Series: NOV 2017

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  • 15 Marks

AAA – Nov 2017 – L3 – Q7 – Audit of IT Systems and Data Analytics

Assess key controls for an online trading business, evaluate associated risks with electronic data interchange, and suggest effective risk mitigation controls.

Young Entrepreneur Trading (YET) is an online trading business established by Yemisi Tumfere. YET sources household goods from various local and international manufacturers, placing orders online with suppliers. Customers also place online orders, and invoices are processed and sent to stores for dispatch through a network of delivery centers across the country.

YET, dissatisfied with its previous auditors, has approached your firm for the audit engagement, with professional clearance obtained. As the audit manager, you are responsible for the engagement, with several new trainees under your supervision who are unfamiliar with controls for online businesses.

Requirements:
a. Discuss FIVE controls an auditor should focus on to assess the effectiveness of controls in an online system like YET. (5 Marks)
b. Evaluate FOUR risks associated with YET’s use of electronic data interchange in an online business and recommend FOUR effective controls to minimize these risks. (10 Marks)

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  • 15 Marks

AAA – Nov 2017 – L3 – Q6 – Audit Reporting

Discuss audit report modifications, draft modified report on grant treatment, and analyze auditor’s responsibilities regarding asset valuation.

During the audit of fixed assets for Next Engineering Plc as of December 31, 2016, two issues were encountered:

  1. The cost calculations for direct labor on assets under construction were destroyed, with the direct labor cost totaling ₦20,000,000.
  2. A government grant of ₦50,000,000, received for plant and equipment purchased during the year, was fully credited to the income statement as an exceptional item, though the plant and equipment have a 10-year useful life.

Requirements:
a. Discuss the general forms of modifications available to auditors in drafting their report and specify circumstances for each form.

(6 Marks)
b. Assuming a modified audit report is necessary regarding the government grant treatment, draft the relevant section (entire report not required).

(5 Marks)
c. Analyze the auditor’s general responsibility concerning the directors’ report on land and building valuation.

(4 Marks)

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  • 30 Marks

AAA – Nov 2017 – L3 – Q5 – Audit Evidence

Evaluate XYZ Bank’s provision for litigation, discuss audit procedures per ISA 501, and prepare litigation disclosure for financial statements.

You are the audit manager for XYZ Bank Limited for the year ended December 31, 2016. The Bank’s Board noted a litigation issue involving a lawsuit from BBB Limited, where the Bank was found liable for a cheque conversion worth ₦2.1 billion. The high court imposed a penalty on the Bank for this amount, which BBB Limited is now claiming.

The Bank has objected to the judgment, appealing to the Court of Appeal, with legal counsel advising that a favorable outcome is expected. The Bank’s litigation-related financial information is as follows:

  • Provision for litigation (recognized in financial statements): ₦96 million
  • Litigation cases as defendant: 50
  • Litigation cases as plaintiff: 10
  • Claims in favor of the Bank: ₦2.7 billion
  • Claims against the Bank (including the ₦2.1 billion case): ₦3.2 billion

Requirements:
a. Discuss FOUR specific considerations under ISA 501 for obtaining audit evidence on litigation provisions.

(5 Marks)
b. Evaluate the adequacy of the litigation provision recognized in the financial statements as at December 31, 2016.

(5 Marks)
c. Prepare a summary disclosure of the litigation status for inclusion in the financial statement notes as at December 31, 2016.

(5 Marks)

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  • 20 Marks

AAA – Nov 2017 – L3 – Q4 – Risk Management in Audits

Assess audit risks in taking on Pony Bank Plc, recommend management and audit firm actions to address financial statement risks, and draft a management letter.

The management of Pony Bank Plc and its wholly owned subsidiary, Ponte Micro Finance Bank Limited, engaged in fraudulent activities involving the arrangement of bogus loans amounting to ₦5.5 billion in worthless assets, which were undetected by the previous auditors. The former auditors attributed the oversight to a well-organized group within Pony Bank that actively deceived and obstructed the audit process to conceal their actions.

Your firm, Vic Viv & Co, has recently taken on the audit of Pony Bank Plc.

Requirements:
a. Advise the engagement partner on the risks involved in taking up the audit.

(4 Marks)
b. Recommend appropriate actions for management and your firm to address financial statement risks.

(8 Marks)
c. Prepare a management letter with two matters suitable for submission to the directors.

(8 Marks)

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  • 20 Marks

AAA – Nov 2017 – L3 – Q3 – Audit Reporting

Assess material and pervasive effects on financial statements, audit procedures, and draft audit report opinion paragraphs for Tophem Bank’s foreign associate investment.

Tophem Bank Nigeria Plc has been operational for 20 years, with your firm auditing the company for the past five years. During the year, Tophem acquired an investment in Accra Insurance Limited, a foreign associate, which is accounted for using the equity method and listed at ₦575 million on the Statement of Financial Position as of December 31, 2016. Tophem’s income for the year includes its share of Accra’s net income. However, the audit team was denied access to Accra’s management, auditors, and financial data.

Following a review of the audit file for the year ended December 31, 2016, your partner has recommended a modified opinion for the audit report, providing a draft outline and requesting your input to complete it.

Requirements:
a. Evaluate the circumstances under which a matter could be both material and pervasive in its effect on the financial statements.

(4 Marks)
b. Explain EIGHT appropriate procedures to follow in the audit assignment before finalizing the audit opinion.

(8 Marks)
c. Draft an appropriate basis of opinion paragraph suitable for inclusion in the auditor’s report.

(4 Marks)
d. Draft an appropriate opinion paragraph suitable for inclusion in the auditor’s report.

(4 Marks)

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  • 20 Marks

AAA – Nov 2017 – L3 – Q2 – Group Audits

Assess business risks for Chuks Zaka Limited post-acquisition, evaluate financial statement risks, and outline audit considerations.

Chuks Roberts Plc (CRP) operates as an auto-parts manufacturing company in Nigeria with headquarters in Lagos. CRP plans to manufacture drones for parcel distribution across Africa and has acquired Zaka Roberts Limited (ZRL), a South African company based in Johannesburg, to bring this plan to fruition.

Zaka previously specialized in manufacturing computer-controlled equipment for laboratories and other industries in Africa and the Middle East. The company was owned by five directors/shareholders who accepted CRP’s offer on February 1, 2016, to purchase Zaka’s manufacturing equipment, technology (patent-protected), Cape Town factory, and Johannesburg head office for US$450 million, representing 75% of Zaka’s value.

Effective March 31, 2016, Zaka ceased manufacturing, making most employees redundant except for a select few in marketing, accounts, and administration, with one month’s notice. The restructured entity, now named Chuks Zaka Limited (CZL), will operate as a marketing arm selling CRP’s drones in the South African region, with CRP holding a 55% stake.

Your firm has been CRP’s external auditor and is now engaged to audit CZL.

Required:
a. Analyse and evaluate the business risks that would be assessed by the management of CZL. (6 Marks)
b. Analyse and evaluate the business risks that would be assessed by the directors of CRP.

(6 Marks)
c. Assess and advise on the financial statements’ risks to be considered in planning the audit of CZL for the year ended December 31, 2016.

(8 Marks)

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  • 30 Marks

AAA – Nov 2017 – L3 – Q1 – Quality Control in Audit Firms

Evaluate audit quality issues and procedures in response to a regulatory review of NigerKap Plc.

Bode, Ugo, Musa and Company is a firm of Chartered Accountants that has existed for over 20 years and achieved a strong reputation for quality audit work. The firm has expanded significantly over the past ten years – doubling its client base across different sectors of the Nigerian economy. The firm currently audits two banks, five listed entities, and over seventy other companies. It has also increased its audit staff base and grown the number of its partners from two to seven over the same period.

However, in the last two years, the firm has had a series of regulatory reviews due to several instances of errors noted in some financial statements audited by the firm. One of the clients, the shareholders of NigerKap Plc, petitioned the regulator over a misstatement in the value of their investment property. This resulted in an overstatement of profit and overpayment of taxes by the company based on the financial statements for the year ended December 31, 2015. The shareholders also threatened to take legal action against the firm.

The Managing Partner (MP) of the firm is very concerned about this situation and has commenced internal procedures to evaluate the quality of audits performed by the firm, especially for the NigerKap audit of 2015. A committee has been set up…

Required:
Discuss the internal procedures that Bode, Ugo, Musa and Company should implement to improve audit quality and prevent further regulatory issues.

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  • 15 Marks

FM – Nov 2017 – L3 – Q7 – Portfolio Management

Evaluate investment risk in different portfolio scenarios and explain the implications of beta and alpha values for KT Plc’s equity.

a. In the context of the selection and holding of investments, discuss each of the following scenarios:

i. An investor holding only one security needs to be concerned with the unsystematic risk of that security. (3 Marks)

ii. However, an investor who holds a number of securities should take account of total risk. (3 Marks)

iii. An investor should never add to a portfolio an investment that yields a return less than the market rate of return. (3 Marks)

b. The equity beta of KT Plc. is 1.2 and the equity alpha is 1.4. Explain the meaning and significance of these values to the company. (6 Marks)

(Total 15 Marks)

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  • 15 Marks

FM – Nov 2017 – L3 – Q6 – Ethical Issues in Financial Management

Explore ethical considerations in capital investment and apply the Black-Scholes model in company valuation.

You have recently taken up employment with Large Plc., a Nigerian company with manufacturing subsidiaries in many countries across Africa. As the Financial Analyst, you report directly to the Managing Director who currently requires briefings on the following areas:

(i) Ethical issues and capital investment decisions,
(ii) Options and company valuation

Required:

a. Explain, with examples, ethical issues that might affect capital investment decisions and discuss the importance of such issues for Strategic Financial Management. (8 Marks)

b. Explain the circumstances in which the Black-Scholes Option Pricing (BSOP) model could be used to assess the value of a company, including the data required for the variables used in the model. (7 Marks)

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  • 15 Marks

FM – Nov 2017 – L3 – Q5 – Corporate Governance and Financial Strategy

Identify stakeholder financial objectives and discuss methods to incentivize directors to maximize shareholder wealth.

Private sector companies have multiple stakeholders who are likely to have divergent interests.

Required:

(a) Identify FIVE stakeholder groups and discuss briefly their financial objectives.
(10 Marks)

(b) Explain ways in which companies’ directors can be encouraged to achieve the objective of maximisation of shareholders’ wealth.
(5 Marks)

(Total 15 Marks)

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  • 17 Marks

AT – Nov 2017 – L3 – Q2a – Business income – Corporate income tax

Calculating the assessable income and tax payable of Mr. Osei Bobie for the year 2016.

Mr. Osei Bobie, an amputee, was the Senior Accountant of Soroku Mine Company Limited (a mining company) for many years with a basic salary of GH¢54,000 per annum. He was entitled to a company vehicle, fuel, and driver.

He acted for the Director of Finance in March, April, and May 2016, during which month his salary was raised to GH¢5,000 per month.

Mr. Osei Bobie was housed in the company lavishly furnished accommodation on the mine.

He was also entitled to the following monthly allowances:

  • Professional allowance GH¢400
  • Responsibility allowance GH¢500

Mr. Osei Bobie resigned from Soroku Mine Limited on 30 June 2016. He received the following on his resignation:

  • He was allowed to take home the company’s pick-up he was using valued at GH¢5,000.
  • Cash gifts from staff GH¢6,100.

On 1 August 2016, he took up an appointment as Accounts Manager of Phinex Limited (a retailing company) on a salary of GH¢72,000 per annum. His other entitlements were agreed as follows:

  • Responsibility Allowance – GH¢150 per month
  • Cost of Living Allowance – GH¢200 per month
  • Risk Allowance – GH¢100 per month
  • Overtime Pay – GH¢250 per month
  • Bonus – GH¢1,500 in each December
  • Vehicle and fuel
  • Accommodation only

Mr. Osei Bobie finances the following insurance policies and also contributes to the Social Security and National Insurance Trust (SSNIT):

Insured Premium Sum Assured
Mrs. Gameli (sister) GH¢500 GH¢4,000
Mr. Osei Bobie GH¢3,600 GH¢35,000

Mr. Osei Bobie is not married, but he is responsible for his three children, who are all attending registered Senior High Schools. Mr. Osei Bobie supports his 72-year-old grandmother with GH¢300 per month despite her immense wealth. His grandmother depends entirely on him.

Required:
a) Compute the assessable income and tax payable of Mr. Osei Bobie for the year 2016. (17 marks)

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  • 5 Marks

AT – Nov 2017 – L3 – Q1d – Tax planning, Anti-avoidance measures

Explaining tax evasion and identifying ways companies evade taxes.

The Presidential Commission on Revenue Mobilization has indicated that tax evasion activities of some companies deny the state of its required revenue for development.

Required:

  1. Explain what tax evasion is, and
  2. Identify THREE ways by which companies evade tax. (5 marks)

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  • 4 Marks

AT – Nov 2017 – L3 – Q1c – Tax administration in Ghana

Evaluating the impact of government borrowing on production capacity, consumption, distribution of wealth, and income levels.

Evaluate the impact of government borrowing (i.e., public debts) on:

  1. production capacity of the government,
  2. consumption,
  3. distribution of wealth
  4. level of income in an economy. (4 marks)

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  • 6 Marks

AT – Nov 2017 – L3 – Q1b – Tax planning

Evaluating the use of taxation as a tool of fiscal policy.

Fiscal policy involves the use of government spending, taxation, and borrowing to influence both the pattern of economic activity and also the level and growth of aggregate demand, output, and employment.

Required:
Evaluate how taxation is used as a tool of fiscal policy. (6 marks)

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  • 5 Marks

AT – Nov 2017 – L3 – Q1a – Tax administration in Ghana

Distinguishing between zero-rated and exempt supplies under the VAT Act.

There has been misconceptions about the application of zero-rated supply and exempt supplies under the VAT Act. In order to help clear this misconception, distinguish between zero-rated supply and exempt supplies under the VAT Act 2013, (Act 870).

(5 marks)

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  • 15 Marks

MA – Nov 2017 – L2 – Q5 – Standard Costing and Variance Analysis

Calculate standard selling price, variances, break-even point, and margin of safety for a company using standard marginal costing.

Zealow Ltd has just introduced a new standard marginal costing system to assist in the planning and control of the production activities for the single product which the company manufactures, “The Stand.” The system became operational on 1 March 2017.

The Management Accountant has consulted with the Senior Engineer and they have agreed on the following standard specifications to manufacture one unit of the product known as “The Stand”:

  • Direct materials: 4kg @ GH¢1.75 per kg
  • Direct labour: 2 hours @ GH¢10 per hour
  • Variable overhead: 2 hours @ GH¢8.25 per hour

The Marketing Director has advised that in Zealow Ltd’s industry, the budgeted selling price is normally calculated to achieve a mark-up of 30% on cost.

The budgeted level of production and sales activity has been agreed with both production managers and sales staff at 24,000 units per month.

The actual results for the month of March 2017 are as follows:

  • Sales: 22,000 units yielding a total revenue of GH¢1,276,000
  • Production: 23,000 units
  • Direct Materials: 90,000 kgs at a cost of GH¢162,000
  • Direct labour: 48,000 hours at a cost of GH¢576,000
  • Variable overhead: GH¢350,000

Required:

a) Calculate the standard selling price of one unit of “The Stand” and prepare a summary budgeted profit statement for Zealow Ltd for the month of March 2017.
b) Calculate the relevant variances for March 2017 under the headings of sales, materials, labour, and overheads.
c) Zealow Ltd uses a standard marginal costing system and therefore fixed costs have been ignored in the calculations shown above. Assuming that the fixed costs for the company are estimated to be GH¢1,879,200 per annum, calculate the monthly sales in both units and value that will be required to break-even and estimate the margin of safety, based on the current budget levels.

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  • 15 Marks

MA – Nov 2017 – L2 – Q4 – Cost-volume-profit (CVP) analysis

Analyze the profit statement for two complementary products and evaluate the impact of various proposals on profit optimization.

Zumah Ltd manufactures and sells two complementary products: Hyline and Glycerin in the ratio 3:2. The result for the just ended period showed the following:

Product Hyline Glycerin
Selling price (GH¢) 20 15
Contribution/sales ratio 60% 40%
Profit/ (loss) (GH¢) 97,200 (3,600)

Joint fixed costs of GH¢180,000 are apportioned in proportion to the number of units of each product sold.

The company is in the process of preparing the budget for the coming year and is desirous of improving the performance of Glycerin. Therefore, the following proposals are being considered for implementation:

  1. Increase the price of Glycerin by 25% in expectation that the quantity demanded will reduce by 10%; or
  2. Retool the production process, which will result in a reduction of joint fixed costs by 15% and an increase in variable costs of each product by 10%; or
  3. Introduce proposals 1 and 2.

Required:

a) Determine the units of each product sold, and hence, prepare the profit statement for the just ended period.
b) Advise the management of Zumah Ltd as to which proposal to implement with a view to optimizing profits.

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  • 25 Marks

MA – Nov 2017 – L2 – Q3 – Activity-based costing

Calculate the prime cost, profit per unit using both absorption and activity-based costing, and comment on the differences and limitations.

Bonti Ltd produces three different products using two production departments. The company currently uses Absorption Costing to establish product costs and profitability. The Directors have recently attended a conference on Activity Based Costing (ABC) and are examining whether ABC might provide a better system for Bonti Ltd.

The following budgeted information for the period ended 31 December 2017 has been collated for each of the three products:

Product Taya Maya Paya
Production and Sales (units) 8,750 4,000 6,000
Unit sales price (GH¢) 56 106 84
Direct materials 1.5kg 6kg 7kg
Direct labour:
– Machine Department (hours per unit) 1 hour 8 hours 6 hours
– Assembly Department (hours per unit) 4 hours 3 hours 1 hour
Direct expenses (GH¢ per unit) 2 6 3
Machine Department (machine hours per unit) 2 hours 5 hours 4 hours

Raw material costs GH¢4 per kilo, and the hourly rate for all labour is GH¢5. The direct expenses relate entirely to specialized packaging, which is uniquely designed for each of the products and is therefore directly attributable to that product alone.

The current costing system absorbs overheads to the Machine and Assembly Departments on the basis of a recovery rate of GH¢3.50 per machine hour and GH¢1 per labour hour respectively.

The following is an analysis of the overheads by department:

Department Overheads (GH¢)
Purchasing Department 22,400
Production Set-up & Design Dept 34,500
Customer Service Department 32,600
Machine Department 123,000
Assembly Department 26,500

The Departmental Managers have provided the following additional information about operations in their departments:

Activity Taya Maya Paya Total
Number of set-ups 10 10 30 50
Number of customer orders 80 86 160 326
Number of purchase orders 30 32 50 112

The Machine Department is capital intensive, and the Assembly Department is labour intensive.

Required:

a) Calculate the prime cost for each product.
b) Calculate the profit per unit for each product if overheads are absorbed on the Current Costing basis.
c) Calculate the profit per unit for each product if overheads are absorbed using an Activity Based Costing approach. Clearly identify any cost drivers you assign.
d) Comment on why there is a difference between the profit/loss shown on an Absorption Costing basis and that shown using Activity Based Costing.
e) Identify THREE limitations of Activity Based Costing.

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  • 15 Marks

MA – Nov 2017 – L2 – Q2b – Cash budgets and master budgets

Calculate purchases figures and prepare a cash budget for a three-month period based on given financial information and sales projections.

b) Abigail Acheampong is in the process of preparing budgets for the period October to December 2017. The following information has been provided to assist in the budgeting process:

  • Sales are 20% cash and 80% credit. Credit sales are collected over a three month period, 15% in the month of sale, 70% in the month following sale and 15% in the second month following sale. Bad debts of 5% are anticipated on all credit sales.
  • Total sales revenue in August amounts to GH¢30,000 and September’s total sales revenue amounts to GH¢36,000.
  • Cost of sales is expected to amount to 60% of sales revenue each month.
  • The business maintains its closing inventory levels at 75% of the following month’s cost of sales. Inventory at the beginning of October is expected to amount to GH¢18,000.
  • 50% of inventory purchased is paid in the month of purchase. The remaining 50% is paid for in the month following purchase. As at 30 September 2017, amount owed for purchases are GH¢11,700.
  • A grant of GH¢20,000 is expected to be received in mid-October.
  • A second hand van which cost GH¢8,000 three years ago is expected to be sold in December 2017 for GH¢3,000. At this time the expected net book value of the van is GH¢1,800.
  • Equipment costing GH¢4,500 will be purchased and paid for in November 2017. The equipment will be depreciated on a straight line basis over three years.
  • Operating expenses are paid as incurred. These have been estimated as follows: GH¢ October 12,800 November 18,900 December 14,600 The above figures include depreciation on existing assets of GH¢2,000 per month.
  • The cash balance on 1 October is expected to amount to GH¢8,000

Required: i) Calculate the purchases figure for each month from October 2017 to December 2017.

(3 marks)

ii) Prepare a cash budget on a monthly basis and in total for the period October 2017 to December 2017. (12 marks)

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  • 5 Marks

MA – Nov 2017 – L2 – Q2a – Introduction to management accounting

Identify and explain five features of a good coding system for efficient and effective information management, whether manual or computerized.

a) An efficient and effective coding system, whether manual or computerized should incorporate certain features.

Required: Identify and explain FIVE features of a good coding system.

(5 marks)

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