Social responsibility – Page 2

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 2014 – L3 – SC – Q5 – Environmental and Sustainability Audits

Steps in the audit process to identify environmental issues and major social concerns in a company's social policy report.

Question

Green Issues

Oil and Gas Limited is a company involved in the upstream petroleum activities in the Delta Region. The restiveness of the youth in this area of operation was a result of environmental degradation of the region. Your firm has just been appointed as the auditors to the company. During the preliminary planning stage of the audit, you realised that the environmental issues could have an impact on the financial statements.

Required:

(a) Enumerate EIGHT steps you would include in the audit process in order to highlight environmental issues that may be apparent in the client’s business.

(8 Marks)

(b) Identify SEVEN major social issues that an auditor will be concerned with in a company’s social policy report. (7 Marks)

Answer

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Tags: Audit Planning, Audit Process, Delta Region, Environmental Issues, Financial Impact, Oil and gas, Social Policy Reporting, Social responsibility, Upstream Activities
Level: Level 3

Topic: Environmental and Sustainability Audits
Series: NOV 2014

AAA – Nov 2013 – L3 – AII – Q17 – Environmental and Sustainability Audits

Define the audit conducted on a company's societal relationships.

Question

An audit which is carried out on a company in respect of its relationship with shareholders, employees, customers, the community in which it operates, and the public at large is known as……………………..

Answer

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Tags: Public Relations, Social responsibility, Stakeholders
Level: Level 3

Topic: Environmental and Sustainability Audits
Series: NOV 2013

CR – May 2018 – L3 – SC – Q7 – Sustainability Reporting

Discuss arguments against voluntary environmental disclosures and information required under GRI guidelines.

Question

Some shareholders in Nigeria are becoming increasingly interested in the environmental policies, impacts, and practices of business entities given the activities of some oil and gas and telecommunication companies. However, financial statements have not traditionally provided this information. As a result, there is early indication that some listed companies in Nigeria are beginning to publish sustainability reports complying with the Global Reporting Initiative (“GRI”), an organization set up in 1997, to develop a sustainability reporting framework for businesses. The GRI Sustainability Reporting Guidelines give guidance to entities on how to measure and report on management’s approach to the economic, environmental, and social aspects that impact their businesses.

Required:

a. Identify and explain the principal arguments against voluntary disclosure by business entities of their environmental policies, impacts, and practices.
(8 Marks)

b. Explain the nature of the information that could be disclosed by entities in their external reports concerning the economic, environmental, and social aspects in order to comply with the GRI guidelines.
(7 Marks)

Answer

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Tags: Economic Impact, Environmental Policies, GRI Guidelines, Social responsibility, Sustainability Reporting
Level: Level 3

Topic: Sustainability Reporting
Series: MAY 2018

CR – Nov 2023 – L3 – SC – Q5 – Introduction to Corporate Reporting

Explain digital transformation in finance and the inclusion of social responsibility reporting requirements and benefits.

Question

a. Digital transformation in the finance and accounting industry was accelerated by the technological development following the COVID-19 pandemic, which reshaped business models and organizations globally. For many organizations, the impetus to full digital adoption and transformation was a major enabler for survival and growth.

Required:
Identify and explain various ways in which finance executives can embrace digital transformation in accounting, financial, and corporate reporting.
(10 Marks)

b. Westham PLC is a multinational energy group recently quoted on the Nigerian Exchange Limited (NGX) and the London Stock Exchange (LSE). Among its many activities, the group operates an oil refinery in Nigeria, a nuclear waste disposal facility in South Africa, and a coal extraction facility in Kenya.

The finance director of Westham PLC is aware that other companies in similar sectors are including social responsibility and environmental reports as part of their corporate annual reports.

Required:
i. Identify and explain the requirements for including this type of information in corporate annual reports in Nigeria.
(2 Marks)

ii. Discuss the benefits of publishing social and environmental reports.
(3 Marks)

Answer

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Topic: Introduction to Corporate Reporting
Series: NOV 2023

AA – Nov 2023 – L2 – Q7 – Corporate Governance and Audit Committees

Guidance on addressing community concerns over environmental impact of industrial operations.

Question

You witnessed a scene during the audit of Tiwani Cement Limited, an indigenous medium-sized cement manufacturing company.

Indigenes of the host town, situated in the southern part of the country, staged a peaceful protest at the premises of the company. Their concern was the company’s apparent lack of attention toward the poor condition of roads surrounding their factory—ostensibly damaged by the heavy equipment and vehicles the company operated.

The management appeased the protesters, promising immediate consideration of their demands.

The Managing Director has now asked for your advice.

Required:

Advise the Managing Director of Tiwani Cement Limited on what the company could do in this type of situation.
(Total 15 Marks)

Answer

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Tags: Community Relations, Environmental impact, Reputation Management, Social responsibility
Level: Level 2

Topic: Corporate Governance and Audit Committees

CSME – May 2021 – L2 – Q4 – Corporate Social Responsibility (CSR)

Explanation of social responsibility levels by Gray, Owen, and Adams, and ethical stances by Johnson and Scholes.

Question

Gray, Owen, and Adams (1996) provided a framework for classifying different groups of people and their views of the relationship between business organizations and society.

Required:

a. State and explain SEVEN levels or positions on social responsibility by Gray, Owen, and Adams (1996). (15 Marks)
b. State Johnson and Scholes FOUR possible ethical stances for a business entity. (5 Marks)

Answer

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Tags: Corporate Governance, Ethical Stances, Social responsibility, Stakeholder Management
Level: Level 2

Topic: Corporate social responsibility
Series: MAY 2021

CSME – May 2019 – L2 – Q7 – Corporate Culture and Strategy

Advise management trainees on the role of culture in organizations and analyze stakeholder theory with underpinning considerations.

Question

a) In an attempt to establish the link between culture and ethics as well as between culture and social responsibility, advise a set of management trainees on:
i. The role of culture in an organization or company. (2 Marks)
ii. Outline any FOUR of the SIX inter-related elements of culture suggested by Johnson and Scholes in their idea of the cultural context of ethics. (8 Marks)

b) Since business entities operate within society, the professional accountant is required to know the theories on the responsibilities of a business entity towards the society in which it operates.
Analyse the stakeholder theory of corporate governance and advise on any TWO considerations underpinning this theory. (5 Marks)

Answer

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Tags: Corporate Governance, Ethics, Organizational Culture, Social responsibility, Stakeholder Theory
Level: Level 2

Topic: Corporate Culture and Strategy
Series: MAY 2019

SCS – May 2020 – L3 – Q7 – Ethics and Social Responsibility

Identify and explain the ethical issues for Customer Focused Ltd in accepting Look and Like Ltd's proposed contract using an ethical decision model.

Question

Customer Focused Ltd has received a proposal from a potential supplier, Look and Like
Ltd, to provide fresh produce (Exhibit 2a) and is considering whether to accept. Kpakpo
Armah has written a note (Exhibit 2b) about Look and Like Ltd.
Required:
Using the information available, including information you feel relevant from your answer
to Section A:

Explain any ethical issues for Customer Focused Ltd in accepting the proposed contract. Use an ethical decision model to support your explanation.

Answer

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Tags: Business Ethics, Contract Evaluation, Ethical Decision-making, Ethical Models, Social responsibility
Level: Level 3

Topic: Ethics and social responsibility
Series: MAY 2020

CR – May 2019 – L3 – Q5a – Beyond financial reporting

The question asks for the factors motivating companies to disclose environmental and social information and the challenges in recognizing and measuring financial effects of environmental matters.

Question

The directors of Kibi Ltd, a bauxite mining company in East Akim Municipal Assembly, after reviewing their published financial statements, are of the view that their financial statements have limited environmental information and do not address a broad enough range of users’ needs.

Despite the difficulties in recognizing and measuring the financial effects of environmental matters in financial statements, Kibi Ltd discloses the following environmental information in its financial statements:

Release of minerals and other naturally occurring impurities including heavy metals;
Loss of natural fishing and recreational places;
Soil erosion and sedimentation, noise, and dust.

Required:
i) Explain THREE (3) factors which motivate companies to disclose social and environmental information in their financial statements. (3 marks)

ii) Identify FOUR (4) specific difficulties in recognizing and measuring the financial effects of environmental matters. (4 marks)

Answer

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Tags: Environmental Disclosure, Financial Statements, Social responsibility, Sustainability
Level: Level 3

Topic: Beyond financial reporting
Series: MAY 2019

FM – April 2022 – L2 – Q1a – Introduction to Financial Management

Discuss the consistency between shareholder value maximization and social responsibility, and explain why shareholder value maximization is preferred over profit maximization.

Question

Shareholder value maximisation is a core sustainable objective for shareholders than short-term profit maximisation. Also important to management is social responsibility to the community which is delivered at a great cost to the organisation.
Required:
i) Is shareholder value maximisation inconsistent with social responsibility? Explain. (4 marks)
ii) Explain why shareholders value maximisation is considered more appropriate than profit maximization. (3 marks)
iii) Explain THREE (3) non-financial objectives of an organisation. (3 marks)

Answer

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Tags: Corporate finance, Shareholder value maximization, Social responsibility
Level: Level 2

Topic: Introduction to Financial Management
Series: APR 2022

Question Tag: Social responsibility

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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.

AAA – Nov 2014 – L3 – SC – Q5 – Environmental and Sustainability Audits

Steps in the audit process to identify environmental issues and major social concerns in a company's social policy report.

AAA – Nov 2013 – L3 – AII – Q17 – Environmental and Sustainability Audits

Define the audit conducted on a company's societal relationships.

CR – May 2018 – L3 – SC – Q7 – Sustainability Reporting

Discuss arguments against voluntary environmental disclosures and information required under GRI guidelines.

CR – Nov 2023 – L3 – SC – Q5 – Introduction to Corporate Reporting

Explain digital transformation in finance and the inclusion of social responsibility reporting requirements and benefits.

AA – Nov 2023 – L2 – Q7 – Corporate Governance and Audit Committees

Guidance on addressing community concerns over environmental impact of industrial operations.

CSME – May 2021 – L2 – Q4 – Corporate Social Responsibility (CSR)

Explanation of social responsibility levels by Gray, Owen, and Adams, and ethical stances by Johnson and Scholes.

CSME – May 2019 – L2 – Q7 – Corporate Culture and Strategy

Advise management trainees on the role of culture in organizations and analyze stakeholder theory with underpinning considerations.

SCS – May 2020 – L3 – Q7 – Ethics and Social Responsibility

Identify and explain the ethical issues for Customer Focused Ltd in accepting Look and Like Ltd's proposed contract using an ethical decision model.

CR – May 2019 – L3 – Q5a – Beyond financial reporting

The question asks for the factors motivating companies to disclose environmental and social information and the challenges in recognizing and measuring financial effects of environmental matters.

FM – April 2022 – L2 – Q1a – Introduction to Financial Management

Discuss the consistency between shareholder value maximization and social responsibility, and explain why shareholder value maximization is preferred over profit maximization.

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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 2014 – L3 – SC – Q5 – Environmental and Sustainability Audits

Steps in the audit process to identify environmental issues and major social concerns in a company's social policy report.

You're reporting an error for "AAA – Nov 2014 – L3 – SC – Q5 – Environmental and Sustainability Audits"

AAA – Nov 2013 – L3 – AII – Q17 – Environmental and Sustainability Audits

Define the audit conducted on a company's societal relationships.

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CR – May 2018 – L3 – SC – Q7 – Sustainability Reporting

Discuss arguments against voluntary environmental disclosures and information required under GRI guidelines.

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CR – Nov 2023 – L3 – SC – Q5 – Introduction to Corporate Reporting

Explain digital transformation in finance and the inclusion of social responsibility reporting requirements and benefits.

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AA – Nov 2023 – L2 – Q7 – Corporate Governance and Audit Committees

Guidance on addressing community concerns over environmental impact of industrial operations.

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CSME – May 2021 – L2 – Q4 – Corporate Social Responsibility (CSR)

Explanation of social responsibility levels by Gray, Owen, and Adams, and ethical stances by Johnson and Scholes.

You're reporting an error for "CSME – May 2021 – L2 – Q4 – Corporate Social Responsibility (CSR)"

CSME – May 2019 – L2 – Q7 – Corporate Culture and Strategy

Advise management trainees on the role of culture in organizations and analyze stakeholder theory with underpinning considerations.

You're reporting an error for "CSME – May 2019 – L2 – Q7 – Corporate Culture and Strategy"

SCS – May 2020 – L3 – Q7 – Ethics and Social Responsibility

Identify and explain the ethical issues for Customer Focused Ltd in accepting Look and Like Ltd's proposed contract using an ethical decision model.

You're reporting an error for "SCS – May 2020 – L3 – Q7 – Ethics and Social Responsibility"

CR – May 2019 – L3 – Q5a – Beyond financial reporting

The question asks for the factors motivating companies to disclose environmental and social information and the challenges in recognizing and measuring financial effects of environmental matters.

You're reporting an error for "CR – May 2019 – L3 – Q5a – Beyond financial reporting"

FM – April 2022 – L2 – Q1a – Introduction to Financial Management

Discuss the consistency between shareholder value maximization and social responsibility, and explain why shareholder value maximization is preferred over profit maximization.

You're reporting an error for "FM – April 2022 – L2 – Q1a – Introduction to Financial Management"

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