Topic: Professional ethics in accounting and business

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  • 5 Marks

BMIS – Nov 2021 – L1 – Q2c – Professional ethics in accounting and business

Outline actions by accountants that demonstrate acting in the public interest.

Although a professional code of ethics does not clearly define ‘public interest’, an Accountant would be deemed to be acting in the public interest when he takes certain actions to perform his duties.

Required:
Outline FIVE (5) of such actions. (5 marks)

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  • 5 Marks

BMIS – Nov 2021 – L1 – Q2b – Professional ethics in accounting and business

Differentiate between a business code of ethics and a professional code of ethics for accountants.

You have been invited as the Chief Operating Officer of Your Trusted Associates, a reputable Accounting and Management Consulting firm, to deliver the keynote address at a graduation ceremony for newly qualified Accountants.

Required:
In your address, differentiate between a “business code of ethics” and a “professional code of ethics” for Professional Accountants. (5 marks)

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  • 10 Marks

BMIS – Jul 2023 – L1 – Q1a – Professional ethics in accounting and business

Outlines ethical obligations of a company towards employees, customers, shareholders, suppliers, and the community.

The basis for assessing excellent company performance is gradually moving away from profitability to how ethical the company operates and treats its stakeholders.

Required:
Outline TWO (2) ethical obligations of a company towards the following stakeholders.
i) Employees (2 marks)
ii) Customers (2 marks)
iii) Shareholders (2 marks)
iv) Suppliers (2 marks)
v) Community (2 marks)

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  • 10 Marks

BMIS – Aug 2022 – L1 – Q1a – Professional ethics in accounting and business

Explains five duties expected of those charged with governance in an organization.

In 2017, some financial institutions in Ghana were placed under receivership. This was mainly due to poor corporate governance practices. Some of these practices were in clear violation of the duties and responsibilities of those charged with governance.

Required:

Explain FIVE (5) duties those charged with governance were expected to perform.

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  • 5 Marks

BMIS – Nov 2021 – L1 – Q2c – Professional ethics in accounting and business

Outline actions by accountants that demonstrate acting in the public interest.

Although a professional code of ethics does not clearly define ‘public interest’, an Accountant would be deemed to be acting in the public interest when he takes certain actions to perform his duties.

Required:
Outline FIVE (5) of such actions. (5 marks)

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  • 5 Marks

BMIS – Nov 2021 – L1 – Q2b – Professional ethics in accounting and business

Differentiate between a business code of ethics and a professional code of ethics for accountants.

You have been invited as the Chief Operating Officer of Your Trusted Associates, a reputable Accounting and Management Consulting firm, to deliver the keynote address at a graduation ceremony for newly qualified Accountants.

Required:
In your address, differentiate between a “business code of ethics” and a “professional code of ethics” for Professional Accountants. (5 marks)

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  • 10 Marks

BMIS – Jul 2023 – L1 – Q1a – Professional ethics in accounting and business

Outlines ethical obligations of a company towards employees, customers, shareholders, suppliers, and the community.

The basis for assessing excellent company performance is gradually moving away from profitability to how ethical the company operates and treats its stakeholders.

Required:
Outline TWO (2) ethical obligations of a company towards the following stakeholders.
i) Employees (2 marks)
ii) Customers (2 marks)
iii) Shareholders (2 marks)
iv) Suppliers (2 marks)
v) Community (2 marks)

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  • 10 Marks

BMIS – Aug 2022 – L1 – Q1a – Professional ethics in accounting and business

Explains five duties expected of those charged with governance in an organization.

In 2017, some financial institutions in Ghana were placed under receivership. This was mainly due to poor corporate governance practices. Some of these practices were in clear violation of the duties and responsibilities of those charged with governance.

Required:

Explain FIVE (5) duties those charged with governance were expected to perform.

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