Question Tag: Corporate Governance

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SCS – Nov 2024 – L3 – Q5c – Board Independence and Accountability in Corporate Governance

Evaluation of how the governance structure at BOGML affects board independence and accountability.

Question

There are a number of concepts of good corporate governance that every entity, including BOGML, must strive to adhere to.

Required:
Provide an evaluation of how the existing corporate governance structure at BOGML may undermine or compromise the following key concepts of good corporate governance, with particular reference to the current composition and organisation of the board.

i) Independence
ii) Responsibility and accountability

Answer

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Tags: Accountability, Board Independence, Corporate Governance, Ethics, Governance Framework, Leadership, Responsibility
Level: Level 3

Topic: Corporate Governance
Series: Nov 2024

SCS – Nov 2024 – L3 – Q5b – Board Responsibilities in Corporate Governance

Evaluate the role of the board in corporate governance, focusing on responsibilities for strategy, oversight, and ethical leadership.

Question

The role of the board of directors is critical in corporate governance. The National Corporate Governance Code for Ghana (the National Code) issued in November 2022 outlines the board’s core responsibilities.

Required:

Advise the board of BOGML on the FIVE key responsibilities of the board of directors as outlined in the National Code.

Answer

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Tags: Board Responsibilities, Corporate Governance, Ethics, Internal Controls, Risk Management, Strategic leadership
Level: Level 3

Topic: Professional practice and codes of ethics
Series: Nov 2024

SCS – Nov 2024 – L3 – Q5b – Board Responsibilities in Corporate Governance

Identify and explain the five governance pillars in the National Corporate Governance Code for Ghana 2022.

Question

It is evident that all is not well with the current corporate governance at BOGML. However, for the company to achieve sustainable growth and remain competitive, it must adhere to sound corporate governance principles.

Required:

Using the FIVE governance pillars identified in the National Corporate Governance Code for Ghana 2022 (the National Code), issued in November 2022 by the Institute of Directors-Ghana, advise the company on how to improve upon its current governance structure.

Answer

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Tags: Corporate Governance, Ethics, Internal Controls, Leadership, Risk Management, Social responsibility, Stakeholders, Transparency
Level: Level 3

Topic: Ethics and social responsibility
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

MA – Nov 2024 – L2 – Q2b – Ethical Standards in Business

Explanation of the need for ethical standards in business with reference to threats to ethical behavior.

Question

According to the IESBA Handbook of the International Code of Ethics for Professional Accountants, 2024 Edition, a distinguishing mark of the accountancy profession is its acceptance of the responsibility to act in the public interest and uphold ethical standards.

Required:

Explain the need for ethical standards in business (make reference to threats to ethical behavior).

Answer

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Tags: Business Integrity, Code of Conduct, Corporate Governance, Ethics, Professional Standards
Level: Level 2

Topic: Other Aspects of Performance Measurement
Series: Nov 2024

FM – Nov 2024 – L2 – Q1b – Ethical Issues in Financial Management

Discuss four ethical issues in financial management and their impact on decision-making.

Question

Finance Managers often encounter decisions that affect the organisation’s financial health and reflect its commitment to ethical standards. Balancing profitability with ethical considerations can be challenging, yet it is essential for sustaining long-term success and protecting an organisation’s reputation.

Required:
Discuss FOUR ethical issues in financial management.

Answer

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Tags: Corporate Governance, Ethics, Financial management, Professional Conduct
Level: Level 2

Topic: Ethical issues in financial management
Series: Nov 2024

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

CR – Nov 2016 – L3 – SC – Q5 – Ethical Issues in Corporate Reporting

Explain the concepts of creative accounting and window dressing, provide examples, reasons, and suggest preventive measures.

Question

Manipulation of reporting entities book’s and records have been termed in many quarters as “Creative Accounting” and “Window Dressing”. The Management of Wastage Plc requires clarification of these two concepts.

Write a report to the management of Wastage Plc that includes:
a. Definitions of Creative Accounting and Window Dressing. (2 Marks)
b. Five examples of each concept. (5 Marks)
c. Three possible reasons for Creative Accounting and Window Dressing. (3 Marks)
d. Advice to management on five possible preventive measures of Creative Accounting. (5 Marks)

Answer

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Tags: Corporate Governance, Creative Accounting, Ethics, Financial Statements, Window Dressing
Level: Level 3

Topic: Ethical Issues in Corporate Reporting
Series: NOV 2016

AAA – May 2017 – L3 – Q7 – Audit of Corporate Governance

Draft a memo outlining suggestions, advantages, and disadvantages of audit firm rotation.

Question

The need for auditor’s rotation has been a topic of discussion following various major corporate failures in recent years. The Central Bank of Nigeria (CBN) in 2006 introduced mandatory audit firm rotation as part of effective corporate governance of banks in Nigeria. The board of Aluwo Bank Plc has complied with this policy and are now reviewing its implementation. Some of the directors are not clear about the form that auditor’s rotation takes. While some have argued in favour of the Central Bank of Nigeria (CBN) policy on audit firm rotation, others are against it, claiming it has not achieved the desired objective.

Required:

Draft a memo to the board of Aluwo Bank Plc. which sets out clearly:

a. Two different suggestions about how auditor rotation could be achieved. (5 Marks)
b. Arguments in favour of audit firm rotation. (4 Marks)
c. Arguments against audit firm rotation. (6 Marks)

Answer

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Tags: Audit Firm Rotation, Audit Independence, Auditor Rotation, CBN Policy, Corporate Governance
Level: Level 3

Topic: Audit of Corporate Governance

CR – May 2017 – L3 – Q5c – Ethical Issues in Corporate Reporting

Identify the contents of a corporate governance report in annual reports of quoted companies.

Question

Institutional investors, if not all investors, need information about corporate governance in order to make rational and reasonable investment decisions. As such, the Securities and Exchange Commission (SEC) of Nigeria requires that the annual reports of all quoted companies should include a corporate governance report.

Required:
Identify the contents of such a corporate governance report. (5 Marks)

Answer

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Tags: Annual Reports, Corporate Governance, Investment decisions, SEC Nigeria
Level: Level 3

Topic: Ethical Issues in Corporate Reporting

SCS – Nov 2021 – L3 – Q4 – Professional Practice and Codes of Ethics

Present factors that assess the independence of independent non-executive directors according to the Code of Best Practices.

Question

The board of COM currently consists of one executive director, the CEO, six non-independent non-executive directors (NEDs), and three independent NEDs. The chairman of the board has indicated that since the company is now listed, it is prudent to increase the number of independent NEDs. This, in the view of the board chairman, will ensure a ‘balance of power’ on the board so that no individual or small group of individuals can dominate decision-making by the board.

Required:
The Board chairman has approached you, a corporate governance expert and consultant, to make a presentation to the board on the factors that would be considered in selecting independent NEDs as provided in the Code of Best Practices on Corporate Governance. Limit the factors to FOUR (4).

Answer

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Tags: Board Structure, Code of Best Practices, Corporate Governance, Director Independence, Governance, Independent NED
Level: Level 3

Topic: Professional practice and codes of ethics
Series: NOV 2021

SCS – Dec 2022 – L3 – Q8b – Controlling risk

Explanation of ways to embed risk awareness within an organisation.

Question

The risks that TCWL automated systems could be exposed to can be controlled and managed through embedding risk awareness in the culture of the organisation. Creating a culture of risk awareness is the responsibility of the board of directors and senior management of TCWL.

Required:
Explain FOUR (4) ways by which the Board can create and embed risk awareness in the culture of TCWL to ensure that systems risks are controlled effectively. (5 marks)

Answer

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Tags: Corporate Governance, risk awareness
Level: Level 3

Topic: Controlling Risk
Series: DEC 2022

SCS – Dec 2022 – L3 – Q8a – Controlling risk

Explanation of risks faced by automated systems and ways to embed risk awareness within an organisation.

Question

TCWL production processes and operations are highly automated, and this may expose the company to major risks with high potential of negative consequences for the business.

Required:
Explain FOUR (4) major risks that TCWL automated systems could suffer. (5 marks)

Answer

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Tags: Automated systems, Corporate Governance, risk awareness, Risk Management, System Vulnerabilities
Level: Level 3

Topic: Controlling Risk
Series: DEC 2022

SCS – Dec 2022 – L3 – Q7 – Strategy, stakeholders, and mission

Explanation of required corporate disclosures and measures to maximise shareholder engagement in a listed company.

Question

The Ghana Code of Best Practices for Corporate Governance specifies a number of disclosures that should be included in an annual report of a listed company, in addition to those required by law or other regulations. The new CEO has presented a paper to the Board recommending that the company should go public to raise some equity capital to partially finance its expansion plans. The listing of the company would result in an increased number of shareholders.

Required:

a) Explain to the Board SIX (6) statements that must be disclosed in the annual report of TCWL after listing on the Ghana Stock Exchange. (6 marks)
b) The Code of Best Practices recommends measures that aim at maximising attendance and involvement by shareholders in the company. Briefly discuss FOUR (4) of those measures. (4 marks)

Answer

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Tags: Annual Reports, Corporate Governance, Disclosures, Ghana Code of Best Practices, shareholder engagement
Level: Level 3

Series: DEC 2022

SCS – Apr 2022 – L3 – Q8 – Controlling risk

Explain five factors of internal control that HPC can implement to strengthen governance.

Question

The Accountant advised the CEO that to strengthen governance, the Board should concern itself with the establishment of strong internal control systems. Failures or weaknesses in internal controls will have adverse consequences for HPC’s finances, financial reporting, operational efficiency and effectiveness, or regulatory compliance.

Required:
Write a paper, explaining FIVE (5) factors to the Board the nature of internal controls that could be instituted by HPC to strengthen governance. (10 marks)

Answer

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Tags: Corporate Governance, Governance, Internal Controls, Risk Management
Level: Level 3

Topic: Controlling Risk
Series: APR 2022

SCS – Apr 2022 – L3 – Q7 – Professional practice and codes of ethics

Discuss key governance issues based on Ghana’s Code of Best Practices considering the Board Chairman’s intentions.

Question

In reference to Ghana’s Code of Best Practices in Corporate Governance, discuss FOUR (4) key issues that could determine how well or badly HPC is governed, taking into consideration the intention and business relationship of the Board Chairman. (10 marks)

Answer

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Tags: Best Practices, Board of Directors, Conflict of Interest, Corporate Governance, Ethical Governance
Level: Level 3

Topic: Professional Ethics and Code of Conduct for Auditors
Series: APR 2022

SCS – Apr 2022 – L3 – Q5 – Identifying and assessing risk

Discuss eight business risks faced by HPC and recommend mitigation strategies based on the Turnbull Report.

Question

In their Annual Business Review meeting, the Board of HPC discussed a report on Internal Controls and Risk Management, presented by the Internal Auditor. The Board Chairman in his comments mentioned that he would have been more comfortable with a Risk Management report categorized according to the Turnbull Report.

Required:
With reference to the Turnbull Report and the comments made by the Board Chairman, write a report discussing EIGHT (8) categories of business risks faced by HPC and recommendations to mitigate the identified risks. (20 marks)

Answer

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Tags: Business Risks, Corporate Governance, Risk Management, Risk Mitigation, Turnbull Report
Level: Level 3

Topic: Identifying and assessing risk
Series: APR 2022

SCS – Dec 2022 – L3 – Q3 – Strategy, stakeholders, and mission

Explanation of potential agency conflicts minimised by the involvement of a shareholder in management.

Question

Mr. Asare Blankson, the sole shareholder, has been actively involved in the management of the company by serving as the CEO for many years and currently as the Board Chairman. This could minimise potential agency conflicts associated with the separation of the shareholder(s) from management as suggested by the Agency Theory of Corporate Governance.

Required:

Explain FIVE (5) potential agency conflicts that could be minimised or avoided by Mr. Asare Blankson’s involvement in the management of the company as a former CEO and the current Board Chairman. (10 marks)

Answer

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Tags: Agency Conflicts, Agency theory, Corporate Governance, shareholder-management relations
Level: Level 3

Topic: Strategy, stakeholders, and mission
Series: DEC 2022

SCS – July 2023 – L3 – Q6b – Conflicts of Interest and Ethical Conflict Resolution

Explain the ICSA guidance on decisions that the board should reserve for itself and not delegate to individual or executive managers.

Question

The Director of Human Resources and Organisational Development is concerned that her recent presentation about matrix management structure and performance management should be sent to the board for approval. Prof. Ernest Kofi Mensah vehemently disagrees. He referred her to the Institute of Chartered Secretaries and Administrators (ICSA) guidance.

Required:
Identify and explain FOUR (4) of the Institute of Chartered Secretaries and Administrators (ICSA) guidance on decision-making responsibilities that the board should reserve to itself and should not be delegated to individual or executive managers to confirm and comment on the view that the Director of Human Resources and Organisational Development’s matrix structure presented is not one of the issues which require board approval before implementation.

Answer

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Tags: Board Responsibilities, Corporate Governance, Decision Making, ICSA Guidance
Level: Level 3

Topic: Conflicts of Interest and Ethical Conflict Resolution
Series: JULY 2023

SCS – Nov 2023 – L3 – Q6c – Professional Practice and Codes of Ethics

Identifying and explaining two limitations of the OECD Principles of Corporate Governance.

Question

The OECD Principles of Corporate Governance, as an international statement of principles about corporate governance, establishes minimum acceptable standards of corporate governance. However, like any such document on corporate governance, it has several limitations.

Required:
Identify and explain TWO (2) limitations of the OECD Principles of Corporate Governance.
(5 marks)

Answer

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Tags: Corporate Governance, International Standards, Limitations, OECD principles
Level: Level 3

Topic: Professional practice and codes of ethics
Series: NOV 2023

Question Tag: Corporate Governance

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SCS – Nov 2024 – L3 – Q5c – Board Independence and Accountability in Corporate Governance

Evaluation of how the governance structure at BOGML affects board independence and accountability.

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SCS – Nov 2024 – L3 – Q5b – Board Responsibilities in Corporate Governance

Evaluate the role of the board in corporate governance, focusing on responsibilities for strategy, oversight, and ethical leadership.

You're reporting an error for "SCS – Nov 2024 – L3 – Q5b – Board Responsibilities in Corporate Governance"

SCS – Nov 2024 – L3 – Q5b – Board Responsibilities in Corporate Governance

Identify and explain the five governance pillars in the National Corporate Governance Code for Ghana 2022.

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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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MA – Nov 2024 – L2 – Q2b – Ethical Standards in Business

Explanation of the need for ethical standards in business with reference to threats to ethical behavior.

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FM – Nov 2024 – L2 – Q1b – Ethical Issues in Financial Management

Discuss four ethical issues in financial management and their impact on decision-making.

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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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CR – Nov 2016 – L3 – SC – Q5 – Ethical Issues in Corporate Reporting

Explain the concepts of creative accounting and window dressing, provide examples, reasons, and suggest preventive measures.

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AAA – May 2017 – L3 – Q7 – Audit of Corporate Governance

Draft a memo outlining suggestions, advantages, and disadvantages of audit firm rotation.

Required:

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CR – May 2017 – L3 – Q5c – Ethical Issues in Corporate Reporting

Identify the contents of a corporate governance report in annual reports of quoted companies.

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SCS – Nov 2021 – L3 – Q4 – Professional Practice and Codes of Ethics

Present factors that assess the independence of independent non-executive directors according to the Code of Best Practices.

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SCS – Dec 2022 – L3 – Q8b – Controlling risk

Explanation of ways to embed risk awareness within an organisation.

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SCS – Dec 2022 – L3 – Q8a – Controlling risk

Explanation of risks faced by automated systems and ways to embed risk awareness within an organisation.

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SCS – Dec 2022 – L3 – Q7 – Strategy, stakeholders, and mission

Explanation of required corporate disclosures and measures to maximise shareholder engagement in a listed company.

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SCS – Apr 2022 – L3 – Q8 – Controlling risk

Explain five factors of internal control that HPC can implement to strengthen governance.

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SCS – Apr 2022 – L3 – Q7 – Professional practice and codes of ethics

Discuss key governance issues based on Ghana’s Code of Best Practices considering the Board Chairman’s intentions.

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SCS – Apr 2022 – L3 – Q5 – Identifying and assessing risk

Discuss eight business risks faced by HPC and recommend mitigation strategies based on the Turnbull Report.

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SCS – Dec 2022 – L3 – Q3 – Strategy, stakeholders, and mission

Explanation of potential agency conflicts minimised by the involvement of a shareholder in management.

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SCS – July 2023 – L3 – Q6b – Conflicts of Interest and Ethical Conflict Resolution

Explain the ICSA guidance on decisions that the board should reserve for itself and not delegate to individual or executive managers.

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SCS – Nov 2023 – L3 – Q6c – Professional Practice and Codes of Ethics

Identifying and explaining two limitations of the OECD Principles of Corporate Governance.

You're reporting an error for "SCS – Nov 2023 – L3 – Q6c – Professional Practice and Codes of Ethics"

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