MMDAs – NBC Institute

AA – Mar 2023 – L2 – Q4b – Internal Audit and Its Relationship with External Audit

Explain the functions of the Internal Audit Agency (IAA) and how it facilitates the work of internal auditors in MDAs and MMDAs.

Question

The Internal Audit Agency (IAA) of Ghana was established by the Internal Audit Agency Act 2003 (Act 658) to act as an apex oversight body for Internal Audit units working with MDAs and MMDAs. Although the Internal Audit Agency plays an important role in the country’s economy, very little is known about their operations.

Required:
As an Internal Auditor who wants to bridge this knowledge gap:
i) Explain the functions of the Internal Audit Agency (IAA). (7 marks)
ii) Explain how the IAA facilitates the work of internal auditors in MDAs and MMDAs. (3 marks)

Answer

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Tags: IAA Act, Internal Audit, MDAs, MMDAs, Public Sector Auditing
Level: Level 2

Topic: Internal Audit and Its Relationship with External Audit
Series: MAR 2023

AAA – Nov 2019 – L3 – Q4b – Government External Audit and Public Accountability

Explain compliance audit in MMDAs, its basis, and the main information in the compliance audit report.

Question

To ensure that government business is carried out properly in Ministries, Departments and Agencies (MDAs) and Metropolitan, Municipal and District Assemblies (MMDAs), the Auditor-General may carry out compliance audit and report the outcome to the auditee and Parliament.

Required:

i) Explain compliance audit in relation to MMDAs. (2 marks)

ii) Assess the basis for the conduct of compliance audit in MMDAs. (4 marks)

iii) Discuss the main information that should be contained in the compliance audit report. (4 marks)

Answer

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Tags: Compliance Audit, MMDAs, Public Sector Audit, Reporting
Level: Level 3

Topic: Government external audit and public accountability

PSAF – Nov 2017 – L2 – Q1b – General Purpose Financial Reporting Framework

Discuss the qualitative characteristics of financial statements that MMDAs fall short of according to IPSAS 1.

Question

The Public Accounts Committee of Parliament has bemoaned the state of financial reporting in the Metropolitan, Municipal and District Assemblies (MMDAs). According to the Chairman, the financial statements fall short of confirmatory and predictive value. In fact, the financial statements are characterized by errors, omissions, and misstatements, and as if this is not enough, the final reports are approved at a later year. The citizens also complain seriously about their inability to appreciate the information reported, robbing them of their right to assess the accountability of the government.

Required:
Explain FOUR qualitative characteristics that the final reports of MMDAs fall short of in accordance with IPSAS 1: Presentation of Financial Statements. (4 marks)

Answer

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Tags: Financial Reporting, IPSAS, MMDAs, Qualitative Characteristics
Level: Level 2

Topic: General purpose financial reporting framework
Series: NOV 2017

AA – Mar 2023 – L2 – Q4b – Internal Audit and Its Relationship with External Audit

Explain the functions of the Internal Audit Agency (IAA) and how it facilitates the work of internal auditors in MDAs and MMDAs.

Question

Answer

Find Related Questions by Tags, levels, etc.

Tags: IAA Act, Internal Audit, MDAs, MMDAs, Public Sector Auditing
Level: Level 2

Topic: Internal Audit and Its Relationship with External Audit
Series: MAR 2023

AAA – Nov 2019 – L3 – Q4b – Government External Audit and Public Accountability

Explain compliance audit in MMDAs, its basis, and the main information in the compliance audit report.

Question

Required:

i) Explain compliance audit in relation to MMDAs. (2 marks)

ii) Assess the basis for the conduct of compliance audit in MMDAs. (4 marks)

iii) Discuss the main information that should be contained in the compliance audit report. (4 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Compliance Audit, MMDAs, Public Sector Audit, Reporting
Level: Level 3

Topic: Government external audit and public accountability

PSAF – Nov 2017 – L2 – Q1b – General Purpose Financial Reporting Framework

Discuss the qualitative characteristics of financial statements that MMDAs fall short of according to IPSAS 1.

Question

Required:
Explain FOUR qualitative characteristics that the final reports of MMDAs fall short of in accordance with IPSAS 1: Presentation of Financial Statements. (4 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Financial Reporting, IPSAS, MMDAs, Qualitative Characteristics
Level: Level 2

Topic: General purpose financial reporting framework
Series: NOV 2017

Question Tag: MMDAs

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AA – Mar 2023 – L2 – Q4b – Internal Audit and Its Relationship with External Audit

Explain the functions of the Internal Audit Agency (IAA) and how it facilitates the work of internal auditors in MDAs and MMDAs.

AAA – Nov 2019 – L3 – Q4b – Government External Audit and Public Accountability

Explain compliance audit in MMDAs, its basis, and the main information in the compliance audit report.

PSAF – Nov 2017 – L2 – Q1b – General Purpose Financial Reporting Framework

Discuss the qualitative characteristics of financial statements that MMDAs fall short of according to IPSAS 1.

AA – Mar 2023 – L2 – Q4b – Internal Audit and Its Relationship with External Audit

Explain the functions of the Internal Audit Agency (IAA) and how it facilitates the work of internal auditors in MDAs and MMDAs.

AAA – Nov 2019 – L3 – Q4b – Government External Audit and Public Accountability

Explain compliance audit in MMDAs, its basis, and the main information in the compliance audit report.

PSAF – Nov 2017 – L2 – Q1b – General Purpose Financial Reporting Framework

Discuss the qualitative characteristics of financial statements that MMDAs fall short of according to IPSAS 1.

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AA – Mar 2023 – L2 – Q4b – Internal Audit and Its Relationship with External Audit

Explain the functions of the Internal Audit Agency (IAA) and how it facilitates the work of internal auditors in MDAs and MMDAs.

You're reporting an error for "AA – Mar 2023 – L2 – Q4b – Internal Audit and Its Relationship with External Audit"

AAA – Nov 2019 – L3 – Q4b – Government External Audit and Public Accountability

Explain compliance audit in MMDAs, its basis, and the main information in the compliance audit report.

You're reporting an error for "AAA – Nov 2019 – L3 – Q4b – Government External Audit and Public Accountability"

PSAF – Nov 2017 – L2 – Q1b – General Purpose Financial Reporting Framework

Discuss the qualitative characteristics of financial statements that MMDAs fall short of according to IPSAS 1.

You're reporting an error for "PSAF – Nov 2017 – L2 – Q1b – General Purpose Financial Reporting Framework"

AA – Mar 2023 – L2 – Q4b – Internal Audit and Its Relationship with External Audit

Explain the functions of the Internal Audit Agency (IAA) and how it facilitates the work of internal auditors in MDAs and MMDAs.

You're reporting an error for "AA – Mar 2023 – L2 – Q4b – Internal Audit and Its Relationship with External Audit"

AAA – Nov 2019 – L3 – Q4b – Government External Audit and Public Accountability

Explain compliance audit in MMDAs, its basis, and the main information in the compliance audit report.

You're reporting an error for "AAA – Nov 2019 – L3 – Q4b – Government External Audit and Public Accountability"

PSAF – Nov 2017 – L2 – Q1b – General Purpose Financial Reporting Framework

Discuss the qualitative characteristics of financial statements that MMDAs fall short of according to IPSAS 1.

You're reporting an error for "PSAF – Nov 2017 – L2 – Q1b – General Purpose Financial Reporting Framework"

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