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a. Agency problems and conflicts are common in all organisations.
Required:
Explain the concept of agency problems and discuss FIVE types of agency conflicts that might exist in an organisation. (8 Marks)
b. Tucker‟s Five Question Model can be employed in training new professional accountants in ethics.
Required:
Explain the issues covered by the Tucker‟s Five Question Model. (7 Marks)
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a. With the aid of an appropriate diagram, explain how organisations and management structures might change as a business grows using Greiner’s growth model. (10 Marks)
b. Explain briefly the concept of board diversity giving THREE examples of categories of diversity. (5 Marks)
c. Explain THREE benefits of the diversity of the board of a large company. (3 Marks)
d. Discuss TWO limitations of board diversity. (2 Marks)
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Mallam Danladi is a civil servant who has won a sum of one hundred million Naira in a lottery. Being a very conservative person who is averse to risks, Mallam Danladi is contemplating putting the money in a fixed deposit account at an interest rate of 14% per annum or into treasury bills at an interest rate of 18.5% per annum. These two options are considered to be virtually risk-free. Mr. Madoff, a risk consultant, advised him to invest in the production of shea butter, coconut oil, and black soap, with a promise of 52% profit per annum. In an attempt to convince Mallam Danladi to invest in the production of these items, Mr. Madoff tried to educate him on the nature of risks and how to effectively monitor and control them in ways that will ensure that business remains highly profitable.
Required:
a. Explain briefly the nature of risk in business to Mallam Danladi. (2½ Marks)
b. Discuss FOUR distinct means of controlling business risk. (10 Marks)
c. Explain briefly the purpose of monitoring risks in business. (3 Marks)
d. Discuss THREE ways of monitoring risks in business. (4½ Marks)
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Johnson and Scholes suggested that there is a cultural web within an organization.
Required:
a. Discuss the idea of the cultural web and its interrelated elements in a way that would assist a new employee to understand this concept in a business organization. (15 Marks)
b. As a professional accountant, explain any TWO ethical principles or requirements you would consider in deciding whether or not to keep a promise to maintain confidentiality with regards to information acquired from a client in the ordinary course of business. (5 Marks)
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Gbenga Alimi wants to establish a fast food restaurant in Koko, a state in Naijaland. A well-known global fast-food outfit in Naijaland has agreed to give him a franchise to operate the business in the state. However, the franchisor has requested Gbenga to present a viable business plan for assessment.
Required:
a. Outline the contents of a business plan addressing the proposed franchise’s viability. (20 Marks)
b. Use a graphical representation to educate Gbenga on the four stages of the classical product life cycle. (6 Marks)
c. Within an organizational context, distinguish between:
i. Narrow and wide stakeholders
ii. Active and passive stakeholders
(4 Marks)
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Find Related Questions by Tags, levels, etc.
Find Related Questions by Tags, levels, etc.
The accumulation of external debt is a common phenomenon in developing countries at the stage of development where external resources are needed to bridge budgetary gap.
Required:
a. Explain what is meant by External Debt. (3 Marks)
b. Discuss the causes and likely adverse consequences of the rising level of Nigeria’s total external debt stock. (12 Marks)
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Treasury Single Account (TSA) is one of the financial policies being implemented by the Federal Government of Nigeria to consolidate all inflows from all Ministries, Departments, and Agencies (MDAs) by way of deposit into Commercial Banks, traceable into a single account at the Central Bank of Nigeria.
You are required to identify:
a. FIVE benefits associated with the financial policy. (5 Marks)
b. FIVE challenges inherent in operating the financial policy. (5 Marks)
c. FIVE roles and responsibilities of Ministries, Departments, and Agencies (MDAs) under the TSA scheme in Nigeria. (5 Marks)
d. FIVE roles and responsibilities of State Accountant-Generals under the TSA scheme in Nigeria (5 Marks)
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Engineer Paul Maihala assumed duty as the Managing Director/CEO of FCT Abuja Water Authority (FAWA) – a company fully owned by the Federal Government of Nigeria. FAWA is responsible for the supply of water to the Federal Capital. Engr. Maihala, before resuming at FAWA in October 2015, was the Director (General Services) at the Federal Ministry of Works and Housing. Upon resumption, he was determined to put an end to the shortage of water supply in the Federal Capital in fulfillment of the mandate given to him on his appointment.
At a meeting with his directors, the new Managing Director/CEO asked for a list of challenges facing the Authority and suggestions on how to solve them. Top on the list of challenges were the issues of unreliable public power supply and the excessive cost of running generators due to the high cost of diesel. There was also the case of shortage of raw materials such as chlorine (Sodium Hypochlorite) and other essential chemicals used for water treatment.
The Director, (Maintenance) decried the incessant cases of non-availability of essential chemicals and materials. He also said that there were cases of low-quality and unusable chemicals supplied to the store.
The Managing Director directed that adequate stock of diesel and essential chemicals must be kept at all times and that he would not tolerate any case of stock-out, diversion, or theft of diesel, chemicals, and other store items.
The Director, (General Services), stated that the major challenge he faced was that the Authority’s store was porous and that the controls in the store were inadequate. He blamed the Finance and Accounts department for inadequate record-keeping, leading to frequent stock-outs and non-documentation of store discrepancies. He said that “he would have preferred a situation where the accounts department would leave his stores alone.”
The Director, Finance and Accounts, said in his presentation that he had no control over the store as the storekeeper reports to the Director, General Services. He said he was only responsible for the store accounting function and that the officer-in-charge of stores accounting had his office in the Accounts section. He further said that the storekeeper was not cooperating with the accounts staff and saw them as an unnecessary disturbance as they often presented themselves as “policemen.” The argument between the two directors was heated to the extent that the meeting had to be adjourned.
Required:
a. According to Government Financial Regulation (2009 Edition), explain the term “STORES” (2 Marks)
b. In line with the Treasury’s objective of ensuring an effective system of internal control in the management of stores, what are the responsibilities of the Accounting Officer? (4 Marks)
c. State SIX actions the Accounting Officer could take to prevent cases of: i. Stock-outs (6 Marks) ii. Diversion or theft of diesel or other store items. (6 Marks)
d. State TWO measures necessary to ensure that chemicals and other store materials meet the required standards. (2 Marks)
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The Zero-based budgeting system is a budgeting system that requires every item of expenditure to be justified as if the particular activity or programme is taking off for the first time.
Required:
a. State the stages involved in the Zero-based budgeting system. (5 Marks)
b. Explain THREE benefits associated with the Zero-based budgeting system. (6 Marks)
c. Explain THREE drawbacks of the Zero-based budgeting system. (6 Marks)
d. State THREE key users of the Zero-based budgeting system. (3 Marks)
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The following balances were extracted from the books of KALOBA State Government of OTAN as at December 31, 2015:
| Item | Dr (N’Million) | Cr (N’Million) |
|---|---|---|
| Cash Account | 60,000 | |
| Consolidated Revenue Fund as at Jan 1, 2015 | 120,000 | |
| Allocation from Federation Account | 300,000 | |
| Other Revenue | 40,000 | |
| Personnel Costs | 150,000 | |
| Ordinary Shares of N1 each in AKRAN Plc | 150,000 | |
| Deposits | 60,000 | |
| Advances | 80,000 | |
| Loans from Federal Government | 60,000 | |
| Loans to Local Government | 80,000 | |
| Fixed Deposit – LOBO Bank Plc | 60,000 | |
| Total | 580,000 | 580,000 |
Additional information:
Required:
Prepare the following statements for submission to the Auditor-General for the State:
(b) State the components of General Purpose Financial Statements (GPFS) of a typical Federal or State Government. (4 Marks)
(c) State FOUR principal users of government financial reports and their needs. (6 Marks)
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One essential feature of analytical procedures in auditing is ‘comparison’. The auditor will calculate key relationships between figures (non-financial figures as well as financial figures) and then make comparisons.
You are required to:
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ISA 230 requires the Auditor to prepare documentation on a timely basis, sufficient to enable an experienced auditor, with no previous connection with the audit, to understand significant matters arising during the audit and the conclusions reached thereon.
You are required to:
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You are the Auditor of Bistro Bottling Limited (BBL), a major manufacturer and distributor of fruit juice drinks based in Lagos. A review of the previous year’s audit working papers revealed some weaknesses in internal controls with regard to safeguarding the company’s non-current assets.
The company uses a combination of both owned and leased motor vehicles for operational activities, including deliveries to customers. It has recently sold some old vehicles and bought new ones in a bid to lower motor vehicle running expenses.
During the planning of the audit, you have decided that motor vehicles will be a key area because of the likelihood of weaknesses in the company’s system of internal control over non-current assets.
You are required to:
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For many businesses, inventory is one of the areas requiring most attention from the auditor.
You are required to:
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There are a variety of circumstances that could give rise to the threats of self-interest, advocacy, familiarity, and intimidation against the five fundamental principles of integrity, objectivity, personal competence and due care, confidentiality, and professional behaviour as enunciated in the Code of Ethics. There are, however, safeguards created to help the Professional Accountant in such circumstances.
You are required to:
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The Auditor is required by ISA 500 to design and perform appropriate audit procedures for obtaining sufficient and appropriate audit evidence.
You are required to:
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