External Control and Performance Evaluation
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Public Financial Management Assignment 5 – Auditing
According to Yusef et al (2013) the drive to make popular financial reports available to the public are based upon the ideas of transparency and accountability. Discuss the role of transparency and accountability in reporting financial information in local government. Provide two (2) examples where not reporting financial information to the public would be beneficial.
Cleon Fowler is the vice president of the HMO of Stonehaven. The organization bills and collects premiums from employers for their employees that are enrolled as members of the HMO. In turn, it receives bills from hospitals and physicians for care they have given to its members. Cleon is in charge of optimizing the use of resources and safeguarding the resources of the HMO. He knows that if anything goes wrong (i.e. waste of resources, embezzlement), he will be held responsible. He has, therefore, called upon you as an expert consultant in the area of accountability and control. Cleon has asked you to recommend specific procedures and policies for enhancing internal controls of the organization. You should also explain to him the importance of auditing and the differences between a financial audit and a performance audit. Finally, prepare Cleon for the inevitable time when the HMO is audited. Discuss factors that are likely to impact HMO of Stonehaven when it follows-up to the recommendations of the audit. As you identify the factors impacting the follow-up audit, briefly explain the importance of each factor.
External Auditing & Performance Evaluation; Detecting Corruption
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Discuss three (3) things you learned from the lecture
Discuss three (3) things from the lecture that need to be explained in more detail
Discuss the major obstacles to the development of robust fiscal systems in government. Explain the relationship (if any) these failures have had on auditing in the public sector.