Topic: Governance and Ethical Issues Relating to Business

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  • 3 Marks

BCL – May 2020 – L2 – Q3d – Governance and Ethical Issues Relating to Business

Identify three codes of ethics for accountants in Ghana.

Code of Ethics are drawn up to be followed by all the company’s structures and professionals. It serves as a guide to professional conduct and guarantees concerns about efficiency, competitiveness, and profitability.

Required:

Identify THREE (3) codes of ethics for Accountants in Ghana.
(3 marks)

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  • 10 Marks

BCL – Mar 2024 – L1 – Q1d – Governance and Ethical Issues Relating to Business, Company Directors and Other Officers

Discuss the concept of Good Corporate Governance and identify principles breached in the provided scenario.

The Managing Director of Dakubo Ltd, a company which engages in the business of iron rods production, on his own, contracted a loan of GH¢1,000,000 from Dilidom Bank. The loan is repayable in twelve months’ time. The Managing Director disclosed the contents of the agreement to his wife who is neither a Director nor a member of the company. In further disregard for the regulations of the company, the Managing Director squandered the loan contracted from the bank.

Required:

i) Explain the concept of Good Corporate Governance.

(5 marks)

ii) From the scenario above, state FIVE (5) principles of Good Corporate Governance that may have been breached by the Managing Director of Dakubo Ltd. (5 marks)

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  • 18 Marks

BCL – Nov 2018 – L1 – Q5a – Company Directors and Other Officers Governance and Ethical Issues Relating to Business

Explain the governance issues and director duties related to fraud and financial mismanagement in a company.

In 2015, BIGO Ltd, which carries on the business of exporting yam and pineapple from Ghana to Europe, opened an account with Cal Bank at the Osu Branch. In 2016, the Finance Manager, who is the sole accounts officer of the company, forged the signature of the Managing Director (who was also the sole signatory to the bank account of the company) and made several withdrawals from the company to the tune of GH¢550,000. The bank, in that same year, requested that the Managing Director should, within two weeks of the letter, confirm the credit balance on the account which at the time stood at GH¢2,200,000. The Managing Director, without any further checks, signed the document, thus confirming the credit balance presented by the bank. In 2017, the auditors raised queries on some of the fictitious withdrawals. The Chairman of the Board ordered the Human Resource Manager to dismiss both the Managing Director and the Finance Manager with immediate effect.

Required:
i) Explain FOUR (4) issues in the case relating to governance and duties of directors.

(12 marks)

ii) Explain THREE (3) factors that disqualify a person from being appointed as a director.

(6 marks)

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  • 3 Marks

BCL – May 2020 – L2 – Q3d – Governance and Ethical Issues Relating to Business

Identify three codes of ethics for accountants in Ghana.

Code of Ethics are drawn up to be followed by all the company’s structures and professionals. It serves as a guide to professional conduct and guarantees concerns about efficiency, competitiveness, and profitability.

Required:

Identify THREE (3) codes of ethics for Accountants in Ghana.
(3 marks)

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You're reporting an error for "BCL – May 2020 – L2 – Q3d – Governance and Ethical Issues Relating to Business"

  • 10 Marks

BCL – Mar 2024 – L1 – Q1d – Governance and Ethical Issues Relating to Business, Company Directors and Other Officers

Discuss the concept of Good Corporate Governance and identify principles breached in the provided scenario.

The Managing Director of Dakubo Ltd, a company which engages in the business of iron rods production, on his own, contracted a loan of GH¢1,000,000 from Dilidom Bank. The loan is repayable in twelve months’ time. The Managing Director disclosed the contents of the agreement to his wife who is neither a Director nor a member of the company. In further disregard for the regulations of the company, the Managing Director squandered the loan contracted from the bank.

Required:

i) Explain the concept of Good Corporate Governance.

(5 marks)

ii) From the scenario above, state FIVE (5) principles of Good Corporate Governance that may have been breached by the Managing Director of Dakubo Ltd. (5 marks)

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  • 18 Marks

BCL – Nov 2018 – L1 – Q5a – Company Directors and Other Officers Governance and Ethical Issues Relating to Business

Explain the governance issues and director duties related to fraud and financial mismanagement in a company.

In 2015, BIGO Ltd, which carries on the business of exporting yam and pineapple from Ghana to Europe, opened an account with Cal Bank at the Osu Branch. In 2016, the Finance Manager, who is the sole accounts officer of the company, forged the signature of the Managing Director (who was also the sole signatory to the bank account of the company) and made several withdrawals from the company to the tune of GH¢550,000. The bank, in that same year, requested that the Managing Director should, within two weeks of the letter, confirm the credit balance on the account which at the time stood at GH¢2,200,000. The Managing Director, without any further checks, signed the document, thus confirming the credit balance presented by the bank. In 2017, the auditors raised queries on some of the fictitious withdrawals. The Chairman of the Board ordered the Human Resource Manager to dismiss both the Managing Director and the Finance Manager with immediate effect.

Required:
i) Explain FOUR (4) issues in the case relating to governance and duties of directors.

(12 marks)

ii) Explain THREE (3) factors that disqualify a person from being appointed as a director.

(6 marks)

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