(a) Discuss the provisions provided under the Federal Constitution 1957, The Financial Procedure Act 1957 and Audit Act 1957 with regards to financial management of the public sector (b) Discuss the meaning of financial accountability and programme accountability. Explain the steps taken by the responsible body to improve the performance of financial accountability in public sector agencies.
Question 2 (Group 2)
The budget is an annual economic, fiscal and monetary plan for the whole country. It is a rolling plan in that it reflects one-fifth of the five-year plan. (a) Explain the main objectives of government budget. (b) Discuss the major content of the budget speech delivered by the Finance Minister.(Budget 2012)
Question 3(Group 3)
(a) Discuss in detail the relationship between the types of Consolidated Fund. Quote relevant legal provisions. (b) Recently, government depends more on domestic borrowings rather than external borrowings. Discuss. (c) Explain in detail the following funds maintained under the Consolidated Trust Account: (i) Government Trust Fund
(ii) Public Trust Fund
Question 4 (Group 4)
(a) Cash Accounting suffers a problem of providing a true picture of the financial position of an organization due to its recognition principle. This problem is experienced by the Malaysian public sector accounting system as well.
Discuss the measures taken by the Treasury to overcome these problems in particular at the year end.
(b) Accrual basis of accounting provides an alternative in accounting and reporting practices for public sector organizations to improve their practice in accounting and reporting financial transactions. Despite this, not all governments resort to this basis in their accounting and reporting practices.
Discuss the challenges that need to be considered by the Malaysian government before implementing the accrual basis of accounting.
(c) The public sector is widely known to be using the cash basis of accounting, rather than accrual basis of accounting in recording financial transactions. However, the modified cash basis of accounting is also popular in the government sector.
Compare and contrast the three bases of accounting in recording financial transactions or events.
Question 5(Group 5)
Local Authorities are responsible in providing services and basic facilities to the local people and in doing this they need to manage their resources properly according to the stipulated rules and regulations. Based on this statement;
(a) Explain the function and services provided by the Local Authority.
(b) Explain three (3) categories of financial resources received and collected by the Local Authority.
(c) Based on Section 41 of the Local Government Act 1976, explain the borrowing powers of the Local Authority. (d) Why do the Local Governments practice accrual based accounting? (e) Discuss two financial management problems facing the local Governments
Question 6 (Group 6)
Section 3 of the Audit Act 1957 provides that the Auditor General shall be deemed to be an officer of the general public office of the Federation. He is responsible to carry out all provisions of the Audit Act 1957.
(a) Briefly explain the main objectives of the Audit Act 1957 (b) Explain the major contents of an audit report to be prepared by the Auditor General as required by the Audit Act 1957. (c) State the powers of the Auditor General as provided by the Audit Act 1957 (d) Discuss the role and challenges of auditors in the era of information technology
Question 7 (Group 7)...