Responsibilities

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 – Q128 – Public Procurement Principles

Explain five general principles of public procurement to enhance public financial management.

Question

(a) Public procurement rules seek to ensure adherence to certain general principles in procurement of goods, works and services in the public sector with the view of enhancing public financial management.

Required:

Explain five general principles of public procurement.

(b) Structures are important in achieving an open and orderly public procurement system. Each structure is entrusted with certain responsibilities in public procurement.

Required:

Explain the responsibilities of the following structures in public procurement within the framework of the Public Procurement Act:

(i) Head of Procurement Entity

(ii) Procurement Unit

(iii) Entity Tender Committee

Answer

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Tags: Compliance, Due Process, Entity Tender Committee, Head of Procurement, Procurement Structures, Procurement Unit, Public Procurement, Responsibilities
Level: Level 2

Topic: Economic and regulatory environment

Question Title: AA – L2 – Q71 – Subsequent Events

Describe auditor's responsibilities for subsequent events between year-end and report signing, and post-signing to issuance.

Question

You are an audit senior for an audit firm and are currently working on the audit of TechWorks Co, a company which produces sophisticated electronic laboratory equipment. The company imports a high proportion of the components it uses from China. The equipment is used by some laboratories dealing with hazardous chemicals.

As the audit draws to a close, the partner in charge has asked you to ensure that all procedures relating to subsequent events and going concern are properly performed. You are to consider the audit work to be performed in relation to ISA 560 Subsequent Events and ISA 570 Going Concern.

Required:
(a) Describe the auditor’s responsibilities for subsequent events occurring between:
(i) The year-end date and the date the auditor’s report is signed.
(ii) The date the auditor’s report is signed and the date the financial statements are issued. (6 marks)

(b) Going concern relates to the judgement that an entity will continue to trade for the foreseeable future.

(i) Explain the responsibilities of directors and auditors in relation to going concern. (3 marks)

(ii) Explain the audit procedures that audit could carry out when conducting the going concern review of TechWorks Co.

(c) TechWorks Co has an internal audit function. The partner in charge of the audit is seeking clarification regarding how any deficiencies in internal control should be identified and communicated to management. The partner feels the report produced by the external auditors may duplicate the produced by the internal audit function.

Required:
Explain how the purpose and content of an internal auditor’s report on internal control deficiencies differs from one prepared by the external auditor.

Answer

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Tags: Audit Procedures, Going Concern, ISA 570, Responsibilities
Level: Level 2

Topic: Internal Audits

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

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

FM – L2 – Q128 – Public Procurement Principles

Explain five general principles of public procurement to enhance public financial management.

Question Title: AA – L2 – Q71 – Subsequent Events

Describe auditor's responsibilities for subsequent events between year-end and report signing, and post-signing to issuance.

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

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

You're reporting an error for "PSAF – L2 – Q15.1 – Public Financial Management Responsibilities"

FM – L2 – Q128 – Public Procurement Principles

Explain five general principles of public procurement to enhance public financial management.

You're reporting an error for "FM – L2 – Q128 – Public Procurement Principles"

Question Title: AA – L2 – Q71 – Subsequent Events

Describe auditor's responsibilities for subsequent events between year-end and report signing, and post-signing to issuance.

You're reporting an error for "Question Title: AA – L2 – Q71 – Subsequent Events"

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