Question Tag: Corporate Responsibility

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AAA – Nov 2013 – L3 – A – Q13 – Environmental and Sustainability Audits

This question assesses the scope of social audit and identifies an area it does not cover.

Question

Social audit has to do with the extent to which a company gets involved and interacts with the society in which it operates. This means that social audit does not extend to ONE of the following:
A. Corporate code of conduct and business ethics
B. Pricing policy, product safety, and quality control
C. Transaction audit
D. Employee health and safety
E. Environmental pollution

Answer

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Tags: Business Ethics, Corporate Responsibility, Environmental audit, Social Audit
Level: Level 3

Topic: Environmental and Sustainability Audits
Series: NOV 2012

FM – Nov 2021 – L3 – Q5 – Corporate Governance and Stakeholder Management

Analyze criteria for setting objectives in public and private sectors, addressing stakeholder needs and potential consequences of unmet objectives.

Question

a. Ibile is a local government entity financed approximately equally by central government funding and local taxation. The central government funding allocation is primarily determined on a per capita basis, adjusted for the level of deprivation or special needs within Ibile’s region. A small portion of Ibile’s revenue comes from the private sector, such as renting out City Hall for private events.

Ibile’s Main Objectives:

Enhance the region’s economic prosperity and attractiveness as a place to live and work.
Provide service excellence in health and education for the local community.

b. Layo is a large, publicly listed entity with extensive commercial and geographical interests. It has historically established its headquarters in Ibile’s region, which is unusual for a company of its size, as such entities typically base their HQ in a capital or major city.

Layo’s Main Objectives:

Financial: Achieve an average annual increase of 10% in shareholder wealth.
Non-Financial: Maintain favorable treatment of various stakeholders, including local communities where it operates.

Layo’s total net assets are valued at ₦1.5 billion with a gearing ratio of 45% (debt to debt plus equity), consistent with industry norms. The company is currently exploring options to raise significant capital to fund an acquisition.

Required:

Discuss the criteria that each entity (Ibile and Layo) must consider when setting objectives, taking into account the needs of their main stakeholder groups. Reference the consequences each might face if it fails to achieve its stated objectives.

Answer

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Topic: Corporate Governance and Stakeholder Management

AAA – Nov 2011 – L3 – SA – Q18 – Assurance Engagements

Identifies an engagement type that does not qualify as an assurance engagement.

Question

Which ONE of the following is NOT an example of assurance engagement?

A. Reports for lenders and other investors
B. Reports on environmental performance
C. Reports and statement of accounting policies
D. Reports on corporate social responsibility performance
E. A private audit

Answer

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Tags: Assurance Engagement, Corporate Responsibility, Financial Reporting, Reporting Standards
Level: Level 3

Topic: Assurance Engagements
Series: NOV 2011

MGE – Nov 2014 – L2 – Q4 – Stakeholder Management

Discussing applicable accounting forms, social cost minimization, and ethical justice in handling environmental pollution.

Question

Orgamed Mining Company is located close to Erin river in Owode town and it has over 4,000 workers on its payroll, 1,250 of whom come from the town. Since the company started its operations 5 years ago, the town has witnessed considerable development in infrastructure such as hospitals, schools, and electricity. Before commencement of operations of Orgamed Mining Company, Erin river had served as the main source of livelihood for the natives, most of whom are fishermen. A thriving fish market and small scale industries had emerged from the fishing activities. A few neighbouring towns also depend on water from Erin river for domestic activities.

Lately, chemical pollution from the company’s mining activities has become a threat to the survival of fish in the river. Marine experts have pointed out that within the next three years, all the fish and other living organisms in Erin river would be dead as waste water from the mining operations containing sulphuric acid, iron and sulphate particles are lethal to most organisms living within the aquatic environment. There is also a record of health hazards in the neighbouring towns which have been traced to the water from Erin river finding its way into these towns’ water supplies.

When delegates from Owode town and the affected neighbouring towns met with the management of Orgamed Mining Company to discuss this problem of water pollution, it became evident that the costs of controlling the pollution will have significant consequences on the operations of the company. One of these is that there would be a reduction of over 50% of the workforce, and to put Erin river back to its normal state would require closing down the mines.

Required:

a. Explain the forms of accounting that would be applicable to the situation described above.
(6 Marks)

b. How would you advise the management of Orgamed to minimize its social costs and liabilities?
(8 Marks)

c. Using the idea of retributive justice and the utilitarian approach, explain why Orgamed Mining Company should bear the costs of the water pollution.
(6 Marks)

Answer

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Tags: Corporate Responsibility, Environmental Accounting, Justice in Environmental Impact, Social Costs
Level: Level 2

Topic: Stakeholder Management

BMF – MAY 2016 – L1 – SA – Q14 – The Business Environment

Multiple choice question on areas of public concern regarding actions of major companies.

Question

The general public might consider that it has a stake or interest in major companies, because the actions of these companies can affect society as a whole. Areas of public concern may include any of the following EXCEPT

A. Public health, especially in the case of food manufacturers and manufacturers of drugs and medicines
B. Protection of the environment, reducing pollution, and creating ‘sustainable businesses’
C. Corruption in business practices
D. The exploitation of the consumer through misleading descriptions of goods
E. Excess profit made by these companies

Answer

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Tags: Business Ethics, Corporate Responsibility, Public Concern
Level: Level 1

Topic: The Business Environment
Series: MAY 2016

BMF – May 2023 – L1 – SB – Q1a – Nature of Business, Types, and Objectives

Explain the term stakeholders in a business context.

Question

Explain the term Stakeholders.

Answer

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Tags: Business Objectives, Corporate Responsibility, Influence, Stakeholders
Level: Level 1

Topic: Nature of Business, Types, and Objectives
Series: MAY 2023

CR – Nov 2018 – L3 – Q5a – Beyond financial reporting

Discuss what users might expect to see in a company’s annual report to indicate that environmental concerns are receiving adequate attention.

Question

An increasing number of users have an interest in environmental matters, either as socially responsible investment (SRI) analysts, private investors, banks, employees, or customers. In cases where there are material environmental impacts, they will normally expect to see something in the annual reports.

Required:
What might users expect to see in a company’s annual report to indicate that environmental concerns are receiving adequate attention?

Answer

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Tags: Corporate Responsibility, Environmental Reporting, Financial Reporting, Sustainability
Level: Level 3

Topic: Beyond financial reporting
Series: NOV 2018

AAA – Dec 2023 – L3 – Q5a – Current Issues

Justify why companies should focus on sustainable business practices, given the increasing investor interest in the Sustainable Development Goals (SDGs).

Question

Sustainable Development Goals and Investor Interest
The Sustainable Development Goals (SDGs) are 17 goals tackling major world issues agreed by 193 UN member states to be achieved by 2030. These goals include zero hunger, decent work and economic growth, and reduced inequalities.

Required:
Justify FOUR (4) reasons a company should focus on sustainable business practices in view of investor interest in SDGs. (10 marks)

Answer

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Tags: Business Sustainability, Corporate Responsibility, ESG, Investor Relations, Sustainable Development Goals
Level: Level 3

Topic: Current issues
Series: DEC 2023

BMIS – Nov 2017 – L1 – Q4c – HR – Other human resources functions

Identify benefits to Adjala Ltd from having a robust health and safety policy.

Question

c) It is Adjala Ltd’s corporate responsibility to have a robust health and safety policy in place, to identify reasonably foreseeable risks and to reduce those risks as far as is reasonably practicable. For the organization, this means having a thorough policy statement, good organizational responsibilities, and tight procedures in place so that it can manage risk and comply with legislation.

Required:
Identify TWO benefits to Adjala Ltd from having a robust health and safety policy.
(4 marks)

Answer

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Tags: Corporate Responsibility, Health and Safety Policy, Legal Compliance, Risk Management
Level: Level 1

Topic: HR - Other Human Resources functions
Series: NOV 2017

AAA – Nov 2013 – L3 – A – Q13 – Environmental and Sustainability Audits

This question assesses the scope of social audit and identifies an area it does not cover.

Question

Answer

Find Related Questions by Tags, levels, etc.

Tags: Business Ethics, Corporate Responsibility, Environmental audit, Social Audit
Level: Level 3

Topic: Environmental and Sustainability Audits
Series: NOV 2012

FM – Nov 2021 – L3 – Q5 – Corporate Governance and Stakeholder Management

Analyze criteria for setting objectives in public and private sectors, addressing stakeholder needs and potential consequences of unmet objectives.

Question

Ibile’s Main Objectives:

Enhance the region’s economic prosperity and attractiveness as a place to live and work.
Provide service excellence in health and education for the local community.

Layo’s Main Objectives:

Financial: Achieve an average annual increase of 10% in shareholder wealth.
Non-Financial: Maintain favorable treatment of various stakeholders, including local communities where it operates.

Required:

Answer

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Topic: Corporate Governance and Stakeholder Management

AAA – Nov 2011 – L3 – SA – Q18 – Assurance Engagements

Identifies an engagement type that does not qualify as an assurance engagement.

Question

Which ONE of the following is NOT an example of assurance engagement?

A. Reports for lenders and other investors
B. Reports on environmental performance
C. Reports and statement of accounting policies
D. Reports on corporate social responsibility performance
E. A private audit

Answer

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Tags: Assurance Engagement, Corporate Responsibility, Financial Reporting, Reporting Standards
Level: Level 3

Topic: Assurance Engagements
Series: NOV 2011

MGE – Nov 2014 – L2 – Q4 – Stakeholder Management

Discussing applicable accounting forms, social cost minimization, and ethical justice in handling environmental pollution.

Question

Required:

a. Explain the forms of accounting that would be applicable to the situation described above.
(6 Marks)

b. How would you advise the management of Orgamed to minimize its social costs and liabilities?
(8 Marks)

c. Using the idea of retributive justice and the utilitarian approach, explain why Orgamed Mining Company should bear the costs of the water pollution.
(6 Marks)

Answer

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Tags: Corporate Responsibility, Environmental Accounting, Justice in Environmental Impact, Social Costs
Level: Level 2

Topic: Stakeholder Management

BMF – MAY 2016 – L1 – SA – Q14 – The Business Environment

Multiple choice question on areas of public concern regarding actions of major companies.

Question

Answer

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Tags: Business Ethics, Corporate Responsibility, Public Concern
Level: Level 1

Topic: The Business Environment
Series: MAY 2016

BMF – May 2023 – L1 – SB – Q1a – Nature of Business, Types, and Objectives

Explain the term stakeholders in a business context.

Question

Explain the term Stakeholders.

Answer

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Tags: Business Objectives, Corporate Responsibility, Influence, Stakeholders
Level: Level 1

Topic: Nature of Business, Types, and Objectives
Series: MAY 2023

CR – Nov 2018 – L3 – Q5a – Beyond financial reporting

Discuss what users might expect to see in a company’s annual report to indicate that environmental concerns are receiving adequate attention.

Question

Required:
What might users expect to see in a company’s annual report to indicate that environmental concerns are receiving adequate attention?

Answer

Find Related Questions by Tags, levels, etc.

Tags: Corporate Responsibility, Environmental Reporting, Financial Reporting, Sustainability
Level: Level 3

Topic: Beyond financial reporting
Series: NOV 2018

AAA – Dec 2023 – L3 – Q5a – Current Issues

Justify why companies should focus on sustainable business practices, given the increasing investor interest in the Sustainable Development Goals (SDGs).

Question

Required:
Justify FOUR (4) reasons a company should focus on sustainable business practices in view of investor interest in SDGs. (10 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Business Sustainability, Corporate Responsibility, ESG, Investor Relations, Sustainable Development Goals
Level: Level 3

Topic: Current issues
Series: DEC 2023

BMIS – Nov 2017 – L1 – Q4c – HR – Other human resources functions

Identify benefits to Adjala Ltd from having a robust health and safety policy.

Question

Required:
Identify TWO benefits to Adjala Ltd from having a robust health and safety policy.
(4 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Corporate Responsibility, Health and Safety Policy, Legal Compliance, Risk Management
Level: Level 1

Topic: HR - Other Human Resources functions
Series: NOV 2017

Question Tag: Corporate Responsibility

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AAA – Nov 2013 – L3 – A – Q13 – Environmental and Sustainability Audits

This question assesses the scope of social audit and identifies an area it does not cover.

You're reporting an error for "AAA – Nov 2013 – L3 – A – Q13 – Environmental and Sustainability Audits"

FM – Nov 2021 – L3 – Q5 – Corporate Governance and Stakeholder Management

Analyze criteria for setting objectives in public and private sectors, addressing stakeholder needs and potential consequences of unmet objectives.

Required:

You're reporting an error for "FM – Nov 2021 – L3 – Q5 – Corporate Governance and Stakeholder Management"

AAA – Nov 2011 – L3 – SA – Q18 – Assurance Engagements

Identifies an engagement type that does not qualify as an assurance engagement.

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MGE – Nov 2014 – L2 – Q4 – Stakeholder Management

Discussing applicable accounting forms, social cost minimization, and ethical justice in handling environmental pollution.

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BMF – MAY 2016 – L1 – SA – Q14 – The Business Environment

Multiple choice question on areas of public concern regarding actions of major companies.

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BMF – May 2023 – L1 – SB – Q1a – Nature of Business, Types, and Objectives

Explain the term stakeholders in a business context.

You're reporting an error for "BMF – May 2023 – L1 – SB – Q1a – Nature of Business, Types, and Objectives"

CR – Nov 2018 – L3 – Q5a – Beyond financial reporting

Discuss what users might expect to see in a company’s annual report to indicate that environmental concerns are receiving adequate attention.

You're reporting an error for "CR – Nov 2018 – L3 – Q5a – Beyond financial reporting"

AAA – Dec 2023 – L3 – Q5a – Current Issues

Justify why companies should focus on sustainable business practices, given the increasing investor interest in the Sustainable Development Goals (SDGs).

You're reporting an error for "AAA – Dec 2023 – L3 – Q5a – Current Issues"

BMIS – Nov 2017 – L1 – Q4c – HR – Other human resources functions

Identify benefits to Adjala Ltd from having a robust health and safety policy.

You're reporting an error for "BMIS – Nov 2017 – L1 – Q4c – HR – Other human resources functions"

AAA – Nov 2013 – L3 – A – Q13 – Environmental and Sustainability Audits

This question assesses the scope of social audit and identifies an area it does not cover.

You're reporting an error for "AAA – Nov 2013 – L3 – A – Q13 – Environmental and Sustainability Audits"

FM – Nov 2021 – L3 – Q5 – Corporate Governance and Stakeholder Management

Analyze criteria for setting objectives in public and private sectors, addressing stakeholder needs and potential consequences of unmet objectives.

Required:

You're reporting an error for "FM – Nov 2021 – L3 – Q5 – Corporate Governance and Stakeholder Management"

AAA – Nov 2011 – L3 – SA – Q18 – Assurance Engagements

Identifies an engagement type that does not qualify as an assurance engagement.

You're reporting an error for "AAA – Nov 2011 – L3 – SA – Q18 – Assurance Engagements"

MGE – Nov 2014 – L2 – Q4 – Stakeholder Management

Discussing applicable accounting forms, social cost minimization, and ethical justice in handling environmental pollution.

You're reporting an error for "MGE – Nov 2014 – L2 – Q4 – Stakeholder Management"

BMF – MAY 2016 – L1 – SA – Q14 – The Business Environment

Multiple choice question on areas of public concern regarding actions of major companies.

You're reporting an error for "BMF – MAY 2016 – L1 – SA – Q14 – The Business Environment"

BMF – May 2023 – L1 – SB – Q1a – Nature of Business, Types, and Objectives

Explain the term stakeholders in a business context.

You're reporting an error for "BMF – May 2023 – L1 – SB – Q1a – Nature of Business, Types, and Objectives"

CR – Nov 2018 – L3 – Q5a – Beyond financial reporting

Discuss what users might expect to see in a company’s annual report to indicate that environmental concerns are receiving adequate attention.

You're reporting an error for "CR – Nov 2018 – L3 – Q5a – Beyond financial reporting"

AAA – Dec 2023 – L3 – Q5a – Current Issues

Justify why companies should focus on sustainable business practices, given the increasing investor interest in the Sustainable Development Goals (SDGs).

You're reporting an error for "AAA – Dec 2023 – L3 – Q5a – Current Issues"

BMIS – Nov 2017 – L1 – Q4c – HR – Other human resources functions

Identify benefits to Adjala Ltd from having a robust health and safety policy.

You're reporting an error for "BMIS – Nov 2017 – L1 – Q4c – HR – Other human resources functions"

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