Question Tag: Transparency

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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.

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

PSAF – Nov 2024 – L2 – Q2b – Related Party Transactions and Disclosures

Explains related party transactions and their implications under IPSAS 20.

Question

You are the Director of Finance at the Ghana Water Development Authority, an entity under the Ministry of Forestry and Water. The Authority has a five-member Board chaired by the daughter of the Sector Minister. The Chief Executive Officer of the Authority has just been appointed by Government for an initial term of four years.

The Chairperson of the board runs boutique services. The Authority buys a lot of presents from this boutique whenever they are confronted with the need to give out presents to any high-profile person. The Chairperson has made a request to the Authority to finance her boutique services with an amount of GH¢546,000 to enable her business to pay some urgent bills. No terms or conditions were provided in the request. Such an assistance from a financial institution would attract the current prevailing bank interest on loans at a rate of 35% per annum. Recently, another member of the Board contracted a loan from the Bank for her child’s university entrance fees at that rate.

Management of the Authority indicated that the amount was not significant to the Authority and has been approved by the Head of the entity and the Chief Director. The approved document has been handed over to you for payment. Considering the PFM Laws and IPSAS, you engaged the Chief Director about the request, but you were directed to go ahead and pay and use the appropriate accounting treatment in such circumstances. You accordingly raised the necessary documentation and effected the payment.

Required:

In relation to IPSAS 20: Related Party Disclosures:

i) Explain the implications of this transaction on the Authority and state how you would account for this transaction in the financial statements of the entity.

ii) State SIX situations where related party transactions may lead to disclosures by a reporting entity.

iii) Explain TWO reasons for disclosing related party transactions/relations.

Answer

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Tags: Conflict of Interest, Financial Disclosure, Governance, IPSAS 20, Related Party Transactions, Transparency
Level: Level 2

Topic: International public sector accounting standards
Series: Nov 2024

CR – May 2016 – L3 – Q5 – Integrated Reporting

Discuss the purpose of Management Commentary, why it is not mandatory, and the most relevant elements for Umu Amaeshi Plc to focus on in its management commentary.

Question

Umu Amaeshi Plc is a conglomerate that has diverse businesses cutting across some social and environmental sensitive sectors listed on the Nigeria Stock Exchange. In compliance with financial reporting regulatory directives of Nigeria, it has adopted IFRS in preparing its financial statements. The board is aware that this step will enhance the transparency of its reporting and assist in attracting foreign institutional investors who may be desirous of investing in Nigeria. However, in one of the company’s board meetings, the CFO briefed members that given the social and environmental sensitive nature of its operation, the adoption of IFRS may not be good enough to bring that transparency relating to its policies and practices relating to social and environmental disclosures. He makes reference to Para 14 of IAS 1 – Presentation of Financial Statements, which clearly stated that:

“Many entities also present, outside the financial statements, reports and statements such as environmental reports and value-added statements, particularly in industries in which environmental factors are significant and when employees are regarded as an important user group. Reports and statements presented outside financial statements are outside the scope of IFRS.”

The board does not want to engage in social and environmental reporting disclosures since many who do engage in what the business community see as marketing and reports filled with rhetoric. The CFO has therefore suggested the use of Management Commentary.

Required:

a) Briefly explain the purpose of Management Commentary and why it was not made a mandatory requirement for all companies by the IASB. (6 Marks)

b) Identify the three most relevant elements of Management Commentary that Umu Amaeshi Plc should focus on in its management commentary and explain how they will assist the company to achieve the above objectives, given that it does not want to engage in social and environmental disclosure. (9 Marks)

Answer

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Tags: Environmental Reporting, IAS 1, IFRS, Management Commentary, Social Disclosures, Transparency
Level: Level 3

Topic: Integrated Reporting

FM – May 2023 – L3 – Q1b – Mergers and Acquisitions

Discuss the typical factors included in takeover regulations across countries.

Question

b. The regulation of takeovers varies from country to country.

Outline the typical factors that such a regulation includes. (4 Marks)

Answer

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Tags: Fair Valuation, Shareholder Rights, Takeover Regulation, Transparency
Level: Level 3

Topic: Mergers and acquisitions

AT – May 2024 – L3 – SC – Q5 – Tax Administration and Dispute Resolution

Discuss NEITI's vision, mission, and objectives, and explain the responsibilities of stakeholders in Nigeria's tax policy.

Question

The Nigeria Extractive Industries Transparency Initiative (NEITI) was established through the NEITI Act, 2007. The body has the responsibility for the development of a framework for transparency and accountability in the reporting and disclosure of revenue due to or paid to the Federal Government by companies in the extractive industry.

In the same vein, the National Tax Policy, 2017, expressly stipulates the responsibilities of the various stakeholders towards the achievement of efficient tax administration in Nigeria.

Required:

a. Discuss the vision, mission and FOUR primary objectives of NEITI as provided for in the enabling Act. (6 Marks)

b. Explain THREE responsibilities of each of the underlisted stakeholders as provided for in the National Tax Policy, 2017:
(i) The government (3 Marks)
(ii) The taxpayer (3 Marks)
(iii) Revenue agencies (3 Marks)

(Total 15 Marks)

Answer

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Tags: Accountability, Government, NEITI, Nigeria, Revenue Agencies, Taxpayer, Transparency
Level: Level 3

Topic: Tax Administration and Dispute Resolution
Series: MAY 2024

PSAF – May 2021 – L2 – Q6b – The Budgeting Process in the Public Sector

Explanation of budget uses and steps for National Chart of Accounts application in public budgeting.

Question

The importance of classification code as a system driven for budget cannot
be over emphasised as it forms the basis for budgeting and budgetary
control mechanism. Thus, for a country, state or local government to
achieve a reasonable level of success in accountability, transparency,
performance evaluation and adherence to Appropriation Act, the
application of unified chart of accounts is paramount.

Required:

Discuss FOUR uses of budget and FOUR steps to be followed to ensure completeness of using the National Chart of Accounts for budgeting.

Answer

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Tags: Accountability, Budget Classification, Budget Completeness, Chart of Accounts, Transparency
Level: Level 2

Topic: The Budgeting Process in the Public Sector
Series: MAY 2021

CSME – May 2023 – L1 – SA – Q3 – Corporate Governance

Explanation of corporate governance statement contents and voluntary disclosure.

Question

The code of corporate governance prescribes corporate governance disclosures for listed companies.

(a) Explain the contents of a corporate governance statement. (12 Marks)

(b) Not all information that corporate entities can provide is mandatory. Explain the justifications and drawbacks of voluntary disclosure in corporate governance reports. (8 Marks)

Answer

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Tags: Corporate Ethics, Corporate Governance, Stakeholder Communication, Transparency, Voluntary Disclosure
Level: Level 2

Topic: Corporate Governance
Series: MAY 2023

PSAF – May 2022 – L2 – SA – Q2 – Ethics and Integrity in Public Sector Financial Management

Discuss measures needed for anti-corruption enforcement and ways to detect bid rigging.

Question

Transparency International is committed to advancing accountability, integrity, and transparency. The mission is to stop corruption and promote transparency, accountability, and integrity at all levels and across all sectors of society, while the vision is a world in which government, politics, business, civil society, and the daily lives of people are free of corruption.

Required:
a. Discuss FIVE measures that are needed to ensure transparent, effective, and consistent application and enforcement of laws and regulations on anti-corruption. (10 Marks)
b. Explain TWO ways by which procurement officers can detect bid rigging. (5 Marks)
c. Explain FIVE powers of the Code of Conduct Bureau. (5 Marks)

Answer

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Tags: Anti-Corruption, Code of Conduct, Ethics, Integrity, Procurement, Transparency
Level: Level 2

Topic: Ethics and Integrity in Public Sector Financial Management
Series: MAY 2022

CSME – Nov 2019 – L2 – Q3a – Corporate Governance

Discusses basic concepts that are essential for good corporate governance and their relation to governance practices.

Question

(a) There are basic concepts that must be observed for good corporate governance in an entity.

Required:
Discuss these concepts and show how they relate to good corporate governance. (14 Marks)

Answer

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Tags: Accountability, Corporate Governance, Fairness, Transparency
Level: Level 2

Topic: Corporate Governance
Series: NOV 2019

PSA&F – Nov 2019 – L2 – Q5a – Financial Reporting and Accountability in the Public Sector

Prepares a consolidated budget report comparing budgeted and actual amounts for Ogoja State Government for the year ended 2018.

Question

IPSAS 24 on Presentation of Budget Information in Financial Statements requires a comparison of budgeted amounts and the actual amount arising from execution of the budget to be included in the financial statements of entities. The standard also requires disclosure of an explanation of the reasons for material differences between the budget and actual amounts to ensure that public sector entities discharge their accountability obligations and enhance the transparency of their financial statements.

Ogoja State Government provided the following budget information for the year ended December 31, 2018.

Required:
Prepare a consolidated budget report for the year ended December 31, 2018.

Answer

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Tags: Budget and Actual Amounts, Budget Reporting, IPSAS 24, Public Sector Accounting, Transparency
Level: Level 2

Topic: Financial Reporting and Accountability in the Public Sector
Series: NOV 2019

AAA – Dec 2023 – L3 – Q4a – Government External Audit and Public Accountability

Discuss the principles under INTOSAI-P 12 that Supreme Audit Institutions (SAIs) should follow to strengthen accountability, demonstrate relevance, and lead by example.

Question

Governments, through Parliament, levy and collect taxes from the citizens of their countries. The taxes collected must be used in providing services to the citizenry. The taxpayer must be assured that taxes paid are used and accounted for transparently. Supreme Audit Institutions (SAIs) are set up under their countries’ constitutions to carry out audits of public funds on behalf of the citizens. According to INTOSAI-P 12: The Value and Benefits of Supreme Audit Institutions – making a difference to the lives of citizens, the extent to which a SAI is able to make a difference to the lives of citizens depends on the SAI:

i) Strengthening the accountability, transparency, and integrity of government and public sector entities;
ii) Demonstrating ongoing relevance to citizens, Parliament, and other stakeholders; and
iii) Being a model organisation through leading by example.

Required:
Discuss THREE (3) principles under each of the headings (i-iii). (10 marks)

Answer

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Tags: Accountability, Integrity, INTOSAI-P 12, Public Sector, Supreme Audit Institutions, Transparency
Level: Level 3

Topic: Government external audit and public accountability
Series: DEC 2023

BMIS – March 2024 – L1 – Q3b – Management and leadership

Describe five effective leadership practices that can improve organizational performance in African businesses facing below-average results.

Question

Some organisations in Africa are experiencing below average performance as a result of poor leadership practices. Business strategists have the opinion that this below average performance can only be rectified if effective leadership practices are developed and implemented.

Required: Describe FIVE (5) of these practices. (10 marks)

Answer

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Tags: Employee Relations, Leadership, Management practices, Organizational Performance, Transparency
Level: Level 1

Topic: Management and leadership
Series: MAR 2024

AAA – Nov 2023 – L3 – Q4a – Government External Audit and Public Accountability, Public Sector Audit

Discuss ways in which the Auditor-General can adopt standards and processes that are objective and transparent, and how the Audit Service can operate economically, efficiently, and effectively.

Question

a) Accountability and transparency are two important elements of good governance. Transparency is a powerful force that, when consistently applied, can help fight corruption, improve governance, and promote accountability.

Accountability and transparency are not easily separated: they both encompass many of the same actions, for instance, public reporting. The concept of accountability refers to the legal and reporting framework, organisational structure, strategy, procedures, and actions. The notion of transparency refers to timely, reliable, clear, and relevant public reporting on its status, mandate, strategy, activities, financial management, operations, and performance. In addition, it includes the obligation of public reporting on audit findings and conclusions and public access to information about the Government audit.

An important principle set out in INTOSAI-P 20: Principles of Transparency and Accountability is that SAIs should adopt audit standards, processes, and methods that are objective and transparent.

Required:

i) Discuss FIVE (5) ways in which the Auditor-General can adopt standards, processes, and methods that are deemed objective and transparent. (5 marks)

ii) Discuss FIVE (5) ways the Audit Service can operate economically, efficiently, effectively, and in accordance with laws and regulations. (5 marks)

Answer

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Tags: Accountability, Good Governance, Public Sector Audit, Transparency
Level: Level 3

Topic: Government external audit and public accountability, Public sector audit
Series: NOV 2023

PSAF – Nov 2018 – L2 – Q1d – The context of public financial management

Explain five reasons why public sector accounting is useful in any national economy

Question

A public sector organization is an entity that is owned and operated by the government for non-profit goals. The public sector is made up of different organizations, and as such requires an effective accounting framework to ensure transparency and accountability.

Required:
Explain FIVE (5) reasons why Public Sector Accounting is useful in any national economy.

Answer

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Tags: Accountability, National Economy, Public Sector Accounting, Transparency
Level: Level 2

Topic: The context of public financial management
Series: NOV 2018

Question Tag: Transparency

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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.

PSAF – Nov 2024 – L2 – Q2b – Related Party Transactions and Disclosures

Explains related party transactions and their implications under IPSAS 20.

CR – May 2016 – L3 – Q5 – Integrated Reporting

Discuss the purpose of Management Commentary, why it is not mandatory, and the most relevant elements for Umu Amaeshi Plc to focus on in its management commentary.

FM – May 2023 – L3 – Q1b – Mergers and Acquisitions

Discuss the typical factors included in takeover regulations across countries.

AT – May 2024 – L3 – SC – Q5 – Tax Administration and Dispute Resolution

Discuss NEITI's vision, mission, and objectives, and explain the responsibilities of stakeholders in Nigeria's tax policy.

PSAF – May 2021 – L2 – Q6b – The Budgeting Process in the Public Sector

Explanation of budget uses and steps for National Chart of Accounts application in public budgeting.

CSME – May 2023 – L1 – SA – Q3 – Corporate Governance

Explanation of corporate governance statement contents and voluntary disclosure.

PSAF – May 2022 – L2 – SA – Q2 – Ethics and Integrity in Public Sector Financial Management

Discuss measures needed for anti-corruption enforcement and ways to detect bid rigging.

CSME – Nov 2019 – L2 – Q3a – Corporate Governance

Discusses basic concepts that are essential for good corporate governance and their relation to governance practices.

PSA&F – Nov 2019 – L2 – Q5a – Financial Reporting and Accountability in the Public Sector

Prepares a consolidated budget report comparing budgeted and actual amounts for Ogoja State Government for the year ended 2018.

AAA – Dec 2023 – L3 – Q4a – Government External Audit and Public Accountability

Discuss the principles under INTOSAI-P 12 that Supreme Audit Institutions (SAIs) should follow to strengthen accountability, demonstrate relevance, and lead by example.

BMIS – March 2024 – L1 – Q3b – Management and leadership

Describe five effective leadership practices that can improve organizational performance in African businesses facing below-average results.

AAA – Nov 2023 – L3 – Q4a – Government External Audit and Public Accountability, Public Sector Audit

Discuss ways in which the Auditor-General can adopt standards and processes that are objective and transparent, and how the Audit Service can operate economically, efficiently, and effectively.

PSAF – Nov 2018 – L2 – Q1d – The context of public financial management

Explain five reasons why public sector accounting is useful in any national economy

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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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PSAF – Nov 2024 – L2 – Q2b – Related Party Transactions and Disclosures

Explains related party transactions and their implications under IPSAS 20.

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CR – May 2016 – L3 – Q5 – Integrated Reporting

Discuss the purpose of Management Commentary, why it is not mandatory, and the most relevant elements for Umu Amaeshi Plc to focus on in its management commentary.

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FM – May 2023 – L3 – Q1b – Mergers and Acquisitions

Discuss the typical factors included in takeover regulations across countries.

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AT – May 2024 – L3 – SC – Q5 – Tax Administration and Dispute Resolution

Discuss NEITI's vision, mission, and objectives, and explain the responsibilities of stakeholders in Nigeria's tax policy.

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PSAF – May 2021 – L2 – Q6b – The Budgeting Process in the Public Sector

Explanation of budget uses and steps for National Chart of Accounts application in public budgeting.

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CSME – May 2023 – L1 – SA – Q3 – Corporate Governance

Explanation of corporate governance statement contents and voluntary disclosure.

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PSAF – May 2022 – L2 – SA – Q2 – Ethics and Integrity in Public Sector Financial Management

Discuss measures needed for anti-corruption enforcement and ways to detect bid rigging.

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CSME – Nov 2019 – L2 – Q3a – Corporate Governance

Discusses basic concepts that are essential for good corporate governance and their relation to governance practices.

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PSA&F – Nov 2019 – L2 – Q5a – Financial Reporting and Accountability in the Public Sector

Prepares a consolidated budget report comparing budgeted and actual amounts for Ogoja State Government for the year ended 2018.

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AAA – Dec 2023 – L3 – Q4a – Government External Audit and Public Accountability

Discuss the principles under INTOSAI-P 12 that Supreme Audit Institutions (SAIs) should follow to strengthen accountability, demonstrate relevance, and lead by example.

You're reporting an error for "AAA – Dec 2023 – L3 – Q4a – Government External Audit and Public Accountability"

BMIS – March 2024 – L1 – Q3b – Management and leadership

Describe five effective leadership practices that can improve organizational performance in African businesses facing below-average results.

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AAA – Nov 2023 – L3 – Q4a – Government External Audit and Public Accountability, Public Sector Audit

Discuss ways in which the Auditor-General can adopt standards and processes that are objective and transparent, and how the Audit Service can operate economically, efficiently, and effectively.

You're reporting an error for "AAA – Nov 2023 – L3 – Q4a – Government External Audit and Public Accountability, Public Sector Audit"

PSAF – Nov 2018 – L2 – Q1d – The context of public financial management

Explain five reasons why public sector accounting is useful in any national economy

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