SUGGESTED SOLUTION ON ACC 326 PUBLIC SECTOR ACCOUNTING 1 TEST AND QUIZ FOR BOTH FULL TIME AND PART TIME

                                            PATRIOT ODUNARO B. J. (08038454008)

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 TEST:

(a) Explain the powers of the:

i. Accountant-General of the Federation

ii. Audit-General for the Federation

(b) In accordance with Government Financial Regulations, define Accounting Officers and state five of his or her functions.

QUIZ:

(c ) What are the main roles of the National Assembly in Planning and Monitoring of Government Expenditure?

 SUGGESTED SOLUTION

(a)  i.  The power of the Accountant-General of the Federation are:

          a. Power of access to books and records of all Ministries at any reasonable time.

          b. Power to request for information and explanation necessary for his duties.

          c. Power to carry out special/ad-hoc investigations in any Ministry.

       ii. The power of the Auditor-General for the Federation are:

          a. Power of access to books and records of all Ministries and Extra- Ministerial Departments, at

             reasonable times.

          b. Power to request for information and explanations necessary for his duties.

          c. Power to carry out special/ad-hoc investigations in any Ministry and Extra-

             Ministerial Department.

(b)  In accordance with Government Financial Regulations, Accounting Officers are the Permanent Secretaries of the Ministries and Heads of Extra-Ministerial Departments. They are saddled with the responsibility of the day-to-day financial affairs of the Ministries and Extra-Ministerial Departments.

The functions of the Accounting Officer shall include:

(i) ensuring that proper budgetary and accounting systems are established and maintained to enhance internal control, accountability and transparency.

(ii) ensuring that the essential management control tools are put in place to minimize waste and fraud.

(iii) rendering monthly and other financial accounting returns and transcripts to the Accountant-General of the Federation required by the Financial Regulations.

(iv) ensuring the safety and proper maintenance of all government assets under his care.

(v) ensuring personal appearance before the Public Accounts Committee to answer audit queries to ministry/extra-ministerial department or agency.

(c )  The main roles of the National Assembly in Planning and Monitoring of Government Expenditure are:

(i) Ratification of the monetary and fiscal policies adopted by the Executive.

(ii) Compilation and ultimate approval of the Nation’s Budget.

(iii) Ratification of the appointment of the Auditor-General.

(iv) Appointment of the Public Accounts Committee.

(v) Monitoring of the implementation of the Budget.

 (vi) Guiding against Extra-Budgetary spending, and ensuring that money is expended on the purpose for which it is meant.