Question Tag: Risk Management

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  • 10 Marks

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.

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.

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  • 10 Marks

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.

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.

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  • 5 Marks

SCS – Nov 2024 – L3 – Q2a – Approaches to Risk Management

Discusses risk management approaches to address identified risks in BOGML.

Approaches to risk management in BOGML – Advice to the board of directors

The following are the risk management approaches that the board of BOGML can adopt to manage the following risks identified in the company:

Risk A

  • Description: Low probability but high impact, e.g., pandemics, natural disasters.
  • Approach: Risk Transfer or Risk Sharing
  • Since this risk has a low likelihood of occurring but can result in severe financial losses, the company should consider transferring this risk or sharing risk. This can be done through the company taking full or partial (i.e. sharing of risk) insurance policies specifically designed for catastrophic events, such as business interruption insurance, pandemic insurance, or property insurance that covers natural disasters. Since the impact will be high when the risk occurs, the company can take insurance to pass on the high impact on the company to the insurance company which has to compensate BOGML in the event that the risk does occur.
  • The risk could also be shared through BOGML forming partnerships and collaborating with other OMCs to undertake investment in their oil stations.
  • The company should also develop a disaster recovery and business continuity plan to manage potential impacts effectively.

Risk B

  • Description: High likelihood but low financial impact, e.g., labor turnover and software downtime due to internet instability.

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  • 10 Marks

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.

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.

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  • 15 Marks

AA – Nov 2024 – L2 – Q3a – Management’s Expert and Audit Evidence

Explain the term "management’s expert" and four factors to consider before relying on their work as audit evidence.

Question:
ISA 500: Audit Evidence provides guidance for auditors intending to rely on the work of a management’s expert. If the information to be used as audit evidence has been prepared using the work of a management’s expert, the auditor must evaluate the management’s expert.

Required:
i) Explain the term “management’s expert.” 
ii) Explain FOUR factors to consider before relying on the work of a management’s expert as audit evidence.

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  • 5 Marks

AA – Nov 2024 – L2 – Q2b – Advantages of Outsourcing Internal Audit

Explain the advantages and disadvantages of outsourcing the internal audit function.

As organisations look for ways to cut costs, the idea of outsourcing internal audit work goes on the agenda. While outsourcing may be appealing in theory, there are good reasons to keep internal audit in-house.

Required:
i) State TWO advantages of outsourcing the internal audit function. 
ii) State THREE disadvantages of outsourcing the internal audit function.

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  • 20 Marks

AAA – May 2016 – L3 – Q3 – Internal Audit and Corporate Governance

Identify internal controls for managing risks at KAGM and explain related financial statement risks.

The Kuramo Art Gallery and Museum (KAGM) is in the centre of a city that is popular with tourists. About 65% of its income comes from admission fees and annual memberships, and about 30% of its income comes from sponsorship of special exhibitions by companies. Most of the remaining income comes from a small cafe and gift shop in the art gallery and museum.
Admission fees come from sales of tickets to daily visitors and from annual membership subscriptions from ‘Friends of KAGM’ who are entitled to free entry to the art gallery and museum at any time.
Day tickets can be purchased by credit card in advance, by a telephone ‘hotline’ or at KAGM’s website on the Internet. Alternatively, day tickets can be bought with cash or credit card at the ‘door’ on the day of the visit. Reduced prices are available for children, students, and individuals aged over 65, and there are also special reduced-price ‘family tickets’ for two adults and two children.
Sponsorship arrangements are agreed up to 18 months in advance. Some corporate sponsors, particularly transport companies (bus companies and railway companies) sell advertising to KAGM.
The management of KAGM have identified the following applicable risks that need careful attention. They believe that these risks should be managed actively.

(i) There is a failure to attract more visitors because of the poor condition of many of the paintings in the art gallery and of the items in the museum. Paintings must be restored regularly because their condition deteriorates. KAGM has just one specialist restorer, who is unable to keep up with the required volume of work. The management of KAGM recognise that investment in new items and the restoration of existing items is inadequate, but blame the lack of income for the problem.
(ii) Some corporate sponsorship agreements may not be invoiced due to poor communication between the sponsors, KAGM’s sponsorship managers, and the accounts department of KAGM.
(iii) Some sponsorship agreements are not invoiced at their correct amount. This happens often when a sponsor is also a company that provides advertising for KAGM. Normal practice is for these sponsors to deduct their advertising charges from the amount they pay to KAGM in sponsorship. However, the accounts department in KAGM is not given the details of these set-off arrangements.
(iv) Some of the cash received from day visitors at the door may be stolen (or lost, or used by management for business expenses) and does not reach KAGM’s cashier.
(v) The on-line booking system for buying tickets in advance on the KAGM website is not always available because the website is ‘down’.

Required:

(a) Describe appropriate internal controls to manage each of the applicable risks described above. (15 Marks)
(b) Explain the financial statement risks that arise from each of these applicable risks. (5 Marks)

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  • 7 Marks

FM – May 2016 – L3 – Q6a – Financial Risk Management

Calculating the number of call options needed to delta-hedge the position of a bank's investment in shares.

You work in the corporate finance department of a major bank. The bank has invested in 20,000,000 shares of Ode Oil Plc. You are concerned about the recent volatility in Ode Oil Plc’s share price due to the recent instability in the global oil market. You plan to protect the bank’s investment from a possible fall in Ode Oil Plc’s share price for the next three months and do not plan to sell the shares at present.

You have the following additional information:

  • Ode Oil Plc’s current share price: N10
  • Call option’s current share price: N11
  • Option expiry: 3 months
  • Interest rate (annual): 8%
  • Ode Oil Plc’s share annual standard deviation: 64%

You are required to calculate:
How many call options you need to buy or sell in order to delta-hedge the bank’s position. Please be specific.

Note: Delta may be estimated using N(d1).

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  • 15 Marks

FM – May 2017 – L3 – Q6 – Financial Risk Management

Analyze the use of an interest rate swap between two companies for mutual benefit.

Large Plc. (LP) wishes to borrow N200 million for five years to finance the purchase of new non-current assets. The preference of the company’s Directors is that these funds are borrowed at a fixed rate of interest. The company’s long-term debt is currently rated BBB, meaning LP would have to pay 6.5% p.a. for fixed rate borrowing. Alternatively, LP could borrow at a floating rate, i.e. the prime lending rate (PLR) + 2.25% at the present time.

The Directors of LP have recently been informed by its bank that TK Plc. is also currently looking to borrow N200 million for five years at a floating rate of interest, and its AA rating gives it access to floating rate borrowing at PLR + 1.50% per annum. TK Plc. would pay 5.50% per annum for fixed rate borrowing at the present time.

Required:

a. State FIVE reasons that a company might have for entering into an interest rate swap. (5 Marks)

b. Show how an interest rate swap could be used to the equal benefit of both companies, assuming that the terms of the swap agreement are such that LP’s swap payment to TK Plc. is to be 5.5% fixed per annum. (7 Marks)

c. Identify, with a supporting brief explanation, which of the two companies would be disadvantaged if the PLR were to fall consistently within the five-year term of the interest rate swap. (1 Mark)

d. Identify TWO risks that both companies will face, should they decide to enter into the interest rate swap agreement. (2 Marks)

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  • 20 Marks

AAA – May 2019 – L3 – Q3 – Audit of IT Systems and Data Analytics

Explain COBIT as an IT governance tool, its purpose, and six specific components of the framework.

Jemigboran Commercial Industries has been operating for some years. Its management has sought your input as the auditor of the company on a proposal by the information technology (IT) team of the company to introduce a framework as “Control Objectives for Information and Related Technologies (COBIT)” for its operations.

Required:
a. Explain COBIT as an IT governance tool, and the purpose it serves in an organisation. (8 Marks)
b. Identify and explain SIX specific components of COBIT. (12 Marks)

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  • 10 Marks

AAA – May 2018 – L3 – Q5a – The audit approach, Planning

Identifying and managing business risks facing Citilink Airlines, including leasing, service suspension, and onboard services.

Citilink Airlines was given an exclusive right by the Ministry of Aviation (MOA) to provide twice weekly direct flights between Accra and Johannesburg. The introduction of this service has been well advertised as ‘efficient and timely’ in national newspapers. The journey time between Accra and Johannesburg is expected to be significantly reduced, so as to encourage tourism and business development opportunities in Johannesburg. Citilink Airlines operates a refurbished 35-year-old aircraft which is leased from an international airline and registered with the MOA. The MOA requires that engines be overhauled every two years. Engine overhauls are expected to put the aircraft out of commission for several weeks. The aircraft is configured to carry 15 First Class, 50 Business Class, and 76 Economy Class passengers. The aircraft has a package to reserve holding capacity for Johannesburg’s numerous horticultural growers (e.g., cocoa, cashew, and fruits) and general cargo.

The six-hour journey offers an in-flight movie, a meal, hot and cold drinks, and tax-free shopping. All meals are prepared in Accra under a contract with an airport catering company. Passengers are invited to complete a ‘satisfaction’ questionnaire which is included with the in-flight entertainment and shopping guide. Responses received show that passengers are generally least satisfied with the quality of the food – especially on the Johannesburg to Accra flight. Citilink Airlines employs ten full-time cabin crew attendants who are trained in air-stewardship including passenger safety in the event of an accident and illness. Flight personnel (the captain and co-pilots) are provided under a contract with the international airline from which the aircraft is leased. At the end of each flight, the captain completes a timesheet detailing the crew and actual flight time. Citilink Airlines was incorporated in South Africa, whose capital town is Johannesburg on March 1, 2017, and now operates in Ghana whose capital town is Accra. Ticket sales are made by Citilink Airlines and travel agents in South Africa and Ghana. On a number of occasions, Economy seating has been over-booked. Customers who have been affected by this have been accommodated in Business Class as there is much less demand for this, and even less for First Class. Ticket prices for each class depend on many factors, for example, whether the tickets are refundable/non-refundable, exchangeable/non-exchangeable, single or return, mid-week or weekend, and the time of booking. Citilink’s insurance cover includes passenger liability, freight/baggage, and compensation insurance. Premiums for passenger liability insurance are determined on the basis of passenger miles flown.

Required:
i) Identify and explain FIVE business risks facing Citilink Airlines. (5 marks)
ii) Describe how the risks identified in (a) could be managed and maintained at an acceptable level by Citilink Airlines. (5 marks)

(Note. Assume it is 31 December 2017)

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  • 10 Marks

AAA – May 2018 – L3 – Q4b -Internal audit and outsourcing

Discuss the nature of consultancy projects in internal auditing and how to minimize associated risks.

Recent developments in corporate governance focus on the importance of an organisation’s ability to identify and manage risk. It is the responsibility of management to identify and respond to risk, but as part of the organisation’s internal control, internal audit can help provide assurance that risks have been managed properly. Internal auditors may also be involved in providing consultancy services. However, a balance needs to be struck between a wish to increase the level of responsibility given to internal auditors, in order to benefit from their skills, and the danger that involvement which amounts to management involvement would compromise the independence of the internal auditors.

Required:

i) Discuss the nature of consultancy projects in internal auditing and the dangers in internal auditing becoming too involved in consultancy projects. (6 marks)
ii) Recommend FOUR actions to be taken to minimize the danger posed by internal audit becoming too involved in consultancy projects. (4 marks)

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  • 5 Marks

FM – May 2021 – L2 – Q5c – Foreign exchange risk and currency risk management

Explain three advantages of using a forward market hedge compared to a futures market hedge for managing currency risk exposure.

c) Explain TWO (2) advantages to a company dealing with a currency risk exposure using a forward market hedge as against a futures market hedge. (5 marks)

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  • 5 Marks

FM – May 2021 – L2 – Q4b – Treasury Management

Explain interest rate risk and suggest two ways of managing an entity’s exposure to it.

b) Most large companies maintain a treasury department to handle some specialized functions in finance. One of such functions is the management of financial risk, which includes interest rate risk.

Required:

Explain interest rate risk and suggest two ways of managing an entity’s exposure to interest rate risk. (5 marks)

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  • 20 Marks

PSAF – March 2024 – L2 – Q4a – Public Financial Management, Public Procurement

Explain procurement irregularities and conditions under which procurement processes can be canceled; discuss PPP risks.

a) In a recent Auditor General’s Report to Parliament, several Ministries Departments and Agencies were cited for various financial management irregularities. Included in the report were Stores and Procurement irregularities covering the following:
i) Uncompetitive Tendering
ii) Unplanned Procurement
iii) Contract splitting

Required:
Explain the above irregularities in the context of the Public Procurement Amendment Act, 2016 (Act 914). (6 marks)

b) Under the procurement laws of Ghana, a procurement entity may for specific and justifiable reasons, cancel the procurement proceedings before the expiry of the deadline for the submission of the tenders.
Required:
Outline FOUR (4) conditions under which a procurement entity may activate this provision under the Public Procurement Amendment Act, 2016 (Act 914). (4 marks)

c) University of Communication is a Public University in Ghana. The University has a student population of about Forty Thousand (40,000). The University is located in a very populous environment, and the community lacks a modern Hospital that could provide good health care for the students and the community at large. Due to financial constraints, the University can currently boast of only one clinic that barely serves the full health needs of the students. The University intends to use the Public-Private Partnership (PPP) arrangement to construct an ultra-modern hospital in the University to provide the full health care of the University community.

In addition to the internally generated fund from the operations of the new hospital, it will also serve as a practical learning centre for the University. In this regard, the University has been approached by Trust Investors Ltd, a private company that intends to construct the ultra-modern hospital in the University to serve these purposes using a Build Operate and Transfer (BOT) arrangement. Negotiations are just at the preliminary stage, and you have been contracted as the consultant to assist the parties to enter into a successful PPP arrangement. The parties are eager to know the inherent risks they are exposed to under such an arrangement.

Required:
Write a report to the parties, outlining THREE (3) risks each that the two parties are exposed to. (10 marks)

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  • 10 Marks

PSAF – Dec 2023 – L2 – Q3a – Public expenditure and financial accountability framework

Explain the five components of the Integrated Framework of Internal Control System recommended by COSO.

An effective internal control system is a prerequisite for addressing risks and providing reasonable assurance that the assets of an organization are safeguarded. It also contributes to the achievement of an organization’s control objectives. In line with this, the Committee of Sponsoring Organizations (COSO) of the Treadway Commission recommended five integrated internal control components to appraise internal control systems.

Required:
Explain the FIVE (5) components of the Integrated Framework of Internal Control System recommended by COSO. (10 marks)

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  • 3 Marks

FM – Nov 2020 – L2 – Q3c – Foreign exchange risk and currency risk management

Explain the difference between credit risk and liquidity risk in financial management.

The recent financial sector clean-up in Ghana has created tough economic times for borrowers and investors and has tightened Financial Institutions’ appetite for granting credit and depositors’ appetite for depositing or placing funds with Financial Institutions, thereby creating a tight liquidity situation in the market.

Required:

As an expert in Financial Management, explain the difference between credit risk and liquidity risk. (3 marks)

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  • 10 Marks

FM – Nov 2020 – L2 – Q1b – Cost of capital | Portfolio theory and the capital asset pricing model (CAPM)

Calculate the appropriate discount rate for a new subsidiary in the U.S. using CAPM and Modigliani-Miller Proposition II.

The directors of Fameko Ltd (Fameko), a courier delivery services company based in Ghana, are considering a proposal for setting up a subsidiary in the United States of America to provide courier services in North America. The capital of this new subsidiary will be structured as 20% equity and 80% debt.

The directors are not sure of what would be an appropriate discount rate for appraising the North American business. You have been asked to recommend an appropriate discount rate for this project. You have gathered the following information for this exercise.

  • Competition in the U.S. Courier industry:
    The U.S. courier services industry is highly competitive. If Fameko sets up in the U.S., its main competitor will be ExFed Corporation. ExFed’s capital structure is 70% equity and 30% debt.
  • Market risk:
    The following statistics have been computed from historical excess returns on the equity stock of ExFed Corporation and that on the S&P 500 Index (a proxy for the market portfolio):
S&P 500 Index ExFed Equity Stock
Average return 0.0628 0.0321
Standard Deviation 0.1875 0.1521
Sample Variance 0.0352 0.0231
Kurtosis -1.4335 -1.1121
Skewness -0.2178 -0.1601

You analyzed the correlation between the excess returns on ExFed and excess returns on the S&P 500 Index and obtained a correlation coefficient of 0.91.

  • The annual risk-free rate and market return:
    The annual rate of interest on the 10-year U.S. Treasury bond is 2.1%. The expected return on the S&P 500 Index is 7%.
  • Taxation:
    ExFed pays corporate income tax at the rate of 30%. However, the effective corporate income tax rate on profits from Fameko’s North American operations will be 35%.

Required:

i) Compute the equity beta of ExFed. (3 marks)

ii) Derive an appropriate equity beta for Fameko’s U.S. subsidiary. (4 marks)

iii) Using the capital asset pricing model or the Modigliani and Miller Proposition II with tax, compute an appropriate cost of equity for Fameko’s U.S. subsidiary. (3 marks)

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  • 10 Marks

FM – Nov 2020 – L2 – Q1a – Introduction to Financial Management

Advise on non-financial objectives and risks associated with seabed mining.

Demo Gold is a Ghanaian mining company that has been operating on-land deep pit gold mining in Africa since its incorporation. Aiming at increasing the value of shareholders, the directors have signed an agreement with the governments of Tonga and Tuvalu to begin excavating an area of seabed in the Pacific Ocean for ores of copper, gold, and other valuable metals.

The idea of mining mineral deposits in the seabed has for many decades been considered unrealistic because of engineering challenges. However, the recent boom in offshore oil and gas operations has come with it the development of a few advanced deep sea technologies which can be used in mining mineral deposits in the seabed.

Required:

i) It appears that the sole objective of the seabed mining operation is to maximize the value of shareholders. Advise the directors on FOUR (4) non-financial objectives that Demo Gold should pursue to achieve a sustainable increase in shareholder value. (4 marks)

ii) Advise the directors of Demo Gold on THREE (3) likely sources of risk relating to the seabed mining operation. For each point, suggest a way through which the risk could be avoided or minimized. (6 marks)

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  • 3 Marks

FM – Nov 2017 – L2 – Q5b – Portfolio theory and the capital asset pricing model (CAPM)

Explain the differences between standard deviation and beta and when each is an appropriate measure of risk in a portfolio.

Explain the differences between standard deviation and beta and when each is an appropriate measure of risk in a portfolio. (3 marks)

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