What is the recommended approach for handling ad-hoc project announcements?

Continue announcing projects on National Days.

Consider projects in the annual plans or mid-term appraisal.

Include all projects in the annual budget.

Implement projects immediately upon announcement.

What should be the aim of the government regarding the Modified Cash Management System?

To extend it to all Demands for Grants as soon as possible.

To encourage ad-hoc project announcements.

To reduce internal audit functions.

To create a robust financial information system.

Unrealistic budget estimates can be minimized by:

Adhering strictly to the top-down budgeting method.

Delaying the implementation of projects.

Using the Modified Cash Management System.

Announcing projects on National Days.

What is the focus of outcome budgeting?

Meeting budgetary financial targets.

Allocating resources to a large number of projects.

Evaluating the actual outcomes and outputs of government spending.

Adhering to the Modified Cash Management System.

What kind of financial information system is recommended in the report?

A decentralized financial information system.

A real-time data system accessible to the public.

A manual financial information system.

A system similar to SIAFI of Brazil.

What is the suggested approach for enhancing internal audit functions?

Establish an Office of the Chief Internal Auditor (CIA) in all Ministries/Departments.

Reduce the number of internal audit functions.

Appoint internal auditors who are not directly responsible to the Secretary.

Abolish internal audit committees.

What should be the role of the Financial Adviser in a Ministry/Department according to the report?

Dual accountability to the Secretary and the public.

Strictly adhering to budgetary financial targets.

Chief Finance Officer responsible and accountable to the Secretary.

Minimal involvement in financial matters.

How can better synergy between audit and auditees be achieved?

Decreasing interaction between the executive and the audit.

Focusing solely on criticism in audit reports.

Balancing reporting by the audit.

Reducing the frequency of senior-level interactions.

What is the suggested timeline for completing external audits?

By the end of the financial year.

By 30th of September of the following year.

Within six months of the financial year's end.

No specific timeline is recommended.

How can IT be effectively utilized in the context of audits?

By eliminating the need for audits.

By increasing data collection and analysis.

By reducing the role of auditors.

By outsourcing audit functions.

Strengthening Financial Management Systems Free MCQ Practice Test with Solutions

	Famous Books for UPSC Exam (Summary & Tests) 728 videos\|1212 docs\|628 tests

	Famous Books for UPSC Exam (Summary & Tests) 728 videos\|1212 docs\|628 tests

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