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There are different models of relationship between a professional accountant and his/her clients. In the context of the above:
a. Explain the different models of relationship between a professional accountant and his/her clients. (16 Marks)
b. Which of the models in (a) above would you recommend, and which do you consider to be the least recommended? (Provide justification for your choices) (4 Marks)
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Mr John, a professional accountant, is the Chief Executive Officer of a company quoted on the Nigerian Stock Exchange. He also owns about 20% of the company’s shares worth hundreds of millions of Naira. Due to several factors, the company began performing poorly, leading to an unpublished financial report indicating a huge loss. In anticipation of a slide in the company’s share price, Mr. John instructed his stockbroker to sell half of his shares for potential repurchase once the price drops after the financial statements are released. He profited substantially from this transaction.
Required:
a. Analyse the action of Mr. John using:
i. The Model Code (3 Marks)
ii. Critical Theory (3 Marks)
iii. Moral Development of Accountants (4 Marks)
b. Advise Mr. John on the fundamental ethical principles which professional accountants are expected to comply with. (10 Marks)
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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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Using Kohlberg’s stages of moral development, identify and explain the reasons why individuals make their decisions when faced with moral dilemmas.
(a) Identify and explain the reasons why individuals make their decisions when faced with a moral dilemma using Kohlberg’s stages of moral development. (12 Marks)
(b) Explain the criticisms of Kohlberg’s stages of moral development. (3 Marks)
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Creative and critical thinking are essential skills that chartered accountants should possess for optimal performance.
(a) Differentiate between creative and critical thinking. (4 Marks)
(b) Explain the modes through which creative thinking is expressed. (8 Marks)
(c) Explain how the creative thinking of employees benefits their employers. (3 Marks)
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Richard and his wife, Rachael, have just retired as top-level managers from one of the biggest oil companies in the country. They have earned substantial personal wealth and have ample investments in several blue-chip companies. Rachael, a food technologist passionate about healthy living, convinced Richard to start a company to produce organic drinks and foods from only natural ingredients. She also suggested that the company adopt environmentally friendly manufacturing processes and consider the wellbeing of all employees and other stakeholders.
The primary reason for establishing the company is to fulfill a passion, build a sustainable, socially impactful business, and not aggressively pursue profit. Hence, both Richard and Rachael are happy to just break even initially and later record minimal profits.
As an expert in business ethics, you are required to:
(a) Identify the alternative ethical stances available to Richard and Rachael and the ones implied in the scenario. (4 Marks)
(b) Discuss Gray, Owen, and Adams’s classification of groups of people and their views of the relationship between business organizations and society. (14 Marks)
(c) Which of the classifications in (b) above is relevant to Richard and Rachael? (2 Marks)
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Kalu, a competent consultant and accountant, works in Bosun and Company Limited. The company realized that almost all of its newly employed entry-level staff are deficient in business and professional ethics. Consequently, the Human Resources Manager recommended to the CEO that a training program on business and professional ethics should be organized. Kalu is nominated as a resource person to speak at the training program.
Required:
a. How should Kalu explain the nature and importance of business ethics and professional ethics? (6 Marks)
b. Advise Kalu on how he should analyze Kohlberg’s theory of moral development in an attempt to explain to the trainee participants how people generally develop a sense of morality both in personal and professional life. (10 Marks)
c. Discuss any TWO of the criticisms of Kohlberg’s theory. (4 Marks)
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Find Related Questions by Tags, levels, etc.
Find Related Questions by Tags, levels, etc.
An indigenous company wants to set up a retail mega store in Ibadan, chosen for its population density and lower overhead costs compared to Lagos. In Ibadan, electricity supply is more consistent, and operational costs, including salaries, rent, and transportation, are significantly lower. The move would also result in less environmental impact due to reduced diesel generator use. The local government has approved the project, which will create jobs both during construction and after the store’s completion.
Required:
Using Tucker’s five-question model for ethical decision-making, determine whether the decision to build the store in Ibadan rather than Lagos is ethical. (20 Marks)
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Find Related Questions by Tags, levels, etc.
Find Related Questions by Tags, levels, etc.
The ICAN Professional Code of Conduct and Guide for Members requires every member or student of the Institute to always “act professionally” and in “the public interest” in the discharge of their responsibilities.
Required:
Discuss the behavioural attributes that will enable an ICAN student to act professionally.
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As a professional accountant, it is important that you are ethical in carrying out your professional responsibilities. This requires, among other qualities, a good ethical foundation consisting of a clear understanding of what ethics is all about.
You are required to:
a. Clarify the relationship between ethics and law. (3 Marks)
b. With the aid of an appropriate example, explain the nature of a moral dilemma. (5 Marks)
c. Present a critique of consequentialist theories of ethics in relation to TWO of its general criticisms and the profit-making objective in business. (12 Marks)
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a. i. Identify and explain briefly the technical term to describe the above scenario. (1½ Marks)
ii. Explain the necessary steps Aniko should take before reporting the fraudulent transaction. (9 Marks)
b. Explain the likely risks in exposing such a transaction. (4½ Marks)
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There is an increasing demand for professional accountants to pay close attention to ethical standards as they carry out their professional duties. This requires, among other considerations, that accountants act professionally and in the public interest. They are also expected to abide by the code of ethics of their profession and the corporate code of ethics of the organizations in which they work.
i. As an Accountant, explain the quality of professionalism you need to exhibit in the discharge of your duties. (6 Marks)
ii. Discuss the nature and purpose of a corporate code of ethics. (9 Marks)
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You have been invited to train entry-level graduates of your organization on several topics in soft skills.
Required:
Using the mixed model, prepare a brief presentation on the following:
a. Meaning and characteristics of emotional intelligence. (9 Marks)
b. Uses of emotional intelligence. (6 Marks)
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The maker of Nesquake, a popular coffee brand, is planning to build a coffee processing plant in Epe, Lagos State. By virtue of production capacity, this will be the biggest coffee plant in Sub-Saharan Africa. This plant has the capacity not only to meet the coffee needs of the country but also meet the premium and regular coffee demands of West and Central Africa, generating over one thousand direct and ten thousand indirect jobs in the process. It is anticipated that the plant will provide huge company and personal income tax revenue to the government while also generating foreign exchange for the country. The company plans to use eco-friendly cutting-edge technology in its production processes. However, as the only available option, the company intends to import 100% of the coffee beans from Katanga, an East African country notorious for the use of child labour in the production of coffee beans. Recently, Amnesty International called for the boycott of Katanga’s coffee beans due to what has been adjudged unethical and inhuman labour practices. Despite this fact, the makers of Nesquake have secured all necessary approvals from the Federal Government and have consequently commenced construction of the coffee processing plants.
Required:
Evaluate the morality of government’s approval of the project using the following:
a. Tucker’s 5 Questions model (10 Marks)
b. American Accounting Association (AAA) model (10 Marks)
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You have been invited to facilitate a session on how to deal with ethical conflicts based on the Institute of Chartered Accountants of Nigeria code of professional conduct. Discuss the six stages in handling ethical conflicts.
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