Question Tag: Compliance

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MOFS – APRIL 2023 – L4 – Q1 – Steps of the Selling Process in Financial Services

As Head of Business Development, write a report explaining the steps of the selling process in financial services marketing, focusing on how personal selling generates new business.

Question

Personal selling is a key promotional and distribution tool in in financial services marketing. A lot of new business can be gained through person selling which adopt the six selling processes. As the Head of Business Development of your Bank, your Executive Director, Client Services has asked you to write a report to explain briefly the steps of the selling process.

Answer

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Tags: Compliance, Distribution, Financial Services, Personal Selling, Promotion, Sales Training, Selling Process
Level: Level 4

Series: APR 2023

EOB – APR 2023 – L1 – Q1 – Risks in Cheque Operations for Paying Bank

Discuss five risks faced by a paying bank in cheque operations.

Question

With reference to cheque operations, state and discuss any five risks faced by a paying bank.

(20 marks)

Answer

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Tags: Cheque operations, Compliance, Forgery, Fraud, Ghana Banking, paying bank, Risks
Level: Level 1

Topic: Bankers and Customers Relationship
Series: APR 2023

TAI – Aug 2020 – L1 – Q2 – Taxpayer File Review

Explain six key reasons for reviewing a taxpayer’s file before a field audit.

Question

(A) The tax auditor’s initial objective in pre-contact analysis is to collect relevant background materials and information to build a general picture of the taxpayer and its operations. Preparing for and obtaining the essential information about the taxpayer ensure that the audit is conducted efficiently and effectively.

Required: Enumerate and discuss six (6) key reasons why taxpayer’s file is reviewed prior to the field audit?

(B) Information from prior audit report and file may assist the auditor in his or her current exercise.

Required: Clearly outline and discuss any four (4) reasons why it is important to review the previous audit report or contact the previous tax auditor when preparing to undertake a current audit assignment.

(C) In the course of a tax audit, certain critical information on the audit should be communicated to the audit supervisor or manager as soon as the tax auditor took notice of them.

Required: Mention six (6) of such information that may require such action.

Answer

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Tags: Audit Preparation, Compliance, Pre-contact Analysis, Tax Audit, Taxpayer File
Level: Level 1

Topic: Audit Planning and Strategy
Series: AUGUST 2020

ATP – Feb 2017 – L3 – Q3 – Pooling System

Explain general features of the pooling system for capital allowances.

Question

You are a Chartered Tax Practitioner and you have been consulted to produce an article for publication in The Tax Collector, the monthly journal of the Ghana Revenue Authority on the topic “The Pooling System of granting allowance as provided in the Income Tax Act, 2015 (Act 896).

Required:

a. Explain the general features of the pool system. (10 Marks)

b. What are conditions expected to be satisfied before the grant of Capital Allowances? (8 Marks)

Answer

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Tags: Capital allowances, Compliance, Depreciation
Level: Level 3

Topic: Income Tax Computation
Series: FEB 2017

ATP – Feb 2017 – L3 – Q2 – VAT Returns

Explain what VAT Returns are for a newly registered company.

Question

The Managing Director of EDVALLEY (Ghana) Limited, a newly registered company, has approached you to assist their company to comply with the Value Added Tax law in Ghana. They have asked you specifically to assist in the area of VAT Return and payment of the related tax.

Required:

a) Explain what VAT Returns are (4 Marks)

b) Advise the Managing Director company with respect to registration, submission of returns and the payment of the tax. (10 Marks)

c) A person with turnover below the registrable level could apply voluntarily to the Commissioner-General to be registered as a taxable person.

Required:

Outline the circumstances under which the Commissioner–General could refuse the request to register a taxable person. (6 Marks)

Answer

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Tags: Commissioner-General, Compliance, Registration, VAT
Level: Level 3

Topic: Indirect Taxes
Series: FEB 2017

CR – Nov 2024 – L3 – Q5b – Financial Performance & Digital Technology Integration

Evaluating the financial performance of Nsawkaw PLC and addressing challenges of digital technology integration in accounting.

Question

(a) Compute the following ratios for the years ended 2024 & 2023:
i) Operating profit margin
ii) Return on parent’s equity
iii) Earnings per share
iv) Current ratio
v) Trade receivables days
vi) Total liabilities to total assets %

(b) Write a report to the directors of DPEF evaluating the inter-period financial performance and position of NK using the above six (6) ratios. The report should draw attention to how the non-financial metrics combine with the financial counterparts to showcase the prospects and viability of NK. c) The concept of double materiality is relevant to sustainability impacts and dependencies. It
incorporates financial materiality and impact materiality.

Answer

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Tags: Compliance, Cybersecurity, Digital Transformation, Ethics, Financial Analysis, Ratio Analysis
Level: Level 3

Topic: Analysis and Interpretation of Financial Statements, Beyond financial reporting
Series: Nov 2024

AT – Nov 2024 – L3 – Q2c – Extension of Time and Early Filing of Tax Returns

Explain the conditions for tax return extension and early filing requirements.

Question

Akosua Sokode has set up a small business to sell cosmetics in Accra. She just called you, an associate member of the Institute of Chartered Accountants Ghana, to seek your advice on tax returns and payment of taxes. Akosua Sokode told you that she cannot meet her tax payment deadlines and cannot file tax returns by the due dates. She also confided in you that maintenance of documents is a big problem for her.

Required:

Address the concerns of Akosua Sokode by briefing her on the following:

i) THREE factors regarding the extension of time for filing tax returns.

ii) TWO circumstances under which the Commissioner-General may request for filing of tax returns before the due date.

Answer

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Tags: Commissioner-General, Compliance, Filing Deadlines, Revenue Administration Act, Tax Policy, Tax Returns
Level: Level 3

Topic: Tax administration in Ghana
Series: Nov 2024

AT – Nov 2024 – L3 – Q1b – Challenges in Tax Reforms in Ghana

Analyze two key challenges in tax reforms in Ghana.

Question

Countries, including Ghana, have embarked on various tax reforms geared towards improving tax revenue to help provide infrastructure and guarantee sustainable growth. Tax administration in Ghana has therefore seen a number of reforms over the years, including restoring the tax base, improving tax administration, and the integration of the Revenue Agencies into an Authority to act as a one-stop shop as per the Ghana Revenue Authority Act, 2009 (Act 791).

Required:
In reference to the statement above, analyze TWO challenges (key issues) on tax reforms in Ghana.

Answer

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Tags: Compliance, Fiscal Policy, policy implementation, Revenue Administration, Tax Base Expansion, Tax Law Challenges, Tax reforms
Level: Level 3

Topic: Tax administration in Ghana
Series: Nov 2024

AAA – Nov 2024 – L3 – Q5b – Anti-Money Laundering Regulations and Auditor Responsibilities

Discuss anti-money laundering regulations in Ghana and auditors' responsibilities in compliance.

Question

Lamsey Jewelers is a family-owned business specializing in high-end jewellery, located in Dunkwa-On-Offin in the Central Region of Ghana. The company sources gold from various suppliers in the small-scale mining sector. Recently, the Minerals Commission received anonymous tips suggesting that Lamsey Jewelers may be involved in laundering money through its operations. Authorities suspect that the business could be used to conceal the origins of illicit funds through gold purchases and sales.

To investigate these suspicions, regulatory authorities have appointed Baba Yara and Associates, an independent auditing firm, to conduct a thorough review of Lamsey Jewelers’ operations and financial transactions. During the audit, Baba Yara and Associates discovered that Lamsey Jewelers has been accepting large cash payments for custom jewellery orders without conducting proper due diligence on the customers. Several transactions involving cash payments exceed typical retail amounts, raising suspicions of potential money laundering.

Required:

i) Discuss the key legal and regulatory requirements in Ghana related to anti-money laundering relevant to Lamsey Jewelers.

ii) Discuss the obligations placed on professional firms such as Baba Yara and Associates in relation to money laundering.

Answer

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Tags: Anti-Money Laundering, Audit Procedures, Compliance, Due diligence, Financial Crimes, Professional Ethics, Regulatory Framework, Risk Assessment
Level: Level 3

Topic: Regulatory Framework and Audit Responsibilities
Series: Nov 2024

AAA – Nov 2024 – L3 – Q5a – Roles of an Audit Committee in Corporate Governance

Explain four roles of an audit committee in compliance with good corporate governance practices.

Question

An Audit Committee is a sub-group of a company’s Board of Directors responsible for the oversight of the financial reporting and disclosure process. The duties and responsibilities of the Audit Committee greatly contribute to good corporate governance practices of a company.

Required:
Explain FOUR roles of an Audit Committee in compliance with good corporate governance practices.

Answer

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Tags: Audit Committee, Compliance, Corporate Governance, Financial Reporting, Internal Audit, Oversight, Regulatory Framework, Risk Management
Level: Level 3

Topic: Institutional Regulation and Standard-Setting
Series: Nov 2024

PT – Nov 2023 – L2 – Q5a – Withholding Tax Administration

Explanation of the obligations of a withholding agent under the Ghanaian tax system.

Question

The retention of tax by one person when making payment to another person regarding the obligations of a withholding agent is sometimes described as an easy way of tax administration.

Required:
Explain the obligations of a withholding agent.
(5 marks)

Answer

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Tags: Compliance, Filing Requirements, Ghana Revenue Authority, Tax law, Withholding Tax
Level: Level 2

Series: NOV 2023

AA – May 2017 – L2 – Q5b – Completion Procedures and Reporting

Explanation of audit procedures in reviewing the overall financial statements.

Question

Auditors go through a checklist of procedures before expressing an opinion on the financial statements.

Required:
Explain the audit procedure in relation to the review of the overall financial statements.

Answer

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Tags: Analytical review, Audit Procedures, Compliance, Financial Statement Review
Level: Level 2

Topic: Completion Procedures and Reporting
Series: MAY 2017

PT – May 2020 – L2 – Q2c – Value-Added Tax (VAT),

Explains the purpose of implementing Withholding VAT in Ghana.

Question

The introduction of Withholding Value Added Tax was widely celebrated by tax administrators and tax practitioners as it is believed the benefits to be raked by the Ghana Revenue Authority would be enormous.

Required:
What purpose does Withholding Value Added Tax seek to achieve?
(2 marks)

Answer

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Tags: Compliance, Tax Administration, Withholding VAT
Level: Level 2

Topic: Withholding Tax Administration
Series: MAY 2020

PT – March 2023 – L2 – Q5a – Tax Administration

State the transactions that require the use of a Tax Clearance Certificate (TCC).

Question

In 2021, the Ghana Revenue Authority migrated fully to an online portal for the filing and payment of taxes. One process included in this migration was the obtainment of a Tax Clearance Certificate (TCC), which plays an important role in tax compliance.

Required:

State SIX (6) transactions that require the use of a TCC.

Answer

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Tags: Compliance, Tax Administration, Tax Clearance Certificate, TCC
Level: Level 2

Topic: Tax Administration
Series: MAR 2023

AFM – May 2016 – L3 – Q4c – Emerging issues in finance and financial management, Regulatory framework and processes

Describe money laundering and identify risk-based approaches companies can use to combat it.

Question

c) The growth of globalization has created more opportunities for free movement of capital/funds, which has resulted in a global canker called “money laundering.” There have been global efforts from governments and international institutions to combat the menace.

Required:
i) Describe in simple terms the concept of money laundering. (2 marks)
ii) Identify THREE risk-based approaches companies can adopt to combat the risk of money laundering. (4 marks)

Answer

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Tags: Anti-Money Laundering, Compliance, Financial Regulations, Money laundering, Risk-Based Approach
Level: Level 3

Topic: Emerging issues in finance and financial management, Regulatory framework and processes
Series: MAY 2016

TX – May 2019 – L3 – Q4B – International taxation

Identify the factors considered by the Commissioner-General in selecting a person for a tax audit.

Question

b) The Commissioner-General may, in the exercise of his powers, audit the tax affairs of a person.

Required:
Identify THREE (3) factors considered for selecting a person for audit. (3 marks)

Answer

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Tags: Audit Selection, Commissioner-General, Compliance, Ghana Revenue Authority, Tax Audit
Level: Level 3

Topic: Tax administration in Ghana
Series: MAY 2019

AAA – July 2023 – L3 – Q4b – Government external audit and public accountability | Public sector audit

Discuss the responsibilities for an audit committee member during the first year of tenure in a public sector organization.

Question

The Public Financial Management Act, 2016 (Act 921) requires that all public sector entities should have audit committees. The Act also prescribes the functions of such committees; the functions include mandatory responsibilities and advisory responsibilities. Fortunately, you have been appointed to serve on the audit committee of a Government Agency for a term of two years, renewable for a second term, also for two years.

Required:

Discuss FIVE (5) responsibilities for the first year of your tenure. (10 marks)

Answer

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Tags: Audit Committees, Compliance, Governance, Public Sector Audit
Level: Level 3

Topic: Government external audit and public accountability, Public sector audit
Series: JULY 2023

BCL – May 2017 – L1 – Q6c – Company Law

State the circumstances under which the Registrar of Companies will refuse to register the proposed regulations of a company.

Question

c) State the circumstances under which the Registrar of Companies shall refuse to register the proposed Regulations of a company. (6 marks)

Answer

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Tags: Company Law, Company Registration, Compliance, Registrar of Companies
Level: Level 1

Topic: Contract Law
Series: MAY 2017

AAA – Dec 2023 -L3 – Q5C – The meaning of audit and assurance

Outline the implications of the term "true and fair" in audited financial statements.

Question

Auditors performing an audit in accordance with statutory requirements are required to issue a report that gives “a true and fair view” of the Financial Statements audited. Required:

Outline FOUR (4) implications of the term “true and fair” in audited financial statements.

Answer

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Tags: Compliance, Financial Statements, Presentation, True and Fair View
Level: Level 3

Topic: The meaning of audit and assurance
Series: DEC 2023

AAA – Nov 2016 – L3 – Q1b – Professional responsibility and liability | The regulatory environment

Discuss the responsibilities of management and the auditor to ensure adherence to laws and regulations.

Question

b) Wassaman Company is a private company established in the Wassa District in the Western Region to produce plastic bags to supply to sachet water producers. The company has 10 outlets within the district through which distribution is made to water producers. Employees of the company have been complaining about management’s reluctance to provide the health and safety needs of the company. The chief of the area has also shown his dissatisfaction about the extent of compliance with environmental laws and regulations by the company.

Required:

Discuss the responsibilities of management and the auditor to ensure adherence to laws and regulations. (10 marks)

Answer

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Tags: Audit Responsibilities, Compliance, Laws and regulations, Management responsibilities
Level: Level 3

Topic: Professional responsibility and liability, The regulatory environment
Series: NOV 2016

Question Tag: Compliance

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MOFS – APRIL 2023 – L4 – Q1 – Steps of the Selling Process in Financial Services

As Head of Business Development, write a report explaining the steps of the selling process in financial services marketing, focusing on how personal selling generates new business.

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EOB – APR 2023 – L1 – Q1 – Risks in Cheque Operations for Paying Bank

Discuss five risks faced by a paying bank in cheque operations.

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TAI – Aug 2020 – L1 – Q2 – Taxpayer File Review

Explain six key reasons for reviewing a taxpayer’s file before a field audit.

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ATP – Feb 2017 – L3 – Q3 – Pooling System

Explain general features of the pooling system for capital allowances.

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ATP – Feb 2017 – L3 – Q2 – VAT Returns

Explain what VAT Returns are for a newly registered company.

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CR – Nov 2024 – L3 – Q5b – Financial Performance & Digital Technology Integration

Evaluating the financial performance of Nsawkaw PLC and addressing challenges of digital technology integration in accounting.

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AT – Nov 2024 – L3 – Q2c – Extension of Time and Early Filing of Tax Returns

Explain the conditions for tax return extension and early filing requirements.

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AT – Nov 2024 – L3 – Q1b – Challenges in Tax Reforms in Ghana

Analyze two key challenges in tax reforms in Ghana.

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AAA – Nov 2024 – L3 – Q5b – Anti-Money Laundering Regulations and Auditor Responsibilities

Discuss anti-money laundering regulations in Ghana and auditors' responsibilities in compliance.

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AAA – Nov 2024 – L3 – Q5a – Roles of an Audit Committee in Corporate Governance

Explain four roles of an audit committee in compliance with good corporate governance practices.

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PT – Nov 2023 – L2 – Q5a – Withholding Tax Administration

Explanation of the obligations of a withholding agent under the Ghanaian tax system.

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AA – May 2017 – L2 – Q5b – Completion Procedures and Reporting

Explanation of audit procedures in reviewing the overall financial statements.

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PT – May 2020 – L2 – Q2c – Value-Added Tax (VAT),

Explains the purpose of implementing Withholding VAT in Ghana.

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PT – March 2023 – L2 – Q5a – Tax Administration

State the transactions that require the use of a Tax Clearance Certificate (TCC).

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AFM – May 2016 – L3 – Q4c – Emerging issues in finance and financial management, Regulatory framework and processes

Describe money laundering and identify risk-based approaches companies can use to combat it.

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TX – May 2019 – L3 – Q4B – International taxation

Identify the factors considered by the Commissioner-General in selecting a person for a tax audit.

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AAA – July 2023 – L3 – Q4b – Government external audit and public accountability | Public sector audit

Discuss the responsibilities for an audit committee member during the first year of tenure in a public sector organization.

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BCL – May 2017 – L1 – Q6c – Company Law

State the circumstances under which the Registrar of Companies will refuse to register the proposed regulations of a company.

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AAA – Dec 2023 -L3 – Q5C – The meaning of audit and assurance

Outline the implications of the term "true and fair" in audited financial statements.

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AAA – Nov 2016 – L3 – Q1b – Professional responsibility and liability | The regulatory environment

Discuss the responsibilities of management and the auditor to ensure adherence to laws and regulations.

You're reporting an error for "AAA – Nov 2016 – L3 – Q1b – Professional responsibility and liability | The regulatory environment"

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