Accounting Profession – NBC Institute

FA – Nov 2023 – L1 – SA – Q20 – Roles of Accountants in Business and the Economy

Assess the impact of technology-driven disruption on the accounting profession.

Question

How has technology-driven disruption affected the accounting profession over time?

A. It shielded accounting from disruptions, leading to minimal changes in the industry
B. The transition to computerized accounting eliminated the need for accountants’ involvement
C. Accountants adapted to a machine-driven environment through new technology and automation
D. The accounting profession has seen a decline in employment opportunities due to technological advancements
E. Technology has complicated accounting practices without any beneficial outcomes

Answer

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Tags: Accounting Profession, Disruption, Technology
Level: Level 1

Topic: Roles of Accountants in Business and the Economy
Series: NOV 2023

AA – Nov 2020 – L2 – Q1a – Audit Failure and Expectation Gap

Discuss factors that account for the audit expectation gap.

Question

In recent years, some well‐publicized corporate failures and its subsequent implication of the reporting auditors have highlighted the audit expectation gap. Public misperceptions are a major cause of the threat of legal challenges facing the accounting profession. One of the key challenges facing assurance providers is understanding and tackling the expectation gap in assurance.

Required:
Discuss what factors account for the expectation gap.
(5 marks)

Answer

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Tags: Accounting Profession, Assurance Providers, Audit Expectation Gap, Legal Challenges, Public Misperception
Level: Level 2

Topic: Audit Failure and Expectation Gap
Series: NOV 2020

AA – April 2022 – L2 – Q2b – Institutional Regulation and Standard-Setting

Identifies the functions of ICAG and discusses the effects of its dual role in promoting the study of accountancy and regulating the profession.

Question

b) The function of the Institute of Chartered Accountants, Ghana (ICAG) has become a subject of discussion in recent times after the passage of the Institute of Chartered Accountants, Ghana Act, 2020 (Act 1058). The thrust of the matter is the dual role of the Institute – to promote the study of accountancy and regulate the accountancy profession and practice in the country.

i) Identify FOUR (4) functions of ICAG. (4 marks)
ii) Discuss the effects of the dual role exercised by ICAG. (6 marks)

Answer

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Tags: Accounting Profession, Dual Role, ICAG, Professional Standards, Regulatory Function
Level: Level 2

Topic: Institutional Regulation and Standard-Setting
Series: APR 2022

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

Identify three codes of ethics for accountants in Ghana.

Question

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)

Answer

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Tags: Accounting Profession, Code of Ethics, Governance, Professional Conduct
Level: Level 1

Topic: Governance and Ethical Issues Relating to Business
Series: MAY 2020

FA – Nov 2023 – L1 – SA – Q20 – Roles of Accountants in Business and the Economy

Assess the impact of technology-driven disruption on the accounting profession.

Question

How has technology-driven disruption affected the accounting profession over time?

A. It shielded accounting from disruptions, leading to minimal changes in the industry
B. The transition to computerized accounting eliminated the need for accountants’ involvement
C. Accountants adapted to a machine-driven environment through new technology and automation
D. The accounting profession has seen a decline in employment opportunities due to technological advancements
E. Technology has complicated accounting practices without any beneficial outcomes

Answer

Find Related Questions by Tags, levels, etc.

Tags: Accounting Profession, Disruption, Technology
Level: Level 1

Topic: Roles of Accountants in Business and the Economy
Series: NOV 2023

AA – Nov 2020 – L2 – Q1a – Audit Failure and Expectation Gap

Discuss factors that account for the audit expectation gap.

Question

Required:
Discuss what factors account for the expectation gap.
(5 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Accounting Profession, Assurance Providers, Audit Expectation Gap, Legal Challenges, Public Misperception
Level: Level 2

Topic: Audit Failure and Expectation Gap
Series: NOV 2020

AA – April 2022 – L2 – Q2b – Institutional Regulation and Standard-Setting

Identifies the functions of ICAG and discusses the effects of its dual role in promoting the study of accountancy and regulating the profession.

Question

i) Identify FOUR (4) functions of ICAG. (4 marks)
ii) Discuss the effects of the dual role exercised by ICAG. (6 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Accounting Profession, Dual Role, ICAG, Professional Standards, Regulatory Function
Level: Level 2

Topic: Institutional Regulation and Standard-Setting
Series: APR 2022

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

Identify three codes of ethics for accountants in Ghana.

Question

Required:

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

Answer

Find Related Questions by Tags, levels, etc.

Tags: Accounting Profession, Code of Ethics, Governance, Professional Conduct
Level: Level 1

Topic: Governance and Ethical Issues Relating to Business
Series: MAY 2020

Question Tag: Accounting Profession

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FA – Nov 2023 – L1 – SA – Q20 – Roles of Accountants in Business and the Economy

Assess the impact of technology-driven disruption on the accounting profession.

AA – Nov 2020 – L2 – Q1a – Audit Failure and Expectation Gap

Discuss factors that account for the audit expectation gap.

AA – April 2022 – L2 – Q2b – Institutional Regulation and Standard-Setting

Identifies the functions of ICAG and discusses the effects of its dual role in promoting the study of accountancy and regulating the profession.

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

Identify three codes of ethics for accountants in Ghana.

FA – Nov 2023 – L1 – SA – Q20 – Roles of Accountants in Business and the Economy

Assess the impact of technology-driven disruption on the accounting profession.

AA – Nov 2020 – L2 – Q1a – Audit Failure and Expectation Gap

Discuss factors that account for the audit expectation gap.

AA – April 2022 – L2 – Q2b – Institutional Regulation and Standard-Setting

Identifies the functions of ICAG and discusses the effects of its dual role in promoting the study of accountancy and regulating the profession.

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

Identify three codes of ethics for accountants in Ghana.

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Question Tag: Accounting Profession

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FA – Nov 2023 – L1 – SA – Q20 – Roles of Accountants in Business and the Economy

Assess the impact of technology-driven disruption on the accounting profession.

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AA – Nov 2020 – L2 – Q1a – Audit Failure and Expectation Gap

Discuss factors that account for the audit expectation gap.

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AA – April 2022 – L2 – Q2b – Institutional Regulation and Standard-Setting

Identifies the functions of ICAG and discusses the effects of its dual role in promoting the study of accountancy and regulating the profession.

You're reporting an error for "AA – April 2022 – L2 – Q2b – Institutional Regulation and Standard-Setting"

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

Identify three codes of ethics for accountants in Ghana.

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

FA – Nov 2023 – L1 – SA – Q20 – Roles of Accountants in Business and the Economy

Assess the impact of technology-driven disruption on the accounting profession.

You're reporting an error for "FA – Nov 2023 – L1 – SA – Q20 – Roles of Accountants in Business and the Economy"

AA – Nov 2020 – L2 – Q1a – Audit Failure and Expectation Gap

Discuss factors that account for the audit expectation gap.

You're reporting an error for "AA – Nov 2020 – L2 – Q1a – Audit Failure and Expectation Gap"

AA – April 2022 – L2 – Q2b – Institutional Regulation and Standard-Setting

Identifies the functions of ICAG and discusses the effects of its dual role in promoting the study of accountancy and regulating the profession.

You're reporting an error for "AA – April 2022 – L2 – Q2b – Institutional Regulation and Standard-Setting"

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

Identify three codes of ethics for accountants in Ghana.

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

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