Public Financial Management – Page 5

PSAF – Nov 2024 – L2 – Q5c – Functions of the State Interests and Governance Authority

Explains four functions of the State Interests and Governance Authority (SIGA) in overseeing state entities.

Question

The Nine Hundred and Ninetieth Act of the Parliament of the Republic of Ghana entitled the State Interests and Governance Authority Act, 2019 was established to oversee and administer state interests in state-owned enterprises, joint venture companies, and other state entities and to provide for related matters.

Required:

Explain FOUR functions of the State Interests and Governance Authority (SIGA).

Answer

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

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 2024 – L2 – Q3a – Public Financial Management Cycle

Explaining objectives and improvements in public financial management systems.

Question

As part of efforts to improve public financial management, the government has engaged experts to evaluate the entire public financial management cycle. The review report indicates that every component of the cycle is malfunctioning and emphasizes the need for a stronger commitment to building a robust system to achieve the desired outcomes.

Required:

i) Explain THREE key objectives of an orderly and open public financial management system.

ii) Recommend TWO ways of enhancing each stage of the public financial management cycle towards the attainment of desired outcomes.

Answer

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Tags: Budget Planning, Financial Oversight, Fiscal Efficiency, Government Expenditure, Public Financial Management
Level: Level 2

Topic: Public sector fiscal planning and budgeting
Series: Nov 2024

FM – Nov 2024 – L2 – Q4b – Procurement and Tendering Procedures

Discuss circumstances under which single-source procurement is appropriate and functions of the Entity Tender Committee.

Question

The Farms and Gardens Authority (FGA), a public entity, wants to buy 100 computers and 20 printers for its administrative offices. The Chief Executive Officer (CEO) is considering using the single-source procurement method to procure the computers and printers while pushing back on the recommendations of the Entity Tender Committee.

Required:

i) State TWO circumstances under which single-source procurement would be appropriate for the goods the FGA wants to procure.

ii) Advise the CEO on TWO functions the Entity Tender Committee is expected to perform in the FGA’s procurements.

Answer

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Tags: Procurement, Procurement Laws, Public Financial Management, Public Sector, Single source procurement, Tender Committee, Tendering
Level: Level 2

Topic: Public sector financial management reforms
Series: Nov 2024

ICMA – Nov 2024 – L1 – Q5b – Budgeting Models and Systems

Explain the benefits of GIFMIS to the government of Ghana.

Question

Efforts to improve Public Financial Management (PFM) Systems in Ghana led to the Ghana Integrated Financial Management Information System (GIFMIS), which is an adaptation of the Integrated Financial Management Information System (IFMIS). The rationale of GIFMIS is to establish an integrated ICT-based PFM system in Ghana at national, regional, and district levels.

Required:

State FOUR benefits of GIFMIS to the government of Ghana.

Answer

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Tags: Budgeting, Financial Reporting, Fiscal Policy, GIFMIS, Government Accounting, Public Financial Management
Level: Level 1

Topic: Budgeting Models and Systems
Series: Nov 2024

PSA&F – Nov 2019 – L2 – Q6a – Government Revenue

Explains three ways to authorize payments from the Consolidated Revenue Fund (CRF) and discusses two statutory payments permitted by law to be charged directly to the CRF.

Question

The objective of public financial management is to safeguard public funds from mismanagement. One way to achieve this is by ensuring that payments from the Consolidated Revenue Fund (CRF) are properly authorized.

Required:

Identify and explain THREE ways to authorize payments from the CRF.
Discuss TWO statutory payments that can be charged directly to the CRF.

Answer

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Tags: Consolidated Revenue Fund (CRF), Government Payments, Public Financial Management, Treasury Management
Level: Level 2

Topic: Government Revenue
Series: NOV 2019

PSAF – Nov 2020 – L2 – Q6a – Public Sector Reforms

Identify five objectives each of GIFMIS and IPPIS under Nigeria's Public Financial Management reforms.

Question

In July 2003, the Federal Government commenced the implementation of deliberate policies, programmes, and projects aimed at strengthening the economy, governance, and fighting corruption. This led to the first Economic Reform and Governance Project (ERGP) initiative, approved in December 2004, in line with FGN’s goal to strengthen governance, accountability, reduce corruption, and deliver services more effectively. This brought about reforms in the public sector of the economy. The Government Integrated Financial Management Information System (GIFMIS) and Integrated Personnel and Payroll Information System (IPPIS) are parts of the Public Financial Management (PFM) reforms approved in 2004.

Required:
Identify five objectives each of Government Integrated Financial Management Information System (GIFMIS) and Integrated Personnel and Payroll Information System (IPPIS). (10 Marks)

Answer

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Tags: GIFMIS, Government Systems, IPPIS, Payroll Management, Public Financial Management, Reforms
Level: Level 2

Topic: Public Sector Reforms
Series: NOV 2020

PSAF – Nov 2016 – L2 – Q3d – Public sector fiscal planning and budgeting.

Explain four methods used by the government to ensure compliance with budgetary control regulations.

Question

The budgetary control function ensures effective control over government units in public spending and accountability for all funds, property, and other assets for which each department or agency is responsible.
Required:
Explain FOUR methods used by the government to ensure that government entities comply with budgetary control regulations. (4 marks)

Answer

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Tags: Budgetary Control, Government Accountability, Public Financial Management, Public Spending
Level: Level 2

Topic: Public expenditure and financial accountability framework
Series: NOV 2016

PSAF – Nov 2016 – L2 – Q3b – Accounting policies for cash and accrual-based accounting systems.

Explain four circumstances where the Controller and Accountant General can reject payment requisitions by MDAs.

Question

The Controller and Accountant General or an officer appointed by him has the legal authority to reject a requisition submitted by Ministries, Departments, and Agencies (MDAs) for payment.
Required:
Explain FOUR circumstances that will compel the Controller and Accountant General or an officer appointed by him to reject a requisition submitted by an MDA for payment. (4 marks)

Answer

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Tags: Controller and Accountant General, MDAs, Payment Requisition, Public Financial Management
Level: Level 2

Topic: Public sector fiscal planning and budgeting
Series: NOV 2016

PSAF – Nov 2016 – L2 – Q3a – Public sector fiscal planning and budgeting.

Explain four significant principles of budget hearing that align MDA budget proposals with government macroeconomic policy.

Question

a) Budget hearing is a critical activity in the budget process which is conducted to review strategic plans and estimates of the departments in order to ensure that these plans and estimates are in accordance with the government’s macroeconomic policy framework.

Required:

Explain FOUR significant principles of Budget Hearing that ensures that Ministries, Departments, and Agencies (MDAs) prepare their budget proposals in accordance with the government macroeconomic policy framework.

Answer

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Tags: Budget Hearing, Budget Proposals, Macroeconomic Policy, Public Financial Management
Level: Level 2

Topic: Public sector fiscal planning and budgeting
Series: NOV 2016

PSAF – May 2019 – L2 – Q1c – Public expenditure and financial accountability framework

Explain key PFM challenges that GIFMIS seeks to address in Ghana.

Question

There were several challenges in Public Financial Management in Ghana. As a result, the Ghana Integrated Financial Management Information System (GIFMIS), touted as a flagship system for improved Public Financial Management (PFM) in Ghana, was introduced.

Required:
Explain FIVE (5) key PFM challenges the GIFMIS seeks to address.

Answer

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Tags: Challenges, GIFMIS, Public Financial Management
Level: Level 2

Topic: Public expenditure and financial accountability framework
Series: MAY 2019

PSAF – April 2022 – L2 – Q3a – The context of public financial management

Discuss challenges of PFM systems, expected outcomes, and the PEFA framework’s role in building an orderly PFM system.

Question

The goal of the Minister for Finance is to build a robust, resilient, open, and orderly Public Financial Management (PFM) system for the country by the end of 2022. This ambitious target has huge budgetary implications for the government due to the difficult fiscal position imposed by the COVID-19 pandemic. The Minister is optimistic that investing more in PFM systems today will produce the expected outcome in the immediate future.

Required:
i) Discuss THREE (3) challenges of the current Public Financial Management systems of the country. (3 marks)

ii) Explain THREE (3) expected outcomes of an open and orderly Public Financial Management system of the country. (3 marks)

iii) Explain FOUR (4) ways by which the Public Expenditure and Financial Accountability (PEFA) framework can help the Minister build an orderly and open Public Financial Management system for the country. (4 marks)

Answer

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Tags: Challenges, Ghana, Outcomes, PEFA Framework, Public Financial Management
Level: Level 2

Topic: The context of public financial management
Series: APR 2022

PSAF – May 2018 – L2 – Q1c – Public sector fiscal planning and budgeting

Discuss the benefits and preconditions for the successful adoption of an Integrated Financial Management Information System (IFMIS).

Question

Governments all over the world have seen the need to have government businesses automated and integrated for efficiency and effectiveness. This has led to the adoption of Integrated Financial Management Information Systems (IFMIS) by most governments in managing public finances.

Required:
i) Identify TWO benefits a country stands to gain by adopting an Integrated Financial Management Information Systems (IFMIS) in the management of Public funds.

ii) Explain TWO preconditions required to be met for the successful automation of government business through the IFMIS.

Answer

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Tags: Benefits, IFMIS, Preconditions, Public Financial Management
Level: Level 2

Topic: Public sector fiscal planning and budgeting
Series: MAY 2018

PSAF – May 2018 – L2 – Q1b – Public sector fiscal planning and budgeting

Explain four objectives of proper cash management in public financial management.

Question

Your subordinate read an article written by the Minister of Finance titled “Streamlining and improving public cash management.” As a professional student of Public Financial Management, your subordinate has drawn your attention to a certain paragraph of the publication that reads:

“Without cash management it is very difficult for the Controller and Accountant-General or the Minister of Finance to make informed financing or investment decisions. For these reasons, all MDAs and MMDAs are expected to prepare cash-flow forecasts as part of their budgetary control system. All revenue agencies are to prepare revenue projections, just as the Ministry of Finance also prepares a schedule of statutory payments and non-tax revenues.”

Required:
Briefly explain to your subordinate FOUR objectives of proper cash management in public financial management.

Answer

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Tags: Cash Management, Objectives, Public Financial Management
Level: Level 2

Topic: Public sector fiscal planning and budgeting
Series: MAY 2018

Question Tag: Public Financial Management

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PSAF – Nov 2024 – L2 – Q5c – Functions of the State Interests and Governance Authority

Explains four functions of the State Interests and Governance Authority (SIGA) in overseeing state entities.

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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.

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

PSAF – Nov 2024 – L2 – Q3a – Public Financial Management Cycle

Explaining objectives and improvements in public financial management systems.

Required:

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FM – Nov 2024 – L2 – Q4b – Procurement and Tendering Procedures

Discuss circumstances under which single-source procurement is appropriate and functions of the Entity Tender Committee.

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ICMA – Nov 2024 – L1 – Q5b – Budgeting Models and Systems

Explain the benefits of GIFMIS to the government of Ghana.

Required:

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PSA&F – Nov 2019 – L2 – Q6a – Government Revenue

Explains three ways to authorize payments from the Consolidated Revenue Fund (CRF) and discusses two statutory payments permitted by law to be charged directly to the CRF.

You're reporting an error for "PSA&F – Nov 2019 – L2 – Q6a – Government Revenue"

PSAF – Nov 2020 – L2 – Q6a – Public Sector Reforms

Identify five objectives each of GIFMIS and IPPIS under Nigeria's Public Financial Management reforms.

You're reporting an error for "PSAF – Nov 2020 – L2 – Q6a – Public Sector Reforms"

PSAF – Nov 2016 – L2 – Q3d – Public sector fiscal planning and budgeting.

Explain four methods used by the government to ensure compliance with budgetary control regulations.

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PSAF – Nov 2016 – L2 – Q3b – Accounting policies for cash and accrual-based accounting systems.

Explain four circumstances where the Controller and Accountant General can reject payment requisitions by MDAs.

You're reporting an error for "PSAF – Nov 2016 – L2 – Q3b – Accounting policies for cash and accrual-based accounting systems."

PSAF – Nov 2016 – L2 – Q3a – Public sector fiscal planning and budgeting.

Explain four significant principles of budget hearing that align MDA budget proposals with government macroeconomic policy.

You're reporting an error for "PSAF – Nov 2016 – L2 – Q3a – Public sector fiscal planning and budgeting."

PSAF – May 2019 – L2 – Q1c – Public expenditure and financial accountability framework

Explain key PFM challenges that GIFMIS seeks to address in Ghana.

You're reporting an error for "PSAF – May 2019 – L2 – Q1c – Public expenditure and financial accountability framework"

PSAF – April 2022 – L2 – Q3a – The context of public financial management

Discuss challenges of PFM systems, expected outcomes, and the PEFA framework’s role in building an orderly PFM system.

You're reporting an error for "PSAF – April 2022 – L2 – Q3a – The context of public financial management"

PSAF – May 2018 – L2 – Q1c – Public sector fiscal planning and budgeting

Discuss the benefits and preconditions for the successful adoption of an Integrated Financial Management Information System (IFMIS).

You're reporting an error for "PSAF – May 2018 – L2 – Q1c – Public sector fiscal planning and budgeting"

PSAF – May 2018 – L2 – Q1b – Public sector fiscal planning and budgeting

Explain four objectives of proper cash management in public financial management.

You're reporting an error for "PSAF – May 2018 – L2 – Q1b – Public sector fiscal planning and budgeting"

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