Description
AimCandidates are expected to: Understand the activities/services in the public sector environment, legislative andfinancial frameworks as well as the accounting practices required to ensureaccountability in the sector;Identify the nature of public sector organizations and their objectives, the role andsignificance of accounting standards, the structure of government, and key aspectsof legislations in public sector accounting; andUnderstand the concept of public goods and how the government finances andoptimally provides these goods. Main competenciesOn successful completion of this paper, candidates should be able to: Understand the concepts and frameworks of public sector accounting;Understand the roles, duties and powers of officers and various organs in thepublic sector;Understand basic principles of public sector financial management;Assess and evaluate the economic environment and role of the public sector inthe economy;Evaluate ethical and emerging issues in the public sector; andEvaluate the performance of each level of government and government entities inpublic finance management. Detailed syllabusA Regulatory and conceptual frameworks of public sector accounting1. The constitutional and regulatory frameworks of public sector accounting(a) Discuss the importance of the constitutional, legislative and regulatorycontexts of Public Sector Accounting with specific emphasis on:(i) The constitutional provisions on revenue, revenue allocation andpublic expenditure (federal, states and local governments);(ii) The provisions of the Finance (Control and Management) Act of1958 (as amended); and(iii) Financial regulations for Federal and State Governments andfinancial memoranda for Local Government Councils.(b) Discuss the provisions of:(i) Fiscal Responsibility Act, 2010 in relation to: The medium term expenditure framework (MTEF)The annual budget (computational question may beexamined)Budget execution and achievement of targets(computational question may be examined)Savings and assets management;Transparency and accountability and
