Rationale of Establishing Public Accounts Committees: A Critical Review of Literature

According to the UK Parliament, “The Public Accounts Committee examines the value for money of Government projects, programmes, and service delivery. Drawing on the work of the National Audit Office the Committee holds government officials to account for the economy, efficiency, and effectiveness of public spending.” Therefore, the purpose of this study is to provide the background information on the creating of Public Accounts Committees (Parliament). The paper further attempts to cover issues relating to external audit and legislative scrutiny. The paradigm for the Public Accounts Committees is also covered in this article. In this article, a critical review of literature has been used as a methodology. The key literature reviewed is from Google Scholar and EbscoHost, Researchgate, and other scholarly databases. Further, websites for some Parliaments and associations for parliaments across the globe have been an invaluable source of information on this subject. From the literature that has been reviewed it can be concluded that both Public Accounts Committees (PACs) and Auditors General can help to attract Foreign Direct Investment (FDI) or international capital investment to a country by providing assurances on the integrity of public sector finances, especially if challenges faced in building their capacity and performing their functions can be overcome. Keywords: Public Accounts Committee (PAC), Auditor General’s Office, Legislative Scrutiny DOI: 10.7176/PPAR/12-6-03 Publication date:August 31st 202

An Analysis of the Causes of Financial Irregularities in State-Owned Institutions in Zambia

The aim of this study was to determine the predictors of the frequency of being cited for financial irregularities. This cross-sectional study employed a self-administered standard structured questionnaire. One hundred and eight respondents comprising directors and deputy directors, heads of accounting, budget and audit units. The findings are that sixty-four (59.3%) of the participants indicated that there institutions were cited frequently for financial irregularities as compared to n = 44 (40.7%) being cited always. There was, however, no statistically significant association between type of institution and the frequency of being cited for financial irregularities (Pearson Chi-Square obs = 0.917; df = 2        and p = 0.632). The Parliamentary Accounts Committee and the Institutional Audit Risk Committees did not perform oversight functions as the composite scores were below the thresholds. The causes of financial irregularities in State Owned Institutions and ministries show two of the predictor variables (a) Audit and Risk Committee and (b) The Parliamentary Accounts Committee have an effect on the institutions being cited for financial irregularities. However, the findings point to the fact that ongoing budget performance monitoring during the fiscal year (of a living and executed budget) in the public sector in these institutions should be done. It is concluded that the findings point to the fact that negative reports by the Auditor General are due to The Parliamentary Accounts Committee and the Board’s Audit and Risk Committee inability to undertake oversight functions. The findings may contribute to the further study of causes of financial irregularities in state owned institutions in Zambia and serve as a reference for policy makers and institutional managers in mitigating financial irregularities and reduce the frequency of being cited for financial irregularities. Keywords: Oversight, Financial Irregularities, State Owned Institutions, Zambia DOI: 10.7176/JLPG/123-01 Publication date:August 31st 202

Parliamentary Oversight: A Critical Review of Literature

The main of this paper is to define what is meant by ‘legislative’ or parliamentary oversight. The other objective is to assess the role of the Legislature in the Budget Ex Post. The Objectives, tools, and mechanisms of parliamentary oversight shall be discussed. The review of the literature was used as a methodology in this paper. The review found that there are various definitions of parliamentary oversight The Portal for Parliamentary Development was a great source of literature that was reviewed and analyzed in this study. It was reviewed that different scholars define parliamentary oversight differently. Not all definitions capture all the key roles of parliamentary oversight. paper reviews several scholarly articles that provides various definitions of parliamentary oversight. Furthermore, it is revealed that government reporting and legislative scrutiny of public accounts is more common in parliamentary and semi-presidential systems than in presidential systems; even so, 84 percent of legislatures in presidential systems analyze financial reports from the government. From the literature reviewed, it has been concluded that the robust monitoring of the executive by the parliament is an indicator of good governance. Besides the parliament’s legislative function, it is through oversight that the parliament can ensure a balance of power and assert its role as the defender of the people’s interests. Keywords: Parliamentary Oversight; Legislative Oversight; Public Accounts Committee DOI: 10.7176/PPAR/12-6-01 Publication date:August 31st 202

Explaining The Fundamentals of Financial Markets: A Theoretical Review

This paper attempts to explain the basic compositions of financial markets. Using a theoretical research approach, the paper highlights the definition, characteristics, types, functions, and role of financial markets in the economy of a given nation. Further, the importance of financial markets has also been underscored in this paper. Therefore, the aim of this paper is to highlight the nature, characteristics and importance of typical financial markets using a theoretical approach. Keywords: financial markets, money markets, capital markets, stock markets, bond markets, derivative markets; forex market; capital formation DOI: 10.7176/RJFA/13-20-08 Publication date:October 31st 2022

Theories of Exchange Rate Determination: A Brief Theoretical Review

This paper endeavored  to categorise and evaluate exchange rate theories. These theories included the International Fischer's Effect Theory, the Purchasing Power Parity Theory, the Interest Rate Parity Theory, the Balance of Payments Theory, the Monetary Approach to Foreign Exchange, and the Portfolio Balance Approach. The paper analyses these theories' advantages and disadvantages. Keywords: Exchange Rate; Purchasing Power Parity Theory; Interest Rate; Portfolio Balance Approach; Monetary Approach; Foreign Exchange DOI: 10.7176/EJBM/14-20-08 Publication date:October 31st 2022

A Theoretical Review of The Relationship Between Financial Inclusion and Human Development

The main objective of this study is to evaluate the relationship between Financial Inclusion and Human Development with a special focus on Sub-Saharan Africa. The specific objectives of the study include the following: to understand the concept of Financial Inclusion and Human Development; to analyze the factors that influence Financial Inclusion in Sub-Sahara Africa; to determine the type of relationship between Financial Inclusion and Human Development in the case of Sub-Saharan Africa, and to examine the relationship between Financial Inclusion and human development. A critical review and analysis of selected theoretical reviews and empirical articles and policy documents on Financial Inclusion and Human Development have been used as the methodology for this study. Using empirical and theoretical evidence, the study concludes that, in Sub-Saharan Africa, there is a strong relationship between Financial Inclusion and Human Development. Further, from the empirical and theoretical evidence provided in the study, it is recommended that SSA countries need to remove financial, bureaucratic, and physical barriers to financial inclusiveness. Therefore, Sub-Saharan Africa should formulate and implement policies that will enhance Financial Inclusion, consequently, the Human Development of the masses. Finally, it  can be considered that enhanced GDP is an eminent gauge of financial inclusion. Unequal wealth distribution can consequent in financial inclusion and thus can harm overall Human Development. The study further concludes that there is a positive correlation between Human Development and Financial Inclusion. Furthermore, the study considers that economic development is undeniably a vital element in enhancing financial inclusion. Keyword: Financial Inclusion; Human Development; Human Development Index; HDI; Inequality-Adjusted Human Development Index; IHDI, Sub-Saharan Africa; SSA; Sustainable Development Goals; SDGs DOI: 10.7176/JESD/13-20-11 Publication date:October 31st 202