1) Explain the nature of Financial risk in the public sector and identify, evaluate and recommend appropriate financial risk mitigation strategies, including those relating to public borrowing and financial market risks.

2) Describe the budgetary framework, budget cycle, and budget process, including the nature of performance measures, target setting, budget monitoring, budget feedback, and control.

3) Evaluate the PFM system using the Public Expenditure and Financial Accountability (PEFA) Framework.

4) Describe the nature of the public sector capital projects including the approval process, performance measures, and target setting, paying particular attention to public/private partnerships.

5) Public Sector Accounting is a process of recording, communicating, summarizing, analyzing, and interpreting Government Financial statements and statistics in aggregate and details; It is concerned with the receipts, custody and disbursements, and rendering of stewardship on public Funds.

Required:

a) Explain any seven (7) objectives of public sector accounting.

b) Explain four (4) differences between Private Sector and Public Sector Accounting.