Question Tag: Companies Act

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BCL – Nov 2024 – L1 – Q5a – Annual General Meeting (AGM) Requirements

Legal requirements for holding an AGM and consequences of non-compliance.

Question

Yaw Perbi, the CEO of your company, is preparing for a top management meeting scheduled for 1 December 2023. One of the issues to be discussed is the mode of holding the next shareholders’ meeting. There are views that the Annual General Meeting (AGM) must be in-person so that members can vote on resolutions to be passed. Others believe that the AGM should be virtual or hybrid. Some shareholders believe that the items on the agenda are too many and that they would need two days to have a meaningful discussion. Kwasi Mensa, a shareholder, has decided not to attend the AGM if it is organised virtually.

Required:

a) Explain the following to your boss:

i) The requirement of the Companies Act, 2019 (Act 992) on the interval between which AGMs are to be held.

ii) THREE things that should be covered in the notice for an AGM.

iii) TWO consequences of not holding an AGM in accordance with the Companies Act.

iv) Justify whether or not decisions taken at the AGM will be binding on Kwasi Mensa.

Answer

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Tags: AGM, Companies Act, Corporate Governance, Meeting Notice, Shareholder Rights
Level: Level 1

Topic: Company Meetings and Resolutions
Series: Nov 2024

AA – May 2017 – L2 – Q1c – Regulatory Framework and Audit Responsibilities

Explanation of five duties and rights of auditors under the Companies Act, 1963 (Act 179).

Question

Briefly explain FIVE duties and FIVE rights of an auditor under Section 136 of the Companies Act, 1963 (Act 179).

Answer

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Tags: Auditor Duties, Auditor Rights, Companies Act, Corporate Governance
Level: Level 2

Topic: Regulatory Framework and Audit Responsibilities
Series: MAY 2017

AA – Nov 2016 – L2 – Q4c – Regulatory Framework and Audit Responsibilities

Outline the procedures for appointing auditors according to the Companies Act.

Question

Outline the procedures for the appointment of auditors in accordance with the Companies Act 1963 (Act 179). (8 marks)

Answer

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Tags: Auditor appointment, Companies Act, Procedures
Level: Level 2

Topic: Regulatory Framework and Audit Responsibilities
Series: NOV 2016

AA – Nov 2016 – L2 – Q1b – Regulatory Framework and Audit Responsibilities

Explain the duties and rights of an auditor under the Companies Act.

Question

Explain what your duties and rights are as an auditor of a company in line with the provisions of the Ghana Companies Act 1963 (Act 179).

Answer

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Tags: Auditor Duties, Companies Act, Rights
Level: Level 2

Topic: Regulatory Framework and Audit Responsibilities
Series: NOV 2016

AA – May 2020 – L2 – Q2c – Regulatory Framework and Audit Responsibilities

Comment on the powers of the Registrar General regarding auditor appointments in the scenario.

Question

The auditors of Obuasi Ltd resigned on 21 August 2019 after they had been validly appointed and accepted. The directors of Obuasi Ltd appointed Ofori Ansong and Co. Chartered Accountants as their new auditors on 10 October 2019. The Registrar General refused to accept Ofori Ansong and Co as auditors on the grounds that the directors had acted beyond their powers since the Registrar General has the power to appoint auditors.

Required:
Comment on the action of the Registrar General. (7 marks)

Answer

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Tags: Audit Resignation, Auditor appointment, Companies Act, Registrar-General, Regulatory Framework
Level: Level 2

Topic: Regulatory Framework and Audit Responsibilities, Regulatory framework and processes
Series: MAY 2020

AA – Aug 2022 – L2 – Q1a – Regulatory Framework and Audit Responsibilities

This question discusses why the Companies Act, 2019 (Act 992) prohibits accounting firms from offering non-audit services to audit clients.

Question

Accounting firms are in an excellent position to provide their clients with non-audit services such as consultancy, financial system design, review services, recruitment and valuation, among others, provided the necessary safeguards are in place. However, the Companies Act, 2019 (Act 992) prohibits the offering of such services to audit clients.

Required:
State FOUR (4) reasons for the prohibition of non-audit services to audit clients under the Companies Act, 2019 (Act 992).

Answer

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Tags: Audit regulations, Auditor Independence, Companies Act, Non-Audit Services
Level: Level 2

Topic: Regulatory Framework and Audit Responsibilities
Series: AUG 2022

AA – April 2022 – L2 – Q2a – Regulatory Framework and Audit Responsibilities

Identify the rights of an auditor and actions when rights are denied.

Question

The Companies Act, 2019 (Act 992) gives the auditor some rights.

Required:
i) Identify FOUR (4) rights of an auditor. (6 marks)
ii) Explain TWO (2) actions auditors may take when some of the rights are denied. (4 marks)

Answer

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Tags: Actions, Audit Limitations, Auditor Rights, Companies Act
Level: Level 2

Topic: Regulatory Framework and Audit Responsibilities
Series: APR 2022

BCL – Nov 2020 – L1 – Q2c – Types of Capital and the Financing of Companies

Explain the concepts of a fixed charge and a bond in the context of loans taken by companies.

Question

A loan taken by a company limited by shares may or may not be secured by a charge.

Required:
Explain the following:
i) A fixed charge (3 marks)
ii) A bond (3 marks)

Answer

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Tags: Bond, Companies Act, Company Law, Fixed Charge, Loans
Level: Level 1

Topic: Types of capital and the financing of companies
Series: NOV 2020

BCL – Nov 2020 – L1 – Q2b – Types of Capital and the Financing of Companies

Identify two prohibited transactions in shares under Section 56(1) of the Companies Act, 1963 ACT 179.

Question

State TWO (2) prohibited transactions in shares under section 56(1) of the Companies Act, 1963 ACT 179 where a company limited by shares is prohibited from transacting in its shares.

(4 marks)

Answer

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Tags: Companies Act, Company Law, Prohibited Transactions, Shares
Level: Level 1

Topic: Types of capital and the financing of companies
Series: NOV 2020

BCL – Nov 2020 – L1 – Q2a – Legal Implications Relating to Companies in Difficulty or in Crisis

Analyze the liability of officers and the company for changing the business object and the likely actions by the Registrar-General.

Question

P&Q Company, an incorporated non-governmental organization has been formed with the object of greening the environment and sponsoring deprived children to go to school up to Junior High School level. In the course of operation, the key officers of the company took a decision that the company goes into salt mining without reference to the office of the Registrar-General.

Under this new arrangement, huge profits were made, the Board of Directors was reconstituted, and unexpected debts were incurred. In doing so, the 17-year-old daughter of the Executive Director known as the whiz-kid in financial matters became a Board member. The Registrar of Companies has been alerted on the happenings at the company.

Required:
i) Analyze the new arrangement and give reasons if any, why the officers and P&Q Company will be liable. (5 marks)
ii) What are the likely actions to be taken by the Registrar-General in the circumstance of this case? (5 marks)

Answer

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Tags: Companies Act, Company Law, Liability, Registrar-General
Level: Level 1

Topic: Legal implications relating to companies in difficulty or in crisis
Series: NOV 2020

BCL – Nov 2024 – L1 – Q5a – Annual General Meeting (AGM) Requirements

Legal requirements for holding an AGM and consequences of non-compliance.

Question

Required:

a) Explain the following to your boss:

i) The requirement of the Companies Act, 2019 (Act 992) on the interval between which AGMs are to be held.

ii) THREE things that should be covered in the notice for an AGM.

iii) TWO consequences of not holding an AGM in accordance with the Companies Act.

iv) Justify whether or not decisions taken at the AGM will be binding on Kwasi Mensa.

Answer

Find Related Questions by Tags, levels, etc.

Tags: AGM, Companies Act, Corporate Governance, Meeting Notice, Shareholder Rights
Level: Level 1

Topic: Company Meetings and Resolutions
Series: Nov 2024

AA – May 2017 – L2 – Q1c – Regulatory Framework and Audit Responsibilities

Explanation of five duties and rights of auditors under the Companies Act, 1963 (Act 179).

Question

Briefly explain FIVE duties and FIVE rights of an auditor under Section 136 of the Companies Act, 1963 (Act 179).

Answer

Find Related Questions by Tags, levels, etc.

Tags: Auditor Duties, Auditor Rights, Companies Act, Corporate Governance
Level: Level 2

Topic: Regulatory Framework and Audit Responsibilities
Series: MAY 2017

AA – Nov 2016 – L2 – Q4c – Regulatory Framework and Audit Responsibilities

Outline the procedures for appointing auditors according to the Companies Act.

Question

Outline the procedures for the appointment of auditors in accordance with the Companies Act 1963 (Act 179). (8 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Auditor appointment, Companies Act, Procedures
Level: Level 2

Topic: Regulatory Framework and Audit Responsibilities
Series: NOV 2016

AA – Nov 2016 – L2 – Q1b – Regulatory Framework and Audit Responsibilities

Explain the duties and rights of an auditor under the Companies Act.

Question

Explain what your duties and rights are as an auditor of a company in line with the provisions of the Ghana Companies Act 1963 (Act 179).

Answer

Find Related Questions by Tags, levels, etc.

Tags: Auditor Duties, Companies Act, Rights
Level: Level 2

Topic: Regulatory Framework and Audit Responsibilities
Series: NOV 2016

AA – May 2020 – L2 – Q2c – Regulatory Framework and Audit Responsibilities

Comment on the powers of the Registrar General regarding auditor appointments in the scenario.

Question

Required:
Comment on the action of the Registrar General. (7 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Audit Resignation, Auditor appointment, Companies Act, Registrar-General, Regulatory Framework
Level: Level 2

Topic: Regulatory Framework and Audit Responsibilities, Regulatory framework and processes
Series: MAY 2020

AA – Aug 2022 – L2 – Q1a – Regulatory Framework and Audit Responsibilities

This question discusses why the Companies Act, 2019 (Act 992) prohibits accounting firms from offering non-audit services to audit clients.

Question

Required:
State FOUR (4) reasons for the prohibition of non-audit services to audit clients under the Companies Act, 2019 (Act 992).

Answer

Find Related Questions by Tags, levels, etc.

Tags: Audit regulations, Auditor Independence, Companies Act, Non-Audit Services
Level: Level 2

Topic: Regulatory Framework and Audit Responsibilities
Series: AUG 2022

AA – April 2022 – L2 – Q2a – Regulatory Framework and Audit Responsibilities

Identify the rights of an auditor and actions when rights are denied.

Question

The Companies Act, 2019 (Act 992) gives the auditor some rights.

Required:
i) Identify FOUR (4) rights of an auditor. (6 marks)
ii) Explain TWO (2) actions auditors may take when some of the rights are denied. (4 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Actions, Audit Limitations, Auditor Rights, Companies Act
Level: Level 2

Topic: Regulatory Framework and Audit Responsibilities
Series: APR 2022

BCL – Nov 2020 – L1 – Q2c – Types of Capital and the Financing of Companies

Explain the concepts of a fixed charge and a bond in the context of loans taken by companies.

Question

A loan taken by a company limited by shares may or may not be secured by a charge.

Required:
Explain the following:
i) A fixed charge (3 marks)
ii) A bond (3 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Bond, Companies Act, Company Law, Fixed Charge, Loans
Level: Level 1

Topic: Types of capital and the financing of companies
Series: NOV 2020

BCL – Nov 2020 – L1 – Q2b – Types of Capital and the Financing of Companies

Identify two prohibited transactions in shares under Section 56(1) of the Companies Act, 1963 ACT 179.

Question

State TWO (2) prohibited transactions in shares under section 56(1) of the Companies Act, 1963 ACT 179 where a company limited by shares is prohibited from transacting in its shares.

(4 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Companies Act, Company Law, Prohibited Transactions, Shares
Level: Level 1

Topic: Types of capital and the financing of companies
Series: NOV 2020

BCL – Nov 2020 – L1 – Q2a – Legal Implications Relating to Companies in Difficulty or in Crisis

Analyze the liability of officers and the company for changing the business object and the likely actions by the Registrar-General.

Question

Answer

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Tags: Companies Act, Company Law, Liability, Registrar-General
Level: Level 1

Topic: Legal implications relating to companies in difficulty or in crisis
Series: NOV 2020

Question Tag: Companies Act

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BCL – Nov 2024 – L1 – Q5a – Annual General Meeting (AGM) Requirements

Legal requirements for holding an AGM and consequences of non-compliance.

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AA – May 2017 – L2 – Q1c – Regulatory Framework and Audit Responsibilities

Explanation of five duties and rights of auditors under the Companies Act, 1963 (Act 179).

You're reporting an error for "AA – May 2017 – L2 – Q1c – Regulatory Framework and Audit Responsibilities"

AA – Nov 2016 – L2 – Q4c – Regulatory Framework and Audit Responsibilities

Outline the procedures for appointing auditors according to the Companies Act.

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AA – Nov 2016 – L2 – Q1b – Regulatory Framework and Audit Responsibilities

Explain the duties and rights of an auditor under the Companies Act.

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AA – May 2020 – L2 – Q2c – Regulatory Framework and Audit Responsibilities

Comment on the powers of the Registrar General regarding auditor appointments in the scenario.

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AA – Aug 2022 – L2 – Q1a – Regulatory Framework and Audit Responsibilities

This question discusses why the Companies Act, 2019 (Act 992) prohibits accounting firms from offering non-audit services to audit clients.

You're reporting an error for "AA – Aug 2022 – L2 – Q1a – Regulatory Framework and Audit Responsibilities"

AA – April 2022 – L2 – Q2a – Regulatory Framework and Audit Responsibilities

Identify the rights of an auditor and actions when rights are denied.

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BCL – Nov 2020 – L1 – Q2c – Types of Capital and the Financing of Companies

Explain the concepts of a fixed charge and a bond in the context of loans taken by companies.

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BCL – Nov 2020 – L1 – Q2b – Types of Capital and the Financing of Companies

Identify two prohibited transactions in shares under Section 56(1) of the Companies Act, 1963 ACT 179.

You're reporting an error for "BCL – Nov 2020 – L1 – Q2b – Types of Capital and the Financing of Companies"

BCL – Nov 2020 – L1 – Q2a – Legal Implications Relating to Companies in Difficulty or in Crisis

Analyze the liability of officers and the company for changing the business object and the likely actions by the Registrar-General.

You're reporting an error for "BCL – Nov 2020 – L1 – Q2a – Legal Implications Relating to Companies in Difficulty or in Crisis"

BCL – Nov 2024 – L1 – Q5a – Annual General Meeting (AGM) Requirements

Legal requirements for holding an AGM and consequences of non-compliance.

You're reporting an error for "BCL – Nov 2024 – L1 – Q5a – Annual General Meeting (AGM) Requirements"

AA – May 2017 – L2 – Q1c – Regulatory Framework and Audit Responsibilities

Explanation of five duties and rights of auditors under the Companies Act, 1963 (Act 179).

You're reporting an error for "AA – May 2017 – L2 – Q1c – Regulatory Framework and Audit Responsibilities"

AA – Nov 2016 – L2 – Q4c – Regulatory Framework and Audit Responsibilities

Outline the procedures for appointing auditors according to the Companies Act.

You're reporting an error for "AA – Nov 2016 – L2 – Q4c – Regulatory Framework and Audit Responsibilities"

AA – Nov 2016 – L2 – Q1b – Regulatory Framework and Audit Responsibilities

Explain the duties and rights of an auditor under the Companies Act.

You're reporting an error for "AA – Nov 2016 – L2 – Q1b – Regulatory Framework and Audit Responsibilities"

AA – May 2020 – L2 – Q2c – Regulatory Framework and Audit Responsibilities

Comment on the powers of the Registrar General regarding auditor appointments in the scenario.

You're reporting an error for "AA – May 2020 – L2 – Q2c – Regulatory Framework and Audit Responsibilities"

AA – Aug 2022 – L2 – Q1a – Regulatory Framework and Audit Responsibilities

This question discusses why the Companies Act, 2019 (Act 992) prohibits accounting firms from offering non-audit services to audit clients.

You're reporting an error for "AA – Aug 2022 – L2 – Q1a – Regulatory Framework and Audit Responsibilities"

AA – April 2022 – L2 – Q2a – Regulatory Framework and Audit Responsibilities

Identify the rights of an auditor and actions when rights are denied.

You're reporting an error for "AA – April 2022 – L2 – Q2a – Regulatory Framework and Audit Responsibilities"

BCL – Nov 2020 – L1 – Q2c – Types of Capital and the Financing of Companies

Explain the concepts of a fixed charge and a bond in the context of loans taken by companies.

You're reporting an error for "BCL – Nov 2020 – L1 – Q2c – Types of Capital and the Financing of Companies"

BCL – Nov 2020 – L1 – Q2b – Types of Capital and the Financing of Companies

Identify two prohibited transactions in shares under Section 56(1) of the Companies Act, 1963 ACT 179.

You're reporting an error for "BCL – Nov 2020 – L1 – Q2b – Types of Capital and the Financing of Companies"

BCL – Nov 2020 – L1 – Q2a – Legal Implications Relating to Companies in Difficulty or in Crisis

Analyze the liability of officers and the company for changing the business object and the likely actions by the Registrar-General.

You're reporting an error for "BCL – Nov 2020 – L1 – Q2a – Legal Implications Relating to Companies in Difficulty or in Crisis"

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