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

MGE – May 2018 – L2 – Q3b – Risk Management and Corporate Strategy

Discusses the ALARP framework in risk management and its relevance for the Health Pharmaceutical Company.

Question

Risk management has been an issue with the newly constituted board of Health Pharmaceutical Company. As the chairman of the board, you are required to:

Discuss the ALARP framework in risk management with the newly constituted board. (5 Marks)

Answer

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Tags: ALARP, Board Responsibilities, Corporate Governance, Risk Management
Level: Level 2

Topic: Risk Management and Corporate Strategy
Series: MAY 2018

MGE – May 2018 – L2 – Q2 – Corporate Governance

Discusses corporate governance, approaches, and key aspects of the Sarbanes-Oxley Act.

Question

Since the onset of the global economic crises of 2008 that led to the collapse of many corporations across the world, there has been a heightened demand for companies to have good and effective corporate governance structures.

a. Discuss the importance of effective corporate governance codes to corporations. (5 Marks)

b. Explain the TWO basic approaches of corporate governance and specify the one you consider to be more acceptable. (10 Marks)

c. Identify FIVE of the main governance aspects of the Sarbanes-Oxley Act. (5 Marks)

Answer

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Tags: Corporate Governance, Governance Codes, Principles-Based Approach, Rules-Based Approach, Sarbanes-Oxley Act
Level: Level 2

Topic: Corporate Governance
Series: MAY 2018

CSME – Nov 2021 – L2 – Q5B – Risk Management and Corporate Strategy

Evaluate the roles of the board of directors and risk committees in managing risks.

Question

Evaluate the roles of the following in risk management:
i. Board of directors. (4 Marks)
ii. Risk committees. (5 Marks)

Answer

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

Topic: Risk Management and Corporate Strategy
Series: NOV 2021

CSME – Nov 2018 – L2 – Q7 – Corporate Governance

Provide a defence for the unitary board structure, outline core roles, and discuss the composition and size of the board.

Question

It is important that, as a member of the board of directors of a company, you have a good understanding of the nature, types, and structures of a board.

You are required to:
a. Provide a defence for the unitary board structure. (5 Marks)
b. Outline the core roles of a board of directors. (5 Marks)
c. Provide a broad overview of the composition and size of a unitary board of directors. (5 Marks)

Answer

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Tags: Board Composition, board roles, Corporate Governance, Unitary Board Structure
Level: Level 2

Topic: Corporate Governance
Series: NOV 2018

CSME – Nov 2018 – L2 – Q2 – Corporate Governance

Identify five key corporate governance issues for expansion and principles of good corporate governance for PKL Restaurants Limited.

Question

PKL Restaurants Limited was established in 1995 and now has 12 branches in different parts of Lagos. The company wants to expand its operations to Abuja and Port Harcourt. Consequently, it seeks to restructure the business and build structures for good corporate governance.

Required:

a. Develop a proposal highlighting five key issues of corporate governance. (10 Marks)

b. Evaluate five principles of good corporate governance that the company should adhere to. (10 Marks)

Answer

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Tags: Board Responsibilities, Corporate Governance, expansion, Governance Principles, Restaurants
Level: Level 2

Topic: Corporate Governance
Series: NOV 2018

BL – May 2013 – L1 – SA – Q18 – Company Law

This question assesses knowledge of which company can appoint directors of another company.

Question

A company that can appoint or remove all or majority of the directors of another company at its sole discretion is ___________.

Answer

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Tags: Company Control, Corporate Governance, Directors
Level: Level 1

Topic: Company Law
Series: MAY 2013

BL – May 2013 – L1 – SA – Q17 – Company Law

This question tests the authority required for a company to issue different classes of shares.

Question

A company can issue classes of shares only if authorised by its ___________.

Answer

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Tags: Company Shares, Corporate Governance, Issuance
Level: Level 1

Topic: Company Law
Series: MAY 2013

BMF – MAY 2015 – L1 – SA – Q12 – The Business Environment

Identifying the most appropriate term for individuals or groups interested in an organization.

Question

The most appropriate terminology that describes those who have interest in an organisation is:

A. Customers
B. Shareholders
C. Stakeholders
D. Management
E. Owners

Answer

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Tags: Business Environment, Business interests, Corporate Governance, Stakeholders
Level: Level 1

Topic: The Business Environment
Series: MAY 2015

BL – May 2014 – L1 – SA – Q11 – Company Law

Identifying the officer responsible for examining a company's financial books.

Question

The officer of a company who formally examines and verifies the financial books of the company is the ____________.

Answer

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Tags: Company Law, Corporate Governance, Financial Examination
Level: Level 1

Topic: Company Law
Series: MAY 2014

BL – Nov 2015 – L2 – SB – Q3b – Business Ethics and Corporate Governance

State the limitations on cash payments under the Money Laundering (Prohibition) Act 2004.

Question

The Money Laundering (Prohibition) Act 2004 contains important provisions aimed at preventing money laundering, one of which is the limitation on the amount of cash payment.

Required:

State the limitation on the amount of cash payment under the Act.
(5 Marks)

Answer

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Tags: Cash Payment Limitation, Corporate Governance, Financial Crimes, Money laundering
Level: Level 1

Topic: Business Ethics and Corporate Governance
Series: NOV 2015

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.

You're reporting an error for "MA – Nov 2024 – L2 – Q2b – Ethical Standards in Business"

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.

You're reporting an error for "CR – Nov 2016 – L3 – SC – Q5 – Ethical Issues in Corporate Reporting"

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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MGE – May 2018 – L2 – Q3b – Risk Management and Corporate Strategy

Discusses the ALARP framework in risk management and its relevance for the Health Pharmaceutical Company.

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MGE – May 2018 – L2 – Q2 – Corporate Governance

Discusses corporate governance, approaches, and key aspects of the Sarbanes-Oxley Act.

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CSME – Nov 2021 – L2 – Q5B – Risk Management and Corporate Strategy

Evaluate the roles of the board of directors and risk committees in managing risks.

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CSME – Nov 2018 – L2 – Q7 – Corporate Governance

Provide a defence for the unitary board structure, outline core roles, and discuss the composition and size of the board.

You're reporting an error for "CSME – Nov 2018 – L2 – Q7 – Corporate Governance"

CSME – Nov 2018 – L2 – Q2 – Corporate Governance

Identify five key corporate governance issues for expansion and principles of good corporate governance for PKL Restaurants Limited.

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BL – May 2013 – L1 – SA – Q18 – Company Law

This question assesses knowledge of which company can appoint directors of another company.

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BL – May 2013 – L1 – SA – Q17 – Company Law

This question tests the authority required for a company to issue different classes of shares.

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BMF – MAY 2015 – L1 – SA – Q12 – The Business Environment

Identifying the most appropriate term for individuals or groups interested in an organization.

You're reporting an error for "BMF – MAY 2015 – L1 – SA – Q12 – The Business Environment"

BL – May 2014 – L1 – SA – Q11 – Company Law

Identifying the officer responsible for examining a company's financial books.

You're reporting an error for "BL – May 2014 – L1 – SA – Q11 – Company Law"

BL – Nov 2015 – L2 – SB – Q3b – Business Ethics and Corporate Governance

State the limitations on cash payments under the Money Laundering (Prohibition) Act 2004.

You're reporting an error for "BL – Nov 2015 – L2 – SB – Q3b – Business Ethics and Corporate Governance"

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