Question Tag: Ethics

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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

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

Topic: Ethical Issues in Corporate Reporting

AAA – Nov 2013 – L3 – A – Q7 – Auditor’s Legal Liability

This question tests understanding of actions that could result in criminal liability for an auditor.

Question

An auditor will be criminally liable if he engages in the following, EXCEPT
A. Aiding a client to devise or execute crime
B. Agreeing with a client to conceal or destroy vital evidence
C. Advising a client to commit a criminal offence
D. Advising a client on steps to minimize tax liability taking advantage of the law
E. Assisting the client to commit an offence relating to money laundering

Answer

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Tags: Auditor Responsibilities, Criminal Liability, Ethics, Legal Liability
Level: Level 3

Topic: Auditor’s Legal Liability
Series: NOV 2012

AAA – Nov 2012 – L3 – SA – Q8 – Ethical Issues in Auditing

Identifying behaviors not generally applicable as unethical in financial services.

Question

In a recent study involving different users of financial services in Nigeria, various types of unethical behaviour have been identified. Which of the following does NOT have general application in the industry?

A. Any act that does not follow the norms of a profession
B. Any act not in consonance with professional code of conduct
C. A conduct that is morally adjudged wrong, unbecoming, and below expectation
D. Behaviour that is based on moral or pre-modial principles
E. Deviations from standard and known code of conduct guiding an operation

Answer

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Tags: Ethics, Financial Services, Professional Conduct, Unethical Behavior
Level: Level 3

Topic: Ethical Issues in Auditing
Series: NOV 2012

AAA – Nov 2012 – L3 – SA – Q1 – Regulatory Framework and Professional Standards

Understanding conditions under which an auditor may disclose client’s confidential information.

Question

An auditor can disclose the client’s confidential information for the following reasons EXCEPT:
A. Auditor suspects that the client has committed treason
B. When there is a public duty to disclose
C. Disclosure is needed to protect the auditor’s interest
D. When the client has committed an act of felony
E. When information is formally requested by another client

Answer

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Tags: Auditor’s Disclosure, Confidentiality, Ethics, Regulatory Framework
Level: Level 3

Topic: Regulatory Framework and Professional Standards
Series: NOV 2012

AAA – Nov 2011 – L3 – SA – Q5 – Ethical Issues in Auditing

Identifies exceptions where auditors may not disclose a client's confidential information.

Question

Auditors can disclose the client’s confidential information for the following reasons EXCEPT:

A. Auditors know client has committed terrorist offence
B. Information is required by the auditor for another client
C. Auditors suspect client has committed treason
D. There is public duty to disclose
E. Disclosure is needed to protect auditor’s own interest

Answer

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Tags: Auditor Disclosure, Client Information, Confidentiality, Ethics, Legal Requirements
Level: Level 3

Topic: Ethical Issues in Auditing
Series: NOV 2011

AAA – Nov 2011 – L3 – SA – Q4 – Ethical Issues in Auditing

Identifies exceptions to threats that compromise auditor objectivity.

Question

Threats to objectivity include the following EXCEPT:

A. Familiarity threat
B. Self-regulatory threat
C. Intimidation threat
D. Advocacy threat
E. Self-interest threat

Answer

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Tags: Ethics, Objectivity, Professional Standards, Threats to Independence
Level: Level 3

Topic: Ethical Issues in Auditing
Series: NOV 2011

FM – Nov 2020 – L3 – Q3 – Corporate Governance and Financial Strategy

Discusses the ethical responsibilities companies face in developing an ethical framework and how ethical considerations impact main functional areas.

Question

a. What are the main responsibilities faced by companies when developing an ethical framework, and in what ways can these responsibilities be addressed? (10 Marks)

b. Discuss how ethical considerations impact on each of the main functional areas of a firm. (10 Marks)

Answer

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Tags: Corporate Governance, ethical framework, Ethics, Financial management, functional impact, Responsibilities
Level: Level 3

Topic: Corporate Governance and Financial Strategy

AT – May 2024 – L3 – SB – Q4 – Tax Planning and Management

Addressing ethical threats, safeguards, legal and ethical issues in tax, and ICAN's enforcement powers in professional accounting.

Question

Professional ethics are essential for building trust and credibility with clients, colleagues, and society. The integrity and reputation of the profession are upheld by members who demonstrate ethical and globally accepted professional behavior. A retreat on “Ethics and professionalism in tax management in Nigeria” is to be organized by a reputable professional accounting firm for its newly employed audit officers and tax consultants.

Your professional accounting firm has been invited to send a resource person to present a paper at the workshop.

As the accounting firm’s Senior Manager (Audit), you are mandated to prepare and present the paper at the workshop covering the following areas:

a. Categories of threats that may pose a challenge to compliance with fundamental principles of the accounting profession. (3 Marks)
b. Safeguards that can be used to eliminate or reduce the identified threats. (4 Marks)
c. Identification of specific legal and ethical issues that could arise from tax engagements. (7 Marks)
d. Powers available to The Institute of Chartered Accountants of Nigeria (ICAN) in enforcing the ethical standards of its members. (6 Marks)
(Total 20 Marks)

Answer

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Tags: Ethics, ICAN Powers, Professional Conduct, Tax Engagements
Level: Level 3

Topic: Tax Planning and Management
Series: MAY 2024

FM – Nov 2017 – L3 – Q6 – Ethical Issues in Financial Management

Explore ethical considerations in capital investment and apply the Black-Scholes model in company valuation.

Question

You have recently taken up employment with Large Plc., a Nigerian company with manufacturing subsidiaries in many countries across Africa. As the Financial Analyst, you report directly to the Managing Director who currently requires briefings on the following areas:

(i) Ethical issues and capital investment decisions,
(ii) Options and company valuation

Required:

a. Explain, with examples, ethical issues that might affect capital investment decisions and discuss the importance of such issues for Strategic Financial Management. (8 Marks)

b. Explain the circumstances in which the Black-Scholes Option Pricing (BSOP) model could be used to assess the value of a company, including the data required for the variables used in the model. (7 Marks)

Answer

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Tags: Black-Scholes Model, Capital Investment, Company Valuation, Decision Making, Ethics, Strategic Financial Management
Level: Level 3

Topic: Ethical issues in financial management
Series: NOV 2017

AA – Nov 2023 – L2 – Q1 – Professional Ethics and Code of Conduct for Auditors (IESBA Code)

Analyze ethical considerations for an auditor accepting a client, including MD's remarks on audit expectations and conflict-of-interest procedures.

Question

Nigeria Water Resources Limited (NWR) is a limited liability company floated by the
Federal Government to control water related activities and resources. Its operations
cover surface and under water activities. The company is about three years old. As is the practice with entities having government interest, NWR wanted to change the company‟s auditors. It therefore, invited tenders for the audit assignment through a national newspaper. In order to score an advantage over other bidders, the firm of John Ibrahim and Co. (Chartered Accountants) decided to quote a seemingly unrealistic fee level in order to get the job. The Managing Director (MD) of the company did not see anything wrong with the low professional fee level since it will save costs for the company, especially that despite the clean audit report of the previous years, fraud and financial misdemeanour went undetected. The MD believed the annual statutory audit is just to “fulfil all righteousness”. John Ibrahim and Co. has been rated high since this firm
has as its client, another company in the same line of trade.

If the firm, John Ibrahim & Co., wins the bid to audit Nigeria Water Resources Limited (NWR):

a. Explain the ethical matters the firm should consider before client acceptance, at the point of engagement acceptance, and after accepting the appointment. (12 Marks)

b. Assess the remarks of the MD of NWR from the point of the expectation of the public as regards audit assignments. (8 Marks)

c. Explain the procedures the audit firm should undertake to avoid conflict of interests that could affect the judgment of the firm since John Ibrahim & Co. audits another client that is in direct competition with NWR. (6 Marks)

d. Explain the guidelines of the Institute’s Code with respect to advertisement by members. (4 Marks)

Answer

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Tags: Advertisement, Auditor Engagement, Client Acceptance, Conflict of Interest, Ethics, Public Expectation
Level: Level 2

Topic: Professional Ethics and Code of Conduct for Auditors (IESBA Code)

BMF – Nov 2021 – L1 – SA – Q6 – The Role of Professional Accountants in Business and Society

Question on principles that a professional accountant must comply with.

Question

A professional accountant is required to comply with the following fundamental principles, EXCEPT:

A. Integrity
B. Strategic framework
C. Confidentiality
D. Objectivity
E. Professional behaviour

Answer

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Tags: Ethics, Integrity, Professional Principles
Level: Level 1

Topic: The Role of Professional Accountants in Business and Society
Series: NOV 2021

BMF – May 2021 – L1 – SB – Q6c – The Role of Professional Accountants in Business and Society

Explain the role of professional accountancy bodies in promoting ethical behaviour in the business environment.

Question

What are the roles expected of the professional accountancy bodies in promoting ethical behaviour in the business environment?

Answer

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Tags: Business Conduct, Ethical Standards, Ethics, Professional Accountancy Bodies
Level: Level 1

Topic: The Role of Professional Accountants in Business and Society
Series: MAY 2021

BMF – May 2021 – L1 – SB – Q6b – The Role of Professional Accountants in Business and Society

State the expectations of the public regarding accountants and their professional bodies.

Question

State the expectations of the public in respect of the accountants and the professional bodies they affiliate with.

Answer

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Tags: Accountants, Ethics, Professional Bodies, Public Trust
Level: Level 1

Topic: The Role of Professional Accountants in Business and Society
Series: MAY 2021

BMF – May 2021 – L1 – SB – Q6a – The Role of Professional Accountants in Business and Society

State two problems that may arise causing employees to use a different reporting channel for unethical conduct.

Question

In a normal situation or circumstance, employees are expected to report unethical or illegal conduct to the supervisor or manager. State TWO problems that may arise that would make an employee use a different reporting channel.

Answer

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Tags: Ethics, Reporting Channels, Whistleblowing
Level: Level 1

Topic: The Role of Professional Accountants in Business and Society
Series: MAY 2021

BL – May 2023 – L1 – SA – Q16 – Business Ethics

Identify the correct feature associated with ethics.

Question

Which of the following is a feature of ethics?

A. It is punitive
B. It is repulsive
C. It is assertive
D. It is coercive
E. It is persuasive

Answer

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Tags: Business Conduct, Ethics, Legal Principles
Level: Level 1

Topic: Business ethics
Series: MAY 2023

BL – May 2017 – L1 – SB – Q4d – Business Ethics and Corporate Governance

Distinguishes the difference between a criminal offence and ethics in law and professional conduct.

Question

There is a marked difference between criminal law and ethics.

Required:
Distinguish between an offence and ethics.

Answer

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Tags: Criminal Law, Ethics, Offences, Professional Conduct
Level: Level 1

Topic: Business Ethics and Corporate Governance
Series: MAY 2017

BMF – Nov 2019 – L1 – SB – Q3 – The Role of Professional Accountants in Business and Society

Explain the term "Corporate code of ethics" and discuss ways to deal with stakeholders and benefits of code of ethics.

Question

(a) Explain the term ‘Corporate code of ethics’ and state the contents thereof. (5 Marks)

(b) The code of conduct recommends the way each stakeholder group might be treated ethically. Explain briefly TWO ways of dealing with employees, customers, and competitors ethically. (6 Marks)

(c) State the THREE main benefits of a corporate code of ethics. (9 Marks

Answer

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Tags: Corporate Code of Ethics, Ethics, Stakeholder Management
Level: Level 1

Topic: The Role of Professional Accountants in Business and Society
Series: NOV 2019

BL – MarJul 2020 – L1 – SA – Q6 – Business Ethics and Corporate Governances

Question assessing the understanding of acceptable modes of conduct in society.

Question

Commonly acceptable mode of conduct or behaviour of a given society is known as
A. Order
B. Principle
C. Ethics
D. Instruction
E. Rule

Answer

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Tags: Behavior, Conduct, Ethics, Legal Standards, Moral Standards
Level: Level 1

Topic: Business Ethics and Corporate Governance
Series: MAR/JULY 2020

BL – May 2024 – L1 – SA – Q15 – Business Ethics and Corporate Governance

Identify the term for moral persuasion against wrongdoing in society.

Question

A moral persuasion against wrongdoing or unacceptable conduct in a given society is called:

A. Law
B. Etiquette
C. Norms
D. Morality
E. Ethics

Answer

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Tags: Business Law, Ethics, Moral Conduct, Social Norms
Level: Level 1

Topic: Business Ethics and Corporate Governance
Series: MAY 2024

FR – Nov 2019 – L2 – Q5b – Professional and Ethical Issues in Financial Reporting

Identify ethical principles and apply them to a scenario involving errors in previous accounts and inexperience with complex tax issues.

Question

Mr. Charles Agyekum is a qualified ICAG member who prepares accounts on behalf of a small independent trader. An annual practicing certificate is not required.

This is the first year the member has prepared these accounts. When compiling the most recent accounts, he noticed that some errors were noted in the previous accounts. It appeared that the accounts were based on incomplete records as certain costs were excluded, either intentionally or because records were not maintained.

The client has also requested some additional work to be completed on a complex tax issue. However, the member has no prior experience and does not feel competent to do the work. The client would also like him to provide an audit opinion as they are planning to apply for a bank loan and the bank would like some additional assurance.

Required:
In accordance with IFAC’s code of ethics, explain which ethical principles apply and comment on their relevance to the above scenario.

Answer

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Tags: Code of Ethics, Ethics, Financial Reporting, Professional competence, Professional Responsibilities

Topic: Professional and Ethical Issues in Financial Reporting
Series: NOV 2019

Question Tag: Ethics

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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.

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AAA – Nov 2013 – L3 – A – Q7 – Auditor’s Legal Liability

This question tests understanding of actions that could result in criminal liability for an auditor.

You're reporting an error for "AAA – Nov 2013 – L3 – A – Q7 – Auditor’s Legal Liability"

AAA – Nov 2012 – L3 – SA – Q8 – Ethical Issues in Auditing

Identifying behaviors not generally applicable as unethical in financial services.

You're reporting an error for "AAA – Nov 2012 – L3 – SA – Q8 – Ethical Issues in Auditing"

AAA – Nov 2012 – L3 – SA – Q1 – Regulatory Framework and Professional Standards

Understanding conditions under which an auditor may disclose client’s confidential information.

You're reporting an error for "AAA – Nov 2012 – L3 – SA – Q1 – Regulatory Framework and Professional Standards"

AAA – Nov 2011 – L3 – SA – Q5 – Ethical Issues in Auditing

Identifies exceptions where auditors may not disclose a client's confidential information.

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AAA – Nov 2011 – L3 – SA – Q4 – Ethical Issues in Auditing

Identifies exceptions to threats that compromise auditor objectivity.

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FM – Nov 2020 – L3 – Q3 – Corporate Governance and Financial Strategy

Discusses the ethical responsibilities companies face in developing an ethical framework and how ethical considerations impact main functional areas.

You're reporting an error for "FM – Nov 2020 – L3 – Q3 – Corporate Governance and Financial Strategy"

AT – May 2024 – L3 – SB – Q4 – Tax Planning and Management

Addressing ethical threats, safeguards, legal and ethical issues in tax, and ICAN's enforcement powers in professional accounting.

You're reporting an error for "AT – May 2024 – L3 – SB – Q4 – Tax Planning and Management"

FM – Nov 2017 – L3 – Q6 – Ethical Issues in Financial Management

Explore ethical considerations in capital investment and apply the Black-Scholes model in company valuation.

Required:

You're reporting an error for "FM – Nov 2017 – L3 – Q6 – Ethical Issues in Financial Management"

AA – Nov 2023 – L2 – Q1 – Professional Ethics and Code of Conduct for Auditors (IESBA Code)

Analyze ethical considerations for an auditor accepting a client, including MD's remarks on audit expectations and conflict-of-interest procedures.

You're reporting an error for "AA – Nov 2023 – L2 – Q1 – Professional Ethics and Code of Conduct for Auditors (IESBA Code)"

BMF – Nov 2021 – L1 – SA – Q6 – The Role of Professional Accountants in Business and Society

Question on principles that a professional accountant must comply with.

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BMF – May 2021 – L1 – SB – Q6c – The Role of Professional Accountants in Business and Society

Explain the role of professional accountancy bodies in promoting ethical behaviour in the business environment.

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BMF – May 2021 – L1 – SB – Q6b – The Role of Professional Accountants in Business and Society

State the expectations of the public regarding accountants and their professional bodies.

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BMF – May 2021 – L1 – SB – Q6a – The Role of Professional Accountants in Business and Society

State two problems that may arise causing employees to use a different reporting channel for unethical conduct.

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BL – May 2023 – L1 – SA – Q16 – Business Ethics

Identify the correct feature associated with ethics.

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BL – May 2017 – L1 – SB – Q4d – Business Ethics and Corporate Governance

Distinguishes the difference between a criminal offence and ethics in law and professional conduct.

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BMF – Nov 2019 – L1 – SB – Q3 – The Role of Professional Accountants in Business and Society

Explain the term "Corporate code of ethics" and discuss ways to deal with stakeholders and benefits of code of ethics.

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BL – MarJul 2020 – L1 – SA – Q6 – Business Ethics and Corporate Governances

Question assessing the understanding of acceptable modes of conduct in society.

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BL – May 2024 – L1 – SA – Q15 – Business Ethics and Corporate Governance

Identify the term for moral persuasion against wrongdoing in society.

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FR – Nov 2019 – L2 – Q5b – Professional and Ethical Issues in Financial Reporting

Identify ethical principles and apply them to a scenario involving errors in previous accounts and inexperience with complex tax issues.

You're reporting an error for "FR – Nov 2019 – L2 – Q5b – Professional and Ethical Issues in Financial Reporting"

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