Series: JULY 2023

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SCS – July 2023 – L3 – Q6b – Conflicts of Interest and Ethical Conflict Resolution

Explain the ICSA guidance on decisions that the board should reserve for itself and not delegate to individual or executive managers.

Question

The Director of Human Resources and Organisational Development is concerned that her recent presentation about matrix management structure and performance management should be sent to the board for approval. Prof. Ernest Kofi Mensah vehemently disagrees. He referred her to the Institute of Chartered Secretaries and Administrators (ICSA) guidance.

Required:
Identify and explain FOUR (4) of the Institute of Chartered Secretaries and Administrators (ICSA) guidance on decision-making responsibilities that the board should reserve to itself and should not be delegated to individual or executive managers to confirm and comment on the view that the Director of Human Resources and Organisational Development’s matrix structure presented is not one of the issues which require board approval before implementation.

Answer

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Tags: Board Responsibilities, Corporate Governance, Decision Making, ICSA Guidance
Level: Level 3

Topic: Conflicts of Interest and Ethical Conflict Resolution
Series: JULY 2023

SCS – July 2023 – L3 – Q6a – Professional Practice and Codes of Ethics

Explain five reasons why the Director of Finance and Operations might project finance over other functions.

Question

Some of the SavvyTech plc management team is concerned that the Director of Finance and Operations is domineering during the acquisition engagement processes at meetings. The Director of Finance and Operations mentioned in anger that ‘arguably, accountancy has an influence on business and government and that is both:
i) continuous and
ii) more extensive than any other profession’.

Required:
As a newly qualified Chartered Accountant responsible for code of ethics in SavvyTech plc, identify and explain FIVE (5) reasons in support of why the Director of Finance and Operations seems to be projecting finance over other functions.

Answer

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Tags: Decision Making, Ethics, Finance Leadership, Influence
Level: Level 3

Topic: Professional practice and codes of ethics
Series: JULY 2023

SCS – July 2023 – L3 – Q5b – Sources of Finance

Explain two benefits of increasing long-term capital using retained profits.

Question

When companies retain profits in the business, the increase in the retained profits adds to equity reserves. This view was suggested by SavvyTech plc management team to the board. The Board is not convinced and seek further explanation.

Required:
Explain TWO (2) benefits to the board of directors on what it means to increase long-term capital using retained profits in SavvyTech plc.

Answer

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Tags: Equity, Financial strategy, Long-term Capital, Retained Profits
Level: Level 3

Topic: Sources of Finance
Series: JULY 2023

SCS – July 2023 – L3 – Q5a – International financial management

Calculate the group profits from the sale of HVSC based on the transfer price set at market price and 25% of Utopia's unit cost.

Question

As the Head of Finance of SavvyTech plc, the Director of Finance and Operations has assigned you to use the forecast data (Table 8) and the “additional information” provided to calculate the following to support engagement by the management team with the Board.

Required:
Calculate the group profits to be realised from the sale of HVSC, if the transfer price for the component is set at its market price, which is GH¢26 per unit (total Ghana cost) plus 25% of Utopia’s unit cost.

Answer

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Tags: Financial Calculations, Group Profit, Taxation, Transfer Pricing
Level: Level 3

Topic: International financial management
Series: JULY 2023

SCS – July 2023 – L3 – Q4 – Controlling Risk

Prepare an internal memo on how SavvyTech's board can show commitment to risk management and create a risk-aware culture.

Question

Essential aspects of risk management and control are the culture within the organisation. The culture within the organisation is set by the board of directors and senior management (the tone at the top), but it should be shared by every manager and employee.

Required:
You are the ‘Risk and Assurance Manager’ of SavvyTech plc with the responsibility of creating a culture of risk awareness in the organisation. Prepare an internal memo for the management team to be discussed with the board of directors on what they must do to show their own commitment to risk management in the things that they say and do.

Answer

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Tags: Organizational Culture, Risk Management, Tone at the Top
Level: Level 3

Topic: Controlling Risk
Series: JULY 2023

SCS – July 2023 – L3 – Q3b – Strategy Implementation

Identify and explain four reasons why SavvyTech needs to research, innovate, and develop existing and new products.

Question

Business entities must innovate to survive and grow. The Director of Marketing and Sales, in a meeting, presented a product market annual performance analysis report and highlighted that the sales trend of the ‘Wrist Organiser 3b’, introduced in 2018, reduced by 75% in 2022 and by 50% in 2021.

Required:
As a member of SavvyTech plc management team, identify and explain FOUR (4) reasons why it is necessary to research, innovate and develop existing and new products as an organisation.

Answer

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Tags: Business Growth, Product Innovation, Research and Development
Level: Level 3

Topic: Strategy implementation
Series: JULY 2023

SCS – July 2023 – L3 – Q3a – Strategy Implementation

Identify and explain five internal triggers of change at SavvyTech plc with examples from the case study.

Question

Change happens continually within organisations, and the markets within which SavvyTech plc operate are not an exception. Strategic development inevitably results in some changes, which need careful management. Some of SavvyTech plc’s internal triggers of change are motivated or caused by developments within the organisation.

Required:
Review SavvyTech plc case study, identify, and explain FIVE (5) internal triggers of change with specific examples from the case.

Answer

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Tags: Internal Factors, Organizational Change, Triggers of Change
Level: Level 3

Topic: Strategy implementation
Series: JULY 2023

SCS – July 2023 – L3 – Q2b – Strategy Implementation

Explain three broad corporate parenting styles described by Goold and Campbell that SavvyTech might adopt.

Question

SavvyTech plc’s management team is debating the corporate parenting strategy that should be adopted. Corporate parenting refers to the relationship between the Head Office and the strategic business unit staff in Utopia.

Required:
As a lead consultant, explain to SavvyTech plc management team THREE (3) broad parenting styles that might be adopted as described by Goold and Campbell (1991).

Answer

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Tags: Business Units, Corporate Strategy, Parenting Styles, Strategic Control
Level: Level 3

Topic: Strategy implementation
Series: JULY 2023

SCS – July 2023 – L3 – Q2a – Strategy, Stakeholders, and Mission

Explain the stakeholder position/importance matrix and provide guidance to SavvyTech on managing key stakeholders.

Question

The management team of SavvyTech plc is concerned about how the staff union group with 60% shareholding might react if the 2022 dividend payout is withheld to finance the subsidiary acquisition in Utopia, particularly the production staff with 80% shareholding of the total staff union’s interest of 60%. There are a number of stakeholder mappings. Two most popular are the ‘stakeholders position/importance matrix’ and ‘stakeholders power/interest matrix’.

Required:
You have been contracted as an independent consultant by SavvyTech plc to review the stakeholder mapping using the ‘stakeholders position/importance matrix’. Draw the diagram, illustrate, and explain using a brief internal memo to guide the management team’s engagement with the stakeholders as presented in the case study.

Answer

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Tags: Influence, Mapping, Matrix, Stakeholders, Strategic Engagement
Level: Level 3

Topic: Strategy, stakeholders, and mission
Series: JULY 2023

SCS – July 2023 – L3 – Q1b – Controlling Risk

Explain why FCA might be difficult to use for the HVSC discussion at SavvyTech.

Question

After the presentation of the SAM four-step approach to the management team, the Director of Finance and Operations made the following statement: ‘The data required for FCA is usually only available in organisations that are at the forefront in responding to the environmental agenda’ (Bebbington, Gray, Hibbitt, and Kirt, 2001).

Required:
Explain to the management team why it might be difficult to use FCA to support the ongoing discussion about the new product HVSC.

Answer

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Tags: Environmental Data, Full-Cost Accounting, Product lifecycle, Risk Management
Level: Level 3

Topic: Controlling Risk
Series: JULY 2023

MA – July 2023 – L2 – Q3a – Activity-Based Costing

This question involves calculating the cost driver rates and overhead cost per unit using the Activity-Based Costing (ABC) technique for three products under the 1D1F policy.

Question

The following three products are produced by a company under the “1D1F” policy with additional information provided.

Product	Cee	Dee	Gee
Units	4,000	6,000	4,800
Labour hours per unit	3	2.5	1.5
Number of units in a batch	400	500	600
Number of machine hours per unit	4	5	7

The annual overheads have been grouped under three headings:

Overhead Category	Amount (GH¢)
Labour related	45,000
Batch related	69,000
Machine related	120,000

Required:
i) Using the Activity Based Costing (ABC) technique, calculate the Cost Driver Rates for each group of overheads.
(6 marks)

ii) Calculate the overhead cost per unit of product “Cee” under the ABC technique.
(4 marks)

Answer

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Tags: Activity-Based Costing, Cost driver rates, Overhead Allocation
Level: Level 2

Topic: Activity-based costing
Series: JULY 2023

MA – July 2023 – L2 – Q2b – Other aspects of performance measurement

This question requires an explanation of three key features of Total Quality Management (TQM).

Question

Total Quality Management (TQM) ensures that all components of an industry work together to improve the quality of its services and products.

Required:
Explain THREE (3) features of Total Quality Management.
(5 marks)

Answer

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Tags: Continuous improvement, Quality Management, TQM
Level: Level 2

Topic: Other Aspects of Performance Measurement
Series: JULY 2023

MA – July 2023 – L2 – Q2a – Budgetary control

This question involves preparing a statement to reconcile the budgeted contribution with the actual contribution using marginal costing principles and detailed variance analysis.

Question

Bekwai manufactures and sells a single product. The company operates a standard marginal costing system and a just-in-time purchasing and production system. No inventory of raw materials or finished goods is held.

Details of the budget and actual data for the period are as follows:

Budget data:

Standard production cost per unit:
Direct material: 8kg @ GH¢10.80 per kg	86.40
Direct labour: 1.25 hours @ GH¢18.00 per hour	22.50
Variable overheads: 1.25 hours @ GH¢6.00 per hour	7.50

Standard selling price: GH¢180 per unit
Budgeted fixed production overheads: GH¢170,000
Budgeted production and sales: 10,000 units

Actual data:

Direct material: 74,000 kg @ GH¢11.20 per kg
Direct labour: 10,800 hours @ GH¢19.00 per hour
Variable overheads: GH¢70,000
Actual selling price: GH¢184 per unit
Actual fixed production overheads: GH¢168,000
Actual production and sales: 9,000 units

Required:
Using marginal costing principles, prepare a statement that reconciles the budgeted contribution and the actual contribution. (Your statement should show the variances in as much detail as possible).
(15 marks)

Answer

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Tags: Actual contribution, Budgeted contribution, Marginal Costing, Reconciliation, Variance Analysis
Level: Level 2

Topic: Budgetary control
Series: JULY 2023

MA – July 2023 – L2 – Q1 – Performance analysis

This question involves explaining the controllability principle, calculating controllable profit, ROI, and RI, and analyzing the performance of two divisions.

Question

Kenkah Ltd provides buffer storage for many companies throughout the country. The company has two divisions, namely Abura and Keta. Each division is autonomous and makes its own long-term investment decisions.

Kenkah Ltd measures the performance of its divisions using Return on Investment (ROI), calculated using controllable profit and average divisional net assets. The company has a cost of capital of 12% but a targeted ROI of 18%. The divisional managers’ annual bonus is determined by the extent to which the ROI earned by the division exceeds the target.

At the beginning of the year, the two divisions, Abura and Keta, bought assets worth GH¢12.5 million and GH¢18.2 million respectively. The assets have a five-year life span with no residual value. The company uses the straight-line depreciation method. The other assets are being controlled by the head office.

Over the years, Kenkah Ltd has used ROI in evaluating the performance of managers. However, to discourage dysfunctional behavior, Kenkah Ltd is considering introducing Residual Income (RI) as a performance measure. Like ROI, RI is calculated using controllable profit and average divisional assets.

The current year’s draft operating statement is shown below:

	Abura (GH¢000)	Keta (GH¢000)
Sales	15,350	17,020
Less controllable Variable Cost	7,505	8,950
Contribution	7,845	8,070
Less Fixed Cost [i) & ii)]	6,335	6,910
Profit	1,510	1,160

Additional Information:
i) Included in fixed costs are the current year depreciation charges of GH¢3,125,000 and GH¢4,550,000 for division Abura and Keta, respectively. Twenty percent (20%) of the depreciation cost in each division is from assets owned and controlled by the head office.
ii) Head office allocates some of its overhead costs to the two divisions using activity-based costing. These costs have been included in the fixed costs and amounted to GH¢210,000 and GH¢230,000 for Abura and Keta, respectively.
iii) The Management Accountant stated at a recent board meeting that “Responsibility accounting is based on the application of the controllability principle.” Hence, he would resist any attempt by management to deviate from this basic principle.

Required:
a) Explain the “controllability principle” and why its application is difficult in practice.
(4 marks)

b) Calculate the current year controllable profit for both divisions of Kenkah Ltd.
(4 marks)

c) Calculate the current year ROI for each of the two divisions of Kenkah Ltd.
(3 marks)

d) Calculate the current year RI for each of the two divisions of Kenkah Ltd.
(4 marks)

e) Discuss the performance of the two divisions for the year.

Answer

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Tags: Controllability Principle, Performance Measurement, Responsibility Accounting, RI, ROI
Level: Level 2

Topic: Performance analysis
Series: JULY 2023

AAA – July 2023 – L3 – Q5c – Reporting | Evaluation and review

Requires drafting a management letter addressing the issue of fixed assets not being embossed with identification codes at BTL Plc.

Question

During an audit engagement, it was observed that the Fixed Assets of BTL Plc were not embossed with a code of identification.

Required:

Draft a management letter relating to the issue above. (5 marks)

Answer

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Tags: Audit Reporting, Fixed Assets, Internal Control, Management letter
Level: Level 3

Topic: Evaluation and review, Reporting
Series: JULY 2023

AAA – July 2023 – L3 – Q5b – Assurance services | Current issues

Explains appropriate audit procedures for Corporate Social Responsibility (CSR) reports, focusing on assessing impact and stakeholder engagement.

Question

Corporate Social Responsibility (CSR) is the hallmark of every well managed entity. In some cases, cost of CSR may not involve actual expenditure.

Required:

Explain THREE (3) appropriate procedures for audit engagements for CSR reports. (5 marks)

Answer

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Tags: Audit Procedures, Corporate Social Responsibility, CSR Auditing, Non-financial Auditing
Level: Level 3

Topic: Assurance services, Current issues
Series: JULY 2023

AAA – July 2023 – L3 – Q5a – The regulatory environment | Current issues

Discusses factors influencing new auditing standards and procedures for their development by the International Federation of Accountants (IFAC).

Question

The auditing profession is very dynamic and constantly confronted with new challenges emanating from the political and economic spheres. To meet these challenges the global authority responsible for the regulation of accountancy profession, The International Federation of Accountants (IFAC) has been ensuring that the standards for conduct of audit and assurance engagements are revised and brought up to date all the time.

Required: i) Discuss FOUR (4) factors that influence the development of new Auditing Standards. (5 marks)

ii) Identify the procedures for developing new Auditing Standards. (5 marks)

Answer

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Tags: Auditing Standards, IAASB, IFAC, Standard Development Process
Level: Level 3

Topic: Current issues, The regulatory environment
Series: JULY 2023

AAA – July 2023 – L3 – Q4b – Government external audit and public accountability | Public sector audit

Discuss the responsibilities for an audit committee member during the first year of tenure in a public sector organization.

Question

The Public Financial Management Act, 2016 (Act 921) requires that all public sector entities should have audit committees. The Act also prescribes the functions of such committees; the functions include mandatory responsibilities and advisory responsibilities. Fortunately, you have been appointed to serve on the audit committee of a Government Agency for a term of two years, renewable for a second term, also for two years.

Required:

Discuss FIVE (5) responsibilities for the first year of your tenure. (10 marks)

Answer

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Tags: Audit Committees, Compliance, Governance, Public Sector Audit
Level: Level 3

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

AAA – July 2023 – L3 – Q4a – The meaning of audit and assurance | Professional responsibility and liability

Discuss issues to consider in professional skepticism assessment and circumstances that can hinder professional skepticism during a performance audit.

Question

Audit engagement rests on mutual understanding and respect between the auditor and the auditee. The Auditor, while not viewing the auditee as dishonest, must also have at the back of his mind that to err is human and must therefore not accept evidence from the auditee without further cross-checking the facts. The attitude should be that the auditor must have an enquiring mind. This is known as professional skepticism; while trusting, he must verify.

Required:

i) What FOUR (4) issues should be considered in Professional Skepticism assessment during performance audit? (5 marks)

ii) State FIVE (5) circumstances that can hinder Professional Skepticism at the engagement level. (5 marks)

Answer

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Tags: Audit quality, Performance Audit, Professional Skepticism
Level: Level 3

Topic: Professional responsibility and liability, The meaning of audit and assurance
Series: JULY 2023

AAA – July 2023 – L3 – Q3 – The audit approach | Audit evidence | Reporting

Evaluate quality control issues and their implications for audit completion, including actions to be taken.

Question

The audit of Nkwa Ltd’s financial statements for the year ended 30 November 2022 is nearing completion, and the auditor’s report is due to be signed next week. Nkwa Ltd manufactures parts and components for the aviation industry. You are conducting an engagement quality control review on the audit of Nkwa Ltd, which is a listed entity and a significant new client of your firm. The draft financial statements recognize revenue of GH¢8.7 million, assets of GH¢15.2 million, and profit before tax of GH¢1.8 million.

You have identified the following issues as a result of your review:

a) The planned audit approach to trade payables was to place reliance on purchasing controls and keep substantive tests to a minimum. During control testing on trade payables, from a random statistical sample, the audit team identified three purchase orders that had not been authorized by the procurement manager. On review of the supporting documentation, the audit team concluded that the items were legitimate business purchases and therefore decided that no additional procedures were required. (4 marks)

b) Following a review of petty cash transactions, the audit assistant identified that the petty cashier paid for taxi fares for personal, non-business journeys with a total value of GH¢175. Following discussions with the Audit Assistant, you have ascertained that he did not report the matter as the amount is immaterial. The audit assistant also commented that the petty cashier is his brother, and that he did not want to get him into trouble. (6 marks)

c) Cut-off testing on revenue has identified two goods despatch notes, dated 2 December 2022, for items sent to Chinn Co, with a combined sales value of GH¢17,880, which had been included in revenue for the year ended 30 November 2022. The client’s financial controller, David Mount, has explained that Chinn Co does not order on a regular basis from Nkwa Ltd. In the absence of a regular payment history with Chinn Co, and in order to minimize the receivables collection period from this particular customer, the sales invoice was raised and sent to the customer on the same day that the sales order was received. The average time period between the receipt of an order and despatching the goods to the customer is approximately one to two weeks. The audit working papers have concluded that no further investigation is necessary. (6 marks)

d) The Finance Director, Leslie Gray, has not completed the tax computation for the year ended 30 November 2022. He has recently asked the audit assistant to compute the company’s tax payable for the year on the basis that as a newly qualified chartered accountant, the audit assistant was more up to date with recent changes in tax legislation. (4 marks)

Required:
Evaluate the quality control issues and the implications for the completion of the audit, including any further actions that should be taken by your audit firm. Your answer should include the matters to be communicated to management and those charged with governance in relation to the audit of Nkwa Ltd.

Answer

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Tags: Audit Completion, Audit evidence, Communication with Governance, Quality control
Level: Level 3

Topic: Audit evidence, Reporting, The audit approach
Series: JULY 2023

Series: JULY 2023

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SCS – July 2023 – L3 – Q6b – Conflicts of Interest and Ethical Conflict Resolution

Explain the ICSA guidance on decisions that the board should reserve for itself and not delegate to individual or executive managers.

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SCS – July 2023 – L3 – Q6a – Professional Practice and Codes of Ethics

Explain five reasons why the Director of Finance and Operations might project finance over other functions.

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SCS – July 2023 – L3 – Q5b – Sources of Finance

Explain two benefits of increasing long-term capital using retained profits.

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SCS – July 2023 – L3 – Q5a – International financial management

Calculate the group profits from the sale of HVSC based on the transfer price set at market price and 25% of Utopia's unit cost.

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SCS – July 2023 – L3 – Q4 – Controlling Risk

Prepare an internal memo on how SavvyTech's board can show commitment to risk management and create a risk-aware culture.

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SCS – July 2023 – L3 – Q3b – Strategy Implementation

Identify and explain four reasons why SavvyTech needs to research, innovate, and develop existing and new products.

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SCS – July 2023 – L3 – Q3a – Strategy Implementation

Identify and explain five internal triggers of change at SavvyTech plc with examples from the case study.

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SCS – July 2023 – L3 – Q2b – Strategy Implementation

Explain three broad corporate parenting styles described by Goold and Campbell that SavvyTech might adopt.

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SCS – July 2023 – L3 – Q2a – Strategy, Stakeholders, and Mission

Explain the stakeholder position/importance matrix and provide guidance to SavvyTech on managing key stakeholders.

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SCS – July 2023 – L3 – Q1b – Controlling Risk

Explain why FCA might be difficult to use for the HVSC discussion at SavvyTech.

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MA – July 2023 – L2 – Q3a – Activity-Based Costing

This question involves calculating the cost driver rates and overhead cost per unit using the Activity-Based Costing (ABC) technique for three products under the 1D1F policy.

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MA – July 2023 – L2 – Q2b – Other aspects of performance measurement

This question requires an explanation of three key features of Total Quality Management (TQM).

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MA – July 2023 – L2 – Q2a – Budgetary control

This question involves preparing a statement to reconcile the budgeted contribution with the actual contribution using marginal costing principles and detailed variance analysis.

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MA – July 2023 – L2 – Q1 – Performance analysis

This question involves explaining the controllability principle, calculating controllable profit, ROI, and RI, and analyzing the performance of two divisions.

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AAA – July 2023 – L3 – Q5c – Reporting | Evaluation and review

Requires drafting a management letter addressing the issue of fixed assets not being embossed with identification codes at BTL Plc.

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AAA – July 2023 – L3 – Q5b – Assurance services | Current issues

Explains appropriate audit procedures for Corporate Social Responsibility (CSR) reports, focusing on assessing impact and stakeholder engagement.

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AAA – July 2023 – L3 – Q5a – The regulatory environment | Current issues

Discusses factors influencing new auditing standards and procedures for their development by the International Federation of Accountants (IFAC).

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AAA – July 2023 – L3 – Q4b – Government external audit and public accountability | Public sector audit

Discuss the responsibilities for an audit committee member during the first year of tenure in a public sector organization.

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AAA – July 2023 – L3 – Q4a – The meaning of audit and assurance | Professional responsibility and liability

Discuss issues to consider in professional skepticism assessment and circumstances that can hinder professional skepticism during a performance audit.

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AAA – July 2023 – L3 – Q3 – The audit approach | Audit evidence | Reporting

Evaluate quality control issues and their implications for audit completion, including actions to be taken.

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