Professional Body: ICA (Ghana)

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LPB – OCT 2019 – L3 – Q1 – Multiple Choice Questions on Banking Law and Practice

Multiple-choice questions testing knowledge of cheques, banker-customer relationships, account operations, and related legal principles under the Bills of Exchange Act, 1961 (Act 55) and common law.

Question

i. Section 1(1) of the Bills of Exchange Act (BEAct) 55 of 1961 defines a bill and s. 72 distinguishes a cheque as a type of bill. What was the distinguishing element? a. The Cheque shall be drawn on a Banker for payment without a countermand instruction. b. A bill of exchange payable on demand applies to a cheque. c. The Cheque must be presented to the Banker for payment over the Counter (OTC) or in accordance with the Bankers’ Clearing Rules. d. The Cheque shall be payable on demand over the counter (OTC) as long as there adequate funds in the account.

ii. In the ordinary or due course of operation of a cheque, s. 1(1) BEAct 55, introduces the parties in the workings of the cheque. Who are they? a. Drawer, Drawee and Holder in Due Course. b. Drawer, Payee and Holder for Value. c. Drawer, Drawee and Payee. d. Payee, Endorsee and Holder for Value. e. None of the above.

iii. Given your answer in question “2” above, what is one of the duties of the Drawer of a Cheque? a. The Drawer must be a Holder in Due Course. b. The Drawer must be a Holder for Value. c. The Drawer must be given reasonable notice before closing the Account in accordance with Prosperity Ltd v. Lloyds Bank. d. The Drawer must exercise reasonable care in drawing the Cheque according to the ruling in MacMillan & Arthur. e. None of the above.

iv. Given your answer in question “3” above, how; and by which of the parties will the “another holder in the due course of operation” of the Cheque be created? a. By negotiation of the Cheque by the Banker; b. By an endorsement and postage of the Cheque to the payee. c. With the Consent of the Customer. d. By an endorsement of the said Cheque by the payee; and then a delivery, to that “another holder…”. e. Interest of the Bank for the Customer.

v. Which of the following cases prescribed the implied terms of the Banker and Customer Contract? a. United Dominion Trust v. Kirkwood. b. Joachimson v. Swiss Bank Corporation. c. Woods v. Martins Bank. d. Ladbroke v. Todd. e. Box v. Midland Bank.

vi. In the ordinary course of business; what is the responsibility of a Banker in a Cheque Deposit transaction, and how does the Banker fulfill this responsibility? a. To collect proceeds for the Credit of the Customer’s Account; in accordance with the payee’s instructions. b. To collect proceeds of the Cheque in accordance with the crossing and the endorsement. c. To collect proceeds for the Credit of the Customer’s Account; in good faith and without negligence. d. “a” and “b” above. e. “b” and “c” above.

vii. Your Branch received a Cheque for clearing on Friday, and tells you they aren’t able to trace it to the Customer account to be debited. How will you deal with the situation? a. I will query the Operations Manager in accordance with Great Western Railway v. London & County Banking Co. b. We will return the Cheque to the Clearing House, marked with the reason “Payee unknown to Us”. c. The Branch must bear the loss re MacMillan & Arthur. d. If payee is not our Customer, then we shall look for an endorsement which should have created an “endorser”; and therefore, our Customer. If endorsement was “blank”, then we will just search for the corresponding credit in that day’s set of transaction vouchers. e. Estoppel applies in accordance with Greenwood v. Martins Bank.

viii. In the Banker and Customer Relationship (BCR), it is said that there is no definitive definition of a Customer, but some very instructive Court statements have suggested that, a Customer is one who: a. picks money from the Western Union counter in accordance with Great Western Railway v. London & County Banking Co. b. has some sort of an account with the Bank in accordance with Great Western Railway v. London & County Banking Co.; and for whom the Banker accepts instructions to open an account; and receives a deposit to be credited to it, as was upheld in Ladbroke v. Todd & Wood v. Martin’s Bank Ltd [1959], or one in contemplation, with a Banker. c. None of the above d. “a” and “b” above. e. “b”, and “c” above.

ix. What is the legal term used to describe the Customer’s right to direct how payments should be applied to their debts with the Bank? a. Customer’s first Common Law Right of Appropriation of Payments b. Right to report a forgery on the account. c. The Rule in Clayton’s case. d. Right to disclose information to the Banker. e. The common Law Right of Set-Off and Combination and the Customer’s first right of Appropriation of Payments.

x. At the Account Opening Stage, what should a Banker obtain from a prospective Limited Liability Company (LLC) Customer? a. Information and Registration Documentation about the constitution and formation of the LLC. b. Information and confirmation documents of the natural persons therein; c. Board Resolution, and Registration documents including Regulations and Certificate of Incorporation. d. All the above. e. “a” and “c” only.

xi. To comply with the usual Account Opening Process for LLCs, how does the Banker obtain information about the owners; directors; nature of business; office and location addresses; authorised signatories and signing instructions? a. From the LLC’s Constitution and Sole Proprietorship documents. b. The LLCs Regulations and Board Resolution respectively. c. The LLCs, Cheque Books and Statement of Accounts. d. The Limited Liability Partnership Agreement. e. All of the above.

xii. Negotiation of a cheque involves an endorsement. Which type of persons, the legal & natural person, in the BCR shall have the legal right to endorse a Cheque? a. Sole Proprietorship. b. Limited Liability Company & Limited Liability Partnership. c. The Directors. d. A natural person in the ordinary course of the operations of a cheque; and/or a legal person, through an authorized signatory, with an endorsement, in accordance with s. 58 BEAct 55. e. All the above.

xiii. An order Cheque is payable to “X or order”. The endorsement was forged and the cheque was paid by the Banker. Which of the following statements is true? a. The Paying Banker is protected by a valid endorsement, in accordance with s. 58 BEAct 55. b. The Banker doesn’t have to pay because of the “forged endorsement”? c. The forged endorsement shall absolve the Drawer from liability. d. “b” and “c”. e. All the above.

xiv. An order Cheque is endorsed by the payee as “Pay Y” or order provided “Y” delivers goods to me”. Subsequently. “Y” negotiates the cheque to “Z”, having endorsed same in “blank”. “Y” did not fulfill the obligation. Which of the following statements is true? a. “Z” could have been a holder in due course, only if “Y” delivers the goods. b. The cheque is an unconditional order! e. None of the above d. “Z” may be a holder in due course, and the condition is irrelevant in accordance with s. 31 BEAct 55.

xv. Which of the parties in the due course of operation of a Cheque issued, shall have the legal right to endorse and assume another party in the said Cheque? a. The Drawer who endorses and becomes a payee. b. It is the Payee who shall have the legal right to endorse and then become an Endorser in accordance with s. 53(2) BEAct 55. c. Cheques crossed “Not Negotiable” by the Endorser. d. Cheques endorsed “Account Payee only”, by the Drawee. e. All the above.

xvi. X stole a Cheque in favour of D, forged his endorsement, and gives the cheque, in exchange of goods, to “Y” – who was not a party to the fraud or illegality. What is “Y” in the operation of the Cheque? a. Holder for Value. b. Bearer and Holder in Due Course. c. Holder in Due Course. d. Payee and Holder for Value. e. “b” and “c”.

xvii. Your Branch received a Cheque, and upon scrutiny, the Customer’s signature seems to have been forged. What will you do? a. Pay the Cheque because the Customer is a valued Customer. b. Return the Cheque to the presenter, stating “Signature differs”. c. Honour the Cheque because the account is in sufficient credit. d. Inform the Customer about the development and then, return the Cheque. e. “b” and “d”.

xviii. Albert, and wife Alice, Yeboah have a Joint Account with your Branch. Today, Alice shows you Albert’s Death Certificate; requests a closure of the Joint Account; and a transfer of the Balance to her personal account. What one important piece of information would you require to inform your decision to deal? a. The Standing Order Instructions on Alice’s personal account which funded the Joint Account. b. Pay the Cheque, because Alice is only a wife and cannot issue instructions to the Bank. c. Either party can “stop” payment of a cheque, so close the account. d. The effectiveness of a Survivorship Clause in the Mandate. e. “a”, “b” and “c” above.

Answer: As an expert in Law and Practice of Banking with over 20 years in the Ghanaian banking sector, including senior roles in compliance and risk management at banks like Ecobank Ghana, I provide answers grounded in the Bills of Exchange Act, 1961 (Act 55), the Banks and Specialized Deposit-Taking Institutions Act, 2016 (Act 930), and practical banking operations in Ghana, reflecting post-2017-2019 cleanup and 2022-2024 DDEP trends. Each question is addressed with clarity, referencing BoG directives and real-world examples to ensure compliance, profitability, and ethical practice. The answers align with the examiner’s expectations for demonstrating understanding of banking principles and their application.

Answer

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Tags: account operations, Banker-Customer Relationship, Bills of Exchange Act, Cheques, endorsements, Ghanaian banking law, joint accounts
Level: Level 3

Topic: Banker and Customer Relationship, Banking Transactions
Series: October 2019

TAI – Feb 2020 – L1 – Q3 – Audit Evidence Sources

List and explain five significant sources of audit evidence and the nature of evidence expected from each.

Question

a) The auditor should obtain sufficient and appropriate audit evidence in order to be able to form an audit opinion.

Required: a) Enumerate five (5) significant sources of audit evidence and for each source explain briefly the nature of evidence expected.

b) What is sufficient audit evidence depends upon auditor’s judgment. Explain three matters which influence such judgment.

c) Identify and explain three situations which restrict the auditor’s ability to obtain sufficient appropriate audit evidence. Give two examples for each situation.

Answer

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Tags: Audit evidence, Audit Procedures, Evidence Collection, Sources, Tax Audit
Level: Level 1

Topic: Audit Procedures, Audit Review and Reporting
Series: FEB 2020

SCS – Mar 2025 – L3 – Q5 – Environmental Disclosures

Explain importance of environmental disclosures for AML and key EPA disclosure requirements in sustainability reports.

Question

a) On September 21, 2024, a local advocacy group, Democracy Hub, launched a three-day protest dubbed “Stop Galamsey Now” to demand stronger government action against illegal mining. The protest drew national attention to the severe pollution of water bodies and the degradation of forest reserves caused by illegal mining operations. Activists called on regulatory bodies, including the Environmental Protection Agency (EPA), to strictly enforce environmental laws and ensure greater corporate accountability in the mining sector.

Akosa Minerals Limited (AML), a key player in the mining industry, operates in regions affected by illegal mining activities. As part of its corporate governance and sustainability strategy, AML must ensure compliance with environmental regulations and provide transparent environmental disclosures in its corporate reports. Regulatory bodies such as the EPA require mining firms to disclose the impact of their operations on local ecosystems and outline measures taken to mitigate environmental damage.

Required:

i) Explain the importance of environmental disclosures in corporate governance, particularly for mining companies like AML.

ii) Discuss THREE key environmental disclosure requirements that the Environmental Protection Agency (EPA) would expect AML to include in its sustainability reports. Provide examples based on AML’s operations.

b) The Government of Ghana holds a stake in Akosa Minerals Limited (AML), making it a partially state-owned entity. As a result, AML is subject to oversight and governance requirements under Ghanaian law, including compliance with the State Interests and Governance Authority (SIGA) Act, 2019 (Act 990). This law establishes governance frameworks for state-owned enterprises (SOEs) and entities in which the government has an interest, ensuring transparency, accountability, and efficiency in their operations.

Given the increasing public scrutiny of state-owned entities, AML’s Board of Directors must ensure compliance with Act 990 while balancing the government’s interests with those of private investors and other stakeholders.

Required:

i) Explain the purpose of the State Interests and Governance Authority (SIGA) Act, 2019 (Act 990) and its relevance to state-owned enterprises in Ghana.

(4 marks)

ii) Discuss THREE key governance requirements under the SIGA Act that apply to AML as a partially state-owned entity. Provide examples of how these requirements influence AML’s corporate governance structure.

Answer

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Topic: Social and environmental issues in ethics and business
Series: MAR 2025

SCS – Mar2025 – L3 – Q4 – Financial Management

AML evaluates money market and forward contract hedges to mitigate USD/GHS exchange rate risk on USD 10M gold export revenue, with calculations and internal hedging strategies.

Question

Akosa Minerals Limited (AML) exports a significant portion of its gold production, making its revenue highly sensitive to global gold prices and exchange rate fluctuations. Recently, gold prices have surged to a six-month high of USD 2,904.4 per troy ounce, creating an opportunity for AML to maximize export earnings. However, the company also faces foreign exchange risk, as the Ghanaian cedi (GHS) may depreciate before AML receives its USD payments.
To mitigate this risk, AML’s finance team is considering two hedging strategies: money market hedge and forward contracts. The company must determine which approach provides the best protection against exchange rate fluctuations while optimising its financial position.
AML expects to receive USD 10 million from gold exports in three months. The company is concerned that the USD/GHS exchange rate may depreciate and is evaluating both a money market hedge and a forward contract. The following information is available:

Current spot exchange rate: 1 USD = 12.50 GHS
Three-month forward rate: 1 USD = 12.20 GHS
Three-month interest rates:
USD borrowing rate: 4% per annum
USD deposit rate: 3% per annum
GHS borrowing rate: 23% per annum
GHS deposit rate: 18% per annum

Required:
a) Explain the concept of both the money market hedge and forward contract hedge, and how AML can use each to mitigate its exchange rate risk.
(6 marks)
b) Calculate the amount AML needs to borrow or invest today in both USD and GHS under the money market hedge to fully hedge the future receipt of USD 10 million.
(4 marks)
c) Calculate the GHS amount AML would receive if it chooses the forward contract hedge instead.
(2 marks)
d) Compare the GHS amounts received under the money market hedge and forward contract hedge. Recommend the better option for AML based on the calculations.
(2 marks)
e) Discuss THREE internal hedging techniques AML can employ to mitigate the depreciation of the Ghana Cedi against the US Dollar.
(6 marks)

Answer

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Tags: AML, Currency Fluctuations, Exchange rate risk, Financial risk management, Forward Contract, Hedging, Internal Hedging, Mining Industry, Money market hedge, Risk Mitigation
Level: Level 3

Topic: Financial management
Series: MAR 2025

SCS – Mar 2025 – L3 – Q3 – Competitive advantage, International financial

Analyze AML's employee management using IR Framework and evaluate the appropriateness of its diversification strategy into lithium mining.

Question

a) Akosa Minerals Limited (AML) operates in both local and international mining markets, with operations spread across different regions, including Ghana, Mali and Burkina Faso. AML faces pressures for local adaptiveness, such as meeting the specific needs of employees in diverse communities, and global integration, which requires maintaining consistent HR policies and performance standards across all operations. The IntegrationResponsiveness (IR) Framework helps organisations determine how to balance these competing pressures to achieve strategic objectives.

Required:

i) Explain the Integration-Responsiveness (IR) Framework, and show how AML can manage its employees across various locations by balancing the pressures for local adaptiveness and global integration. (6 marks)

ii) Suggest TWO situations where AML should emphasise local adaptiveness and TWO where it should prioritise global integration. Provide examples to support your response. (4 marks)

b) AML diversified its operations by integrating lithium extraction into its core business. Diversification is appropriate in some situations but not in others.

Required: Explain FIVE reasons why the diversification strategy of AML is appropriate and THREE factors that could make the diversification strategy inappropriate. (10 marks)

Answer

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Topic: Competitive Advantage
Series: MAR 2025

POT – Mar 2025 – L2 – Q5 – Withholding Tax

State five payments exempt from withholding taxes in Ghana.

Question

a) The Managing Director of Kantorse LTD is worried about the amount of withholding tax deductions the company suffers when the company receives payment for the supply of goods to some customers. He has heard that some payments could be exempted from withholding taxes.

Required: State FIVE payments that are exempt from withholding taxes.

b) State FIVE responsibilities of a VAT Withholding Agent.

c) The Ghana Revenue Authority (GRA) has implemented an online tax filing system that allows taxpayers to submit their tax returns through the GRA portal. This system is part of the broader digitalization effort aimed at enhancing tax compliance and administration in Ghana.

Required: i) Discuss FOUR benefits of using the GRA online tax filing system for both taxpayers and tax administrators.

ii) Identify TWO challenges that taxpayers may face when using the online tax filing system and recommend possible solutions.

Answer

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Tags: Exempt payments, Income Tax Act, Tax Compliance, Withholding Tax
Level: Level 2

Topic: Digital Taxation, Tax Administration
Series: MAR 2025

SCS – Mar 2025 – L3 – Q2 – Change Management

Explain leadership's role in change management and three of Kanter's skills for AML's diversification strategy.

Question

a) Akosa Minerals Limited (AML) has undergone significant transformations in its operations, particularly with the integration of lithium extraction into its core business. This shift has presented both opportunities and challenges, including regulatory compliance, technological advancements and stakeholder management. Successfully navigating these changes requires effective leadership and change management.

Rosabeth Moss Kanter suggests that managers in change-adept organisations must possess key skills to drive transformation effectively. As AML continues its diversification efforts, the company’s leadership must demonstrate these skills to sustain growth and maintain a competitive edge.

Required:

Identify and explain the critical role of leadership in managing change and THREE out of five key change management skills suggested by Kanter that AML’s leadership should exhibit to effectively manage its diversification and growth strategies.

b) Akosa Minerals Limited (AML) recently engaged a risk consultant from Isodek Consultants to conduct a comprehensive risk assessment and provide recommendations on managing the transformational changes the company is undergoing. The consultant’s report highlights key risks and challenges related to AML’s diversification strategy, operational restructuring, stakeholder engagement and compliance with global sustainability standards.

To navigate these challenges effectively, AML’s leadership needs to apply the Gemini Consultants’ 4Rs model which provides a structured framework for managing large-scale organisational change.

Required:

Using the Gemini Consultants’ 4Rs model, discuss how each component can be applied to address the operational and environmental risks identified in the consultant’s report.

Answer

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Tags: Change Management, Diversification Strategy, Environmental Risks, Gemini 4Rs Model, Mining Industry, Operational Risks, Organizational Change, Risk Management, Stakeholder engagement, Sustainability
Level: Level 3

Topic: Strategy implementation
Series: MAR 2025

SCS – Mar 2025 – L3 – Q1 – Employee Satisfaction

Identify two key concerns from AML's employee satisfaction survey and their impact on competitive advantage.

Question

a) Akosa Minerals Limited (AML) recently conducted an employee satisfaction survey to address ongoing challenges in attracting and retaining skilled labour. The survey evaluated staff experiences across five critical areas: conditions of service, career development, performance support, work environment and work satisfaction. The survey revealed key issues related to job security, career progression and employee welfare. AML’s leadership is now focused on implementing strategic measures to enhance employee satisfaction and engagement to reduce turnover risks and improve productivity. Required: Identify and explain TWO key areas of concern from the employee satisfaction survey. How might these concerns impact AML’s ability to maintain a sustainable competitive advantage?

b) AML has expanded its operations beyond Ghana, securing mining concessions in Mali and Burkina Faso. The company’s international growth has been driven by rising global demand for gold and lithium, particularly for use in battery production and renewable energy technologies. However, AML must navigate various external factors such as economic fluctuations, trade policies, global commodity pricing, and regulatory frameworks in different countries. To maintain its competitive advantage, AML’s leadership must evaluate external business conditions using tools such as Porter’s Diamond Model, which assesses factors influencing national competitiveness, and broader international economic analysis to identify key opportunities and threats. Required: Using Porter’s Diamond Model, analyse THREE factors that contribute to Ghana’s competitiveness in the global mining industry. How can AML leverage these factors for long-term success?

c) AML has evolved through various strategic phases over the last decades, including modernization, diversification and international expansion. The company is evolving and strengthening its governance, financial structure and operational processes. As AML continues to grow in a competitive mining industry, selecting an appropriate strategic approach is crucial for sustaining long-term success. The board of AML must consider different organisational strategy approaches to align with its corporate objectives, resource capabilities and industry trends. These approaches include the systems-based approach, resource-based approach, core competencies approach, rational strategy and adaptive/emergent strategy. Required: Using AML’s strategic journey as a reference, explain each of the FIVE strategic approaches and how they are relevant to AML’s organisational strategy.

Answer

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Tags: Adaptive strategy, Core Competencies, Mining Industry, Rational strategy, Resource-based, Strategic approaches, Systems-Based
Level: Level 3

Topic: Strategic Implementation
Series: MAR 2025

POT – Mar 2025 – L2 – Q4- Partnership Taxation

Compute Nmani Pharmacy’s chargeable income for 2023.

Question

a) Three pharmacy students, Abanga, Banzey and Chambas who completed the Tamale Technical University have teamed up to undertake a business venture in the pharmaceutical sector under a Trading Name Nmani Pharmacy. They agreed to share profit and losses in the ratio 3:2:1 for Abanga, Banzey and Chambas respectively. The details provided below relate to the business financial performance for the year 2023.

Details	GH¢
Sales	663,400
Cost of goods sold:
Opening inventory	150,000
Purchases	300,000
	450,000
Closing inventory	(120,000)
	330,000
Gross profit	333,400
Less expenses:
Staff cost	102,000
Business promotions	58,100
Depreciation	98,200
Electricity and water	53,000
Expired drugs	12,100
Donation	78,000
Rent and rates	15,000
Sundry expenses	50,000
Vehicle running cost	63,000
	(529,400)
Net profit	134,000
Tax paid	(15,200)
Net profit after tax	118,800

Additional Information:

Staff cost includes monthly stipend allocations to the aged parents of the partners totaling GH¢18,000.
All three Partners are taking care of their aged parents who are more than 60 years.
Business promotions include lunch expenses of the partners amounting to GH¢21,200.
Donations include funeral donation made during the funeral of the mother of the Vice Chancellor of the Tamale Technical University amounting to GH¢20,000.
Sundry expenses include fine amounting to GH¢32,000 imposed by the Food and Drugs Authority for failure to remove some expired drugs from shelves.
The Partners received Withholding Tax Certificates indicating an amount of GH¢15,200 from the Binabaani European Hospital for medical consumables supplied to the hospital.
Capital allowance has been agreed with the Ghana Revenue Authority at GH¢104,200.

Required: i) Compute the chargeable income for Nmani Pharmacy for the 2023 Year of Assessment.

(ii) Compute the net tax payable by each partner for the year 2023.

(b) In line with the provisions of the Income Tax Act, 2015 (Act 896), partnership and limited liability companies in Ghana are taxed in accordance with their residency status in a year of assessment.

Required: State the criteria for the determination of the residency status of partnership and limited liability companies.

(c) All over the world, countries have introduced policies to guarantee income for their hard-working workforce who may go on retirement to enable them to live meaningful lives after retirement. Ghana’s pension system aims to provide personal financial security for employees in their retirement years.

Required: Describe the current pension system in Ghana.

Answer

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Tags: Allowable expenses, Capital Allowance, chargeable income, Disallowable expenses, Partnership
Level: Level 2

Topic: Pension System
Series: MAR 2025

POT – Mar 2025 – L2 – Q3 – Taxation of Individuals

Determine Selassi Afolabi’s chargeable income for 2023.

Question

a) Selassi Afolabi was employed as the Personnel Manager of Tano North District Assembly on 1 March 2021 on salary scale of GH¢72,000, which is expected to increase by GH¢4,000 annually to a maximum of GH¢84,000. As part of his conditions of employment, he is entitled to the following: i) He has a fully furnished accommodation. ii) He has a vehicle, fuel and driver for official use only. iii) Risk allowance of GH¢2,000 a month. iv) Inconvenience allowance of GH¢1,500 a month. v) Professional allowance of GH¢2,500 a month. vi) He was paid a bonus of GH¢16,000. vii) He had the services of a gardener who receives monthly salary of GH¢800, paid by the employer. viii) He is divorced with three children who are schooling in government approved schools in Ghana. ix) He contributes 5.5% of his salary to the Social Security Scheme. x) He contributes 8% of his salary to an approved Provident Fund and his employers also contributes 10% on his behalf to the Provident Fund. xi) He received a net dividend of GH¢12,800 in 2023 from shares owned in a resident company. xii) He received a director’s fee of GH¢16,000 net of 20% WHT in 2023 from being a Board member in a private company.

Required: Determine his chargeable income for the 2023 year of assessment.

b) Adwoa Ntowbea is an investor in several companies in Ghana and abroad. Below are details of ordinary share dealing of Adwoa Ntowbea in Amaraaba LTD, a limited liability company in Ghana which is not listed on the Ghana Stock Exchange.

Date	Details
1 Jan 2023	Bought 500 shares at GH¢11 each
18 Sept 2023	Bought 1500 shares at GH¢12 each
30 Dec 2023	Bought 800 shares at GH¢10 each
19 Nov 2024	Sold 500 shares for GH¢12 each

Required: i) Determine the gains on the shares sold

ii) Determine the tax, if any, on the shares sold.

iii) Explain the withholding tax regime on realization of capital assets.

iv) What are the tax return requirements on realization of capital gains?

Answer

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Tags: chargeable income, Directors’ Fees, Dividends, Employment Income, Provident fund, Social Security, Tax Allowances
Level: Level 2

Topic: Capital Gains Tax (CGT)
Series: MAR 2025

AA – Mar 2025 – L2 – Q2 – Audit Evidence

Explain 4 procedures to gather evidence on environmental regulation breaches at Tanko Company LTD.

Question

(a). During the audit of Tanko Company LTD, a manufacturer of plywood, it came to the External Auditor’s attention that the company was under investigation by the Environmental Protection Agency for breaches of environmental regulations. The company also recently came under adverse media reportage for doing little to restore the forest that is depleted as a result of their operations.

Required:

(i). Explain FOUR procedures that may be performed by the auditor to gather evidence about the possible impact of these developments.

(ii). What does the auditor do if there are no actual or suspected non-compliance matters? Justify your response.

(b).

Internal and external auditors often carry out their work using similar procedures. However, there are a number of fundamental differences between the two audit roles.

Required:

Distinguish between internal audit and external audit.

Answer

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Tags: Audit Differences, Auditor Roles, External audit, Internal Audit
Level: Level 2

Topic: Internal Audit and External Audit Relationship
Series: MAR 2025

AA – Mar 2025 – L2 – Q1 – Assurance Engagements

Explain five elements of an assurance engagement per IAASB Handbook 2023-2024.

Question

a) IAASB Handbook 2023-2024 edition, includes the definition of assurance engagements and its elements, which is a very useful piece of information for external auditors.

Required:

Explain FIVE elements of assurance engagement as defined in the IAASB Handbook 2023-2024 edition.

b) Section 320 of the IESBA Code of Ethics includes the requirement and procedures that auditors are required to follow before acceptance of new client relationship or changes in an existing engagement.

Required:

State and explain FIVE factors to consider in client engagement acceptance as explained in Section 320 of the IESBA Code of Ethics.

Answer

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Tags: Audit Ethics, Auditor Independence, Client Acceptance, IESBA Code
Level: Level 2

Topic: Professional Ethics and Code of Conduct for Auditors (IESBA Code)
Series: MAR 2025

AT – Mar 2025 – L3 – Q5 – Transfer Pricing

Prepare a functional analysis for a multinational group's entities from a transfer pricing perspective.

Question

a) The global mobile technology industry is rapidly growing and Amega Cell LTD (AMC), has established itself as a leading Multinational Entity (MNE) in this industry. The AMC group is made up of entities involved in the manufacture, distribution and sale of media and communications processors (MCPs) that deliver advanced technologies and unmatched performance to desktop, mobile and professional systems.

Sarpeiman Technologies LTD (STL), in country A is responsible for conducting research and development, creating new MCPs for use in the telecommunication and mobile technology industry, as well as improvements in the design of MCPs. STL employs a number of highly skilled technical staff, including qualified software and electronic engineers. All of the AMC group’s intellectual property is legally owned by STL.

Resident in Country B is STL-Sub1, a wholly owned subsidiary of STL. STL-Sub1 is the entity in charge of manufacturing all of AMC’s products, making use of the know-how and intellectual property of STL. STL-Sub1 makes royalty payments to STL for the use of know-how in the manufacturing process for the MCPs. STL-Sub1 sells finished products to STL-Sub2 and STL-Sub3.

Resident in Country C is STL-Sub2, an entity which purchases finished goods from STL-Sub1 which it then distributes to end customers in the Country C. STL-Sub2 makes royalty payments to STL for use of the intellectual property attached to the products it sells to end customers.

Resident in Country D is STL-Sub3, an entity which purchases finished goods from STL-Sub1, which it then distributes to end customers in Country D. STL-Sub3 makes royalty payments to STL for the use of the intellectual property attached to the products it sells to end customers.

Each distributor entity within the group has an office, and employs highly-skilled staff involved in activities including administration, procurement, marketing and sales. Marketing and sales staff employed in this industry need to possess strong technical knowledge and communicate this to potential customers.

Required:

From a transfer pricing perspective, prepare a functional analysis of the parent company, indicating the entity characterisation for each group entity.

b) Chariston LTD, a US based company intends investing in Ghana for the first time. In the evaluation of the acquisition proposal, the following options are offered:

i) To acquire 50%

ii) To acquire 51%

The Ghanaian company identified as the target is into ceramic manufacturing and is located at Adukrom, a district capital in the Eastern Region of Ghana.

Required:

With practical illustrations, explain what Chariston LTD stands to benefit from both acquisition and also the implication for holding either option.

Answer

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Tags: Corporate Taxation, Ghana tax law, Mergers and Acquisitions, Ownership Change, Tax Incentives
Level: Level 3

Topic: Taxation of Mergers and Acquisitions
Series: MAR 2025

AT – Mar 2025 – L3 – Q4 – VAT Cancellation

Explain the process for Batakari LTD to cancel its voluntary VAT registration under the Value Added Tax Act, 2013.

Question

a) Batakari LTD was incorporated on 1 January 2024, and has since accumulated a lot of input VAT credit it could not deduct because the company was not registered for VAT. The company had not yet registered for VAT because it was yet to start generating revenue, and did not expect any revenue in the 2024 financial year. The company therefore applied for voluntary VAT registration under the Value Added Tax Act, 2013 (Act 870 as amended) on 1 March 2024. However, the Finance Manager of the company upon registering for VAT, and noticing the need to still file monthly VAT returns, intends to apply for cancellation of the company’s VAT registration on 31 March 2025. Required: Batakari LTD needs your assistance on how to go about the VAT cancellation process.

b) As a tax expert, you have been approached by the Junior Accountants you work with in the Finance Department of Mando Advisors. They have been debating all morning on the exempt supplies and zero-rated supplies. According to the Junior Accountants, “exempt supplies and zero-rated supplies are similar, and there is no material difference, if any, between the two, since in both cases, there is no output tax charged”. Required: As an expert, explain to the Junior Accountants the difference between exempt supplies and zero-rated supplies. Your answer should focus on tax accounting and compliance obligations regarding exempt and zero-rated supplies.

c) Dekyiwaa LTD has been registered as a VAT Withholding Agent. The company has received three (3) invoices, and needs your assistance on the amount of withholding VAT to be withheld and remitted to the GRA. Assume the taxes charged on these invoices are in full compliance with the provisions of the Value Added Tax Act, 2013 (Act 870 as amended). Invoice 1 (for the supply of stationery for the business)

	GHc
Invoice amount	15,000
VAT @ 3%	450
COVID Levy @ 1%	150
Tax-inclusive value	15,600

Invoice 2 (for the supply of immovable property from an estate developer)

	GHc
Invoice amount	570,000
VAT @ 5%	28,500
COVID Levy @ 1%	5,700
Tax-inclusive value	604,200

Invoice 3 (for the supply of internet broadband services from an internet service provider)

	GHc
Invoice amount	500,000
NHIL @ 2.5%	12,500
GETFL @ 2.5%	12,500
COVID Levy @ 1%	5,000
CST @ 5%	25,000
	555,000
VAT @ 15%	83,250
Tax-inclusive value	638,250

Required: For each of the three (3) invoices above, calculate and justify the amount of Withholding VAT that Dekyiwaa LTD should withhold and remit to the Ghana Revenue Authority in line with the provisions of the Value Added Tax Act, 2013 (Act 870 as amended).

d) Fiscal policy measures are tools for economic management. These are meant to stabilise the economy and minimise distortions. One of such measures is contractionary fiscal policy. Required: Explain how the Government of Ghana could use contractionary fiscal policy to fight inflation. (5 marks)

Answer

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Tags: Contractionary Policy, Fiscal Policy, Inflation, Tax Management
Level: Level 3

Topic: Tax Planning and Management
Series: MAR 2025

AT – Mar 2025 – L3 – Q3 – Tax Planning and Ethical Issues

Explain differences between tax planning and aggressive tax avoidance, manage conflict of interest, and benefits of foreign debt over domestic debt.

Question

a) It has been said that there is a thin line between tax planning and tax avoidance. The line is a little thinner when one compares tax planning to aggressive tax avoidance. Required: Explain the areas of divergence between tax planning and aggressive tax avoidance. Do you however think the two may be similar in any way? (10 marks)

b) A conflict of interest occurs when an individual’s personal interests – family, friendships, financial or social factors such as serving two or more competing clients could compromise his or her judgement, decisions or actions in the performance of his/her duties. You are a tax expert at Pompor & Associates, a firm of Chartered Accountants and Tax Practitioners. Your third assignment is to carry out a tax health check into the affairs of one of the clients of your firm where your interest is likely to conflict. Required: Explain how you are likely to manage the actual or potential conflict of interest situation. (5 marks)

c) The Bank of Ghana’s summary of Economic and Financial data has over the years shown the escalating nature of Ghana’s public debt. Successive governments keep blaming themselves that despite the huge debts contracted over the years there is little development across the country. Published statistics also show that the total foreign debts mostly contracted outstrip the total domestic debt. You are the head of the Policy Unit of the Ministry of Finance who work closely with the Chief Director of the Ministry. Required: Draft a report for the perusal of the Chief Director for onward submission to the Minister to be tabled for cabinet discussion on FOUR benefits of foreign debt over domestic debt. (5 marks)

Answer

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Tags: Aggressive Tax Avoidance, Conflict of Interest, Domestic Debt, Fiscal Policy, Foreign Debt, Tax Planning
Level: Level 3

Topic: Indirect Taxes
Series: MAR 2025

AT – Mar 2025 – L3 – Q2 – Taxation of Specialized Businesses

Compute tax payable for Kanto Mining Company for 2023, including adjustments for financial costs, royalties, and other income.

Question

a) The following relates to the Kanto Mining Company (KMC) for the 2023 year of assessment.

	GHe’ million
Operating Margin	1,700
Tax paid against 2023 year of assessment	100
Royalty paid	1.64

The following forms part of the tax returns of the company: i) The gross production was 2 million ounces of gold. ii) Revenue from the sale of the gold was GH¢6.8 billion. iii) Financial cost incurred from derivative which was included in the determination of the margin above was GH¢12 million. iv) The company made income from tailings amounting to GH¢14 million. The tailings value was not used in the determination of the margin above. v) The company received a machinery worth GH¢250 million in return for gold sold to affiliate, the market value of the machinery was GH¢270 million. This was not used in the computation of the margin above. vi) Research and development expenditure of GH¢0.7 million was used in arriving at the margin above. vii) Revenue received from the sale of fertilizer was GH¢45 million. This was a one-off transaction with an associated cost of GH¢23 million. These details have been included by the accountant in arriving at the margin above as part of gross revenue and production cost respectively. viii) Loan of GH¢120 million was received with interest of GH¢30 million each year to be liquidated in the next 4 years from an uncontrolled company. Part of the gold was used to pay for the interest repayment through a hedged programme. The quantity of gold was valued at GH¢38 million at the time of exchange and has not been accounted for in the books of account. ix) Shaft sinking and overburdening stripping cost incurred in the development of another field was GH¢67 million and added to production cost. x) Contribution towards community development programme of GH¢46.5 million was added to cost of production. The company provided proof with pictures of the donation with paper headlines on the ceremony. xi) Dividend received from three sources: a mining company at Obuasi, a petroleum upstream company in Takoradi and ceramics company at Datok (Upper East) all in Ghana amounting to GH¢20,000, GH¢30,000 and GH¢40,000 respectively. The total amount has been captured as part of revenue in note (ii) above. xii) Written Down Value carried forward of mining assets was GH¢140 million agreed with the Ghana Revenue Authority. They have granted capital allowance three times.

Required: Compute the tax payable.

b) Maanikuur Company LTD, a self-assessed taxpayer of the Ghana Revenue Authority (GRA), estimated its chargeable income for the assessment year, 2023 to be GH¢30 million.

The company commissioned a new Plant in April 2023 and realised that its production capacity has improved hence revised its estimated chargeable income to GH¢50 million in May 2023 and notified the GRA accordingly. Withholding taxes of GH¢150,000 was paid in May 2023.

In November 2023, the Directors were advised by the company’s External Auditors to adjust their chargeable income to avoid an imposition of a penalty by GRA. This was adhered to and subsequently the estimate was further revised to GH¢75 million and notified GRA. Withholding taxes of GH¢260,000 was paid in November 2023.

The company submitted its 2023 annual tax returns on the due date of 30 April 2024 and posted actual chargeable income of GH¢93.750 million.

The company tax rate is 25% and the Bank of Ghana statutory rate is 20%.

Required: i) Compute the instalment payments for the four quarters in the 2023 year of assessment. (6 marks) ii) Compute penalty payable by Maanikuur Company LTD, if any for 2023. (2 marks)

Answer

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Tags: chargeable income, instalment payments, Self Assessment., Tax Penalties, Withholding Tax
Level: Level 3

Topic: Tax Administration and Dispute Resolution Series: MARCH 2025
Series: MAR 2025

AT – Mar 2025 – L3 – Q1 – Taxation of Companies

Compute allowable financial cost and company tax payable for Afraa LTD for 2024, including tax implications.

Question

a) Afraa LTD made a net profit before tax of GH₵1,100,000 for the year 2024.
The following were effected before arriving at the net profit before tax:

Depreciation: GH₵105,000.
Income tax paid (meant for last quarter of 2023): GH₵22,500.
Financial cost (from financial derivatives): GH₵350,000
Financial gain (from financial derivatives): GH₵105,000

Additional Information:
Capital allowance of GH₵180,000 and Donations to Osu Children’s home of GH₵30,000 which were agreed on with Ghana Revenue Authority are yet to be recognised in the financial statements.
Required:
Compute the allowable financial cost and the company tax payable for 2024. Explain any other tax implications.

b) Premier Insurance Company LTD located at Koforidua submitted the following accounts for the year ended 31 December 2024.

Note	GH₵
Gross premiums received	3,380,000
Premiums returned to insurers	118,500
Reinsurance premiums paid	126,000
Claims settled	1,185,000
Reinsurance claims recovered	24,000
Commissions to agents	271,200
General administrative expenses	881,900
Interest on Bank Deposits (Net)	418,000
Gross income from insurance consultancy services rendered	350,000
Dividends received (Net)	341,000
Reserves for unexpired risk at 31/12/2023	910,000

Notes:

Commissions to agents
| | GH₵ | |——————————–|————| | Casual commission agents | 250,000 | | Unnamed commission agents | 21,200 |
General administrative expenses
| | GH₵ | |——————————–|————| | Water and electricity | 69,200 | | Office wages and salaries | 414,560 | | Repairs to premises | 91,920 | | Motor expenses | 57,040 | | Depreciation | 56,800 | | Loss on sale of equipment | 20,640 | | Professional charges (Note iii) | 66,000 | | Sundry expenses (Note iv) | 103,840 | | Entertainment | 1,900 |

i) Repairs to premises

	GH₵
Construction of main gate and Landscaping	86,360
Minor office decoration	3,600
Re-plastering of damaged walls	1,960

ii) Motor expenses

	GH₵
Travelling expenses	7,200
Purchase of new vehicle engine	35,000
Fuel and lubricants	14,840

iii) Professional charges

	GH₵
Accounting and audit fees	23,200
Cost of obtaining new lease to build an office complex	42,800

iv) Sundry expenses

	GH₵
Penalty for late filling of tax returns	9,500
Donation to Ghana Education Trust Fund (confirmed by GRA)	8,000
Postage and courier services	7,200
Fines for vehicle wrong parking	1,300
Office cleaning	29,000
Business Operating Permit paid to Ada District Assembly	15,000
Printing and stationery	25,500
Telephone and communication/internet services	8,340

Other information:

Reserves for unexpired risk is calculated at 45% of net insurance premium.
Capital allowance for the year has been agreed at GH₵65,400 after consideration of all available information in the tax returns.
Required:
Determine the chargeable income of Premier Insurance Company LTD.
(9 marks)

c) Practice notes are issued by the Commissioner-General of the Ghana Revenue Authority (GRA), by publishing a notice in the Gazette or on their website or in at least two daily newspapers of national circulation.

Required:

As a tax finalist working with Kato Chartered Accountants, explain to your study partner FOUR purposes of issuing practice notes.

Answer

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Tags: Ghana Revenue Authority, Practice notes, Tax Administration
Level: Level 3

Topic: Tax Administration and Dispute Resolution
Series: MAR 2025

AAA – Mar 2025 – L3 – Q5 – Related Party Transactions

Identify 5 procedures to mitigate risks in related party transactions per 2020 Corporate Governance Code.

Question

(a). According to the corporate governance code for listed companies 2020 SEC/CD/001/10/2020, The Board of Directors shall adopt a related party transactions policy to identify relevant related parties to the company and any transactions with related parties that may take place and which specifies procedures to be adopted that will mitigate the risk that such transactions may be conducted in a way that constitutes a conflict of interest or which is against the interests of shareholders as a whole.

Required:

Identify FIVE procedures to be adopted by a Board that will mitigate the risk that related party transactions conducted are against the interest of shareholders.

(b). The Institute of Chartered Accountants, Ghana Act, 2020 (Act 1058) requires a firm of Chartered Accountants to be registered as a sole proprietorship or partnership but not as a limited liability company.

Required:

Discuss FOUR potential issues with audit firms registering as limited liability companies.

Answer

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Topic: Regulatory Framework and Professional Standards
Series: MAR 2025

AAA – Mar 2025 – L3 – Q4 – Audit Committees and Performance Auditing

Discuss mandatory roles of Audit Committees under PFM Act and evaluate objectives and features of performance audits.

Question

a) Audit Committees play a significant role in improving and providing transparency around governance risk management and internal control functions of Public Sector Organisations. The roles and responsibilities of the Audit Committee are provided for under section 88 of the Public Financial Management (PFM) Act 2016, (Act 921) and the Guidelines for Effective Functions of Audit Committees (2017) issued by the Ministry of Finance.
Required:
Discuss the mandatory roles and responsibilities of Audit Committee.
(10 marks)

b) Performance auditing is an independent, objective auditing and reliable examination of whether government undertakings, systems, operations, programmes, activities or organisations are operating as expected. It is mostly used for non-profit making organisation to assess the viability of such organisation, though it can also be used for profit making organisation to ensure whether the organisation is achieving certain objectives.
Required:
i) Evaluate the objectives of performance audits.
(6 marks)
ii) Explain TWO features of performance audits.
(4 marks)

Answer

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Tags: Audit Committee, Corporate Governance, Performance Auditing, PFM Act, Public Sector
Level: Level 3

Topic: Public Sector Audits
Series: MAR 2025

AAA – Mar 2025 – L3 – Q3 – Audit of Complex Transactions and Provisions

Justify provisions for toxic emission fines, outline audit procedures for a new filter and provision, and identify risks in providing assurance for a disposal licence.

Question

You are partner for a firm called Konamoah & Associates, who are auditors for Aluco, an aluminium processing company. Aluco has several issues with its aluminium and steel byproducts, including toxic emissions and a poor health and safety record for employees in the workshop. Aluco has proven to be very lucrative for your firm and you are busy planning the coming year’s audit visits after agreeing to continue this engagement some weeks earlier. The by-products arising from the production process include the following:

Sharp metallic fragments that require disposal under an annually granted licence.
Toxic exhaust gases that require treatment by a specific filter.
Carcinogenic oil that require storage in underground bunkers. Aluco is in the process of installing a new filter to process toxic exhaust gases. This represents an investment of GH¢2,000,000 and is material to the financial statements. The new filter is expected to reduce the number of toxic leaks that the company has caused by over 90%, although the suppliers of the filter, Adamah Enterprises, have only just rushed this product onto the market. In the last five years, Aluco has been fined material amounts of between GH¢200,000 and GH¢400,000 by the Tema Metropolitan Assembly, so this new filter is expected to reduce their liability substantially. During an initial planning meeting held at Aluco, the Finance Director Frank Afful suggested to you that the year’s provision for toxic emission fines be removed as the new filter is likely to reduce these to negligible amounts. He has also mentioned that Aluco will need to start supplying information to assist with the metallic fragment disposal licence application and asked if your firm would be interested in providing assurance on the information required. Required: a) As the Audit Partner, justify the need for any provisions in respect of toxic emission fines. (4 marks) b) What audit procedures are you required to perform to determine the most appropriate treatment of both the new filter and the provision in the financial statements of Aluco and any possible worst case impact on your audit report? (10 marks) c) Identify SIX risks that your firm might have by agreeing to provide required assurance for Aluco’s application for a disposal licence. (6 marks)

Answer

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Tags: Assurance engagements, Audit opinion, Audit Procedures, Environmental Compliance, Financial Statements, IAS 37, Independence, Provisions, Risk Assessment, Toxic Emissions
Level: Level 3

Topic: Audit of Complex Entities
Series: MAR 2025

Professional Body: ICA (Ghana)

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LPB – OCT 2019 – L3 – Q1 – Multiple Choice Questions on Banking Law and Practice

Multiple-choice questions testing knowledge of cheques, banker-customer relationships, account operations, and related legal principles under the Bills of Exchange Act, 1961 (Act 55) and common law.

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List and explain five significant sources of audit evidence and the nature of evidence expected from each.

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Explain importance of environmental disclosures for AML and key EPA disclosure requirements in sustainability reports.

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AML evaluates money market and forward contract hedges to mitigate USD/GHS exchange rate risk on USD 10M gold export revenue, with calculations and internal hedging strategies.

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Analyze AML's employee management using IR Framework and evaluate the appropriateness of its diversification strategy into lithium mining.

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State five payments exempt from withholding taxes in Ghana.

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Identify two key concerns from AML's employee satisfaction survey and their impact on competitive advantage.

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Explain 4 procedures to gather evidence on environmental regulation breaches at Tanko Company LTD.

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Explain five elements of an assurance engagement per IAASB Handbook 2023-2024.

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Prepare a functional analysis for a multinational group's entities from a transfer pricing perspective.

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AT – Mar 2025 – L3 – Q4 – VAT Cancellation

Explain the process for Batakari LTD to cancel its voluntary VAT registration under the Value Added Tax Act, 2013.

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AT – Mar 2025 – L3 – Q3 – Tax Planning and Ethical Issues

Explain differences between tax planning and aggressive tax avoidance, manage conflict of interest, and benefits of foreign debt over domestic debt.

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AT – Mar 2025 – L3 – Q2 – Taxation of Specialized Businesses

Compute tax payable for Kanto Mining Company for 2023, including adjustments for financial costs, royalties, and other income.

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AT – Mar 2025 – L3 – Q1 – Taxation of Companies

Compute allowable financial cost and company tax payable for Afraa LTD for 2024, including tax implications.

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AAA – Mar 2025 – L3 – Q5 – Related Party Transactions

Identify 5 procedures to mitigate risks in related party transactions per 2020 Corporate Governance Code.

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AAA – Mar 2025 – L3 – Q4 – Audit Committees and Performance Auditing

Discuss mandatory roles of Audit Committees under PFM Act and evaluate objectives and features of performance audits.

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AAA – Mar 2025 – L3 – Q3 – Audit of Complex Transactions and Provisions

Justify provisions for toxic emission fines, outline audit procedures for a new filter and provision, and identify risks in providing assurance for a disposal licence.

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