COSO – NBC Institute

PSAF – Dec 2023 – L2 – Q3a – Public expenditure and financial accountability framework

Explain the five components of the Integrated Framework of Internal Control System recommended by COSO.

Question

An effective internal control system is a prerequisite for addressing risks and providing reasonable assurance that the assets of an organization are safeguarded. It also contributes to the achievement of an organization’s control objectives. In line with this, the Committee of Sponsoring Organizations (COSO) of the Treadway Commission recommended five integrated internal control components to appraise internal control systems.

Required:
Explain the FIVE (5) components of the Integrated Framework of Internal Control System recommended by COSO. (10 marks)

Answer

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Tags: COSO, Internal Control, Public Sector, Risk Management
Level: Level 2

Topic: Public expenditure and financial accountability framework
Series: DEC 2023

PSAF – May 2020 – L1 – Q3a – Public expenditure and financial accountability framework

Explain control objectives in public financial management relevant to the PEFA framework and discuss internal control components.

Question

The Public Expenditure and Financial Accountability (PEFA) framework recognizes the importance of internal control systems in achieving the desired fiscal and budgetary outcomes. Internal control systems play a vital role across every pillar of public financial management. It addresses risk and provides assurance that operations meet the control objectives of the PEFA framework. Therefore, it assesses how effectively the internal control systems operate in the country by making reference to the internal control components developed by other international organizations, specifically the Committee of Sponsoring Organizations (COSO) of the USA.

Required:
i) Explain THREE (3) control objectives in public financial management relevant to the PEFA framework of assessment.
(3 marks)

ii) Discuss FIVE (5) components of internal control in relation to the PEFA Framework.
(5 marks)

iii) Explain TWO (2) limitations of the PEFA Framework for assessing public financial management.
(2 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: COSO, Internal Control, PEFA, Public Financial Management
Level: Level 2

Topic: Public expenditure and financial accountability framework
Series: MAY 2020

PSAF – Dec 2023 – L2 – Q3a – Public expenditure and financial accountability framework

Explain the five components of the Integrated Framework of Internal Control System recommended by COSO.

Question

Required:
Explain the FIVE (5) components of the Integrated Framework of Internal Control System recommended by COSO. (10 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: COSO, Internal Control, Public Sector, Risk Management
Level: Level 2

Topic: Public expenditure and financial accountability framework
Series: DEC 2023

PSAF – May 2020 – L1 – Q3a – Public expenditure and financial accountability framework

Explain control objectives in public financial management relevant to the PEFA framework and discuss internal control components.

Question

Required:
i) Explain THREE (3) control objectives in public financial management relevant to the PEFA framework of assessment.
(3 marks)

ii) Discuss FIVE (5) components of internal control in relation to the PEFA Framework.
(5 marks)

iii) Explain TWO (2) limitations of the PEFA Framework for assessing public financial management.
(2 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: COSO, Internal Control, PEFA, Public Financial Management
Level: Level 2

Topic: Public expenditure and financial accountability framework
Series: MAY 2020

Question Tag: COSO

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PSAF – Dec 2023 – L2 – Q3a – Public expenditure and financial accountability framework

Explain the five components of the Integrated Framework of Internal Control System recommended by COSO.

PSAF – May 2020 – L1 – Q3a – Public expenditure and financial accountability framework

Explain control objectives in public financial management relevant to the PEFA framework and discuss internal control components.

PSAF – Dec 2023 – L2 – Q3a – Public expenditure and financial accountability framework

Explain the five components of the Integrated Framework of Internal Control System recommended by COSO.

PSAF – May 2020 – L1 – Q3a – Public expenditure and financial accountability framework

Explain control objectives in public financial management relevant to the PEFA framework and discuss internal control components.

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Question Tag: COSO

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PSAF – Dec 2023 – L2 – Q3a – Public expenditure and financial accountability framework

Explain the five components of the Integrated Framework of Internal Control System recommended by COSO.

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PSAF – May 2020 – L1 – Q3a – Public expenditure and financial accountability framework

Explain control objectives in public financial management relevant to the PEFA framework and discuss internal control components.

You're reporting an error for "PSAF – May 2020 – L1 – Q3a – Public expenditure and financial accountability framework"

PSAF – Dec 2023 – L2 – Q3a – Public expenditure and financial accountability framework

Explain the five components of the Integrated Framework of Internal Control System recommended by COSO.

You're reporting an error for "PSAF – Dec 2023 – L2 – Q3a – Public expenditure and financial accountability framework"

PSAF – May 2020 – L1 – Q3a – Public expenditure and financial accountability framework

Explain control objectives in public financial management relevant to the PEFA framework and discuss internal control components.

You're reporting an error for "PSAF – May 2020 – L1 – Q3a – Public expenditure and financial accountability framework"

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