Public Sector – Page 2

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 – Q14.4 – Sustainability Reporting Principles

Discuss four principles for implementing sustainability reporting in a public tertiary hospital.

Question

A public tertiary hospital, St. Mary’s Hospital, is considering implementing sustainability reporting from the next financial year, arguing that such reports are fundamental to health and sustainable development. However, the management is not clear about what it entails and its implications for the hospital.

Required:

In a memorandum to the Chief Executive of St. Mary’s Hospital:

(a) Discuss four general principal considerations in implementing sustainability reporting in the hospital.

(b) Conduct a needs assessment of the hospital in relation to the implementation of sustainability reporting.

Answer

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Tags: Accountability, ESG, Hospital, Principles, Public Sector, Stakeholder Engagement, Sustainability Reporting, Transparency
Level: Level 2

Topic: General purpose financial reporting framework

PSAF – L2 – Q14.3 – Sustainability Reporting Frameworks

Discuss contributions of ISSB, GRI, CDP, IRF, and TCFD to public sector sustainability standards.

Question

Development of public sector sustainability standards may benefit from the existing sustainability frameworks.
Required:
Discuss the contributions of the following frameworks to the advancement of public sector sustainability standards:

International Sustainability Standards Board (ISSB);
Global Reporting Initiative (GRI);
Carbon Disclosure Project (CDP);
Integrated Reporting Framework (IRF); and
Task Force on Climate-related Financial Disclosures (TCFD).

Answer

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Tags: CDP, Climate Disclosures, ESG, GRI, IRF, ISSB, Public Sector, Sustainability Reporting, TCFD
Level: Level 2

Topic: The context of public financial management

PSAF – L2 – Q14.2- Sustainability Reporting Principles

Discuss five general principles of sustainability reporting in the public sector.

Question

(a) Discuss five general principles of sustainability reporting in the public sector.

(b) Explain four potential challenges of implementing sustainability reporting in the public sector.

Answer

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Tags: Accountability, Integration, Materiality, Public Sector, Stakeholder Engagement, Sustainability Reporting, Transparency
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 – Q13.5 – Financial Statements Analysis

Prepare and analyze a common size statement of financial position for the Consolidated Fund of Ashanti for 2021 and 2022.

Question

Consolidated Fund of Ashanti
Statement of financial position as at 31 December

	2021 GH¢’	2020 GH¢’
ASSETS
Non-current asset
Property, plant and equipment
Financial assets
Total non-current assets
Current asset
Inventory
Cash and cash equivalents
Current liabilities
Payables
Deposits and trust monies
Total current liabilities
NET ASSETS
FINANCED BY:
Accumulated fund
Non-current liabilities
Domestic debt
External debt

Required:
(a) Prepare a common size statement of financial position for the Consolidated Fund of Ashanti for 2021 and 2022. (10 marks)
(b) Write a report analyzing the common size statement of financial position, discussing the financial position of the Consolidated Fund for 2021 and 2022.

Answer

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Tags: Asset Analysis, Common Size Statement, Comparative Analysis, Consolidated Fund, Financial Position, Liability Analysis, Public Sector
Level: Level 2

Topic: Preparation and Presentation of Financial Statements for Central Government

PSAF – L2 – Q13.4 – Budget Performance Analysis

Prepare a budget performance report for Nkong District Assembly based on the 2023 revenue and expenditure extract.

Question

(a)

Prepare a budget performance report of Anlo District Assembly based on the extract below.

	Annual budget GH¢’000	Revised budget GH¢’000	Actual performance GH¢’000
Decentralised transfer	32,000	35,000	42,000
Internally generated fund	56,000	45,000	33,000
Compensation	23,000	20,000	25,700
Goods and services	13,000	18,000	24,000
Non-financial asset	18,000	15,000	12,000

Answer:
Anlo District Assembly
Revenue and expenditure extract of Anlo District Assembly for the year ended 31 December 2023

	Revised Budget GH¢	Actual Performance GH¢	Budget Outturn GH¢	Budget Outturn percentage (%)
Decentralised transfer	35,000,000	42,000,000	7,000,000	20.00
IGF	45,000,000	33,000,000	(12,000,000)	(26.67)
Compensation	20,000,000	25,700,000	(5,700,000)	(28.50)
Goods and services	18,000,000	24,000,000	(6,000,000)	(33.33)
Non-financial asset	15,000,000	12,000,000	3,000,000	20.00

(b)

Write a report analyzing the budget outturn whilst assessing the likely causes of the variances during the year and discuss the limitations of your analysis.

Answer

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Tags: Budget Performance, Decentralised Transfers, Financial Reporting, Internally Generated Funds, Public Sector, Variance analysis
Level: Level 2

Topic: Public sector fiscal planning and budgeting

PSAF – L2 – Q13.3- Financial Statements Discussion and Analysis

Compute financial ratios for two West African nations based on provided financial statements.

Question

Nation A and Nation B are West African Nations that attained independence around the same period. Presented below are the financial statements of the two countries.

Statement of financial position as at 31 December 2023

	Nation A (GH¢ million)	Nation B (GH¢ million)
Current liabilities
Payables	9,300	6,150
Trust monies	2,100	1,350
Domestic debt	24,000	6,750
	35,400	14,250
Non-current liabilities
Domestic debt	54,000	27,000
External debt	63,675	33,000
	117,675	60,000
Total fund and liabilities	153,075	74,250

Required:
(a) From the information provided, compute for the two countries respectively:

Grant to Total Revenue ratio;
Wage Bill to Tax Revenue ratio;
Interest to Revenue ratio;
Debt to GDP ratio;
Capital expenditure per Capita; and
Wages bill to Total Expenditure ratio. (b) Based on the result in question (a), write a report discussing and analyzing the financial performance and financial position of the two countries. Include in your report the limitations of the analysis of the two countries.

Answer

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Tags: Capital Expenditure, Debt Management, Financial Performance, Financial Ratios, Fiscal Sustainability, Public Sector
Level: Level 2

Topic: Audit Approaches, Financial Statements Discussion and Analysis

PSAF – L2 – Q13.2 – Financial Statements Discussion and Analysis

Explain the relevance of financial statement discussion and analysis for a public healthcare facility.

Question

The management of a Central Healthcare Facility demands that the Director of Finance should ensure that the financial statements of the entity are laid before the oversight board together with financial statement discussion and analysis. However, some members of the board question the relevance of the request.

Required:
(a) As the Director of Finance, explain the relevance of the request to the healthcare facility.

(b) Discuss the five limitations of financial statement discussion and analysis.

Answer

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Tags: Accountability, Budgetary Control, Financial Reporting, Public Sector, RPG 2, Transparency
Level: Level 2

Topic: Financial Statements Discussion and Analysis

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): Public Sector

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

Non-weakness in Ghana’s PFM system.

PSAF – L2 – Q14.4 – Sustainability Reporting Principles

Discuss four principles for implementing sustainability reporting in a public tertiary hospital.

PSAF – L2 – Q14.3 – Sustainability Reporting Frameworks

Discuss contributions of ISSB, GRI, CDP, IRF, and TCFD to public sector sustainability standards.

PSAF – L2 – Q14.2- Sustainability Reporting Principles

Discuss five general principles of sustainability reporting in the public sector.

PSAF – L2 – Q14.1 – Sustainability Reporting

Explain sustainability reporting in the context of the public sector.

PSAF – L2 – Q13.5 – Financial Statements Analysis

Prepare and analyze a common size statement of financial position for the Consolidated Fund of Ashanti for 2021 and 2022.

PSAF – L2 – Q13.4 – Budget Performance Analysis

Prepare a budget performance report for Nkong District Assembly based on the 2023 revenue and expenditure extract.

PSAF – L2 – Q13.3- Financial Statements Discussion and Analysis

Compute financial ratios for two West African nations based on provided financial statements.

PSAF – L2 – Q13.2 – Financial Statements Discussion and Analysis

Explain the relevance of financial statement discussion and analysis for a public healthcare facility.

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

Non-weakness in Ghana’s PFM system.

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PSAF – L2 – Q14.4 – Sustainability Reporting Principles

Discuss four principles for implementing sustainability reporting in a public tertiary hospital.

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PSAF – L2 – Q14.3 – Sustainability Reporting Frameworks

Discuss contributions of ISSB, GRI, CDP, IRF, and TCFD to public sector sustainability standards.

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PSAF – L2 – Q14.2- Sustainability Reporting Principles

Discuss five general principles of sustainability reporting in the public sector.

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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 – Q13.5 – Financial Statements Analysis

Prepare and analyze a common size statement of financial position for the Consolidated Fund of Ashanti for 2021 and 2022.

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PSAF – L2 – Q13.4 – Budget Performance Analysis

Prepare a budget performance report for Nkong District Assembly based on the 2023 revenue and expenditure extract.

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PSAF – L2 – Q13.3- Financial Statements Discussion and Analysis

Compute financial ratios for two West African nations based on provided financial statements.

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PSAF – L2 – Q13.2 – Financial Statements Discussion and Analysis

Explain the relevance of financial statement discussion and analysis for a public healthcare facility.

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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.

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