Environmental impact – NBC Institute

AAA – Nov 2013 – L3 – SB – Q3 – Audit of Specialized Industries

Identify seven key audit concerns in the extractive industry, focusing on labor issues, community impact, and compliance with regulations.

Question

XYL Limited has been granted a license to operate in the extractive industry in the middle belt of the country, where there is an abundant mineral resource called Topaz. This mineral is in great demand in the manufacturing industries of Western Europe.

Due to the need for heavy equipment requiring intensive capital outlay, indigenous companies could not invest in the sector. Moreover, the technical expertise required in mining this product is not locally available.

The company was not only granted the license but also granted a pioneer status. The local community where operations take place supply the necessary labor, both skilled and unskilled. After a year, the workers’ union found out that they were paid far less than what the company is paying in similar operations in nearby countries. As a result of labor union activities, many workers were retrenched, and the company started making use of locals who had just completed secondary school education. Union activities were proscribed.

Being an extractive industry, the local people were affected as they could no longer carry out their economic activities as before.

Your firm has just been appointed as auditors of XYL Limited after three years of operation.

You are required to:

Explain SEVEN areas of concern that would be of interest to you as auditor and provide reasons for their importance. (15 Marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Audit Planning, Community Relations, Compliance, Environmental impact, Extractive Industry, Financial Reporting, labor issues, Pioneer Status
Level: Level 3

Topic: Audit of Specialized Industries
Series: NOV 2013

AA – Nov 2023 – L2 – Q7 – Corporate Governance and Audit Committees

Guidance on addressing community concerns over environmental impact of industrial operations.

Question

You witnessed a scene during the audit of Tiwani Cement Limited, an indigenous medium-sized cement manufacturing company.

Indigenes of the host town, situated in the southern part of the country, staged a peaceful protest at the premises of the company. Their concern was the company’s apparent lack of attention toward the poor condition of roads surrounding their factory—ostensibly damaged by the heavy equipment and vehicles the company operated.

The management appeased the protesters, promising immediate consideration of their demands.

The Managing Director has now asked for your advice.

Required:

Advise the Managing Director of Tiwani Cement Limited on what the company could do in this type of situation.
(Total 15 Marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Community Relations, Environmental impact, Reputation Management, Social responsibility
Level: Level 2

Topic: Corporate Governance and Audit Committees

CSME – Nov 2019 – L2 – Q4b – Corporate Social Responsibility (CSR)

Explores the concept of carbon neutrality and its application to corporate operations.

Question

(b) Discuss the concept of carbon neutrality in relation to the operations of companies. (5 Marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Carbon Neutrality, Corporate Sustainability, Environmental impact
Level: Level 2

Topic: Corporate social responsibility
Series: NOV 2019

MA – May 2021 – L2 – Q2a – Other aspects of performance measurement

Identify and explain consequences of environmentally unfriendly corporate practices on profits.

Question

a) The Climate Adaptation Summit (CAS 2021) sought to tackle head on, the imminent catastrophe, which, the unattended climate change can unleash on the world. This is perceived to be more disastrous than the COVID-19 pandemic. So far, accountants have not agreed on how to quantify damages caused to the environment by a company’s operations in the accounts unless they come in the form of a fine.

Required:
Identify and explain FOUR (4) consequences of environmentally unfriendly practices of corporate entities that may negatively influence their profits. (5 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Corporate Social Responsibility, Environmental impact, Profit Impact
Level: Level 2

Topic: Other Aspects of Performance Measurement
Series: MAY 2021

AAA – Nov 2013 – L3 – SB – Q3 – Audit of Specialized Industries

Identify seven key audit concerns in the extractive industry, focusing on labor issues, community impact, and compliance with regulations.

Question

Being an extractive industry, the local people were affected as they could no longer carry out their economic activities as before.

Your firm has just been appointed as auditors of XYL Limited after three years of operation.

You are required to:

Explain SEVEN areas of concern that would be of interest to you as auditor and provide reasons for their importance. (15 Marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Audit Planning, Community Relations, Compliance, Environmental impact, Extractive Industry, Financial Reporting, labor issues, Pioneer Status
Level: Level 3

Topic: Audit of Specialized Industries
Series: NOV 2013

AA – Nov 2023 – L2 – Q7 – Corporate Governance and Audit Committees

Guidance on addressing community concerns over environmental impact of industrial operations.

Question

You witnessed a scene during the audit of Tiwani Cement Limited, an indigenous medium-sized cement manufacturing company.

The management appeased the protesters, promising immediate consideration of their demands.

The Managing Director has now asked for your advice.

Required:

Advise the Managing Director of Tiwani Cement Limited on what the company could do in this type of situation.
(Total 15 Marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Community Relations, Environmental impact, Reputation Management, Social responsibility
Level: Level 2

Topic: Corporate Governance and Audit Committees

CSME – Nov 2019 – L2 – Q4b – Corporate Social Responsibility (CSR)

Explores the concept of carbon neutrality and its application to corporate operations.

Question

(b) Discuss the concept of carbon neutrality in relation to the operations of companies. (5 Marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Carbon Neutrality, Corporate Sustainability, Environmental impact
Level: Level 2

Topic: Corporate social responsibility
Series: NOV 2019

MA – May 2021 – L2 – Q2a – Other aspects of performance measurement

Identify and explain consequences of environmentally unfriendly corporate practices on profits.

Question

Required:
Identify and explain FOUR (4) consequences of environmentally unfriendly practices of corporate entities that may negatively influence their profits. (5 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Corporate Social Responsibility, Environmental impact, Profit Impact
Level: Level 2

Topic: Other Aspects of Performance Measurement
Series: MAY 2021

Question Tag: Environmental impact

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AAA – Nov 2013 – L3 – SB – Q3 – Audit of Specialized Industries

Identify seven key audit concerns in the extractive industry, focusing on labor issues, community impact, and compliance with regulations.

AA – Nov 2023 – L2 – Q7 – Corporate Governance and Audit Committees

Guidance on addressing community concerns over environmental impact of industrial operations.

CSME – Nov 2019 – L2 – Q4b – Corporate Social Responsibility (CSR)

Explores the concept of carbon neutrality and its application to corporate operations.

MA – May 2021 – L2 – Q2a – Other aspects of performance measurement

Identify and explain consequences of environmentally unfriendly corporate practices on profits.

AAA – Nov 2013 – L3 – SB – Q3 – Audit of Specialized Industries

Identify seven key audit concerns in the extractive industry, focusing on labor issues, community impact, and compliance with regulations.

AA – Nov 2023 – L2 – Q7 – Corporate Governance and Audit Committees

Guidance on addressing community concerns over environmental impact of industrial operations.

CSME – Nov 2019 – L2 – Q4b – Corporate Social Responsibility (CSR)

Explores the concept of carbon neutrality and its application to corporate operations.

MA – May 2021 – L2 – Q2a – Other aspects of performance measurement

Identify and explain consequences of environmentally unfriendly corporate practices on profits.

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AAA – Nov 2013 – L3 – SB – Q3 – Audit of Specialized Industries

Identify seven key audit concerns in the extractive industry, focusing on labor issues, community impact, and compliance with regulations.

You're reporting an error for "AAA – Nov 2013 – L3 – SB – Q3 – Audit of Specialized Industries"

AA – Nov 2023 – L2 – Q7 – Corporate Governance and Audit Committees

Guidance on addressing community concerns over environmental impact of industrial operations.

You're reporting an error for "AA – Nov 2023 – L2 – Q7 – Corporate Governance and Audit Committees"

CSME – Nov 2019 – L2 – Q4b – Corporate Social Responsibility (CSR)

Explores the concept of carbon neutrality and its application to corporate operations.

You're reporting an error for "CSME – Nov 2019 – L2 – Q4b – Corporate Social Responsibility (CSR)"

MA – May 2021 – L2 – Q2a – Other aspects of performance measurement

Identify and explain consequences of environmentally unfriendly corporate practices on profits.

You're reporting an error for "MA – May 2021 – L2 – Q2a – Other aspects of performance measurement"

AAA – Nov 2013 – L3 – SB – Q3 – Audit of Specialized Industries

Identify seven key audit concerns in the extractive industry, focusing on labor issues, community impact, and compliance with regulations.

You're reporting an error for "AAA – Nov 2013 – L3 – SB – Q3 – Audit of Specialized Industries"

AA – Nov 2023 – L2 – Q7 – Corporate Governance and Audit Committees

Guidance on addressing community concerns over environmental impact of industrial operations.

You're reporting an error for "AA – Nov 2023 – L2 – Q7 – Corporate Governance and Audit Committees"

CSME – Nov 2019 – L2 – Q4b – Corporate Social Responsibility (CSR)

Explores the concept of carbon neutrality and its application to corporate operations.

You're reporting an error for "CSME – Nov 2019 – L2 – Q4b – Corporate Social Responsibility (CSR)"

MA – May 2021 – L2 – Q2a – Other aspects of performance measurement

Identify and explain consequences of environmentally unfriendly corporate practices on profits.

You're reporting an error for "MA – May 2021 – L2 – Q2a – Other aspects of performance measurement"

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Customer

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