Topic: Regulatory and Institutional Framework
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+ past questions and counting.
- 10 Marks
PSAF – May 2021 – L2 – Q4a – The Budgeting Process in the Public Sector
Explanation of MTEF, Budget Call Circular, and their main differences for public sector budgeting.
Question
As the Accountant in charge of the expenditure division, you are to assist the Director of Finance in the ministry to set up a budget committee. You have also been asked to review the recently issued 2020 Budget Call Circular.
Required:
Explain briefly the following:
- Medium Term Expenditure Framework (MTEF) including FOUR of its objectives (6 Marks)
- Budget Call Circular (2 Marks)
- The main difference between MTEF and Budget Call Circular (2 Marks)
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- 20 Marks
PSAF – May 2023 – L1 – SA – Q4 – Regulatory and Institutional Framework
Discusses the requirements for MTEF preparation and submission and identifies documents accompanying the Nigerian budget.
Question
a. In the course of writing Medium-Term Expenditure Framework (MTEF) report, several issues relating to states in the Federation were integrated into the report in line with the Fiscal Responsibility Act (2010).
Required:
i. Explain the TWO requirements of the Fiscal Responsibility Act as it affects time lag for the preparation of MTEF and submission to the National Assembly. (3 Marks)
ii. Identify FIVE documents that should accompany the estimates of revenue and expenditure of Nigeria’s annual budget to the National Assembly (NASS). (5 Marks)
b. Upon assuming office, the head of Bureau of Establishments and Training of Takuro State organized a training workshop for government officials across all Ministries, Departments, and Agencies (MDAs) in the state to emphasize the importance of public sector accounting for efficient job performance.
Required:
i. Identify and explain FOUR objectives of public sector accounting that you will discuss at the workshop. (6 Marks)
ii. Identify SIX external users of public sector accounting reports, highlighting their information needs. (6 Marks)
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- 20 Marks
PSAF – May 2023 – L1 – SA – Q2 – Regulatory and Institutional Framework
Objectives and contents of Local Government Financial Memoranda and journal entries for Bureau transactions.
Question
a. The revised Local Government Financial Memoranda (1991) spells out the administrative guidelines, the existing checks and balances, and roles of officers in local governments.
Required:
Identify THREE objectives and FIVE contents of Local Government Financial Memoranda. (8 Marks)
b. Bureau of Establishments and Training of Waso State awarded a contract to one of its Government Business Entities (GBE), Unity Enterprises, for the supply of stationery for use in various MDAs in the State. The Bureau conducted the following transactions for the year ended December 31, 2020:
- The Bureau issued a purchase order to Unity Enterprises for the supply of 1,250,000 reams of duplicating papers at N1,200 per unit. The items were supplied on May 31, 2020.
- An additional order for 5,000 training bags was placed with Unity Enterprises at N2,500 per bag. The bags were delivered on June 30, 2020.
- During the year, 1,100,000 reams of duplicating papers and 4,500 training bags were issued to user departments for training activities.
- Physical verification revealed that 25,000 reams of duplicating papers were damaged by floodwater.
- The Bureau transferred 25,000 reams of duplicating papers to its outstation office.
Required:
Record the above transactions as journal entries in the books of Bureau of Establishments and Training of Waso State.
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- 30 Marks
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)
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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
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- 20 Marks
PSAF – Mar/Jul 2020 – L2 – Q4 – PSAF – Mar/July 2020 – L2 – Q4 – EFCC Responsibilities and Code of Conduct Tribunal Punishments
Discuss responsibilities of EFCC, punishments by the Code of Conduct Tribunal, debt burden transfer methods, and requirements of revenue bonds.
Question
A responsible government will ensure transparency and accountability in its governance and reduce corruption by establishing and empowering some agencies to eliminate economic saboteurs. An example of such agencies in Nigeria is the Economic and Financial Crimes Commission (EFCC).
Required:
a. State FIVE responsibilities of EFCC as enshrined in Part II of the Act that established the Commission.
(5 Marks)
b. Identify FIVE punishments the Code of Conduct Tribunal can impose if it finds a public officer guilty of contravention of any of the provisions of the Code of Conduct Tribunal for public officers.
(5 Marks)
c. Debt burden transfer is justified as a matter of inter-generational equity. Discuss THREE methods of debt burden transfer.
(6 Marks)
d. State FOUR requirements of revenue bonds.
(4 Marks)
Find Related Questions by Tags, levels, etc.
- Tags: Code of Conduct Tribunal, Debt Burden, EFCC, Revenue Bonds
- Level: Level 2
- Topic: Debt Management, Regulatory and Institutional Framework
- Series: MAR/JULY 2020
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- 10 Marks
PSAF – May 2021 – L2 – Q4a – The Budgeting Process in the Public Sector
Explanation of MTEF, Budget Call Circular, and their main differences for public sector budgeting.
Question
As the Accountant in charge of the expenditure division, you are to assist the Director of Finance in the ministry to set up a budget committee. You have also been asked to review the recently issued 2020 Budget Call Circular.
Required:
Explain briefly the following:
- Medium Term Expenditure Framework (MTEF) including FOUR of its objectives (6 Marks)
- Budget Call Circular (2 Marks)
- The main difference between MTEF and Budget Call Circular (2 Marks)
Find Related Questions by Tags, levels, etc.
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- 20 Marks
PSAF – May 2023 – L1 – SA – Q4 – Regulatory and Institutional Framework
Discusses the requirements for MTEF preparation and submission and identifies documents accompanying the Nigerian budget.
Question
a. In the course of writing Medium-Term Expenditure Framework (MTEF) report, several issues relating to states in the Federation were integrated into the report in line with the Fiscal Responsibility Act (2010).
Required:
i. Explain the TWO requirements of the Fiscal Responsibility Act as it affects time lag for the preparation of MTEF and submission to the National Assembly. (3 Marks)
ii. Identify FIVE documents that should accompany the estimates of revenue and expenditure of Nigeria’s annual budget to the National Assembly (NASS). (5 Marks)
b. Upon assuming office, the head of Bureau of Establishments and Training of Takuro State organized a training workshop for government officials across all Ministries, Departments, and Agencies (MDAs) in the state to emphasize the importance of public sector accounting for efficient job performance.
Required:
i. Identify and explain FOUR objectives of public sector accounting that you will discuss at the workshop. (6 Marks)
ii. Identify SIX external users of public sector accounting reports, highlighting their information needs. (6 Marks)
Find Related Questions by Tags, levels, etc.
Report an error
- 20 Marks
PSAF – May 2023 – L1 – SA – Q2 – Regulatory and Institutional Framework
Objectives and contents of Local Government Financial Memoranda and journal entries for Bureau transactions.
Question
a. The revised Local Government Financial Memoranda (1991) spells out the administrative guidelines, the existing checks and balances, and roles of officers in local governments.
Required:
Identify THREE objectives and FIVE contents of Local Government Financial Memoranda. (8 Marks)
b. Bureau of Establishments and Training of Waso State awarded a contract to one of its Government Business Entities (GBE), Unity Enterprises, for the supply of stationery for use in various MDAs in the State. The Bureau conducted the following transactions for the year ended December 31, 2020:
- The Bureau issued a purchase order to Unity Enterprises for the supply of 1,250,000 reams of duplicating papers at N1,200 per unit. The items were supplied on May 31, 2020.
- An additional order for 5,000 training bags was placed with Unity Enterprises at N2,500 per bag. The bags were delivered on June 30, 2020.
- During the year, 1,100,000 reams of duplicating papers and 4,500 training bags were issued to user departments for training activities.
- Physical verification revealed that 25,000 reams of duplicating papers were damaged by floodwater.
- The Bureau transferred 25,000 reams of duplicating papers to its outstation office.
Required:
Record the above transactions as journal entries in the books of Bureau of Establishments and Training of Waso State.
Find Related Questions by Tags, levels, etc.
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- 30 Marks
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)
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
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- 20 Marks
PSAF – Mar/Jul 2020 – L2 – Q4 – PSAF – Mar/July 2020 – L2 – Q4 – EFCC Responsibilities and Code of Conduct Tribunal Punishments
Discuss responsibilities of EFCC, punishments by the Code of Conduct Tribunal, debt burden transfer methods, and requirements of revenue bonds.
Question
A responsible government will ensure transparency and accountability in its governance and reduce corruption by establishing and empowering some agencies to eliminate economic saboteurs. An example of such agencies in Nigeria is the Economic and Financial Crimes Commission (EFCC).
Required:
a. State FIVE responsibilities of EFCC as enshrined in Part II of the Act that established the Commission.
(5 Marks)
b. Identify FIVE punishments the Code of Conduct Tribunal can impose if it finds a public officer guilty of contravention of any of the provisions of the Code of Conduct Tribunal for public officers.
(5 Marks)
c. Debt burden transfer is justified as a matter of inter-generational equity. Discuss THREE methods of debt burden transfer.
(6 Marks)
d. State FOUR requirements of revenue bonds.
(4 Marks)
Find Related Questions by Tags, levels, etc.
- Tags: Code of Conduct Tribunal, Debt Burden, EFCC, Revenue Bonds
- Level: Level 2
- Topic: Debt Management, Regulatory and Institutional Framework
- Series: MAR/JULY 2020
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