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

AA – Nov 2014 – L2 – Q4 – Fraud and Error

Describe how internal and external auditors handle fraud and error risks, and evaluate specific fraud risks at Rock Holidays.

Question

Fraud and error present risks to an entity. Both internal and external auditors are required to deal with risks in an entity. However, the responsibilities of internal and external auditors in relation to the risk of fraud and error differ.

Required:

a. Explain how the internal audit function helps an entity with the risk of fraud and error. (7 Marks)

b. Explain the responsibilities of external auditors with respect to the risk of fraud and error in an audit of financial statements. (7 Marks)

c. Rock Holidays is an independent travel agency. It does not package holidays itself. It takes commission on holidays sold to customers through its chain of high street shops. Staff are partly paid on a commission basis. Well-established tour operators run the holidays that Rock Holidays sells. The network reservations system through which holidays are booked and the computerized accounting system are both well-established systems used by many independent travel agencies.

Payments by customers, including deposits, are accepted in cash and by debit and credit cards. Rock Holidays is legally required to pay an amount of money (based on its total sales for the year) into a central fund maintained to compensate customers if the agency should cease operations.

Describe the nature of the risks arising from fraud and error to which Rock Holidays is subject. (6 Marks)

Answer

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Tags: Auditor Responsibilities, Corporate Governance, External audit, Fraud risk, Internal Audit, Rock Holidays
Level: Level 2

Topic: Fraud and Error

CSME – May 2023 – L1 – SA – Q3 – Corporate Governance

Explanation of corporate governance statement contents and voluntary disclosure.

Question

The code of corporate governance prescribes corporate governance disclosures for listed companies.

(a) Explain the contents of a corporate governance statement. (12 Marks)

(b) Not all information that corporate entities can provide is mandatory. Explain the justifications and drawbacks of voluntary disclosure in corporate governance reports. (8 Marks)

Answer

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Tags: Corporate Ethics, Corporate Governance, Stakeholder Communication, Transparency, Voluntary Disclosure
Level: Level 2

Topic: Corporate Governance
Series: MAY 2023

CSME – Nov 2015 – L2 – Q6 – Corporate Governance

Evaluates how specific corporate governance issues impact the effectiveness of a company's governance.

Question

Explain briefly how the following key issues in corporate governance establish how well or badly a company is governed:

a. The role and responsibilities of the board of directors
b. The composition and balance of the board of directors
c. Financial reporting, narrative reporting, and auditing
d. Directors’ remuneration
e. Risk management and internal control

Answer

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Tags: Board Composition, Corporate Governance, Directors’ Remuneration, Financial Reporting, Risk Management
Level: Level 2

Topic: Corporate Governance
Series: NOV 2015

CSME – Nov 2015 – L2 – Q5 – Corporate Governance

Outlines key responsibilities and duties of the board in corporate governance, relevant for improving corporate structure and performance.

Question

The owner of ABC Company learned from a conference and a professional magazine that weak corporate governance accounted for recent corporate failures in Nigeria. Many board members were found lacking a clear understanding of board responsibilities and duties.

Required:
The Managing Director will soon address the board and has requested a paper detailing the board’s responsibilities and duties.

Answer

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Tags: Accountability, Board Duties, Board Structure, Corporate Governance, Strategic Oversight
Level: Level 2

Topic: Corporate Governance
Series: NOV 2015

CSME – May 2022 – L2 – SB – Q4 – Corporate Governance

Analyze governance roles in public companies, focusing on the CEO, Chairman, and non-executive directors.

Question

Chief Etido has recently increased his shareholdings in Food Plc, a leading manufacturer of some fast-moving consumer goods (FMCG) in the country, to over 51%. As his close friend, he recently approached you for advice on how to actualize his ambition of becoming both Chief Executive Officer and Chairman of Food Plc as he is in several other private limited liability companies.

Required:

a. Advise Chief Etido on the possibility of becoming both the CEO and Chairman of a public limited liability company like Food Plc, as provided for by the Code of Corporate Governance. (2 Marks)

b. The roles of the following in a public limited liability company:

i. The CEO (5 Marks)
ii. The Chairman (5 Marks)

c. His responsibilities on the board of directors, if he chooses to become a non-executive member instead. (8 Marks)

Answer

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Tags: Board of Directors, CEO, Chairman, Corporate Governance, Non-Executive Directors
Level: Level 2

Topic: Corporate Governance
Series: MAY 2022

CSME – Nov 2016 – L2 – Q5a – Ethics in Business

Explain the four possible ethical stances for a business entity using the Johnson and Scholes model.

Question

With the aid of Johnson and Scholes Model, explain the FOUR possible ethical stances that a business entity should focus on.

Answer

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Tags: Business Strategy, Corporate Governance, Ethical Stances, Johnson and Scholes Model
Level: Level 2

Topic: Corporate social responsibility, Ethics in Business
Series: NOV 2016

CSME – Nov 2016 – L2 – Q4b – Risk Management and Corporate Strategy

Educate new board members on the role of the board and management in identifying and assessing risks.

Question

As the chairman of the board of directors of Health Pharmaceutical Company, you are required to educate newly elected members of the board on the roles of the board and management in identifying and assessing risks.

Answer

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Tags: Board of Directors, Corporate Governance, Risk Assessment, Risk Identification
Level: Level 2

Topic: Risk Management and Corporate Strategy
Series: NOV 2016

CSME – Nov 2016 – L2 – Q4a – Risk Management and Corporate Strategy

Present on ISO 31000 framework and the role of the board in risk management for a newly listed company on the Nigerian Stock Exchange.

Question

The board of directors of a company, recently listed on the Nigerian Stock
Exchange, has just resolved to put in place a robust enterprise-wide risk
management framework to ensure consistency in the approach to risk
management across the firm. This will include introducing the ISO 31000
framework for risk management to ensure international best practices in risk
management.

Required:
Draft a presentation to the board of directors on:

i) Key elements of ISO 31000 framework (6 Marks)
ii) The role of the board of directors and management in risk management (9 Marks)

Answer

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Tags: Board of Directors, Corporate Governance, ISO 31000, Risk Management
Level: Level 2

Topic: Risk Management and Corporate Strategy
Series: NOV 2016

CSME – Nov 2016 – L2 – Q2c – Corporate Governance

Discuss any five corporate governance issues related to corporate responsibility.

Question

Discuss any FIVE corporate governance issues.

Answer

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Tags: Board Composition, Corporate Governance, Ethics, Risk Management
Level: Level 2

Topic: Corporate Governance
Series: NOV 2016

CSME – Nov 2016 – L2 – Q2b – Corporate Governance

Defines the characteristics of a good company in the context of corporate governance.

Question

What kind of company is a good company?

Answer

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Tags: Business Success, Company Ethics, Corporate Governance, Stakeholder Management
Level: Level 2

Topic: Corporate Governance
Series: NOV 2016

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.

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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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AA – Nov 2014 – L2 – Q4 – Fraud and Error

Describe how internal and external auditors handle fraud and error risks, and evaluate specific fraud risks at Rock Holidays.

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CSME – May 2023 – L1 – SA – Q3 – Corporate Governance

Explanation of corporate governance statement contents and voluntary disclosure.

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CSME – Nov 2015 – L2 – Q6 – Corporate Governance

Evaluates how specific corporate governance issues impact the effectiveness of a company's governance.

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CSME – Nov 2015 – L2 – Q5 – Corporate Governance

Outlines key responsibilities and duties of the board in corporate governance, relevant for improving corporate structure and performance.

You're reporting an error for "CSME – Nov 2015 – L2 – Q5 – Corporate Governance"

CSME – May 2022 – L2 – SB – Q4 – Corporate Governance

Analyze governance roles in public companies, focusing on the CEO, Chairman, and non-executive directors.

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CSME – Nov 2016 – L2 – Q5a – Ethics in Business

Explain the four possible ethical stances for a business entity using the Johnson and Scholes model.

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CSME – Nov 2016 – L2 – Q4b – Risk Management and Corporate Strategy

Educate new board members on the role of the board and management in identifying and assessing risks.

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CSME – Nov 2016 – L2 – Q4a – Risk Management and Corporate Strategy

Present on ISO 31000 framework and the role of the board in risk management for a newly listed company on the Nigerian Stock Exchange.

You're reporting an error for "CSME – Nov 2016 – L2 – Q4a – Risk Management and Corporate Strategy"

CSME – Nov 2016 – L2 – Q2c – Corporate Governance

Discuss any five corporate governance issues related to corporate responsibility.

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CSME – Nov 2016 – L2 – Q2b – Corporate Governance

Defines the characteristics of a good company in the context of corporate governance.

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