i) Control objectives in public financial management relevant to the PEFA framework

1. Orderly, ethical, economical, efficient, and effective operations: Ensuring that operations are executed in a manner that is ethical, efficient, and effective.
2. Accountability obligations: Ensuring that public officers and institutions fulfill their accountability obligations.
3. Compliance with laws and regulations: Ensuring that applicable laws and regulations are complied with.
4. Safeguarding resources: Ensuring that resources are safeguarded against loss, misuse, and damage.

ii) Components of internal control in relation to the PEFA Framework

1. Control environment: The values and culture of the organization, setting the tone for control at the top by which the entire organization is directed and controlled.
2. Risk assessment: Identifying and mapping risks within the organization to ensure they are effectively managed.
3. Control activities: Policies, procedures, and rules that ensure resources are safeguarded, such as accounting controls.
4. Information and communication: Ensuring the right information is received by the right person at the right time.
5. Monitoring: Reviewing and monitoring procedures to ensure deficiencies in systems and policies are corrected.

iii) Limitations of the PEFA Framework for assessing public financial management

1. Focus on operational performance: PEFA focuses on the operational performance of key PFM system elements rather than all the various inputs and capabilities that may enable the PFM system to reach a certain level of performance.
2. Lack of fiscal policy analysis: PEFA does not involve fiscal or expenditure policy analysis that would determine whether fiscal policy is sustainable.