Question Tag: Ethics

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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

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

AAA – Nov 2024 – L3 – Q1a – Ethical Issues in Audit Engagements

Ethical issues and professional conduct in an audit engagement involving conflict of interest.

Question

You are the Audit Partner of a mid-sized audit firm, Amoah Sonko and Associates. One of your major clients, Kudi LTD (Kudi), has approached you for a significant audit engagement. Kudi has been experiencing rapid growth and plans to get listed on the Ghana Alternative Market within the next year. During preliminary discussions, the Managing Director of Kudi, a friend, promised you a bonus if the audit report is completed quickly and is favourable, highlighting the company’s strengths.

In the course of the audit of Kudi, you came across a series of unusual financial transactions. These included large intercompany loans with its sister companies, other significant related-party transactions with the directors, and an unusually high volume of sales recorded a few days before the end of the financial year. Upon further investigation, your team found discrepancies in inventory records and evidence of potential non-compliance with revenue recognition standards. The Finance Manager insists these transactions are legitimate and necessary for the company’s rapid growth.

Additionally, you noticed that Kudi was involved in a high-profile legal battle with a major competitor, which was not fully disclosed in the financial statements. The lawyer for Kudi insists that you omit this information from the audit report, arguing it would damage the company’s reputation and its plans to get listed on the Ghana Alternative Market.

Required:
i) Identify TWO potential ethical issues in the scenario and explain the potential impact on your professional conduct. ii) Identify the steps you should take to address the conflict of interest presented by the Managing Director’s offer.
iii) Discuss the potential sanctions for accepting the Managing Director’s offer and providing a favourable audit report without proper verification.
iv) Evaluate the impact of the undisclosed legal battle on Kudi LTD’s financial statements and the upcoming initial public offer.

Answer

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Tags: Auditor Independence, Conflict of Interest, Ethics, Professional Conduct
Level: Level 3

Topic: Professional responsibility and liability, Rules of professional conduct
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

FR – Nov 2024 – L2 – Q5b – Ethical Issues in Government Grants

Identification of ethical issues in recording a government grant and recommended corrective actions.

Question

Dahn is a Chartered Accountant who works for a large Pharmaceutical Company, Nimely Company Ltd (Nimely), as an Assistant Financial Controller. The Financial Controller of Nimely is also a Chartered Accountant with more than ten years of experience.

During the year, Nimely received a vehicle worth GH¢800,000 from the government to support its operations. According to the Government Official who presented the vehicle to the management of Nimely, the company has been compliant in filing and paying its taxes.

At the year-end, the Financial Controller passed the following entry in the Tally Software of Nimely Company Ltd:

Dr	Vehicle	GH¢800,000
Cr	Income	GH¢800,000

Dahn explained to the Financial Controller that the grant should be treated in line with the provisions of IAS 20: Accounting for Government Grants and Disclosure of Government Assistance. It is the company’s policy that such grants should be treated as deferred income.

The Financial Controller agreed that the treatment should have been in line with IAS 20, but mentioned that the entries should not be changed since the current treatment may help them meet their profit targets.

It is Nimely’s policy to depreciate its vehicles at a rate of 25% per annum on a straight-line basis.

Required:

i) Identify the ethical issues involved.
ii) Recommend the appropriate actions to be taken by Dahn.

Answer

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Tags: Ethics, Financial Integrity, Government Grants, IAS 20, Professional Conduct
Level: Level 2

Topic: Professional and Ethical Issues in Financial Reporting
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

AAA – May 2016 – L3 – Q2a – Ethical Issues in Auditing

Discuss the importance of ethical guidance for accountants in addressing money laundering concerns.

Question

(a) Comment on the need for ethical guidance for accountants on money laundering.
(5 Marks)

Answer

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Tags: Compliance, Ethics, ICAEW, IFAC, Money laundering, Professional Guidance
Level: Level 3

Topic: Ethical Issues in Auditing

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

SCS – March 2023 – L3 – Q1 – Ethics and social responsibility

Explains the importance of good ethical behavior for accountants and reasons for the public’s high expectations from the accountancy profession.

Question

a) At LCH, the Financial Accountant and the Internal Auditor have been designated as Ethics Focal Persons (EFP) to raise awareness of good ethical behavior among the staff.
As a student of ethics, explain FIVE (5) reasons why good ethical behavior (study and application of ethics) is important to today’s Accountant.
(5 marks)

b) The general public has high expectations of the accountancy profession and the idea of an ethical profession should be reinforced in their minds.
State THREE (3) reasons why the general public has high expectations of the accountancy profession to ensure good corporate governance practices.
(5 marks)

Answer

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Tags: Corporate Governance, Ethics, Professional Conduct, Public Expectations
Level: Level 3

Topic: Ethics and social responsibility
Series: MAR 2023

BMF – Nov 2021 – L1 – SB – Q6C – Business and Organizational Structures and Choices

This question asks candidates to state and explain six values organizations should adopt to promote ethical principles.

Question

In order to put the fundamental principles of ethics into practice, organizations need to adopt values that promote adherence to these principles.

State and explain SIX of these values.

Answer

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Tags: Adherence, Business values, Ethical Principles, Ethics
Level: Level 1

Topic: Business and Organizational Structures and Choices
Series: NOV 2021

BMF – Nov 2021 – L1 – SA – Q14 – The Role of Professional Accountants in Business and Society

Question about identifying an act that cannot be categorized under NOCLAR.

Question

Which of the following CANNOT be categorized as an act of Non-Compliance with Laws and Regulations (NOCLAR)?

A. Bribery
B. Whistleblowing
C. False accounting
D. Fraudulent practice
E. Mutilated financial records

Answer

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Tags: Ethics, Laws and regulations, Non-compliance
Level: Level 1

Topic: The Role of Professional Accountants in Business and Society
Series: NOV 2021

BMF – Nov 2021 – L1 – SA – Q6 – The Role of Professional Accountants in Business and Society

Question on principles that a professional accountant must comply with.

Question

A professional accountant is required to comply with the following fundamental principles, EXCEPT:

A. Integrity
B. Strategic framework
C. Confidentiality
D. Objectivity
E. Professional behaviour

Answer

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Tags: Ethics, Integrity, Professional Principles
Level: Level 1

Topic: The Role of Professional Accountants in Business and Society
Series: NOV 2021

BMF – May 2021 – L1 – SB – Q6c – The Role of Professional Accountants in Business and Society

Explain the role of professional accountancy bodies in promoting ethical behaviour in the business environment.

Question

What are the roles expected of the professional accountancy bodies in promoting ethical behaviour in the business environment?

Answer

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Tags: Business Conduct, Ethical Standards, Ethics, Professional Accountancy Bodies
Level: Level 1

Topic: The Role of Professional Accountants in Business and Society
Series: MAY 2021

BMF – May 2021 – L1 – SB – Q6b – The Role of Professional Accountants in Business and Society

State the expectations of the public regarding accountants and their professional bodies.

Question

State the expectations of the public in respect of the accountants and the professional bodies they affiliate with.

Answer

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Tags: Accountants, Ethics, Professional Bodies, Public Trust
Level: Level 1

Topic: The Role of Professional Accountants in Business and Society
Series: MAY 2021

BMF – May 2021 – L1 – SB – Q6a – The Role of Professional Accountants in Business and Society

State two problems that may arise causing employees to use a different reporting channel for unethical conduct.

Question

In a normal situation or circumstance, employees are expected to report unethical or illegal conduct to the supervisor or manager. State TWO problems that may arise that would make an employee use a different reporting channel.

Answer

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Tags: Ethics, Reporting Channels, Whistleblowing
Level: Level 1

Topic: The Role of Professional Accountants in Business and Society
Series: MAY 2021

BL – May 2023 – L1 – SA – Q16 – Business Ethics

Identify the correct feature associated with ethics.

Question

Which of the following is a feature of ethics?

A. It is punitive
B. It is repulsive
C. It is assertive
D. It is coercive
E. It is persuasive

Answer

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Tags: Business Conduct, Ethics, Legal Principles
Level: Level 1

Topic: Business ethics
Series: MAY 2023

BL – May 2017 – L1 – SB – Q4d – Business Ethics and Corporate Governance

Distinguishes the difference between a criminal offence and ethics in law and professional conduct.

Question

There is a marked difference between criminal law and ethics.

Required:
Distinguish between an offence and ethics.

Answer

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Tags: Criminal Law, Ethics, Offences, Professional Conduct
Level: Level 1

Topic: Business Ethics and Corporate Governance
Series: MAY 2017

BMF – Nov 2019 – L1 – SB – Q3 – The Role of Professional Accountants in Business and Society

Explain the term "Corporate code of ethics" and discuss ways to deal with stakeholders and benefits of code of ethics.

Question

(a) Explain the term ‘Corporate code of ethics’ and state the contents thereof. (5 Marks)

(b) The code of conduct recommends the way each stakeholder group might be treated ethically. Explain briefly TWO ways of dealing with employees, customers, and competitors ethically. (6 Marks)

(c) State the THREE main benefits of a corporate code of ethics. (9 Marks

Answer

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Tags: Corporate Code of Ethics, Ethics, Stakeholder Management
Level: Level 1

Topic: The Role of Professional Accountants in Business and Society
Series: NOV 2019

Question Tag: Ethics

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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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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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AAA – Nov 2024 – L3 – Q1a – Ethical Issues in Audit Engagements

Ethical issues and professional conduct in an audit engagement involving conflict of interest.

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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"

FR – Nov 2024 – L2 – Q5b – Ethical Issues in Government Grants

Identification of ethical issues in recording a government grant and recommended corrective actions.

Required:

You're reporting an error for "FR – Nov 2024 – L2 – Q5b – Ethical Issues in Government Grants"

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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AAA – May 2016 – L3 – Q2a – Ethical Issues in Auditing

Discuss the importance of ethical guidance for accountants in addressing money laundering concerns.

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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"

SCS – March 2023 – L3 – Q1 – Ethics and social responsibility

Explains the importance of good ethical behavior for accountants and reasons for the public’s high expectations from the accountancy profession.

You're reporting an error for "SCS – March 2023 – L3 – Q1 – Ethics and social responsibility"

BMF – Nov 2021 – L1 – SB – Q6C – Business and Organizational Structures and Choices

This question asks candidates to state and explain six values organizations should adopt to promote ethical principles.

You're reporting an error for "BMF – Nov 2021 – L1 – SB – Q6C – Business and Organizational Structures and Choices"

BMF – Nov 2021 – L1 – SA – Q14 – The Role of Professional Accountants in Business and Society

Question about identifying an act that cannot be categorized under NOCLAR.

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BMF – Nov 2021 – L1 – SA – Q6 – The Role of Professional Accountants in Business and Society

Question on principles that a professional accountant must comply with.

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BMF – May 2021 – L1 – SB – Q6c – The Role of Professional Accountants in Business and Society

Explain the role of professional accountancy bodies in promoting ethical behaviour in the business environment.

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BMF – May 2021 – L1 – SB – Q6b – The Role of Professional Accountants in Business and Society

State the expectations of the public regarding accountants and their professional bodies.

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BMF – May 2021 – L1 – SB – Q6a – The Role of Professional Accountants in Business and Society

State two problems that may arise causing employees to use a different reporting channel for unethical conduct.

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BL – May 2023 – L1 – SA – Q16 – Business Ethics

Identify the correct feature associated with ethics.

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BL – May 2017 – L1 – SB – Q4d – Business Ethics and Corporate Governance

Distinguishes the difference between a criminal offence and ethics in law and professional conduct.

You're reporting an error for "BL – May 2017 – L1 – SB – Q4d – Business Ethics and Corporate Governance"

BMF – Nov 2019 – L1 – SB – Q3 – The Role of Professional Accountants in Business and Society

Explain the term "Corporate code of ethics" and discuss ways to deal with stakeholders and benefits of code of ethics.

You're reporting an error for "BMF – Nov 2019 – L1 – SB – Q3 – The Role of Professional Accountants in Business and Society"

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