QUESTION 2 The current Public Expenditure and Financial Accountability (PEFA) assessment of a country on three...

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QUESTION 2 The current Public Expenditure and Financial Accountability (PEFA) assessment of a country on three Pillars: Budget Reliability, Accounting and Finance and External Scrutiny and Audit reveals the following scores. Pillars Budget Reliability Indicators Aggregate expenditure outturn Expenditure composition outturn Revenue outturn Financial data integrity Scores D D+ C D D D B+ B+ Accounting and Reporting External Scrutiny and Audit In-year budget reports Annual financial reports External audit Legislative scrutiny of audit reports You may refer to the PEFA framework https://www.pefa.org/resources for further explanations. Required: a) Explain each of the three pillars considered in the assessment. (3 marks) b) Discuss the strengths and weaknesses in the public financial management of the country in relation to the three pillars under consideration. (8 marks) c) Recommend ways of consolidating the strengths and improving the weaknesses you have identified in question (b) above. (9 marks) (Total 20 marks) QUESTION 2 The current Public Expenditure and Financial Accountability (PEFA) assessment of a country on three Pillars: Budget Reliability, Accounting and Finance and External Scrutiny and Audit reveals the following scores. Pillars Budget Reliability Indicators Aggregate expenditure outturn Expenditure composition outturn Revenue outturn Financial data integrity Scores D D+ C D D D B+ B+ Accounting and Reporting External Scrutiny and Audit In-year budget reports Annual financial reports External audit Legislative scrutiny of audit reports You may refer to the PEFA framework https://www.pefa.org/resources for further explanations. Required: a) Explain each of the three pillars considered in the assessment. (3 marks) b) Discuss the strengths and weaknesses in the public financial management of the country in relation to the three pillars under consideration. (8 marks) c) Recommend ways of consolidating the strengths and improving the weaknesses you have identified in question (b) above. (9 marks) (Total 20 marks)