ICAG Regulations

AAA – Mar 2025 – L3 – Q5 – Related Party Transactions

Identify 5 procedures to mitigate risks in related party transactions per 2020 Corporate Governance Code.

Question

(a). According to the corporate governance code for listed companies 2020 SEC/CD/001/10/2020, The Board of Directors shall adopt a related party transactions policy to identify relevant related parties to the company and any transactions with related parties that may take place and which specifies procedures to be adopted that will mitigate the risk that such transactions may be conducted in a way that constitutes a conflict of interest or which is against the interests of shareholders as a whole.

Required:

Identify FIVE procedures to be adopted by a Board that will mitigate the risk that related party transactions conducted are against the interest of shareholders.

(b). The Institute of Chartered Accountants, Ghana Act, 2020 (Act 1058) requires a firm of Chartered Accountants to be registered as a sole proprietorship or partnership but not as a limited liability company.

Required:

Discuss FOUR potential issues with audit firms registering as limited liability companies.

Answer

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Topic: Regulatory Framework and Professional Standards
Series: MAR 2025

AT – Nov 2024 – L3 – Q3b – Prohibitions on Representation and Tax Advice

Explain the prohibitions on representation and tax advice in relation to tax consultants under the Revenue Administration Act, 2016 (Act 915).

Question

With reference to the Revenue Administration Act, 2016 (Act 915), what constitutes prohibitions on representation and tax advice in relation to tax consultants?

Answer

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Tags: ICAG Regulations, Legal Framework, Revenue Administration Act, Tax advice, Tax Compliance, Tax Consultants, Tax Representation
Level: Level 3

Topic: Tax administration in Ghana
Series: Nov 2024

AA – May 2020 – L2 – Q2d – Audit and Assurance Evidence

Describe the rights of an auditor in the event of a disagreement and threat of removal.

Question

Your client Abeka Ltd is threatening to remove your firm as auditors as a result of disagreement on account of the use of inappropriate accounting policies.

Required:
Describe THREE (3) rights as an auditor in relation to the disagreement and subsequent threat of removal. (3 marks)

Answer

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Tags: Audit Dispute, Audit Removal, Auditor's Rights, ICAG Regulations, Professional Rights

Topic: Audit and Assurance Evidence
Series: MAY 2020

AAA – Mar 2025 – L3 – Q5 – Related Party Transactions

Identify 5 procedures to mitigate risks in related party transactions per 2020 Corporate Governance Code.

Question

Required:

Identify FIVE procedures to be adopted by a Board that will mitigate the risk that related party transactions conducted are against the interest of shareholders.

Required:

Discuss FOUR potential issues with audit firms registering as limited liability companies.

Answer

Find Related Questions by Tags, levels, etc.

Topic: Regulatory Framework and Professional Standards
Series: MAR 2025

AT – Nov 2024 – L3 – Q3b – Prohibitions on Representation and Tax Advice

Explain the prohibitions on representation and tax advice in relation to tax consultants under the Revenue Administration Act, 2016 (Act 915).

Question

With reference to the Revenue Administration Act, 2016 (Act 915), what constitutes prohibitions on representation and tax advice in relation to tax consultants?

Answer

Find Related Questions by Tags, levels, etc.

Tags: ICAG Regulations, Legal Framework, Revenue Administration Act, Tax advice, Tax Compliance, Tax Consultants, Tax Representation
Level: Level 3

Topic: Tax administration in Ghana
Series: Nov 2024

AA – May 2020 – L2 – Q2d – Audit and Assurance Evidence

Describe the rights of an auditor in the event of a disagreement and threat of removal.

Question

Your client Abeka Ltd is threatening to remove your firm as auditors as a result of disagreement on account of the use of inappropriate accounting policies.

Required:
Describe THREE (3) rights as an auditor in relation to the disagreement and subsequent threat of removal. (3 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Audit Dispute, Audit Removal, Auditor's Rights, ICAG Regulations, Professional Rights

Topic: Audit and Assurance Evidence
Series: MAY 2020

Question Tag: ICAG Regulations

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AAA – Mar 2025 – L3 – Q5 – Related Party Transactions

Identify 5 procedures to mitigate risks in related party transactions per 2020 Corporate Governance Code.

AT – Nov 2024 – L3 – Q3b – Prohibitions on Representation and Tax Advice

Explain the prohibitions on representation and tax advice in relation to tax consultants under the Revenue Administration Act, 2016 (Act 915).

AA – May 2020 – L2 – Q2d – Audit and Assurance Evidence

Describe the rights of an auditor in the event of a disagreement and threat of removal.

AAA – Mar 2025 – L3 – Q5 – Related Party Transactions

Identify 5 procedures to mitigate risks in related party transactions per 2020 Corporate Governance Code.

AT – Nov 2024 – L3 – Q3b – Prohibitions on Representation and Tax Advice

Explain the prohibitions on representation and tax advice in relation to tax consultants under the Revenue Administration Act, 2016 (Act 915).

AA – May 2020 – L2 – Q2d – Audit and Assurance Evidence

Describe the rights of an auditor in the event of a disagreement and threat of removal.

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AAA – Mar 2025 – L3 – Q5 – Related Party Transactions

Identify 5 procedures to mitigate risks in related party transactions per 2020 Corporate Governance Code.

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AT – Nov 2024 – L3 – Q3b – Prohibitions on Representation and Tax Advice

Explain the prohibitions on representation and tax advice in relation to tax consultants under the Revenue Administration Act, 2016 (Act 915).

You're reporting an error for "AT – Nov 2024 – L3 – Q3b – Prohibitions on Representation and Tax Advice"

AA – May 2020 – L2 – Q2d – Audit and Assurance Evidence

Describe the rights of an auditor in the event of a disagreement and threat of removal.

You're reporting an error for "AA – May 2020 – L2 – Q2d – Audit and Assurance Evidence"

AAA – Mar 2025 – L3 – Q5 – Related Party Transactions

Identify 5 procedures to mitigate risks in related party transactions per 2020 Corporate Governance Code.

You're reporting an error for "AAA – Mar 2025 – L3 – Q5 – Related Party Transactions"

AT – Nov 2024 – L3 – Q3b – Prohibitions on Representation and Tax Advice

Explain the prohibitions on representation and tax advice in relation to tax consultants under the Revenue Administration Act, 2016 (Act 915).

You're reporting an error for "AT – Nov 2024 – L3 – Q3b – Prohibitions on Representation and Tax Advice"

AA – May 2020 – L2 – Q2d – Audit and Assurance Evidence

Describe the rights of an auditor in the event of a disagreement and threat of removal.

You're reporting an error for "AA – May 2020 – L2 – Q2d – Audit and Assurance Evidence"

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