Economy – NBC Institute

ICMA – Nov 2024 – L1 – Q3a – Value for Money (VFM)

Explains the components of Value for Money (VFM) in the public sector.

Question

Value for Money (VFM)
Value for Money (VFM) is an objective that can be applied to any organization whose main objective is non-financial but has restrictions on the amount of finance available for spending, which the public sector is no exception.

Required:
Explain the components of VFM.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Economy, Effectiveness, Efficiency, Public Sector, Value for Money
Level: Level 1

Topic: Cost-Volume-Profit (CVP) Analysis
Series: Nov 2024

PSAF – May 2018 – L2 – Q4 – Public Sector Audit

Explain the concept of Value-for-Money audit, its components, steps, and factors contributing to an effective VFM audit.

Question

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)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Audit, Economy, Effectiveness, Efficiency, Value for Money
Level: Level 2

Topic: Public sector audit

FA – Nov 2023 – L1 – SA – Q1 – Roles of Accountants in Business and the Economy

Identify the primary roles of accountants in business and the economy.

Question

What are the primary roles of accountants in business and the economy?

A. Providing legal advice to businesses and individuals
B. Managing human resources and employee recruitment
C. Conducting market research and analysing consumer behaviour
D. Preparing financial statements and conducting audits
E. Designing marketing campaigns and advertising strategies

Answer

Find Related Questions by Tags, levels, etc.

Tags: Accountants, Audits, Business Roles, Economy, Financial Statements
Level: Level 1

Topic: Roles of Accountants in Business and the Economy
Series: NOV 2023

AA – May 2016 – L2 – Q5a – Audit and Assurance Evidence

This question explains the purpose and objectives of a value for money (VFM) audit.

Question

(a) Explain the purpose of value for money audit. (4 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Audit Objectives, Economy, Effectiveness, Efficiency, Value for Money Audit
Level: Level 2

Topic: Audit and Assurance Evidence
Series: MAY 2016

PT – July 2023 – L2 – Q1a – Overview of the Ghanaian Tax System and Fiscal Policy

Explanation of how the characteristics of a good tax system can improve Ghana’s tax system.

Question

Adam Smith, reputed as the father of economics, postulated the characteristics of a good tax system as: “equity”, “certainty”, “convenience”, and “economy”. These postulates are still as relevant today as they were in Adam Smith’s days.

Required:
Explain how these characteristics of a good tax system can be employed by the Finance Minister of Ghana to improve the tax system of Ghana. (5 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Adam Smith, Certainty, Convenience, Economy, Equity, Tax System
Level: Level 2

Topic: Overview of the Ghanaian Tax System and Fiscal Policy
Series: JULY 2023

AAA – May 2021 – L3 – Q4b – Public sector audit | Assurance services

Discuss the principles of performance audit and describe the documentary evidence useful during the planning stage of a performance audit.

Question

Performance audit is an independent assessment of an entity’s operations, typically associated with government agencies. The goal is to evaluate the performance of a stated program to determine its effectiveness and to make changes if needed. Performance audits often include an analysis of the conditions necessary to ensure that the principles of economy, efficiency, and effectiveness are upheld. It is necessary in a performance audit to document the audit plan in an audit engagement.

Required:

i) Discuss the principles of performance audit. (6 marks)

ii) Describe FOUR (4) documentary evidence useful at the planning stage during an audit exercise. (4 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Audit Principles, Documentary Evidence, Economy, Effectiveness, Efficiency, Performance Audit
Level: Level 3

Series: MAY 2021

AAA – May 2020 – L3 – Q4b -Government external audit and public accountability, Public sector audit

Discuss the role of performance audit and the Auditor-General’s concerns in auditing the construction of the Greater Accra Regional Hospital.

Question

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)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Auditor General, Economy, Effectiveness, Efficiency, Government Projects, Performance Audit, Public Accountability, Regional Hospital
Level: Level 3

Topic: Government external audit and public accountability, Public sector audit
Series: MAY 2020

PSAF – May 2018 – L2 – Q5d – Financial Statements Discussion and Analysis

Discuss the basis for measuring public sector performance and justify why governments can be assessed at the end of their tenure.

Question

One of the key performance indicators (KPI) in the private sector is to determine the profitability of a business. This is because businesses exist to make a profit. However, in the Public Sector, the objective of governments is to provide public goods and as such, satisfy the needs of the citizens. Citizens are invariably dissatisfied with government performance at the end of its term of office. This is because most of the objectives of government are social in nature and as such, it becomes very difficult to match government revenues and expenditure to determine profit or loss as a basis of measuring its performance.

Required:
Discuss the basis for measuring Public Sector performance and justify why governments can be assessed at the end of their tenure of office.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Economy, Effectiveness, Efficiency, Equity, Public Sector Performance, Value for Money
Level: Level 2

Topic: Financial Statements Discussion and Analysis
Series: MAY 2018

ICMA – Nov 2024 – L1 – Q3a – Value for Money (VFM)

Explains the components of Value for Money (VFM) in the public sector.

Question

Required:
Explain the components of VFM.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Economy, Effectiveness, Efficiency, Public Sector, Value for Money
Level: Level 1

Topic: Cost-Volume-Profit (CVP) Analysis
Series: Nov 2024

PSAF – May 2018 – L2 – Q4 – Public Sector Audit

Explain the concept of Value-for-Money audit, its components, steps, and factors contributing to an effective VFM audit.

Question

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)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Audit, Economy, Effectiveness, Efficiency, Value for Money
Level: Level 2

Topic: Public sector audit

FA – Nov 2023 – L1 – SA – Q1 – Roles of Accountants in Business and the Economy

Identify the primary roles of accountants in business and the economy.

Question

What are the primary roles of accountants in business and the economy?

A. Providing legal advice to businesses and individuals
B. Managing human resources and employee recruitment
C. Conducting market research and analysing consumer behaviour
D. Preparing financial statements and conducting audits
E. Designing marketing campaigns and advertising strategies

Answer

Find Related Questions by Tags, levels, etc.

Tags: Accountants, Audits, Business Roles, Economy, Financial Statements
Level: Level 1

Topic: Roles of Accountants in Business and the Economy
Series: NOV 2023

AA – May 2016 – L2 – Q5a – Audit and Assurance Evidence

This question explains the purpose and objectives of a value for money (VFM) audit.

Question

(a) Explain the purpose of value for money audit. (4 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Audit Objectives, Economy, Effectiveness, Efficiency, Value for Money Audit
Level: Level 2

Topic: Audit and Assurance Evidence
Series: MAY 2016

PT – July 2023 – L2 – Q1a – Overview of the Ghanaian Tax System and Fiscal Policy

Explanation of how the characteristics of a good tax system can improve Ghana’s tax system.

Question

Required:
Explain how these characteristics of a good tax system can be employed by the Finance Minister of Ghana to improve the tax system of Ghana. (5 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Adam Smith, Certainty, Convenience, Economy, Equity, Tax System
Level: Level 2

Topic: Overview of the Ghanaian Tax System and Fiscal Policy
Series: JULY 2023

AAA – May 2021 – L3 – Q4b – Public sector audit | Assurance services

Discuss the principles of performance audit and describe the documentary evidence useful during the planning stage of a performance audit.

Question

Required:

i) Discuss the principles of performance audit. (6 marks)

ii) Describe FOUR (4) documentary evidence useful at the planning stage during an audit exercise. (4 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Audit Principles, Documentary Evidence, Economy, Effectiveness, Efficiency, Performance Audit
Level: Level 3

Series: MAY 2021

AAA – May 2020 – L3 – Q4b -Government external audit and public accountability, Public sector audit

Discuss the role of performance audit and the Auditor-General’s concerns in auditing the construction of the Greater Accra Regional Hospital.

Question

Required: i) Briefly discuss what performance audit entails? (2 marks)

(Total: 10 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Auditor General, Economy, Effectiveness, Efficiency, Government Projects, Performance Audit, Public Accountability, Regional Hospital
Level: Level 3

Topic: Government external audit and public accountability, Public sector audit
Series: MAY 2020

PSAF – May 2018 – L2 – Q5d – Financial Statements Discussion and Analysis

Discuss the basis for measuring public sector performance and justify why governments can be assessed at the end of their tenure.

Question

Required:
Discuss the basis for measuring Public Sector performance and justify why governments can be assessed at the end of their tenure of office.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Economy, Effectiveness, Efficiency, Equity, Public Sector Performance, Value for Money
Level: Level 2

Topic: Financial Statements Discussion and Analysis
Series: MAY 2018

Question Tag: Economy

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ICMA – Nov 2024 – L1 – Q3a – Value for Money (VFM)

Explains the components of Value for Money (VFM) in the public sector.

You're reporting an error for "ICMA – Nov 2024 – L1 – Q3a – Value for Money (VFM)"

PSAF – May 2018 – L2 – Q4 – Public Sector Audit

Explain the concept of Value-for-Money audit, its components, steps, and factors contributing to an effective VFM audit.

You're reporting an error for "PSAF – May 2018 – L2 – Q4 – Public Sector Audit"

FA – Nov 2023 – L1 – SA – Q1 – Roles of Accountants in Business and the Economy

Identify the primary roles of accountants in business and the economy.

You're reporting an error for "FA – Nov 2023 – L1 – SA – Q1 – Roles of Accountants in Business and the Economy"

AA – May 2016 – L2 – Q5a – Audit and Assurance Evidence

This question explains the purpose and objectives of a value for money (VFM) audit.

You're reporting an error for "AA – May 2016 – L2 – Q5a – Audit and Assurance Evidence"

PT – July 2023 – L2 – Q1a – Overview of the Ghanaian Tax System and Fiscal Policy

Explanation of how the characteristics of a good tax system can improve Ghana’s tax system.

You're reporting an error for "PT – July 2023 – L2 – Q1a – Overview of the Ghanaian Tax System and Fiscal Policy"

AAA – May 2021 – L3 – Q4b – Public sector audit | Assurance services

Discuss the principles of performance audit and describe the documentary evidence useful during the planning stage of a performance audit.

You're reporting an error for "AAA – May 2021 – L3 – Q4b – Public sector audit | Assurance services"

AAA – May 2020 – L3 – Q4b -Government external audit and public accountability, Public sector audit

Discuss the role of performance audit and the Auditor-General’s concerns in auditing the construction of the Greater Accra Regional Hospital.

You're reporting an error for "AAA – May 2020 – L3 – Q4b -Government external audit and public accountability, Public sector audit"

PSAF – May 2018 – L2 – Q5d – Financial Statements Discussion and Analysis

Discuss the basis for measuring public sector performance and justify why governments can be assessed at the end of their tenure.

You're reporting an error for "PSAF – May 2018 – L2 – Q5d – Financial Statements Discussion and Analysis"

ICMA – Nov 2024 – L1 – Q3a – Value for Money (VFM)

Explains the components of Value for Money (VFM) in the public sector.

You're reporting an error for "ICMA – Nov 2024 – L1 – Q3a – Value for Money (VFM)"

PSAF – May 2018 – L2 – Q4 – Public Sector Audit

Explain the concept of Value-for-Money audit, its components, steps, and factors contributing to an effective VFM audit.

You're reporting an error for "PSAF – May 2018 – L2 – Q4 – Public Sector Audit"

FA – Nov 2023 – L1 – SA – Q1 – Roles of Accountants in Business and the Economy

Identify the primary roles of accountants in business and the economy.

You're reporting an error for "FA – Nov 2023 – L1 – SA – Q1 – Roles of Accountants in Business and the Economy"

AA – May 2016 – L2 – Q5a – Audit and Assurance Evidence

This question explains the purpose and objectives of a value for money (VFM) audit.

You're reporting an error for "AA – May 2016 – L2 – Q5a – Audit and Assurance Evidence"

PT – July 2023 – L2 – Q1a – Overview of the Ghanaian Tax System and Fiscal Policy

Explanation of how the characteristics of a good tax system can improve Ghana’s tax system.

You're reporting an error for "PT – July 2023 – L2 – Q1a – Overview of the Ghanaian Tax System and Fiscal Policy"

AAA – May 2021 – L3 – Q4b – Public sector audit | Assurance services

Discuss the principles of performance audit and describe the documentary evidence useful during the planning stage of a performance audit.

You're reporting an error for "AAA – May 2021 – L3 – Q4b – Public sector audit | Assurance services"

AAA – May 2020 – L3 – Q4b -Government external audit and public accountability, Public sector audit

Discuss the role of performance audit and the Auditor-General’s concerns in auditing the construction of the Greater Accra Regional Hospital.

You're reporting an error for "AAA – May 2020 – L3 – Q4b -Government external audit and public accountability, Public sector audit"

PSAF – May 2018 – L2 – Q5d – Financial Statements Discussion and Analysis

Discuss the basis for measuring public sector performance and justify why governments can be assessed at the end of their tenure.

You're reporting an error for "PSAF – May 2018 – L2 – Q5d – Financial Statements Discussion and Analysis"

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