Why is the practice of 21C public sector accountability considered to be more complex and robust than private sector accountability requirements?
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1. Why is the practice of 21C public sector accountability considered to be more complex and robust than private sector accountability requirements?
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- (i) Functions of internal and external audits in public sector and private sector. (ii) Advantages/disadvantages of internal and external audit of the public sector.evaluate how the government's initiatives at the time helped in improving accountability in the public sector?Which of these is the system of incentives and monitors that tries to overcome the agency problem? Multiple Choice Security Exchange Commission Checks and Balances Board of Directors Corporate Governance
- How can a broader conceptualization of accounts, accounting and accountability (the 3As), and the corresponding values involved, provide further understanding in relation to the public sector?Discuss the importance of good governance in the public sector1.The IASB sets standards for: a. The private sector b. The public and private sectors c.The public, private and not-for-profit sector d. The private and not-for-profit sector 2. Which of these is not one of the benefits of a Conceptual framework? a. Reporting requirements will be more Consistent and logical b. It may allow firms to reduce their reported profit c. The need for specific accounting standards should be reduced d. Standard setting boards will be more accountable for their actions
- How can a broader conceptualization of accounts, accounting and accountability (the 3As), and the corresponding values involved, provide further understanding in relation to the public sector? please provide a detailed answerPresented below are three models for setting GAAP. 1. The purely political approach, where national legislative action decrees GAAP. 2. The private, professional approach, where GAAP is set and enforced by private professional actions only. 3. The public/private mixed approach, where GAAP is basically set by private-sector bodies that behave as though they were public agencies and whose standards to a great extent are enforced through governmental agencies. Instructions a. Which of these three models best describes standard-setting in the United States? Provide justification for your answer. b. Why do companies, financial analysts, labor unions, industry trade associations, and others take such an active interest in standard-setting? c. Cite an example of a group other than the FASB that attempts to establish accounting standards. Speculate as to why another group might wish to set its own standards.Do you believe that self- regulation is more or less effective than governmental regulatory agencies? Why?
- The .... requires the identification of the policy objectives of government which are actually operative.Item 10 Which of the following is identified by the GASB as the "cornerstone" of all financial reporting in government? Multiple Choice Decision usefulness. Stewardship. Accountability. Interperiod equity.Who can conduct FCA for a local government? Group of answer choices Internal management team Outside consultant Independent auditor All of the above