on the ZIFMIS platform.

PSAF – L2 – Q6.3 – Public Financial Management Systems

Explain steps to implement NIFMIS and discuss five benefits for a covered entity's financial management system migration.

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Non-weakness in Ghana’s PFM system.

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Discuss four responsibilities of the Internal Audit Agency and Audit Service in public financial management.

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Explain four methods of procuring consultants: QCBS, QBS, FBS, and LCS.

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Discuss five functions of the Internal Audit Agency in public financial management.

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Explain five responsibilities of the Ministry of Treasury in public financial management in Zamora.

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Explain the concept of value for money in PFM and its elements with illustrations.

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

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Discuss three outcomes and seven pillars of an open and orderly PFM system per PEFA framework.

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