Question Tag: Accountability

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AT – May 2024 – L3 – SC – Q5 – Tax Administration and Dispute Resolution

Discuss NEITI's vision, mission, and objectives, and explain the responsibilities of stakeholders in Nigeria's tax policy.

Question

The Nigeria Extractive Industries Transparency Initiative (NEITI) was established through the NEITI Act, 2007. The body has the responsibility for the development of a framework for transparency and accountability in the reporting and disclosure of revenue due to or paid to the Federal Government by companies in the extractive industry.

In the same vein, the National Tax Policy, 2017, expressly stipulates the responsibilities of the various stakeholders towards the achievement of efficient tax administration in Nigeria.

Required:

a. Discuss the vision, mission and FOUR primary objectives of NEITI as provided for in the enabling Act. (6 Marks)

b. Explain THREE responsibilities of each of the underlisted stakeholders as provided for in the National Tax Policy, 2017:
(i) The government (3 Marks)
(ii) The taxpayer (3 Marks)
(iii) Revenue agencies (3 Marks)

(Total 15 Marks)

Answer

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Tags: Accountability, Government, NEITI, Nigeria, Revenue Agencies, Taxpayer, Transparency
Level: Level 3

Topic: Tax Administration and Dispute Resolution
Series: MAY 2024

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

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

Question

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)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Accountability, Corporate Governance, Director Incentives, Financial objectives, Private Sector, Shareholder Wealth Maximization, Stakeholder Objectives
Level: Level 3

Topic: Corporate Governance and Financial Strategy
Series: NOV 2017

CSME – May 2017 – L2 – SC – Q7 – Corporate Governance

Explain the Nolan principles guiding public life and discuss standards for ethical conduct in the public sector.

Question

Nolan Committee on standards in public life was set up to report on standards of behaviour amongst politicians, civil servants and public bodies. Provide an analysis of Nolan‟s‟ SEVEN Principles of Public Life. (15 Marks)

Answer

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Tags: Accountability, Ethics, Integrity, Nolan Principles, Public Sector
Level: Level 2

Topic: Corporate Governance
Series: MAY 2017

PSAF – May 2021 – L2 – Q6b – The Budgeting Process in the Public Sector

Explanation of budget uses and steps for National Chart of Accounts application in public budgeting.

Question

The importance of classification code as a system driven for budget cannot
be over emphasised as it forms the basis for budgeting and budgetary
control mechanism. Thus, for a country, state or local government to
achieve a reasonable level of success in accountability, transparency,
performance evaluation and adherence to Appropriation Act, the
application of unified chart of accounts is paramount.

Required:

Discuss FOUR uses of budget and FOUR steps to be followed to ensure completeness of using the National Chart of Accounts for budgeting.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Accountability, Budget Classification, Budget Completeness, Chart of Accounts, Transparency
Level: Level 2

Topic: The Budgeting Process in the Public Sector
Series: MAY 2021

CSME – Nov 2015 – L2 – Q5 – Corporate Governance

Outlines key responsibilities and duties of the board in corporate governance, relevant for improving corporate structure and performance.

Question

The owner of ABC Company learned from a conference and a professional magazine that weak corporate governance accounted for recent corporate failures in Nigeria. Many board members were found lacking a clear understanding of board responsibilities and duties.

Required:
The Managing Director will soon address the board and has requested a paper detailing the board’s responsibilities and duties.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Accountability, Board Duties, Board Structure, Corporate Governance, Strategic Oversight
Level: Level 2

Topic: Corporate Governance
Series: NOV 2015

CSME – Nov 2019 – L2 – Q3a – Corporate Governance

Discusses basic concepts that are essential for good corporate governance and their relation to governance practices.

Question

(a) There are basic concepts that must be observed for good corporate governance in an entity.

Required:
Discuss these concepts and show how they relate to good corporate governance. (14 Marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Accountability, Corporate Governance, Fairness, Transparency
Level: Level 2

Topic: Corporate Governance
Series: NOV 2019

PSAF – May 2018 – L2 – Q7 – Ethics and Integrity in Public Sector Financial Management

Explains conditions enhancing accountability in the public sector and principles guiding fiscal transparency.

Question

One major role of government (Federal, State, or Local) is to ensure probity and accountability in all its functions.

Required:

a. Explain FOUR conditions that could enhance the promotion of accountability in the public sector. (5 Marks)

b. Identify and explain FOUR principles guiding the code of good practices on fiscal transparency. (10 Marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Accountability, Ethics, Fiscal Transparency, Good Practices, Public Sector
Level: Level 2

Topic: Ethics and Integrity in Public Sector Financial Management
Series: MAY 2018

PSAF – Nov 2021 – L2 – Q1c – Financial Reporting and Accountability in the Public Sector

Discuss six roles of the Public Accounts Committee (PAC) in ensuring financial accountability.

Question

Discuss SIX roles of the Public Accounts Committee (PAC).

Answer

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Tags: Accountability, Government Finance, Oversight, Public Accounts Committee
Level: Level 2

Topic: Financial Reporting and Accountability in the Public Sector
Series: NOV 2021

FR – MAY 2021 – L2 – Q5a – Ethical Compliance

Identify and evaluate ethical threats faced by KK in Dibimame Ltd's financial statements.

Question

a) Kwadwo Kusi (KK), the Financial Accountant of Dibimame Ltd was reviewing the draft
financial statements prepared by an Accounts Officer and came across the following issues:
i) In calculating the interest on staff loan, the Accounts Officer in error applied 5% instead of
10% interest rate. KK is a beneficiary of the staff loan and a member of the staff loan
committee.
ii) The staff union has demanded a separate accounts for the staff loan. This they advise would
promote transparency and accountability in the process and approval of loans.
iii) Included in accounts receivables was a company known as Sede Ltd, owned by his motherin law. Instead of an outstanding amount of GH¢60,000, the account balance as per the
draft financial statements was GH¢80,000.
iv) The CEO who is known to be domineering has an outstanding balance of GH¢100,000.
This was as a result of cumulative unaccountable imprest which is against the accounting
policy of Dibimame Ltd.
Required:
Identify, evaluate and address the above threats to compliance with the fundamental
principles of good ethical behavior, KK is confronted with

Answer

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Tags: Accountability, Compliance, Ethical behavior, Professional Conduct, Transparency
Level: Level 2

Topic: Professional and Ethical Issues in Financial Reporting
Series: MAY 2021

SCS – MAR 2024 – L3 – Q6c – Strategy, stakeholders, and mission

Describe and explain the four broad roles of NEDs identified in the Higgs Guidance (2003).

Question

Prestige’s Board acknowledges that by adopting and implementing the highest standards of
corporate governance, this sets the standards and values for the entire Company. The
Company seeks to comply with best practice in all areas of corporate governance and
continues to review the Company’s procedures to maintain proper control and
accountability.
Required

There are nine members on Prestige’s Board of Directors. They include the Chairman, Chief Executive, three executive directors, and four non-executive directors (NEDs). Describe and explain four broad roles for NEDs identified in the document published in the UK in 2003, known as the Higgs Guidance.

Answer

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Tags: Accountability, board roles, Corporate Governance, Non-Executive Directors
Level: Level 3

Topic: Strategy, stakeholders, and mission
Series: MAR 2024

AT – May 2024 – L3 – SC – Q5 – Tax Administration and Dispute Resolution

Discuss NEITI's vision, mission, and objectives, and explain the responsibilities of stakeholders in Nigeria's tax policy.

Question

In the same vein, the National Tax Policy, 2017, expressly stipulates the responsibilities of the various stakeholders towards the achievement of efficient tax administration in Nigeria.

Required:

a. Discuss the vision, mission and FOUR primary objectives of NEITI as provided for in the enabling Act. (6 Marks)

(Total 15 Marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Accountability, Government, NEITI, Nigeria, Revenue Agencies, Taxpayer, Transparency
Level: Level 3

Topic: Tax Administration and Dispute Resolution
Series: MAY 2024

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

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

Question

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)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Accountability, Corporate Governance, Director Incentives, Financial objectives, Private Sector, Shareholder Wealth Maximization, Stakeholder Objectives
Level: Level 3

Topic: Corporate Governance and Financial Strategy
Series: NOV 2017

CSME – May 2017 – L2 – SC – Q7 – Corporate Governance

Explain the Nolan principles guiding public life and discuss standards for ethical conduct in the public sector.

Question

Answer

Find Related Questions by Tags, levels, etc.

Tags: Accountability, Ethics, Integrity, Nolan Principles, Public Sector
Level: Level 2

Topic: Corporate Governance
Series: MAY 2017

PSAF – May 2021 – L2 – Q6b – The Budgeting Process in the Public Sector

Explanation of budget uses and steps for National Chart of Accounts application in public budgeting.

Question

Required:

Discuss FOUR uses of budget and FOUR steps to be followed to ensure completeness of using the National Chart of Accounts for budgeting.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Accountability, Budget Classification, Budget Completeness, Chart of Accounts, Transparency
Level: Level 2

Topic: The Budgeting Process in the Public Sector
Series: MAY 2021

CSME – Nov 2015 – L2 – Q5 – Corporate Governance

Outlines key responsibilities and duties of the board in corporate governance, relevant for improving corporate structure and performance.

Question

Required:
The Managing Director will soon address the board and has requested a paper detailing the board’s responsibilities and duties.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Accountability, Board Duties, Board Structure, Corporate Governance, Strategic Oversight
Level: Level 2

Topic: Corporate Governance
Series: NOV 2015

CSME – Nov 2019 – L2 – Q3a – Corporate Governance

Discusses basic concepts that are essential for good corporate governance and their relation to governance practices.

Question

(a) There are basic concepts that must be observed for good corporate governance in an entity.

Required:
Discuss these concepts and show how they relate to good corporate governance. (14 Marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Accountability, Corporate Governance, Fairness, Transparency
Level: Level 2

Topic: Corporate Governance
Series: NOV 2019

PSAF – May 2018 – L2 – Q7 – Ethics and Integrity in Public Sector Financial Management

Explains conditions enhancing accountability in the public sector and principles guiding fiscal transparency.

Question

One major role of government (Federal, State, or Local) is to ensure probity and accountability in all its functions.

Required:

a. Explain FOUR conditions that could enhance the promotion of accountability in the public sector. (5 Marks)

b. Identify and explain FOUR principles guiding the code of good practices on fiscal transparency. (10 Marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Accountability, Ethics, Fiscal Transparency, Good Practices, Public Sector
Level: Level 2

Topic: Ethics and Integrity in Public Sector Financial Management
Series: MAY 2018

PSAF – Nov 2021 – L2 – Q1c – Financial Reporting and Accountability in the Public Sector

Discuss six roles of the Public Accounts Committee (PAC) in ensuring financial accountability.

Question

Discuss SIX roles of the Public Accounts Committee (PAC).

Answer

Find Related Questions by Tags, levels, etc.

Tags: Accountability, Government Finance, Oversight, Public Accounts Committee
Level: Level 2

Topic: Financial Reporting and Accountability in the Public Sector
Series: NOV 2021

FR – MAY 2021 – L2 – Q5a – Ethical Compliance

Identify and evaluate ethical threats faced by KK in Dibimame Ltd's financial statements.

Question

Answer

Find Related Questions by Tags, levels, etc.

Tags: Accountability, Compliance, Ethical behavior, Professional Conduct, Transparency
Level: Level 2

Topic: Professional and Ethical Issues in Financial Reporting
Series: MAY 2021

SCS – MAR 2024 – L3 – Q6c – Strategy, stakeholders, and mission

Describe and explain the four broad roles of NEDs identified in the Higgs Guidance (2003).

Question

Answer

Find Related Questions by Tags, levels, etc.

Tags: Accountability, board roles, Corporate Governance, Non-Executive Directors
Level: Level 3

Topic: Strategy, stakeholders, and mission
Series: MAR 2024

Question Tag: Accountability

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AT – May 2024 – L3 – SC – Q5 – Tax Administration and Dispute Resolution

Discuss NEITI's vision, mission, and objectives, and explain the responsibilities of stakeholders in Nigeria's tax policy.

You're reporting an error for "AT – May 2024 – L3 – SC – Q5 – Tax Administration and Dispute Resolution"

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

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

You're reporting an error for "FM – Nov 2017 – L3 – Q5 – Corporate Governance and Financial Strategy"

CSME – May 2017 – L2 – SC – Q7 – Corporate Governance

Explain the Nolan principles guiding public life and discuss standards for ethical conduct in the public sector.

You're reporting an error for "CSME – May 2017 – L2 – SC – Q7 – Corporate Governance"

PSAF – May 2021 – L2 – Q6b – The Budgeting Process in the Public Sector

Explanation of budget uses and steps for National Chart of Accounts application in public budgeting.

You're reporting an error for "PSAF – May 2021 – L2 – Q6b – The Budgeting Process in the Public Sector"

CSME – Nov 2015 – L2 – Q5 – Corporate Governance

Outlines key responsibilities and duties of the board in corporate governance, relevant for improving corporate structure and performance.

You're reporting an error for "CSME – Nov 2015 – L2 – Q5 – Corporate Governance"

CSME – Nov 2019 – L2 – Q3a – Corporate Governance

Discusses basic concepts that are essential for good corporate governance and their relation to governance practices.

You're reporting an error for "CSME – Nov 2019 – L2 – Q3a – Corporate Governance"

PSAF – May 2018 – L2 – Q7 – Ethics and Integrity in Public Sector Financial Management

Explains conditions enhancing accountability in the public sector and principles guiding fiscal transparency.

You're reporting an error for "PSAF – May 2018 – L2 – Q7 – Ethics and Integrity in Public Sector Financial Management"

PSAF – Nov 2021 – L2 – Q1c – Financial Reporting and Accountability in the Public Sector

Discuss six roles of the Public Accounts Committee (PAC) in ensuring financial accountability.

You're reporting an error for "PSAF – Nov 2021 – L2 – Q1c – Financial Reporting and Accountability in the Public Sector"

FR – MAY 2021 – L2 – Q5a – Ethical Compliance

Identify and evaluate ethical threats faced by KK in Dibimame Ltd's financial statements.

You're reporting an error for "FR – MAY 2021 – L2 – Q5a – Ethical Compliance"

SCS – MAR 2024 – L3 – Q6c – Strategy, stakeholders, and mission

Describe and explain the four broad roles of NEDs identified in the Higgs Guidance (2003).

You're reporting an error for "SCS – MAR 2024 – L3 – Q6c – Strategy, stakeholders, and mission"

AT – May 2024 – L3 – SC – Q5 – Tax Administration and Dispute Resolution

Discuss NEITI's vision, mission, and objectives, and explain the responsibilities of stakeholders in Nigeria's tax policy.

You're reporting an error for "AT – May 2024 – L3 – SC – Q5 – Tax Administration and Dispute Resolution"

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

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

You're reporting an error for "FM – Nov 2017 – L3 – Q5 – Corporate Governance and Financial Strategy"

CSME – May 2017 – L2 – SC – Q7 – Corporate Governance

Explain the Nolan principles guiding public life and discuss standards for ethical conduct in the public sector.

You're reporting an error for "CSME – May 2017 – L2 – SC – Q7 – Corporate Governance"

PSAF – May 2021 – L2 – Q6b – The Budgeting Process in the Public Sector

Explanation of budget uses and steps for National Chart of Accounts application in public budgeting.

You're reporting an error for "PSAF – May 2021 – L2 – Q6b – The Budgeting Process in the Public Sector"

CSME – Nov 2015 – L2 – Q5 – Corporate Governance

Outlines key responsibilities and duties of the board in corporate governance, relevant for improving corporate structure and performance.

You're reporting an error for "CSME – Nov 2015 – L2 – Q5 – Corporate Governance"

CSME – Nov 2019 – L2 – Q3a – Corporate Governance

Discusses basic concepts that are essential for good corporate governance and their relation to governance practices.

You're reporting an error for "CSME – Nov 2019 – L2 – Q3a – Corporate Governance"

PSAF – May 2018 – L2 – Q7 – Ethics and Integrity in Public Sector Financial Management

Explains conditions enhancing accountability in the public sector and principles guiding fiscal transparency.

You're reporting an error for "PSAF – May 2018 – L2 – Q7 – Ethics and Integrity in Public Sector Financial Management"

PSAF – Nov 2021 – L2 – Q1c – Financial Reporting and Accountability in the Public Sector

Discuss six roles of the Public Accounts Committee (PAC) in ensuring financial accountability.

You're reporting an error for "PSAF – Nov 2021 – L2 – Q1c – Financial Reporting and Accountability in the Public Sector"

FR – MAY 2021 – L2 – Q5a – Ethical Compliance

Identify and evaluate ethical threats faced by KK in Dibimame Ltd's financial statements.

You're reporting an error for "FR – MAY 2021 – L2 – Q5a – Ethical Compliance"

SCS – MAR 2024 – L3 – Q6c – Strategy, stakeholders, and mission

Describe and explain the four broad roles of NEDs identified in the Higgs Guidance (2003).

You're reporting an error for "SCS – MAR 2024 – L3 – Q6c – Strategy, stakeholders, and mission"

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