The accounts of the Federation are compiled by:
The CGA is the accounting authority for federal government accounts in Pakistan.
Public Sector Accounting & Auditing MCQs
Study Public Sector Accounting and Auditing MCQs covering financial, compliance and performance audits, ISSAIs, the Auditor General of Pakistan, constitutional Articles 168 to 171, Public Accounts Committees, public accountability, cash and accrual accounting, IPSAS, audit planning, conduct and reporting. Designed for candidates preparing for FPSC, PPSC and public sector examinations.
The three Es of performance auditing are:
Economy is minimizing cost, efficiency is output per input and effectiveness is achieving objectives.
Under the Constitution of Pakistan, the Auditor-General can be removed from office:
Article 168 protects the Auditor-General's independence by giving the same removal safeguards as a Supreme Court judge.
IPSAS 1 deals with:
IPSAS 1 sets out the overall requirements for presenting general purpose financial statements.
Financial independence of a Supreme Audit Institution means that:
Independence of funding protects the SAI from pressure by audited bodies.
Audit of local government (local fund) accounts mainly examines:
Local fund audit covers funds of local councils and similar bodies.
The Federal Consolidated Fund includes:
Article 78(1) provides that all revenues, loans and repayments form the Federal Consolidated Fund.
The Public Account of the Federation is used for:
These are funds held by government as banker or trustee, with different rules for withdrawal.
A qualified audit certificate on government accounts may be given when:
Qualifications highlight specific material issues without rejecting the whole accounts.
Which of the following is an example of a public sector fraud risk indicator?
Splitting purchases to stay below approval or tender limits is a well-known red flag.
Excess expenditure over the grant approved by the legislature must be:
Spending beyond a grant requires legislative regularization (Article 84).
PIFRA stands for:
PIFRA was a reform program to improve government accounting, financial reporting and audit in Pakistan.
State-owned enterprises (SOEs) in Pakistan are typically audited by:
SOEs usually have external commercial auditors, with additional audit by the SAI where the law provides.
Value for money in public audit refers to:
It is about spending wisely, not just cheaply.
In public sector internal control, the main purpose of segregation of duties is to:
No single official should handle authorization, custody and recording of a transaction.
According to IPSAS 23, taxes and transfers are classified as:
In non-exchange transactions an entity receives value without directly giving equal value in return.
The imprest cash system in a government office means that:
The advance is restored to its original amount after accounting for expenses.
The fixed assets register of a government entity records:
Asset registers help control and safeguard public property.
A contingency fund is:
It is used for unexpected spending, subject to later regularization by the legislature.
Misappropriation of public funds is:
It involves intentional diversion or misuse of funds.
The Public Procurement Regulatory Authority (PPRA) in Pakistan is responsible for:
PPRA was established in 2002 to ensure transparency and competition in public procurement.
Stock audit in a government department is intended to:
Physical verification protects public property from loss or misuse.
A Draft Audit Para (DAP) or audit observation is:
The department is given an opportunity to respond to audit observations.
The Departmental Accounts Committee (DAC) meeting is held to:
DAC meetings help resolve or settle audit observations before reporting to PAC.
The Principal Accounting Officer (PAO) of a federal ministry or division is generally:
The PAO is responsible for accounting for funds of the ministry before PAC.