Lifelong Learning for a Brighter World

Jing Zhou, McMaster University Continuing Education Accounting graduate Jing Zhou, McMaster University Continuing Education Accounting graduate

Accounting

Cheques and balances. It all adds up.

Work towards your CPA designation!

ACC 941 - Public Sector Financial Management Practices C31

Academic Credit Value:
3 units
Course Delivery Mode:
Online Self-Study (OSS)
Hours of Study:
39 hours
Course Prerequisite(s):
All entry and technical courses and Ethics and Workplace Skills (may take concurrently)
Course Anti-requisite(s):
N/A
Instructor Name:
Dom Cianflone
Course Dates:
05/15/2019 - 08/31/2019



Required Course Materials:
Optional Course Materials:
Course Description:
Public Sector Financial Management Practice focuses on how public sector entities of various kinds make the best use of the vast resources entrusted to them in creating public value. Public sector accounting is a core body of knowledge supporting financial management. The purpose of this course is to provide you the with public sector financial management skills necessary to function in public sector environments of low to medium complexity and low uncertainty. Topics addressed include governance and decision-making processes, government budgeting and planning, government financial reporting, financial analysis of government and not-for-profit programs, and public sector auditing.
Learning Outcomes:
Upon completion of this course, the student should be able to:
• Explain the typical legislative authorities and provisions defining how governments receive, disburse and manage public funds.
• Explain the elements of governance and decision making in public sector environments, including how government staff work and communicate with elected officials and their staff, including federal members of Parliament, members of provincial parliaments and city councillors.
• Understand government stakeholders, including the public, and their expectations of accountability, transparency, value for money and sustainability of taxpayer-funded spending.
• Explain the government planning and budgeting process culminating in its annual budget.
• Describe the steps in the government planning and budgeting process.
• Understand the difference between operating and capital budgets, and between funding for operations versus funding for capital.
• Prepare a budget component for a program, division or other small segment that will be rolled up into the overall budget.
•Understand public sector accounting as a basis of government financial reporting and the role of sovereign governments in that regard.
•Explain and prepare, or support the preparation of, the statements, notes, schedules and other components of a typical set of Public Accounts.

• Evaluate which government agencies, government business enterprises and other government organizations are part of the Government Reporting Entity (GRE).
• Evaluate whether an organization needs to be consolidated with its host ministry or department and perform consolidations where indicated.
• Apply public sector GAAP to government transactions.
• Explain and account for all government revenues, including taxes, transfers and non-tax revenue.
• Describe the different types of government transfer payments.
• Use financial analysis of program-specific financial reports and annual financial statements to assess the financial strength of agencies and not-for-profit organizations delivering government programs.
• Compare and contrast performance measurement in government, not-for-profit and for-profit organizations.
• Describe the concept of public sector auditing and the accountability relationship with the public.
• Assess financial, control and related risks associated with government program delivery, including third-party organizations such as agencies.
• Identify process weaknesses and recommend appropriate financial and internal controls to address identified weaknesses.
• Apply internal audit procedures to assess value for money in government program delivery.
• Understand the types of internal and external audits most frequently encountered in a public sector context.
• Explain the methodology applied in these engagements including value-for-money audits (versus audits that focus on fair presentation).

Course Evaluation
Assignments (3 in total) = 24%
Discussions (4 in total)   = 12%
Quizzes (4 in total)          = 4%
Final Exam                       = 60%
                                           100%
Course Format:
Assignment Submission:
Late Coursework:
Late assignments will be subject to a 2% per day late penalty (includes weekends and holidays) for up to seven (7) days. After this date, no assignments will be accepted and a grade of zero (0) will be applied.  Extensions for course work must be approved by the instructor before the due date (see Academic Regulations below), and will be granted for illness or emergencies only. Students may be asked to submit supporting documentation for an extension request.   NOTE:  This policy applies to assignments and other hand in type coursework only.  This policy does not apply to discussion board topics/postings which do not allow for late postings/contributions.

Policy & Procedures:

Academic Regulations (Attendance, Coursework, Tests/Exams):
In accordance with McMaster University’s General Academic Regulations, “it is imperative that students make every effort to meet the originally scheduled course requirements and it is a student’s responsibility to write examinations as scheduled.” Therefore, all students are expected to attend and complete the specific course requirements (i.e. attendance, assignments, and tests/exams) listed in the course outline on or by the date specified.  Students who need to arrange for coursework accommodation, as a result of medical, personal or family reasons, must contact the course instructor within 48 hours of the originally scheduled due date. It is the student’s responsibility to contact the Program Manager/Program Associate to discuss accommodations and procedures related to deferred tests and/or examinations within 48 hours of the originally scheduled test/exam, as per policy.  Failure to contact the course instructor, in the case of missed coursework, or the Program Manager/Program Associate, in the case of a missed test/examination, within the specified 48 hour window will result in a grade of zero (0) on the coursework/exam and no further consideration will be granted.  

*Note: Supporting documentation will be required but will not ensure approval of accommodation(s).

Academic Integrity
 
You are expected to exhibit honesty and use ethical behaviour in all aspects of the learning process. Academic credentials you earn are rooted in principles of honesty and academic integrity. Academic dishonesty is to knowingly act or fail to act in a way that results or could result in unearned academic credit or advantage. This behaviour can result in serious consequences, e.g. the grade of zero on an assignment, loss of credit with a notation on the transcript (notation reads: “Grade of F assigned for academic dishonesty”), and/or suspension or expulsion from the university.

It is your responsibility to understand what constitutes academic dishonesty. For information on the various types of academic dishonesty please refer to the Academic Integrity Policy, located at http://www.mcmaster.ca/academicintegrity/

The following illustrates only three forms of academic dishonesty:
Plagiarism, e.g. the submission of work that is not one’s own or for which other credit has been obtained.
Improper collaboration in-group work.
Copying or using unauthorized aids in tests and examinations.
Academic Accommodations:
Students with disabilities who require academic accommodations must contact the Student Accessibility Centre (SAS) to meet with an appropriate Disability Services Coordinator. To contact SAS, phone 905-525-9140 ext. 28652, or email sas@mcmaster.ca. For further information, consult McMaster University’s Policy for Academic Accommodation for Students with Disabilities.
On-line Elements:
In this course, we will be using on-line elements, which may include email, Avenue to Learn, WebEX, and external web sites.  Students should be aware that, when they access the electronic components of this course, private information such as first and last names, user names for the McMaster e-mail accounts, and program affiliation may become apparent to all other students in the same course. The available information is dependent on the technology used. Continuation in this course will be deemed consent to this disclosure. If you have any questions or concerns about such disclosure please discuss this with the course instructor.
Turnitin.com:
Course Changes:
The instructor reserves the right to modify elements of the course and will notify students accordingly.
Course Withdrawal Policy:
Policies related to dropping a course and course withdrawals are posted to the Centre for Continuing Education’s program webpage, FAQs & Policies (https://www.mcmastercce.ca/cce-policies#Dropping). 
Storm Closure Policy:
In the event of inclement weather, the Centre for Continuing Education will abide by the University’s Storm Closure Policy: https://www.mcmaster.ca/policy/Employee/storm_emergency_policy.pdf, and will only close if the University is closed. All in-class courses, exams and room bookings by internal and external clients will be cancelled if the Centre for Continuing Education is closed. On-line courses will take place as scheduled.
Grading Scale:
 Grade Equivalent
Grade Point
Equivalent Percentages
A+ 12 90-100
A 11 85-89
A- 10 80-84
B+ 9 77-79
B 8 73-76
B- 7 70-72
C+ 6 67-69
C 5 63-66
C- 4 60-62
D+ 3 57-59
D 2 53-56
D- 1 50-52
F 0 0-49
Course Schedule:
Sessional Outline

Unit 1: Governance and Decision-Making Processes

Objectives:

• Explain the typical legislative authorities and provisions defining how governments receive, disburse and manage public funds.

• Explain the elements of governance and decision-making in public sector environments, including how government staff work and communicate with elected officials and their staff, including federal members of Parliament, members of provincial parliaments and city councillors.

• Understand government stakeholders, including the public, and their expectations of accountability, transparency, value for money and sustainability of taxpayer-funded spending.

Readings:

• CPA Canada Public Sector Accounting Handbook: Introduction to Public Sector Accounting Standards

• Financial Administration Act

• City of Corner Brook Act

• Fiscal Transparency and Accountability Act

• Values and Ethics Code for the Public Sector

• Public Sector Governance – A Guide to the Principles of Good Practice

• 20 Questions About Government Financial Reporting - PSAB

 

Unit 2: The Planning and Budgeting Process

Objectives:

• Explain the government planning and budgeting process culminating in its annual budget.

• Describe the steps in the government planning and budgeting process.

Readings:

• An Overview of the Canadian Budget Process, Parliamentary Centre

• Ontario Ministry of Finance – Introduction to the 2017-2018 Estimates

 

Unit 3: Government Operating and Capital Budgets

Objectives:

• Understand the difference between operating and capital budgets, and between funding for operations versus funding for capital.

• Prepare a budget component for a program, division or other small segment that will be rolled up into the overall budget.

Readings:

• City of Vancouver 2011-2021 Capital Strategic Outlook

• Measuring the Full Cost of Government Service, Government Finance Officers Association

• Treasure Board of Canada Secretariat: Guidelines on Costing

 

Unit 4: Public Sector Accounting and Reporting

Objectives:

• Understand public sector accounting as a basis of government financial reporting and the role of sovereign governments in that regard.

• Explain and prepare, or support the preparation of, the statements, notes, schedules and other components of a typical set of Public Accounts.

• Evaluate which government agencies, government business enterprises and other government organizations are part of the Government Reporting Entity (GRE).

• Evaluate whether an organization needs to be consolidated with its host ministry or department and perform consolidations where indicated.

• Apply public sector GAAP to government transactions.

• Explain and account for all government revenues, including taxes, transfers and non-tax revenue.

• Describe the different types of government transfer payments.

Readings:

• CPA Canada Public Sector Accounting Handbook: Public Sector Accounting Standards/Concepts & Principles

• Public Accounts of Canada 2017, Volume 1 – Summary Report and Consolidated Financial Statements

• CPA Canada Public Sector Accounting Handbook: PS1100, PS1200

• 20 Questions About the Government Reporting Entity

• CPA Canada Public Sector Accounting Handbook: PS1300

• CPA Canada Public Sector Accounting Handbook: PS2500, PS2510

• CPA Canada Public Sector Accounting Handbook: PS2100-PS2700

• CPA Canada Public Sector Accounting Handbook: PS 3060, PS 3070, PS3230, PS3250, PS 3255

• CPA Canada Public Sector Accounting Handbook: PS 3410, PS3510

 

Unit 5: Decision Support

Objectives:

• Use financial analysis of program-specific financial reports and annual financial statements to assess the financial strength of agencies and not-for-profit organizations delivering government programs.

• Compare and contrast performance measurement in government, not-for-profit and for-profit organizations.

Readings:

• CPA Canada Public Sector Accounting Handbook: PS4200-PS4220

• Ontario Youth Apprenticeship Program (OYAP): Audit and Accountability Requirements for Recipients

• The Conestoga College Institute of Technology and Advanced Learning 2015 Financial Statements

• CPA Canada Public Sector Accounting Handbook: PS1100

• CPA Canada Public Sector Accounting Handbook: Statements of Recommended Practice

 

Unit 6: Auditing

Objectives:

Describe the concept of public sector auditing and the accountability relationship with the public.

Assess financial, control and related risks associated with government program delivery, including third-party organizations such as agencies.

Identify process weaknesses and recommend appropriate financial and internal controls to address identified weaknesses.

Apply internal audit procedures to assess value for money in government program delivery.

Understand the types of internal and external audits most frequently encountered in a public-sector context.

Explain the methodology applied in these engagements including value-for-money audits (versus audits that focus on fair presentation).

Readings:

CPA Canada Public Sector Accounting Handbook: Assurance: CAS 315

• Auditor General Act

Canadian Auditing Standards CAS 610: Using the Work of Internal Auditors, Application and Other Explanatory Material: A1 Definition of Internal Audit Function

• Internal Audit Manual, Indigenous and Northern Affairs Canada

Report of the Auditor General to the House of Commons, Chapter 2, Governance of Small Federal Entities

Value-for-Money Audit Manual, Office of the Auditor General of Canada, 2000

 Final Examination