Series: MAR 2023

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Has Case Study
  • 8 Marks

SCS – March 2023 – L3 – Q8 – International financial management

Discusses governance structure in terms of the separation of roles between the chairman and the CEO in line with the UK and Ghana Codes of Best Practices.

Dr. Kingsley Tettey is the Chairman of the 4-member board of directors, and Dr. Joy Tettey is the Medical Director. Clearly, the Chairman is not the Chief Executive Officer (CEO) or Medical Director of LCH.

Required:
Discuss what the Ghana Code of Best Practices and the UK Corporate Governance Code state about this governance structure.
(8 marks)

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Has Case Study
  • 12 Marks

SCS – March 2023 – L3 – Q7 – Professional practice and codes of ethics

Analyzes LCH board composition using governance codes and discusses OECD principles of disclosure and board responsibilities.

a) LCH’s Board of Directors is composed of four experienced professionals.

Required:
In reference to codes of corporate governance and the composition of LCH’s Board, analyze the view that the board has a suitable balance.
(5 marks)

b) The OECD Principles (2015) provide guidance through recommendations and annotations across six chapters. Principle 5 and 6 deal with disclosure and transparency and the responsibilities of the board respectively.

Required:
Provide the guidance and recommendations given on these principles and how relevant it is to LCH.
(7 marks)

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Has Case Study
  • 20 Marks

SCS – March 2023 – L3 – Q6 – International financial management

Explains the financial reporting implications of debt exchange and compares investing in bonds versus shares

LCH has invested GH¢1,000,000 in a 5-year Government of Ghana Bond with a coupon rate of 20%. As a result of the Government of Ghana DDE programme, LCH has no option but to exchange the old bond with the new bond.

Required:
a) Explain FIVE (5) financial reporting implications of the debt exchange on the financial statements of LCH as at 31 December 2022.
(10 marks)

b) Discuss FOUR (4) advantages and TWO (2) main disadvantages of investing in bonds rather than shares.
(10 marks)

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Has Case Study
  • 10 Marks

SCS – March 2023 – L3 – Q5 – Strategy implementation

Uses Fitzgerald and Moon’s performance measurement dimensions to link LCH’s performance assessment to corporate strategy.

Fitzgerald and Moon (1996) provided a framework for analysing performance management systems in service industries like a hospital. They suggested that a performance management system in a service organisation can be analysed as a combination of three building blocks, namely:
i) Dimensions
ii) Standards
iii) Rewards.

Required:
Using Dimensions as a tool for performance measurement, discuss how LCH could link performance assessment to corporate strategy.
(10 marks)

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Has Case Study
  • 10 Marks

SCS – March 2023 – L3 – Q4 – Strategy, stakeholders, and mission

Compares mechanistic and organic structures and recommends which is more suitable for LCH.

An appropriate organizational structure should reflect the size and complexity of an entity.

Required:
Using the management study of Burns and Stalker that identified two categories of organization structure—a mechanistic structure and an organic structure—explain the differences between the two types of structures and determine which of the two is suitable for LCH.
(10 marks)

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  • 20 Marks

SCS – March 2023 – L3 – Q3 – Competitive advantage

Discusses the pros and cons of mergers and acquisitions and uses SWOT analysis to evaluate the business strategy

LCH is facing very stiff competition from both public and private health facilities. You have suggested that LCH consider either acquisition or mergers or both as a strategic move to survive in the industry.

a) Discuss FIVE (5) advantages and FIVE (5) disadvantages of a decision to consider acquisition and merger as a survival strategy.
(10 marks)

b) Using SWOT analysis, identify and discuss key factors that might affect LCH’s business strategy.
(10 marks)

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Has Case Study
  • 10 Marks

SCS – March 2023 – L3 – Q2 – Strategy, stakeholders, and mission

Uses the 4Ps of marketing mix and competitive environment to evaluate the feasibility of adopting telemedicine.

According to the Technical Advisor of the Board of Directors, Telemedicine, the remote diagnosis and treatment of patients by means of telecommunications technology is the way to go. This proposal has been subjected to a basic marketing feasibility analysis.

Required:
Using 4Ps of the marketing mix and the competitive environment that LCH operates, explain the factors to be taken into consideration when deciding on whether to adopt the proposal to move into Telemedicine.
(10 marks)

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Has Case Study
  • 10 Marks

SCS – March 2023 – L3 – Q1 – Ethics and social responsibility

Explains the importance of good ethical behavior for accountants and reasons for the public’s high expectations from the accountancy profession.

a) At LCH, the Financial Accountant and the Internal Auditor have been designated as Ethics Focal Persons (EFP) to raise awareness of good ethical behavior among the staff.
As a student of ethics, explain FIVE (5) reasons why good ethical behavior (study and application of ethics) is important to today’s Accountant.
(5 marks)

b) The general public has high expectations of the accountancy profession and the idea of an ethical profession should be reinforced in their minds.
State THREE (3) reasons why the general public has high expectations of the accountancy profession to ensure good corporate governance practices.
(5 marks)

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  • 5 Marks

FR – Mar 2023 – L2 – Q5d – Business combinations and consolidation

Explains fair value in IFRS 13 and its application to assets and liabilities in business combinations.

d) IFRS 3: Business Combinations defines fair value consistently with IFRS 13: Fair Value Measurement. IFRS 3 requires the acquiree’s assets and liabilities to be incorporated into the consolidated financial statements at their fair values rather than at their carrying amounts.

Required:
i) Explain the meaning of fair value in accordance with IFRS 13. (2 marks)
ii) Explain the reasons why the acquiree’s assets and liabilities are measured and recognised at their fair value within the consolidated financial statements. (3 marks)

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  • 5 Marks

FR – March 2023 – L2 – Q5c – Preparation of Financial Statements

Determining the initial cost, depreciation charge, and carrying amount of the head office construction under IFRSs.

Lana Ltd is a public listed company in Ghana, located in the Northern Region. The company operates in the manufacturing sector and prepares its accounts to 31 December each year. During the year ended 31 December 2021, Lana Ltd built a head office. The costs associated with the construction of the head office are as follows:

GH¢ million
Fees for environmental certifications and building permits 0.5
Leasehold Land acquisition 10.0
Architect and engineer fees 1.0
Construction material and labor costs (including unused materials) 6.5

At 31 October 2021, when the head office extension became available for use, the cost of unused materials on site amounted to GH¢0.5 million. The total borrowing costs incurred on a loan specifically used to finance the head office extension amounted to GH¢0.8 million. The estimated useful life of the building was 40 years.

Required:
With reference to IFRSs, determine:
i) The initial cost to be capitalized.
ii) The depreciation charge for the year ended 31 December 2021.
iii) The carrying amount as of 31 December 2021.

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  • 6 Marks

BMIS – Mar 2023 – L1 – Q4b – HR – Other human resources functions

Explains the concepts of job enlargement, job enrichment

b) Design of workplaces aims to improve work organization and improve competencies of employees. Two main approaches in the design of workplaces are specialization and alternative methods. The most popular alternative methods are job enrichment and job enlargement. The effective and efficient design of workplaces must be compatible with the organizational structure of the company and its specificity, management methods, and defined objectives.

Required:
i) Explain job enlargement.
(3 marks)
ii) Explain job enrichment.
(3 marks)

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  • 11 Marks

BMIS – Mar 2023 – L1 – Q4a – HR – Other human resources functions

Explains performance appraisal and its benefits to both employers and employees.

Formal Performance Appraisals can be of huge benefit to both the employer and the employee. Unfortunately, however, they are increasingly undervalued and underutilized by both parties and as a result viewed as a tradition to be performed within a specified period of time.

Required:
i) Explain Performance Appraisal.
(2 marks)
ii) Explain THREE (3) benefits of performance appraisal to the employer.
(4.5 marks)
iii) Explain THREE (3) benefits of performance appraisal to the employee.
(4.5 marks)

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  • 20 Marks

BMIS – Mar 2023 – L1 – Q3 – Management and leadership

Differentiates between management and leadership, power and authority, and explains the basic functions of management.

Since being employed by Barry Ltd as Executive Assistant to the Chief Executive Officer about three months ago, you have always heard employees, including some middle-level Managers, use ‘Management’ and ‘Leadership’ interchangeably, which you think is not right.

A staff durbar is scheduled to take place in the next few days, and you have decided to use the platform to educate members of staff on the two concepts as a form of orientation.

Required:
a) Differentiate between ‘Management’ and ‘Leadership’.
(5 marks)
b) Distinguish between ‘Power’ and ‘Authority’.
(5 marks)
c) Explain FOUR (4) basic functions of Management.
(10 marks)

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  • 10 Marks

BMIS – Mar 2023 – L1 – Q2b – Introduction to business strategy

Explains the three levels of planning within an organization: strategic, tactical, and operational.

Strategic plans set a framework and guidelines within which more detailed plans and shorter-term planning decisions can be made.

Required:
Explain THREE (3) levels of planning within an organisation.

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  • 10 Marks

BMIS – Mar 2023 – L1 – Q2a – Competitive forces and markets

Calculates the price elasticity of demand for a product and explains factors that determine it.

You are the Account Officer of Dinke Café, a company that sells cocoa drink to a wide range of consumers. The company sells a cup of cocoa drink for GH¢2, which yielded a sales output of 10 million cups for the year ending 2021. As part of a promotional package to celebrate its silver jubilee, the company reduced its price to GH¢1.50, which increased its total sales output to 15 million cups for the year ending 2022.

Required:
i) Calculate the price elasticity of demand of Dinke Café.
(4 marks)
ii) Explain THREE (3) factors that might have determined the company’s price elasticity of demand.
(6 marks)

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  • 10 Marks

BMIS – Mar 2023 – L1 – Q1b – Business and organisational structure

Explains five factors the government should consider in determining the structure for the National Youth Employment Programme.

The government of Ghana, on realizing the high levels of unemployment among the youth, decided to establish the National Youth Employment Programme with the sole objective of reducing this unemployment among the youth.

Required:
Elaborate on FIVE (5) factors the government should consider in deciding the appropriate structure for the operations of this organization.

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  • 10 Marks

BMIS – Mar 2023 – L1 – Q1a – The business organisation and its stakeholders

Explains four benefits for a partnership converting to a Public Limited Liability Company.

Asante, Oforiwaa, and Obrafour, who are well known to you and have been operating a Partnership for many years, have approached you for advice regarding their decision to convert it into a Public Limited Liability Company.

Required:
Explain FOUR (4) benefits that will be enjoyed by members of the Partnership should they convert it into a Public Limited Liability Company.

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  • 4 Marks

AAA – March 2023 – L3 – Q5c – Reporting, Current issues

Differentiate between the emphasis of matter and other matter paragraphs with examples.

An auditor’s report may include an ‘emphasis of matter’ paragraph and/or an ‘other matter’ paragraph. These types of paragraph are the subject of ISA 706: Emphasis of Matter Paragraphs and Other Matter Paragraphs in the Independent Auditor’s Report. The purpose of these paragraphs is to provide additional communication in the auditor’s report.

Required:
Differentiate between the ‘emphasis of matter’ paragraph and ‘other matter’ paragraph citing ONE (1) circumstance in each case. (4 marks)

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  • 6 Marks

AAA – March 2023 – L3 – Q5b – Audit-related services, Internal audit and outsourcing

Explain issues in deciding whether to use work performed by internal auditors in Sandy Snacks audit.

You are the audit manager in charge of the audit of Sandy Snacks, a company which runs a chain of snack bars operating in a number of beach holiday resorts. Your firm has been the auditor for a number of years and has always had to substantively test cash sales because of a lack of control over the recording of takings. The auditor’s reports to date have been unmodified.

You have recently been informed that the company has taken on a newly qualified chartered accountant as chief internal auditor and an unqualified assistant internal auditor. Since their appointment halfway through the year ended 31 December 2022 the two have spent most of their time carrying out substantive procedures on cash sales.

The directors are hopeful that your audit fee this year will decrease because you will be able to use the work carried out by the internal auditors.

Required:
Explain the issues that will be relevant to your firm in deciding whether you can use the work performed by the internal auditors. (6 marks)

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  • 10 Marks

AAA – March 2023 – L3 – Q5a – Current issues, Government external audit and public accountability

Evaluate five responsibilities of the Board for risk management of rural banks.

The Central Bank of Ghana (BoG) is mandated to ensure the smooth running of the banking system. Over the years, Bank of Ghana has taken pride in enforcing stricter regulation and supervision. In this regard, the BoG formulated the Banks and Specialised Deposit Taking Institutions Act, Act 930 in 2016, which empowers it to be more aggressive in dealing with deviations in the sector. The BoG, aside instituting regulations, undertook a clean-up of the financial sector. This saw the number of universal banks drop from 30 at the beginning of 2018 to 23, as at the end of December 2018. These 23 universal banks were able to meet the minimum capitalisation requirement of GH¢ 400 million by the end of December 2018 (BoG, MPC reports, 2018).

Major corporate failures worldwide have dented investor confidence as well as raised several questions on the effectiveness of a firm’s internal control system and the corporate governance structures and also poor risk management especially for banks. Bank of Ghana in addressing collapse of Rural Banks and the risk management gap of the rural banking space introduced the Risk Management Guidelines for Rural and Community Banks in May 2021.

Required:
Evaluate FIVE (5) of the responsibilities of the Board for risk management of rural banks.

(10 marks)

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