Series: MAR 2023

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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.

Question

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)

Answer

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Tags: Best Practices, Board Governance, Ghana Code of Best Practices, UK Corporate Governance Code
Level: Level 3

Topic: International financial management
Series: MAR 2023

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.

Question

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)

Answer

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Tags: Board Composition, Corporate Governance, Disclosure, OECD principles, Transparency
Level: Level 3

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

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

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

Question

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)

Answer

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Tags: Bonds, Debt Exchange, Financial Reporting, Investment, Shares
Level: Level 3

Topic: International financial management
Series: MAR 2023

SCS – March 2023 – L3 – Q5 – Strategy implementation

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

Question

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)

Answer

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Tags: Corporate Strategy, Healthcare, Performance Dimensions, Performance Management, Service Industries
Level: Level 3

Topic: Strategy implementation
Series: MAR 2023

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

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

Question

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)

Answer

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Tags: Burns and Stalker, LCH, Mechanistic Structure, Organic Structure, Organizational Structure
Level: Level 3

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

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

Question

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)

Answer

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Tags: Acquisitions, Business Strategy, Healthcare, Mergers, SWOT Analysis
Level: Level 3

Topic: Competitive Advantage
Series: MAR 2023

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.

Question

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)

Answer

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Tags: 4Ps, Competitive Environment, Feasibility Study, Marketing Mix, Telemedicine
Level: Level 3

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

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.

Question

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)

Answer

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Tags: Corporate Governance, Ethics, Professional Conduct, Public Expectations
Level: Level 3

Topic: Ethics and social responsibility
Series: MAR 2023

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.

Question

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)

Answer

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Tags: Assets and liabilities, Business Combinations, Consolidation, Fair Value, Goodwill, IFRS 13, IFRS 3
Level: Level 2

Topic: Business combinations and consolidation
Series: MAR 2023

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.

Question

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.

Answer

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Tags: Borrowing Costs, Capitalization, Construction, Depreciation, IFRS
Level: Level 2

Topic: Preparation of Financial Statements
Series: MAR 2023

AAA – March 2023 – L3 – Q4 – Internal audit and outsourcing, public sector audit

Discuss the impact of the Internal Audit Agency on government institutions and analyze the effects of payroll outsourcing.

Question

a) Internal Auditing has assumed great importance as a tool of accountability in organizations both public and private. Internal auditors being employees of the organization they audit; do not enjoy the protection they need to operate independently. There arose the need for an independent regulatory and supervisory authority to give professional direction and protection to internal auditors to do their work without undue interference. It was for those reasons that the Internal Audit Agency was established as a supervisory authority to regulate the practice of Internal Auditing in the Public Sector.

Required:
Discuss the impact of Internal Audit Agency on MDAs, MMDAs and Government Agencies since its establishment in Ghana. (10 marks)

b) In his mid-year assessment of the national budget, the Minister of Finance made a suggestion that outsourcing of government payroll might be considered. The assurance of cost was the primary factor. A biometric exercise carried out by SSNIT in April 2017 made sure that 27,000 “ghost” names were found and taken off the government payroll.

Required:

i) Discuss the effects of payroll outsourcing in this stance. (5 marks)
ii) Analyze what the service user auditor must do in the course of his duties when the outsourcing programme is implemented. (5 marks)

(Total: 20 marks)

Answer

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Topic: Internal audit and outsourcing, Public sector audit
Series: MAR 2023

AAA – March 2023 – L3 – Q3b – Reporting, Audit-related services

Recommend matters to include in the report to those charged with governance for Adorko Plc.

Question

Your firm, Lardi & Associates, has asked you to perform an independent review of the working papers of Adorko Plc which is a listed entity and has been an audit client of your firm for the last ten years. The audit fieldwork is almost complete and as part of your review, you have been asked to advise the audit team on the drafting of their report to those charged with governance. Adorko Plc is a discount food retailer which operates 85 stores nationwide.

Below is an extract of the financial statements for the period:

	2022	2021
Revenue	GH¢247m	GH¢242m
Profit before tax	GH¢14.6m	GH¢14.1m
Total Assets	GH¢535m	GH¢321m

After a period of rapid expansion, 2022 has been a year in which Adorko Plc has strengthened its existing position within the market and has not acquired any additional stores or businesses. The company’s draft statement of financial position for 2022 includes a property portfolio of GH¢315 million all of which are legally owned by the entity. In the current year, the company has chosen to adopt a policy of revaluing its property portfolio for the first time and this is reflected in the draft figures for 2022. The audit work on property, plant and equipment included testing a sample of the revaluations. Lardi & Associates requested at the planning stage that independent, external valuation reports should be made available to the audit team at the start of the final audit visit. A number of these documents were not available when requested and it took three weeks for them to be received by the audit team. The audit working papers also identified that on review of the non-current asset register, there were four properties with a total carrying amount of GH¢11.1 million which had not yet been revalued and were still recorded at depreciated historic cost.

The audit supervisor’s review of Adorko Plc’s board minutes identified that the company has renovated seventeen car parking facilities at of its stores which has resulted in a significant increase in customer numbers and revenue at each of these locations. The total cost of the renovation work was GH¢13.2 million and has been included in operating expenses for the current year. The audit file includes a working paper recording discussions with management which confirms that capital expenditure authorization forms had not been completed for this expenditure.

You are aware that your firm had intended to replace the current engagement partner, Mr. Kunta, with Mr. Barima who is Lardi & Associates’s other specialist in food retail. Unfortunately, Mr. Barima was taken ill earlier in the year and will not now be available until next year’s audit engagement. As a result, 2022 is the eighth consecutive year in which Mr. Kunta has acted as engagement partner.

Required:
From the information provided above, recommend the matters which should be included in Lardi & Associates’s report to those charged with governance, and explain the reason for their inclusion. (10 marks)

Answer

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Tags: Audit Issues, Governance Reporting, ICAG, Property Revaluation
Level: Level 3

Topic: Audit-related services, Reporting
Series: MAR 2023

AAA – March 2023 – L3 – Q3a – Reporting, Current issues

Comment on the issues raised in the draft auditor’s report for Alpha Ltd.

Question

You are the manager responsible for the audit of Alpha Ltd, a listed company specializing in the manufacture and installation of sound-proof partitions for domestic and industrial buildings. You are currently reviewing the draft auditor’s report on the company’s financial statements for the year ended 31 March 2022. Extracts from the draft auditor’s report are shown below:

Independent auditor’s report to the shareholders and directors of Alpha Ltd

Basis for opinion
We conducted our audit of Alpha Ltd (the Company) in accordance with International Standards on Auditing (ISAs). Our responsibilities under those standards are further described in the auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements which are relevant to our audit of the financial statements in the jurisdiction in which the Company operates, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Opinion
We have audited the financial statements of Alpha Ltd, which comprises the statement of financial position as at 31 March 2022, and the statement of comprehensive income, statement of changes in equity and statement of cash flows for the year then ended, and notes to the financial statements, including a summary of significant accounting policies. In our opinion, the accompanying financial statements present fairly, in all material respects, the financial position of the Company as at 31 March 2022, and of its financial performance and its cash flows for the year then ended in accordance with International Financial Reporting Standards.

Material uncertainty regarding going concern
The Company is financed by a long-term loan from its bankers which is due for redemption in August 2022. At the date of this auditor’s report, the Company is in the process of renegotiating the loan but has not yet reached a final agreement with its bankers. It is our view that the loan finance is essential to the continued survival of the Company and that at the time of reporting, therefore, the absence of a finalized agreement represents a material uncertainty regarding going concern. The financial statements have been prepared on a going concern basis but do not make any reference to the loan redemption or the ongoing negotiations with the bank. As the external auditor, therefore, we are fulfilling our duty by bringing the matter to the attention of users of the financial statements.

Other information
The Company’s principal activity is the manufacture and installation of sound-proof partitions for domestic and industrial buildings. The Company, therefore, engages in long-term contracts which are incomplete at the reporting date and which are material to its revenue figure. The installation process is complex and significant judgment is applied in assessing the percentage of completeness which is applied to calculate the revenue for the year. The significance of this judgment requires us to disclose the issue as other information which is relevant to the users of the financial statements.

Required:
Comment on the issues raised in the extract from the draft auditor’s report for the year ended 31 March 2022. (Note: You are NOT required to re-draft the extracts from the auditor’s report.)

(10 marks)

Answer

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Tags: Comment on the issues raised in the draft auditor’s report for Alpha Ltd
Level: Level 3

Topic: Current issues, Reporting
Series: MAR 2023

AAA – March 2023 – L3 – Q2a – Audit evidence, The audit approach

Comment on matters to consider and audit evidence for group audits, focusing on Fuga Plc, Bavi Plc, and Kontomo Plc.

Question

You are an Audit Manager in Aboto & Associates, responsible for the audit of the Obina Group (the Group). You are reviewing the audit working papers for the consolidated financial statements relating to the year ended 31 March 2021. The Group specializes in the wholesale supply of steel plate and sheet metals. The draft consolidated financial statements recognize revenue of GH¢7,670 million (2020 – GH¢7,235 million), profit before taxation of GH¢55 million (2020 – GH¢80 million) and total assets of GH¢1,560 million (2020 – GH¢1,275 million). Aboto & Associates audits all of the individual company financial statements as well as the Group consolidated financial statements. The Audit Senior has brought the following matters, regarding a number of the Group’s companies, to your attention:

Fuga Plc
The Group purchased 40% of the share capital and voting rights in Fuga Plc on 1 May 2020. Fuga Plc is listed on the Ghana Alternative Market. The Group has also acquired options to purchase the remaining 60% of the issued shares at a 10% discount on the market value of the shares at the time of exercise. The options are exercisable in 18 months from 1 May 2021. Fuga Plc’s draft financial statements for the year ended 31 March 2021 reveals revenue of GH¢90 million and a loss before tax of GH¢12 million. The Group’s Finance Director has recognized Fuga Plc as an associate in this year’s group accounts and has included a loss before tax of GH¢4.4 million in the consolidated statement of profit or loss.
(7 marks)
Bavi Plc
Bavi Plc is a foreign subsidiary whose functional and presentational currency is the same as Obina Plc and the remainder of the Group. The subsidiary specializes in the production of stainless steel and holds a significant portfolio of forward commodity options to hedge against fluctuations in raw material prices. The local jurisdiction does not mandate the use of IFRS and the Audit Senior has noted that Bavi Plc follows local GAAP, whereby derivatives are disclosed in the notes to the financial statements but are not recognized as assets or liabilities in the statement of financial position. The disclosure notes include details of the maturity and exercise terms of the options and a directors’ valuation stating that they have a total fair value of GH¢6.1 million as at 31 March 2021. The disclosure notes state that all of the derivative contracts were entered into in the last three months of the reporting period and that they required no initial net investment. (6 marks)
Kontomo Plc
Kontomo Plc is a long-standing subsidiary in which the Group parent has a direct holding of 80% of the equity and voting rights. Audit work on revenue and receivables at Kontomo Plc has revealed sales of aluminum to its parent company in March 2021 amounting to GH¢77 million which have been recorded in the subsidiary’s financial statements. However, the audit procedures have identified that the receipt of aluminum was not recorded by the parent company until 2 April 2021. The group has made no adjustment for this transaction in the draft consolidated financial statements. Kontomo Plc makes a 10% profit margin on the sale of aluminum. (7 marks)

Required:
Comment on the matters to be considered and the audit evidence you should expect to find during your review of the Group audit working papers in respect of each of the issues raised above.

Answer

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Tags: Audit evidence, Financial Consolidation, Group Audits, ICAG
Level: Level 3

Topic: Audit evidence, The audit approach
Series: MAR 2023

AAA – March 2023 – L3 – Q1b – Professional responsibility and liability, The audit approach

Discuss the ethical issues and other matters to consider before accepting Kita Ltd as a client.

Question

You are a Senior manager in Bintu & Associates, a firm of Chartered Accountants which offers a range of assurance services. You are responsible for the audit of Mmatan Ltd, a company which provides approximately 10% of your firm’s practice income each year. The Finance Director of Mmatan Ltd has recently contacted you to provide information about another company, Kita Ltd, which is looking to appoint a provider of assurance services.

An extract from an email received from the Finance Director of Mmatan Ltd to you is stated below:

“One of my friends, Mr. Preprah, is the Managing Director of Kita Ltd, a small company which is seeking to expand in the next few years. I know that Mr. Preprah has approached the company’s bankers for GH¢6 million to finance the expansion. To support this loan application, Mr. Preprah will need to present its audited Financial Statements, hence the need for an Auditor immediately. Mr. Preprah is also in need of a firm to provide tax planning advice and also to prepare both the company’s and his personal tax computations for submission to the tax authorities. In this regard, I have asked Mr. Preprah to contact you, and I hope that Bintu & Associates will be able to provide these services to Kita Ltd for a low fee. If the fee you suggest is too high, and unacceptable to Mr. Preprah, then I will recommend that Mr. Preprah approaches Kwateng & Associates instead. Should the arrangement with Kita Ltd not go through, then Mmatan Ltd would also advise itself.”

Kwateng & Associates is a firm of Chartered Accountants which has an office in the same town as Bintu & Associates. The company is owner-managed, with Mr. Preprah’s family owning 90% of the share capital. Mr. Preprah is a director and majority shareholder of three other companies. An article in a newspaper from several years ago about Mr. Preprah indicated that one of his companies was once fined for a breach of employment law and that he had used money from one of the company’s pension funds to set up a business abroad, appointing his son as the Managing Director of that business.

Required:
Discuss the ethical issues and other matters which should be considered in relation to Bintu & Associates’s potential acceptance of Kita Ltd as its client. (10 marks)

Answer

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Tags: Audit and Assurance, Client Acceptance, Ethical considerations, ICAG
Level: Level 3

Topic: Professional responsibility and liability, The audit approach
Series: MAR 2023

AAA – March 2023 – L3 – Q1a – Professional responsibility and liability

Discuss four strategies to mitigate or prevent conflict of interest in the workplace.

Question

A conflict of interest is a situation in which a person or organization is involved in multiple interests, financial or otherwise, and serving one interest could involve working against another. However, due to the difficulty involved in identifying a conflict of interest situation, you could engage in a conflict without realizing it.

Required:
Discuss FOUR (4) strategies you would recommend to Management to help mitigate or prevent a conflict-of-interest situation at the workplace. (10 marks)

Answer

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Tags: Audit and Assurance, Conflict of Interest, ICAG, Management Strategies, Workplace Ethics
Level: Level 3

Topic: Professional responsibility and liability
Series: MAR 2023

PSAF – Mar 2023 – L2 – Q5c – Public sector fiscal planning and budgeting

Outlines key issues that should be specified in a Fiscal Strategy Document as required by the Public Financial Management Act.

Question

The Minister of Finance shall, not later than the end of May of each financial year, prepare and submit to Cabinet for approval, a Fiscal Strategy Document.

Required:
Outline FIVE (5) issues that should be specified in the Fiscal Strategy Document.
(5 marks)

Answer

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Tags: Budgeting, Fiscal Planning, Fiscal Strategy Document, Public Financial Management
Level: Level 2

Topic: Public sector fiscal planning and budgeting
Series: MAR 2023

PSAF – Mar 2023 – L2 – Q5b – Public sector fiscal planning and budgeting

Explains the concept of virement in public financial management and discusses the prohibitions on its use under the Public Financial Management Act, 2016.

Question

A principal spending officer is of the view that the organization can always carry out unbudgeted activities, programs, and projects through the use of virement. He argues that virement is a smart way of going around the rigid rules that govern national budget implementation.

Required:
i) Explain virement as a tool in public financial management.
(3 marks)

ii) Discuss the prohibitions on the use of virement under the Public Financial Management Act, 2016 (Act 921).
(4 marks)

Answer

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Tags: Budgeting, Fiscal Discipline, Public Financial Management, Virement
Level: Level 2

Topic: Public sector fiscal planning and budgeting
Series: MAR 2023

PSAF – Mar 2023 – L2 – Q5a – Public sector fiscal planning and budgeting

Discusses the legislative framework governing public sector budgeting in Ghana and the benefits of budgeting in the public sector.

Question

Budgeting is an essential and mandatory financial management process in the public sector. It plays a significant role in public financial governance.

Required:
i) Discuss the legislative framework for public sector budgeting in Ghana.
(4 marks)

ii) Explain FOUR (4) benefits of budgeting in the public sector.
(4 marks)

Answer

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Tags: Benefits of Budgeting, Budgeting, Fiscal Management, Legislative Framework, Public Sector
Level: Level 2

Topic: Public sector fiscal planning and budgeting
Series: MAR 2023

PSAF – Mar 2023 – L2 – Q4c – Public sector financing initiatives

Explains the financial liability model and grant of right to operator model under IPSAS 32 for recognizing liability in service concession arrangements.

Question

Explain the following models of recognition of liability under a service concession arrangement under IPSAS 32: Service Concession-Grantor:

i) Financial liability model
ii) Grant of right to operator model

Answer

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Tags: Financial Liability Model, Grant of Right to Operator Model, IPSAS 32, Liability Recognition, Service Concession
Level: Level 2

Topic: Public sector financing initiatives
Series: MAR 2023

Series: MAR 2023

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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.

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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.

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

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

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SCS – March 2023 – L3 – Q5 – Strategy implementation

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

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

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

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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

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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.

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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.

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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.

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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.

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AAA – March 2023 – L3 – Q4 – Internal audit and outsourcing, public sector audit

Discuss the impact of the Internal Audit Agency on government institutions and analyze the effects of payroll outsourcing.

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AAA – March 2023 – L3 – Q3b – Reporting, Audit-related services

Recommend matters to include in the report to those charged with governance for Adorko Plc.

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AAA – March 2023 – L3 – Q3a – Reporting, Current issues

Comment on the issues raised in the draft auditor’s report for Alpha Ltd.

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AAA – March 2023 – L3 – Q2a – Audit evidence, The audit approach

Comment on matters to consider and audit evidence for group audits, focusing on Fuga Plc, Bavi Plc, and Kontomo Plc.

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AAA – March 2023 – L3 – Q1b – Professional responsibility and liability, The audit approach

Discuss the ethical issues and other matters to consider before accepting Kita Ltd as a client.

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AAA – March 2023 – L3 – Q1a – Professional responsibility and liability

Discuss four strategies to mitigate or prevent conflict of interest in the workplace.

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PSAF – Mar 2023 – L2 – Q5c – Public sector fiscal planning and budgeting

Outlines key issues that should be specified in a Fiscal Strategy Document as required by the Public Financial Management Act.

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PSAF – Mar 2023 – L2 – Q5b – Public sector fiscal planning and budgeting

Explains the concept of virement in public financial management and discusses the prohibitions on its use under the Public Financial Management Act, 2016.

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PSAF – Mar 2023 – L2 – Q5a – Public sector fiscal planning and budgeting

Discusses the legislative framework governing public sector budgeting in Ghana and the benefits of budgeting in the public sector.

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PSAF – Mar 2023 – L2 – Q4c – Public sector financing initiatives

Explains the financial liability model and grant of right to operator model under IPSAS 32 for recognizing liability in service concession arrangements.

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