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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.
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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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b) After a scrutiny of previous performance audit reports, the Auditor-General has become incensed with the contents of the reports and has tasked you, a Director of Audit at the Ghana Audit Service, to recommend factors governing the contents of a performance audit report, the mode, and merits of follow-ups.
Required: Write a memo to the Auditor-General on your recommendations. (10 marks)
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a) Accountability and transparency are two important elements of good governance. Transparency is a powerful force that, when consistently applied, can help fight corruption, improve governance, and promote accountability.
Accountability and transparency are not easily separated: they both encompass many of the same actions, for instance, public reporting. The concept of accountability refers to the legal and reporting framework, organisational structure, strategy, procedures, and actions. The notion of transparency refers to timely, reliable, clear, and relevant public reporting on its status, mandate, strategy, activities, financial management, operations, and performance. In addition, it includes the obligation of public reporting on audit findings and conclusions and public access to information about the Government audit.
An important principle set out in INTOSAI-P 20: Principles of Transparency and Accountability is that SAIs should adopt audit standards, processes, and methods that are objective and transparent.
Required:
i) Discuss FIVE (5) ways in which the Auditor-General can adopt standards, processes, and methods that are deemed objective and transparent. (5 marks)
ii) Discuss FIVE (5) ways the Audit Service can operate economically, efficiently, effectively, and in accordance with laws and regulations. (5 marks)
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The Auditor General’s 2011 Report expressed grave frustration about what it considered to be the widespread misuse of government funds. In 2011 alone, Ghana was estimated to have lost approximately GH¢173,174,541 as a result of financial irregularities.
The Auditor General expressed his frustration in the following terms:
“The cataloguing of financial irregularities in my Report on MDAs and Other Agencies has become an annual ritual that seems to have no effect because affected MDAs are not seen to be taking any effective action to address the basic problems of lack of monitoring and supervision and non-adherence to legislation put in place to provide effective financial management of public resources. This situation has not changed; it keeps recurring year after year to date.”
Required:
Critically examine the Auditor General’s frustration by assessing the possible causes and recommend solutions to overcome the problem. (10 marks)
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a) Internal Auditing has assumed great importance as a tool of accountability in organizations both public and private. Internal auditors being employees of the organization they audit; do not enjoy the protection they need to operate independently. There arose the need for an independent regulatory and supervisory authority to give professional direction and protection to internal auditors to do their work without undue interference. It was for those reasons that the Internal Audit Agency was established as a supervisory authority to regulate the practice of Internal Auditing in the Public Sector.
Required:
Discuss the impact of Internal Audit Agency on MDAs, MMDAs and Government Agencies since its establishment in Ghana. (10 marks)
b) In his mid-year assessment of the national budget, the Minister of Finance made a suggestion that outsourcing of government payroll might be considered. The assurance of cost was the primary factor. A biometric exercise carried out by SSNIT in April 2017 made sure that 27,000 “ghost” names were found and taken off the government payroll.
Required:
i) Discuss the effects of payroll outsourcing in this stance. (5 marks)
ii) Analyze what the service user auditor must do in the course of his duties when the outsourcing programme is implemented. (5 marks)
(Total: 20 marks)
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The Auditor-General has a responsibility to ensure that government business is being performed in a manner which will bring development and benefits to the citizens. Various aspects of the conduct of government business will engage the attention of the Auditor-General, for example execution of contracts for the construction of a regional hospital.
Required: i) Briefly discuss what performance audit entails? (2 marks)
ii) In carrying out the performance audit, evaluate the THREE (3) main factors that the Auditor-General will be concerned with in relation to the construction of the Greater Accra Regional Hospital. (8 marks)
(Total: 10 marks)
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Under the Public Financial Management Act, Audit Committees are required to play important roles in corporate governance and accountability.
Required:
Discuss FIVE (5) mandatory roles and responsibilities and FIVE (5) advisory roles and responsibilities of Audit Committees that may contribute to Corporate Governance and Accountability. (10 marks)
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After a glamorous swearing-in ceremony, you are elected the chair of the audit committee of Petroleum Commission, Ghana, a state-owned organization.
Required:
Discuss how you would execute your stewardship in the first year of your tenure. (10 marks)
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The Minister of Finance in his mid-year review of the national budget hinted that government payroll may be outsourced. The main reason being the guarantee of cost. In April 2017, a bio-metric exercise conducted by SSNIT ensured that 27,000 ghost names were identified and removed from government payroll. In the same year, 23,000 ghost names were removed as a result of a headcount of government employees. Resulting from these exercises, GH¢250 million was saved in 2017.
Required:
i) Discuss the effects of payroll outsourcing in this stance. (5 marks)
ii) Analyze what the service user auditor must do in the course of his duties when the outsourcing programme is implemented. (5 marks)
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a) Sewerage Corporation was established by an Act of Parliament to provide water to Rural Communities. The team of auditors from the Ghana Audit Service demanded to verify the performance agreements made by the company with the state. The Managing Director refused on the grounds that the auditors were over-stepping the scope of their work.
The auditors also discovered that the corporation has not established an Audit Committee (AC), as required by the Public Financial Management Act 2016, Act 921. Management’s response was that AC was not established because it did not see its importance even though it is required by law.
Required: i) Comment on the action of the Managing Director on the performance agreement. (5 marks) ii) Advise the Managing Director on the need to establish an Audit Committee (AC). (5 marks)
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Supreme Audit Institutions (SAI) are external auditors for the state or a country. They are set up to audit the work of state institutions and usually report to parliament. They are independent in nature and their work is not subject to control of the executive.
Required: Discuss the merits of Supreme Audit Institution (SAI) on a state economy. (10 marks)
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