financial accountability – NBC Institute

PSAF – Nov 2024 – L2 – Q5a – Public Financial Management Regulations

Explains the provisions in PFM Regulation 2019 for a Principal Spending Officer in the payment process and differentiates between misapplication and misappropriation of funds.

Question

a) The Public Financial Management Regulation makes the Principal Spending Officer (PSO) personally responsible for all payments of the covered entity. To mitigate possible risk exposure of the PSO during the payment process, the regulations provide guidance to assist approving authorities before signing off any payment.

In recent times, the Auditor-General has faulted PSOs for infractions such as misapplication of funds, misappropriation of funds, and partially accounted payments among others. Similar observations were cited in the 2023 Management Letter of Nipa Ye Municipal Assembly.

Required:

i) With reference to the PFM Regulation 2019, LI 2378, explain the provisions available to the PSO in the payment process before approval.

ii) Distinguish between misapplication of funds and misappropriation of funds as used by the Auditor-General with an example each.

Answer

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Topic: Public expenditure and financial accountability framework
Series: Nov 2024

PSAF – Nov 2015 – L2 – Q5b – Public Sector Audit

Identify audit tests for revenue collectors and internal control questionnaires for imprest accounts.

Question

i. State THREE tests to be carried out when auditing a revenue collector.
(3 Marks)

ii. Identify any THREE internal control questionnaires to evaluate the operation of imprest accounts.
(3 Marks)

Answer

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Tags: financial accountability, Imprest Account, Internal Control, Revenue Collector Audit
Level: Level 2

Topic: Public sector audit
Series: NOV 2015

PSAF – Nov 2018 – L2 – Q1 – Regulatory and Institutional Framework

Discuss actions against companies with non-compliant financial reports, calculate NEITI unspent funds, outline NEITI functions and procedures for appointing auditors.

Question

The Federal Government of Nigeria is committed to the principle of transparency and accountability in all its financial activities. The country has diverse sources of revenue which include natural resources, ranging from iron-ore, crude oil, zinc, tin-ore, and coal. In order to enhance its agenda of “zero tolerance for corruption,” the country established, among others, the Nigeria Extractive Industry Transparency Initiative Commission (NEITI) with the sole aim of reducing corruption in the extractive industry. The establishment of the commission was backed by an Act of National Assembly in 2007.

The commission normally carries out annual audits of accounts of companies in the extractive industry after obtaining their statements of accounts on a regular basis. Records available to NEITI revealed that five out of fifty-two companies in the industry failed to render their statements of accounts for the year 2016; another eight companies rendered falsified statements of accounts, while thirty-nine companies rendered accurate statements of accounts.

The records of receipts and expenditures of NEITI revealed total receipts of N2,396,581,900 in 2016, out of which N1,998,500,770 was expended on the commission’s activities up to December 31, 2016.
Further scrutiny of the accounts revealed receipts of gratification by some government officials in the eight companies that presented falsified statements of accounts. There were also expenses on frivolous overseas tours allegedly for attending seminars and workshops.

In line with the Act that established the commission, the audit reports on the financial activities of the companies in the extractive industry have been sent to the President and the National Assembly.

Required:
a. Discuss five actions that should be taken against the companies that failed to render their statements of accounts and those that rendered falsified statements of accounts.
(7½ Marks)
b. Calculate the unspent amount by the commission as at December 31, 2016 and the treatment of the unspent amount.
(4 Marks)
c. Outline five functions of NEITI as contained in the Act that established it and indicate the members of the National Stakeholder Working Group (NSWG) as contained in the NEITI Act, 2007.
(12½ Marks)
d. Explain six procedures for the appointment of auditors and publication of reports as contained in Section 4 of NEITI Act, 2007.
(6 Marks)

Answer

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Tags: Audit, Extractive Industry, financial accountability, NEITI, Regulatory Framework, Transparency
Level: Level 2

Topic: Regulatory and Institutional Framework
Series: NOV 2018

PSAF – Nov 2024 – L2 – Q5a – Public Financial Management Regulations

Explains the provisions in PFM Regulation 2019 for a Principal Spending Officer in the payment process and differentiates between misapplication and misappropriation of funds.

Question

Required:

i) With reference to the PFM Regulation 2019, LI 2378, explain the provisions available to the PSO in the payment process before approval.

ii) Distinguish between misapplication of funds and misappropriation of funds as used by the Auditor-General with an example each.

Answer

Find Related Questions by Tags, levels, etc.

Topic: Public expenditure and financial accountability framework
Series: Nov 2024

PSAF – Nov 2015 – L2 – Q5b – Public Sector Audit

Identify audit tests for revenue collectors and internal control questionnaires for imprest accounts.

Question

i. State THREE tests to be carried out when auditing a revenue collector.
(3 Marks)

ii. Identify any THREE internal control questionnaires to evaluate the operation of imprest accounts.
(3 Marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: financial accountability, Imprest Account, Internal Control, Revenue Collector Audit
Level: Level 2

Topic: Public sector audit
Series: NOV 2015

PSAF – Nov 2018 – L2 – Q1 – Regulatory and Institutional Framework

Discuss actions against companies with non-compliant financial reports, calculate NEITI unspent funds, outline NEITI functions and procedures for appointing auditors.

Question

Answer

Find Related Questions by Tags, levels, etc.

Tags: Audit, Extractive Industry, financial accountability, NEITI, Regulatory Framework, Transparency
Level: Level 2

Topic: Regulatory and Institutional Framework
Series: NOV 2018

Question Tag: financial accountability

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PSAF – Nov 2024 – L2 – Q5a – Public Financial Management Regulations

Explains the provisions in PFM Regulation 2019 for a Principal Spending Officer in the payment process and differentiates between misapplication and misappropriation of funds.

PSAF – Nov 2015 – L2 – Q5b – Public Sector Audit

Identify audit tests for revenue collectors and internal control questionnaires for imprest accounts.

PSAF – Nov 2018 – L2 – Q1 – Regulatory and Institutional Framework

Discuss actions against companies with non-compliant financial reports, calculate NEITI unspent funds, outline NEITI functions and procedures for appointing auditors.

PSAF – Nov 2024 – L2 – Q5a – Public Financial Management Regulations

Explains the provisions in PFM Regulation 2019 for a Principal Spending Officer in the payment process and differentiates between misapplication and misappropriation of funds.

PSAF – Nov 2015 – L2 – Q5b – Public Sector Audit

Identify audit tests for revenue collectors and internal control questionnaires for imprest accounts.

PSAF – Nov 2018 – L2 – Q1 – Regulatory and Institutional Framework

Discuss actions against companies with non-compliant financial reports, calculate NEITI unspent funds, outline NEITI functions and procedures for appointing auditors.

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PSAF – Nov 2024 – L2 – Q5a – Public Financial Management Regulations

Explains the provisions in PFM Regulation 2019 for a Principal Spending Officer in the payment process and differentiates between misapplication and misappropriation of funds.

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PSAF – Nov 2015 – L2 – Q5b – Public Sector Audit

Identify audit tests for revenue collectors and internal control questionnaires for imprest accounts.

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PSAF – Nov 2018 – L2 – Q1 – Regulatory and Institutional Framework

Discuss actions against companies with non-compliant financial reports, calculate NEITI unspent funds, outline NEITI functions and procedures for appointing auditors.

You're reporting an error for "PSAF – Nov 2018 – L2 – Q1 – Regulatory and Institutional Framework"

PSAF – Nov 2024 – L2 – Q5a – Public Financial Management Regulations

Explains the provisions in PFM Regulation 2019 for a Principal Spending Officer in the payment process and differentiates between misapplication and misappropriation of funds.

You're reporting an error for "PSAF – Nov 2024 – L2 – Q5a – Public Financial Management Regulations"

PSAF – Nov 2015 – L2 – Q5b – Public Sector Audit

Identify audit tests for revenue collectors and internal control questionnaires for imprest accounts.

You're reporting an error for "PSAF – Nov 2015 – L2 – Q5b – Public Sector Audit"

PSAF – Nov 2018 – L2 – Q1 – Regulatory and Institutional Framework

Discuss actions against companies with non-compliant financial reports, calculate NEITI unspent funds, outline NEITI functions and procedures for appointing auditors.

You're reporting an error for "PSAF – Nov 2018 – L2 – Q1 – Regulatory and Institutional Framework"

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