- 20 Marks
CSMCE – OCT 2022 – L2 – Q7 – Short Notes on Marketing Concepts
Short notes on reach, product life cycle, interpersonal skills, and distribution channels.
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Series: APR 2022
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- 20 Marks
CSMCE – OCT 2022 – L2 – Q5 – Factors for Marketing Plan Failures
Factors responsible for marketing plan failures.
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- Tags: Failure Factors, Implementation, Marketing Plans, Strategy Issues
- Level: Level 2
- Topic: Failure Factors, MARKETING PLANNING
- Series: APR 2022
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- 20 Marks
CSMCE – OCT 2022 – L2 – Q4 -Importance of Meeting Service Quality Expectations
Reasons to meet or exceed targeted customers' service expectations.
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- 20 Marks
CSMCE – OCT 2022 – L2 – Q3 – F.I.N.D. Interview System Areas
Areas represented by F.I.N.D. in customer interviews
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- Tags: Customer Focus, F.I.N.D. System, Interview Areas, Sales Structure
- Level: Level 2
- Topic: The sales interview, Understanding the buying process
- Series: APR 2022
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- 20 Marks
CSMCE – OCT 2022 – L2 – Q2 – External Environmental Elements for Bank Planning
External elements affecting bank planning and their implications.
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- 20 Marks
BSIM – OCT 2022 – L3 – Q3 – IT in Market Research for Bank Branches
Ways IT can be applied in market research for new branches and methods for collecting qualitative data with IT usage.
Question
The management of a bank has decided to establish five new branches at vantage locations in the next quarter to attract new customers. You are the chairperson of a committee that is to conduct market research and identify the locations for establishing the new branches. Given the importance of the report, and the limited time available, the Committee has decided to adopt Information Technology in the conduct of the research.
a) Identify five (5) ways in which Information Technology could be applied in the conduct of the market research. [10 Marks]
b) Describe five (5) methods for collecting qualitative data and explain how IT could be used in any two of the data collection methods. [10 Marks]
[Total: 20 Marks]
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- 20 Marks
BSIM – OCT 2022 – L3 – Q2 – Virtual Organizations in Financial Institutions
Explain virtual organization and discuss managerial and technical issues in running one for financial institutions.
Question
The COVID-19 global pandemic and associated lockdowns compelled many financial institutions to adopt virtual approaches to service delivery to their customers. With many researchers predicting the reoccurrence of such pandemics, executives of financial institutions have expressed a keen interest in the concept of a virtual organization (VO), how to run an effective virtual organization, and the ensuing challenges. Explain what a virtual organization is and discuss the managerial and technical issues in running a virtual organization.
[20 Marks
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- Tags: COVID-19, Managerial Issues, Pandemics, Service Delivery, Technical Issues, Virtual Organization
- Level: Level 3
- Topic: Information Systems and the Bank
- Series: APR 2022, OCT 2022
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- 10 Marks
SCS – Apr 2022 – L3 – Q8 – Controlling risk
Explain five factors of internal control that HPC can implement to strengthen governance.
Question
The Accountant advised the CEO that to strengthen governance, the Board should concern itself with the establishment of strong internal control systems. Failures or weaknesses in internal controls will have adverse consequences for HPC’s finances, financial reporting, operational efficiency and effectiveness, or regulatory compliance.
Required:
Write a paper, explaining FIVE (5) factors to the Board the nature of internal controls that could be instituted by HPC to strengthen governance. (10 marks)
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- Tags: Corporate Governance, Governance, Internal Controls, Risk Management
- Level: Level 3
- Topic: Controlling Risk
- Series: APR 2022
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- 10 Marks
SCS – Apr 2022 – L3 – Q7 – Professional practice and codes of ethics
Discuss key governance issues based on Ghana’s Code of Best Practices considering the Board Chairman’s intentions.
Question
In reference to Ghana’s Code of Best Practices in Corporate Governance, discuss FOUR (4) key issues that could determine how well or badly HPC is governed, taking into consideration the intention and business relationship of the Board Chairman. (10 marks)
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- 5 Marks
PT – April 2022 – L2 – Q2d – Pension Entitlement Calculation
Compute the monthly pension entitlement of Mrs. Akoto based on her salary and months of contribution.
Question
d) Mrs. Akoto has been engaged by Madane Ltd as the Marketing Manager for 30 years on an annual salary of GH¢20,000.
The following information relates to Mrs. Akoto:
i) Throughout her working life, she earned her best salaries from Madane Ltd.
ii) She has 408 months’ contribution to her credit.
iii) She retired on 31 March 2020 at the age of 60.
Required:
Compute her monthly pension entitlement.
(5 marks)
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- 10 Marks
AA – April 2022 – L2 – Q5b – Completion Procedures and Reporting
Comments on the appropriateness of issuing an adverse opinion and suggests an alternative opinion under ISA 705 for a company facing a data loss due to hacking.
Question
b) The Auditor of Pegasus Technologies, a fintech company, issued an adverse opinion on the financial statements for the year ended 31 December 2020. This was due to the fact that management could not make available the sales ledger, cash book, and other ledgers to the auditors due to a massive hack suffered by the company. Hackers used SIM cards to gain access to the company’s mobile money platform, stole funds, and destroyed company records. The hackers have been caught, and the IT unit has fixed the loophole that led to the hacking.
Required:
Comment on the Auditor’s issue of an adverse opinion and suggest whether another opinion would be more appropriate under ISA 705 (revised): Modifications to the Opinion in the Independent Auditor’s Report. (10 marks)
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- Tags: Adverse Opinion, Audit Reporting, Disclaimer of Opinion, ISA 705, Scope Limitation
- Level: Level 2
- Topic: Completion Procedures and Reporting
- Series: APR 2022
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- 10 Marks
AA – April 2022 – L2 – Q5a – Professional and Ethical Considerations
Identifies, evaluates, and addresses ethical threats faced by an audit firm in its engagement with a new client.
Question
External Auditors. This happens to be the first client of Agassi. The books of account for Sampras were incomplete, and Agassi agreed to prepare the financial statements for the year-end 31 December 2021.
The Accountant of Sampras doubles as the Sales Manager, and Agassi agreed to second one of its staff to assist the Accountant in Sampras. The business relationship between Agassi and Sampras has started on a good note, and they intend to continue into the foreseeable future. The Managing Director of Sampras worked as a Partner of one of the Big 4 audit firms.
Required:
Identify, evaluate, and address threats faced by Agassi. (10 marks)
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- Tags: Auditor Independence, Ethical Threats, Professional Standards, Self-Interest, Self-Review
- Level: Level 2
- Topic: Professional and Ethical Considerations
- Series: APR 2022
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- 10 Marks
AA – April 2022 – L2 – Q4b – Internal Audit and External Audit Relationship
Proposes the establishment of an internal audit unit and explains the benefits of outsourcing the function to an external firm.
Question
b) Aggya Owusu & Co is a well-established audit firm licensed by the Institute of Chartered Accountants, Ghana (ICAG). The firm is a member of a global association of over 250 independent legal and accounting firms in more than 100 countries.
Aggya Owusu & Co has been the External Auditor of BetGhana Ltd (BetGhana) for about four years. BetGhana has recently been awarded a provisional license by the Gaming Commission of Ghana to operate an Online Sports betting operation. The provisional license requires BetGhana to establish a unit with sufficient independence from the day-to-day management and control to enable the effective review of the business and promote a compliance environment, undertake betting-customer due diligence with respect to money laundering and terrorist financing.
Required:
As the Audit Manager of Aggya Owusu & Co, write a proposal to the Directors of BetGhana explaining:
i) The need for an Internal Audit Unit. (5 marks)
ii) FOUR (4) benefits of outsourcing the Internal Audit function to Aggya Owusu & Co. (5 marks)
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- Tags: Audit Proposal, Corporate Governance, Internal Audit, Outsourcing
- Level: Level 2
- Topic: Internal Audit and External Audit Relationship
- Series: APR 2022
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- 10 Marks
AA – April 2022 – L2 – Q4a – Completion Procedures and Reporting
Discusses the need to amend financial statements based on subsequent events and the auditor's responsibility in the post-year-end period.
Question
a) Aseye Ltd is in the manufacturing sector and its year-end is 30 September 2019. The final audit is nearly complete and it is proposed that the financial statements and audit report will be signed on 10 November 2019. Revenue for the year is GH¢80 million and profit before taxation is GH¢9 million. Subsequent to the year-end, a lawsuit was filed against Aseye Ltd. Below are the details of the lawsuit:
A key supplier of Aseye Ltd is suing the company for breach of contract. The lawsuit was filed on 10 October 2019, and the sum claimed by the supplier is GH¢2 million. This has been disclosed as a contingent liability in the notes to the financial statements; however, correspondence has just been received from the supplier indicating that they are willing to settle the case for a payment by Aseye Ltd of GH¢1 million. It is likely that the company will agree to this.
Required:
i) For the event above:
- Discuss whether the financial statements require amendment. (2 marks)
- Describe audit procedures that should be performed to enable the Auditor to draw a conclusion on the amendment. (2 marks)
ii) Describe the auditor’s responsibility for subsequent events occurring between:
- The year-end date and the date the auditor’s report is signed. (3 marks)
- The date the auditor’s report is signed and the date the financial statements are issued. (3 marks)
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- Tags: Audit Procedures, Contingent Liability, IAS 37, ISA 560, Subsequent Events
- Level: Level 2
- Topic: Completion Procedures and Reporting
- Series: APR 2022
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- 10 Marks
AA – April 2022 – L2 – Q3b – Audit and Assurance Evidence
Explains the determination of net realisable value and outlines audit procedures for verifying inventory valuation.
Question
b) The management of Zenda Plc have told you that inventory is correctly valued at the lower of cost and net realisable value. As the Auditor of Zenda Plc, you have already satisfied yourself that cost is correctly determined.
Required:
i) Explain how to determine net realisable value. (2 marks)
ii) Explain FOUR (4) audit procedures that you will perform to ensure that net realisable value of the inventory is at or above cost. (8 marks)
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- Tags: Audit Procedures, Inventory, Net Realisable Value, Substantive Testing
- Level: Level 2
- Topic: Audit and Assurance Evidence
- Series: APR 2022
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- 10 Marks
AA – April 2022 – L2 – Q3a – Audit and Assurance Evidence
Describes audit procedures for sales reliability and substantive tests for royalties in a publishing company.
Question
a) Oxtom Plc, is a publisher and producer of books of poetry. The company has been listed on the Ghana Stock Exchange. Also, it has been a client of your firm of Chartered Accountants for a number of years. The manager in charge of the audit prior to the commencement of the work, has been discussing the audit plan with the audit team, of which you are a member. The audit manager informed the team, among other things, that there has been a growing interest in poetry generally and that the company has acquired a reputation for publishing poets who are still relatively unknown.
During your audit you observed the following:
- Contracts with the poets state that they are given a royalty of 10% on sales. Free copies of the books are provided to the poets and to some organizations such as copyright libraries and to others, such as reviewers and university lecturers. No royalties are paid on free copies.
- The computerised customer master file contains a code indicating whether a dispatch is to earn a royalty for the author. This code is shown on the sales invoice and dispatch note when they are prepared.
- A computerised royalty file is held, all entries therein bearing the invoice number and date.
- The company keeps detailed statistics of sales made, including trends of monthly sales by type of customer, and colleges where its books are recommended as part of course material.
- Bookshops have the right to return books which are not selling well, however, 10% of these are slightly damaged when returned. The company keeps similar records of returns as it does for sales.
Required:
i) Describe TWO (2) procedures you will perform to ensure that the sales kept by the company may be relied upon. (4 marks)
ii) Describe THREE (3) substantive tests you should perform to ensure that the royalties charged are accurate and complete, stating the objective of each test. (6 marks)
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- Tags: Audit Procedures, Royalties, Sales Testing, Substantive Testing
- Level: Level 2
- Topic: Audit and Assurance Evidence
- Series: APR 2022
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- 10 Marks
AA – April 2022 – L2 – Q2b – Institutional Regulation and Standard-Setting
Identifies the functions of ICAG and discusses the effects of its dual role in promoting the study of accountancy and regulating the profession.
Question
b) The function of the Institute of Chartered Accountants, Ghana (ICAG) has become a subject of discussion in recent times after the passage of the Institute of Chartered Accountants, Ghana Act, 2020 (Act 1058). The thrust of the matter is the dual role of the Institute – to promote the study of accountancy and regulate the accountancy profession and practice in the country.
i) Identify FOUR (4) functions of ICAG. (4 marks)
ii) Discuss the effects of the dual role exercised by ICAG. (6 marks)
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- Tags: Accounting Profession, Dual Role, ICAG, Professional Standards, Regulatory Function
- Level: Level 2
- Topic: Institutional Regulation and Standard-Setting
- Series: APR 2022
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- 10 Marks
AA – April 2022 – L2 – Q2a – Regulatory Framework and Audit Responsibilities
Identify the rights of an auditor and actions when rights are denied.
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- Tags: Actions, Audit Limitations, Auditor Rights, Companies Act
- Level: Level 2
- Topic: Regulatory Framework and Audit Responsibilities
- Series: APR 2022
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- 5 Marks
AA – April 2022 – L2 – Q1d – Audit and Assurance Evidence
Identify five circumstances when the work of an auditor's expert is needed.
Question
ISA 620: “Using the Work of the Auditor’s Expert” provides guidance to auditors on relying on the work carried out by experts. Even though an expert’s work might be sought for relating to a particular issue, the Auditor has sole responsibility for the audit opinion being expressed.
Required:
Identify FIVE (5) circumstances the work of an Auditor’s Expert may be needed. (5 marks)
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- Tags: Auditor's responsibility, Expert Reliance, Experts, ISA 620
- Level: Level 2
- Topic: Audit and Assurance Evidence
- Series: APR 2022
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