Question Tag: Corporate Governance

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CR – Nov 2016 – L3 – SC – Q5 – Ethical Issues in Corporate Reporting

Explain the concepts of creative accounting and window dressing, provide examples, reasons, and suggest preventive measures.

Question

Manipulation of reporting entities book’s and records have been termed in many quarters as “Creative Accounting” and “Window Dressing”. The Management of Wastage Plc requires clarification of these two concepts.

Write a report to the management of Wastage Plc that includes:
a. Definitions of Creative Accounting and Window Dressing. (2 Marks)
b. Five examples of each concept. (5 Marks)
c. Three possible reasons for Creative Accounting and Window Dressing. (3 Marks)
d. Advice to management on five possible preventive measures of Creative Accounting. (5 Marks)

Answer

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Tags: Corporate Governance, Creative Accounting, Ethics, Financial Statements, Window Dressing
Level: Level 3

Topic: Ethical Issues in Corporate Reporting
Series: NOV 2016

AAA – May 2017 – L3 – Q7 – Audit of Corporate Governance

Draft a memo outlining suggestions, advantages, and disadvantages of audit firm rotation.

Question

The need for auditor’s rotation has been a topic of discussion following various major corporate failures in recent years. The Central Bank of Nigeria (CBN) in 2006 introduced mandatory audit firm rotation as part of effective corporate governance of banks in Nigeria. The board of Aluwo Bank Plc has complied with this policy and are now reviewing its implementation. Some of the directors are not clear about the form that auditor’s rotation takes. While some have argued in favour of the Central Bank of Nigeria (CBN) policy on audit firm rotation, others are against it, claiming it has not achieved the desired objective.

Required:

Draft a memo to the board of Aluwo Bank Plc. which sets out clearly:

a. Two different suggestions about how auditor rotation could be achieved. (5 Marks)
b. Arguments in favour of audit firm rotation. (4 Marks)
c. Arguments against audit firm rotation. (6 Marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Audit Firm Rotation, Audit Independence, Auditor Rotation, CBN Policy, Corporate Governance
Level: Level 3

Topic: Audit of Corporate Governance

CR – May 2017 – L3 – Q5c – Ethical Issues in Corporate Reporting

Identify the contents of a corporate governance report in annual reports of quoted companies.

Question

Institutional investors, if not all investors, need information about corporate governance in order to make rational and reasonable investment decisions. As such, the Securities and Exchange Commission (SEC) of Nigeria requires that the annual reports of all quoted companies should include a corporate governance report.

Required:
Identify the contents of such a corporate governance report. (5 Marks)

Answer

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Tags: Annual Reports, Corporate Governance, Investment decisions, SEC Nigeria
Level: Level 3

Topic: Ethical Issues in Corporate Reporting

CR – May 2021 – L3 – Q7b – Regulatory Environment for Corporate Reporting

Discuss the content required in the Governance Report of corporate entities as mandated by SEC Nigeria.

Question

The Securities and Exchange Commission, Nigeria (SEC) requires that the annual report of all quoted companies should include a corporate governance statement. To this effect, general requirements for the content of the Governance Report are clearly spelt out.

Required:

Discuss the content of the Governance Report of corporate entities. (5 Marks)

Answer

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Tags: Annual Reports, Corporate Governance, Governance Reporting, SEC Nigeria
Level: Level 3

Topic: Regulatory Environment for Corporate Reporting

CR – Dec 2020 – L3 – Q3 – Regulatory Environment for Corporate Reporting

Discuss SEC risk management provisions and analyse components of effective risk reports and their benefits to financial institutions.

Question

Exposure to a variety of risks may affect the ability to achieve corporate objectives, thereby making risk management a corporate governance issue. Risk reports enable stakeholders to evaluate the importance attached to risk management and the company’s effectiveness in managing identified risks. Therefore, risk reports boost shareholders’ confidence that the company has adopted a responsible attitude towards risk.

As part of the regulatory framework to manage risk, the Securities and Exchange Commission (SEC) provided several guidelines for rules and content of effective risk reports.

Required:

a. Discuss the regulatory risk management provisions by SEC in Nigeria. (10 Marks)

b. Analyse the components of effective risk reports and state the benefits of their application to financial institutions in Nigeria. (10 Marks)

Answer

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Tags: Corporate Governance, Financial Institutions, Risk Management, Risk Reports, SEC Guidelines
Level: Level 3

Topic: Regulatory Environment for Corporate Reporting

FM – May 2023 – L3 – Q5b – Corporate Governance and Financial Strategy

Discuss ways to motivate managers to align with and achieve stakeholder objectives.

Question

b. Discuss FOUR ways to encourage managers to achieve stakeholder objectives. (6 Marks)

Answer

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Tags: Corporate Governance, Managerial Incentives, Performance Measurement, Stakeholder Objectives
Level: Level 3

Topic: Corporate Governance and Financial Strategy

CR – May 2023 – L3 – Q6b – Ethical Issues in Corporate Reporting

Discuss the ethical implications and possible actions for alleged unethical behavior in a corporate takeover.

Question

On your first day at Omoge Nigeria Plc as the Chief Financial Officer (CFO) of the company, you were sitting in the staff canteen where you overheard a conversation between two Admin Officers. They were gossiping about Mr. Adamu Salisu, the Finance Director.

According to their conversation, Mr. Adamu Salisu may have been involved in unethical activities related to Omoge Nigeria Plc’s takeover of Bobo Limited.

Key details include:

Mr. Salisu’s wife, Mrs. Salisu, was a director at Bobo Limited prior to the takeover and owned 30% of its shares.
It is alleged that Mr. Salisu substantially overpaid for Bobo Limited and facilitated the overpayment to benefit his wife.
The alleged unethical act involved colluding with his wife to falsify records submitted to the accountant conducting due diligence for the takeover.
Mr. Salisu is reportedly not well-liked by staff, who consider him intimidating and appear pleased at the prospect of him losing his job.

Required:

Discuss the ethical implications of the above and the possible actions that may arise from the incident. (5 Marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Conflict of Interest, Corporate Governance, Ethics, Professional Integrity
Level: Level 3

Topic: Ethical Issues in Corporate Reporting

AAA – Nov 2012 – L3 – AII – Q18 – Risk Management in Audits

Identifies the corporate factor that has increased the risk exposure of auditors over the last decade.

Question

The rate of corporate ………… in the last ten years has tended to increase the risk exposure of the auditor.

Answer

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Tags: Audit Risk, Auditor, Corporate, Corporate Governance, Risk Exposure, Risk Management

Topic: Risk Management in Audits
Series: NOV 2012

AAA – Nov 2012 – L3 – AII – Q4 – Regulatory Framework and Professional Standards

Identifies the regulatory authority with which companies must file audited financial statements.

Question

The audited financial statements of every company must be filed with the ……………………

Answer

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Tags: Audit Standards, Corporate Governance, Filing Requirements, Financial Statements, Regulatory Compliance
Level: Level 3

Topic: Regulatory Framework and Professional Standards
Series: NOV 2012

AAA – Nov 2011 – L3 – SB – Q3 – Audit of Corporate Governance

Key objectives and structures within corporate governance, focusing on the audit committee's role and board actions affecting governance.

Question

(a) Outline the main objective of corporate governance.
(3 Marks)

(b) One of the tools of corporate governance in Nigeria is the establishment of the Audit Committee under Section 359 (6) of Companies and Allied Matters Act Cap C20 LFN, 2004. What are the composition and functions of an Audit Committee?
(6 Marks)

(c) State SIX instances when the corporate governance of a public company may be compromised by the Board of Directors.
(6 Marks)

Answer

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Tags: Audit Committee, Board of Directors, CAMA, Corporate Accountability, Corporate Governance, Governance Standards
Level: Level 3

Topic: Audit of Corporate Governance
Series: NOV 2011

CR – Nov 2016 – L3 – SC – Q5 – Ethical Issues in Corporate Reporting

Explain the concepts of creative accounting and window dressing, provide examples, reasons, and suggest preventive measures.

Question

Answer

Find Related Questions by Tags, levels, etc.

Tags: Corporate Governance, Creative Accounting, Ethics, Financial Statements, Window Dressing
Level: Level 3

Topic: Ethical Issues in Corporate Reporting
Series: NOV 2016

AAA – May 2017 – L3 – Q7 – Audit of Corporate Governance

Draft a memo outlining suggestions, advantages, and disadvantages of audit firm rotation.

Question

Required:

Draft a memo to the board of Aluwo Bank Plc. which sets out clearly:

Answer

Find Related Questions by Tags, levels, etc.

Tags: Audit Firm Rotation, Audit Independence, Auditor Rotation, CBN Policy, Corporate Governance
Level: Level 3

Topic: Audit of Corporate Governance

CR – May 2017 – L3 – Q5c – Ethical Issues in Corporate Reporting

Identify the contents of a corporate governance report in annual reports of quoted companies.

Question

Required:
Identify the contents of such a corporate governance report. (5 Marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Annual Reports, Corporate Governance, Investment decisions, SEC Nigeria
Level: Level 3

Topic: Ethical Issues in Corporate Reporting

CR – May 2021 – L3 – Q7b – Regulatory Environment for Corporate Reporting

Discuss the content required in the Governance Report of corporate entities as mandated by SEC Nigeria.

Question

Required:

Discuss the content of the Governance Report of corporate entities. (5 Marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Annual Reports, Corporate Governance, Governance Reporting, SEC Nigeria
Level: Level 3

Topic: Regulatory Environment for Corporate Reporting

CR – Dec 2020 – L3 – Q3 – Regulatory Environment for Corporate Reporting

Discuss SEC risk management provisions and analyse components of effective risk reports and their benefits to financial institutions.

Question

As part of the regulatory framework to manage risk, the Securities and Exchange Commission (SEC) provided several guidelines for rules and content of effective risk reports.

Required:

a. Discuss the regulatory risk management provisions by SEC in Nigeria. (10 Marks)

b. Analyse the components of effective risk reports and state the benefits of their application to financial institutions in Nigeria. (10 Marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Corporate Governance, Financial Institutions, Risk Management, Risk Reports, SEC Guidelines
Level: Level 3

Topic: Regulatory Environment for Corporate Reporting

FM – May 2023 – L3 – Q5b – Corporate Governance and Financial Strategy

Discuss ways to motivate managers to align with and achieve stakeholder objectives.

Question

b. Discuss FOUR ways to encourage managers to achieve stakeholder objectives. (6 Marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Corporate Governance, Managerial Incentives, Performance Measurement, Stakeholder Objectives
Level: Level 3

Topic: Corporate Governance and Financial Strategy

CR – May 2023 – L3 – Q6b – Ethical Issues in Corporate Reporting

Discuss the ethical implications and possible actions for alleged unethical behavior in a corporate takeover.

Question

According to their conversation, Mr. Adamu Salisu may have been involved in unethical activities related to Omoge Nigeria Plc’s takeover of Bobo Limited.

Key details include:

Mr. Salisu’s wife, Mrs. Salisu, was a director at Bobo Limited prior to the takeover and owned 30% of its shares.
It is alleged that Mr. Salisu substantially overpaid for Bobo Limited and facilitated the overpayment to benefit his wife.
The alleged unethical act involved colluding with his wife to falsify records submitted to the accountant conducting due diligence for the takeover.
Mr. Salisu is reportedly not well-liked by staff, who consider him intimidating and appear pleased at the prospect of him losing his job.

Required:

Discuss the ethical implications of the above and the possible actions that may arise from the incident. (5 Marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Conflict of Interest, Corporate Governance, Ethics, Professional Integrity
Level: Level 3

Topic: Ethical Issues in Corporate Reporting

AAA – Nov 2012 – L3 – AII – Q18 – Risk Management in Audits

Identifies the corporate factor that has increased the risk exposure of auditors over the last decade.

Question

The rate of corporate ………… in the last ten years has tended to increase the risk exposure of the auditor.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Audit Risk, Auditor, Corporate, Corporate Governance, Risk Exposure, Risk Management

Topic: Risk Management in Audits
Series: NOV 2012

AAA – Nov 2012 – L3 – AII – Q4 – Regulatory Framework and Professional Standards

Identifies the regulatory authority with which companies must file audited financial statements.

Question

The audited financial statements of every company must be filed with the ……………………

Answer

Find Related Questions by Tags, levels, etc.

Tags: Audit Standards, Corporate Governance, Filing Requirements, Financial Statements, Regulatory Compliance
Level: Level 3

Topic: Regulatory Framework and Professional Standards
Series: NOV 2012

AAA – Nov 2011 – L3 – SB – Q3 – Audit of Corporate Governance

Key objectives and structures within corporate governance, focusing on the audit committee's role and board actions affecting governance.

Question

(a) Outline the main objective of corporate governance.
(3 Marks)

(c) State SIX instances when the corporate governance of a public company may be compromised by the Board of Directors.
(6 Marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Audit Committee, Board of Directors, CAMA, Corporate Accountability, Corporate Governance, Governance Standards
Level: Level 3

Topic: Audit of Corporate Governance
Series: NOV 2011

Question Tag: Corporate Governance

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CR – Nov 2016 – L3 – SC – Q5 – Ethical Issues in Corporate Reporting

Explain the concepts of creative accounting and window dressing, provide examples, reasons, and suggest preventive measures.

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AAA – May 2017 – L3 – Q7 – Audit of Corporate Governance

Draft a memo outlining suggestions, advantages, and disadvantages of audit firm rotation.

Required:

You're reporting an error for "AAA – May 2017 – L3 – Q7 – Audit of Corporate Governance"

CR – May 2017 – L3 – Q5c – Ethical Issues in Corporate Reporting

Identify the contents of a corporate governance report in annual reports of quoted companies.

You're reporting an error for "CR – May 2017 – L3 – Q5c – Ethical Issues in Corporate Reporting"

CR – May 2021 – L3 – Q7b – Regulatory Environment for Corporate Reporting

Discuss the content required in the Governance Report of corporate entities as mandated by SEC Nigeria.

You're reporting an error for "CR – May 2021 – L3 – Q7b – Regulatory Environment for Corporate Reporting"

CR – Dec 2020 – L3 – Q3 – Regulatory Environment for Corporate Reporting

Discuss SEC risk management provisions and analyse components of effective risk reports and their benefits to financial institutions.

You're reporting an error for "CR – Dec 2020 – L3 – Q3 – Regulatory Environment for Corporate Reporting"

FM – May 2023 – L3 – Q5b – Corporate Governance and Financial Strategy

Discuss ways to motivate managers to align with and achieve stakeholder objectives.

You're reporting an error for "FM – May 2023 – L3 – Q5b – Corporate Governance and Financial Strategy"

CR – May 2023 – L3 – Q6b – Ethical Issues in Corporate Reporting

Discuss the ethical implications and possible actions for alleged unethical behavior in a corporate takeover.

You're reporting an error for "CR – May 2023 – L3 – Q6b – Ethical Issues in Corporate Reporting"

AAA – Nov 2012 – L3 – AII – Q18 – Risk Management in Audits

Identifies the corporate factor that has increased the risk exposure of auditors over the last decade.

You're reporting an error for "AAA – Nov 2012 – L3 – AII – Q18 – Risk Management in Audits"

AAA – Nov 2012 – L3 – AII – Q4 – Regulatory Framework and Professional Standards

Identifies the regulatory authority with which companies must file audited financial statements.

You're reporting an error for "AAA – Nov 2012 – L3 – AII – Q4 – Regulatory Framework and Professional Standards"

AAA – Nov 2011 – L3 – SB – Q3 – Audit of Corporate Governance

Key objectives and structures within corporate governance, focusing on the audit committee's role and board actions affecting governance.

You're reporting an error for "AAA – Nov 2011 – L3 – SB – Q3 – Audit of Corporate Governance"

CR – Nov 2016 – L3 – SC – Q5 – Ethical Issues in Corporate Reporting

Explain the concepts of creative accounting and window dressing, provide examples, reasons, and suggest preventive measures.

You're reporting an error for "CR – Nov 2016 – L3 – SC – Q5 – Ethical Issues in Corporate Reporting"

AAA – May 2017 – L3 – Q7 – Audit of Corporate Governance

Draft a memo outlining suggestions, advantages, and disadvantages of audit firm rotation.

Required:

You're reporting an error for "AAA – May 2017 – L3 – Q7 – Audit of Corporate Governance"

CR – May 2017 – L3 – Q5c – Ethical Issues in Corporate Reporting

Identify the contents of a corporate governance report in annual reports of quoted companies.

You're reporting an error for "CR – May 2017 – L3 – Q5c – Ethical Issues in Corporate Reporting"

CR – May 2021 – L3 – Q7b – Regulatory Environment for Corporate Reporting

Discuss the content required in the Governance Report of corporate entities as mandated by SEC Nigeria.

You're reporting an error for "CR – May 2021 – L3 – Q7b – Regulatory Environment for Corporate Reporting"

CR – Dec 2020 – L3 – Q3 – Regulatory Environment for Corporate Reporting

Discuss SEC risk management provisions and analyse components of effective risk reports and their benefits to financial institutions.

You're reporting an error for "CR – Dec 2020 – L3 – Q3 – Regulatory Environment for Corporate Reporting"

FM – May 2023 – L3 – Q5b – Corporate Governance and Financial Strategy

Discuss ways to motivate managers to align with and achieve stakeholder objectives.

You're reporting an error for "FM – May 2023 – L3 – Q5b – Corporate Governance and Financial Strategy"

CR – May 2023 – L3 – Q6b – Ethical Issues in Corporate Reporting

Discuss the ethical implications and possible actions for alleged unethical behavior in a corporate takeover.

You're reporting an error for "CR – May 2023 – L3 – Q6b – Ethical Issues in Corporate Reporting"

AAA – Nov 2012 – L3 – AII – Q18 – Risk Management in Audits

Identifies the corporate factor that has increased the risk exposure of auditors over the last decade.

You're reporting an error for "AAA – Nov 2012 – L3 – AII – Q18 – Risk Management in Audits"

AAA – Nov 2012 – L3 – AII – Q4 – Regulatory Framework and Professional Standards

Identifies the regulatory authority with which companies must file audited financial statements.

You're reporting an error for "AAA – Nov 2012 – L3 – AII – Q4 – Regulatory Framework and Professional Standards"

AAA – Nov 2011 – L3 – SB – Q3 – Audit of Corporate Governance

Key objectives and structures within corporate governance, focusing on the audit committee's role and board actions affecting governance.

You're reporting an error for "AAA – Nov 2011 – L3 – SB – Q3 – Audit of Corporate Governance"

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