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a. Explain the following terms in relation to Public Sector Audit:
i. Self-Accounting Unit (2 Marks)
ii. Sub-Accounting Unit (2 Marks)
b. As a staff in the Auditor-General’s office, outline SIX procedures for the audit of revenue collected on behalf of the government. (6 Marks)
c. i. Distinguish between Regulatory Audit and Financial Audit. (2 Marks)
ii. State SIX documents an auditor of a Public Sector Organisation may require in conducting a Compliance Audit. (3 Marks)
(Total 15 Marks)
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Find Related Questions by Tags, levels, etc.
Find Related Questions by Tags, levels, etc.
Regarding investigation in the public sector, the final report of the Board of Inquiry shall include:
A. The number of memoranda received from the public
B. A statement of the exact amount of loss that has been incurred
C. Certification from the Due Process office
D. Report of the Auditor-General for the Federation
E. External Auditors’ opinion statement on the loss that occurred
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Which ONE of the following does NOT affect public sector audit?
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Which ONE of the following is a type of audit included in the scope of responsibilities of the Auditor-General for the Federation?
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The functions of the office of the Auditor-General for the Federation is to audit the accounts of all Accounting Officers and all persons entrusted with the collections, receipts, custody, issue, or payment of Federal Government monies or with the receipt, collection, issue, sale, transfer, or delivery of any stamps, securities, stores, or other property of the Government of the Federation and for the certification of the annual accounts of the Government.
In light of the above, state three audit objectives of:
i. Treasury Accounts.
ii. Agency Accounts.
iii. Government Enterprise Accounts.
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An internal audit is an independent appraisal activity within an organisation for the review of accounting, financial, and other operations with the objective of assisting members of the organisation to discharge their responsibilities effectively. It is a sound policy to establish constructive working relationships with internal audit units to foster the development, promote coordinated coverage, and avoid duplication.
Required:
Explain the five criteria employed by the external auditors to assess the likely effectiveness and relevance of the internal audit functions and five areas where the internal audit functions can be of assistance to the external audit.
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In relation to public sector audit:
a. Define ‘Value-for-Money’ (VFM) audit. (2½ Marks)
b. Identify and explain THREE major components of ‘Value-for-Money’ audit. (6 Marks)
c. Explain FIVE steps towards a successful ‘Value-for-Money’ audit. (2½ Marks)
d. Identify FIVE factors which contribute to an effective ‘Value-for-Money’ audit. (5 Marks)
e. Explain the precise roles of the internal audit unit in relation to ‘Value-for-Money’ audit of a Government Business Entity (GBE). (4 Marks)
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The Public Financial Management Act, 2016 (Act 921) requires that all public sector entities should have audit committees. The Act also prescribes the functions of such committees; the functions include mandatory responsibilities and advisory responsibilities. Fortunately, you have been appointed to serve on the audit committee of a Government Agency for a term of two years, renewable for a second term, also for two years.
Required:
Discuss FIVE (5) responsibilities for the first year of your tenure. (10 marks)
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b) Preliminary Engagement Activities in Public Sector Financial Audits
The purpose of performing preliminary engagement activities in Financial Audit in the public sector is to help ensure that the auditor has considered any events or circumstances that may adversely affect the auditor’s capability to plan and perform the audit engagement to reduce audit risk to an acceptably low level.
Required:
Explain FIVE (5) preliminary engagement activities a Public Sector Auditor must consider in Financial Audit. (10 marks)
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You led a team of auditors from the Auditor-General’s Department to audit the Financial Statements of the Ministry of Defence. You have just completed the audit and are about to report your findings.
Required:
i) Explain the factors you will take into account to determine that the financial statements have been properly prepared in accordance with a compliance framework. (6 marks)
ii) Explain the difference between a fair presentation framework and a compliance framework. (4 marks)
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The Auditor-General of Ghana has unfettered power and is not subject to the control of any other authority in the discharge of his duties. He therefore refuses to accept any directives from cabinet ministers.
Required:
Evaluate the extent to which it can be said that the Auditor-General is not subject to direction of any other authority. (10 marks)
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A public sector organization has an Internal Audit function and an Audit Report Implementation Committee (ARIC) of the Board of Directors. The Internal Audit function does not have an Internal Audit Charter. Before the PFM Act, 2016 (Act 921) was enacted, the ARIC had three members: the Managing Director of the organization and two other directors, a legal practitioner, and a retired career diplomat.
Required:
i) Identify the need for and state TWO of the major issues the Internal Audit Charter must cover in a public sector organization. (4 marks)
ii) Discuss the conflict of interest and other issues raised by the composition of the organization’s ARIC in relation to the recommendations of the IIA. (2 marks)
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Dr. Kofi Mensah has been appointed the Municipal Chief Executive (MCE) of Kyekyewere Municipal Assembly. He has assumed duty early last month and has carried out a familiarisation tour of all the departments of the Assembly.
You are the Internal Auditor of the Assembly and have worked there for the past two years. During your turn of briefing the MCE, you mentioned to him that the Internal Audit Agency (IAA) exists as an apex oversight body of internal audit units working within MDAs and MMDAs. It was established by the Internal Audit Agency Act (2003) with the objective to co-ordinate, facilitate and provide quality assurance for internal audit activities within the MDAs and MMDAs. At the end of your briefing, the MCE requested more information on the IAA, especially its functions. You were pleased with the MCE and formally welcomed him to the Assembly.
Required:
Communicate to the MCE in the appropriate form, detailing out the functions of the Internal Audit Agency according to the Internal Audit Agency Act (2003). (10 marks)
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