Question Tag: ICAG

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AA – July 2023 – L2 – Q5a – Professional and Ethical Considerations

Explanation of the five fundamental principles of the ICAG Code of Ethics.

Question

a) As a member of the International Federation of Accountants (IFAC), the Institute of Chartered Accountants, Ghana (ICAG) subscribes to the code of ethics prescribed by the International Ethics Standards Board for Accountants (IESBA).

Required:
Explain each of the FIVE (5) fundamental principles of the Code of Ethics of the Institute of Chartered Accountants, Ghana (ICAG). (5 marks)

Answer

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Tags: Code of Ethics, Fundamental Principles, ICAG, IFAC
Level: Level 2

Topic: Professional and Ethical Considerations
Series: JULY 2023

AA – Dec 2022 – L2 – Q1a – Introduction to Audit and Assurance Engagements

Explains the concept of self-regulation and outlines the roles of ICAG in regulating the accountancy profession in Ghana.

Question

Institute of Chartered Accountants, Ghana (ICAG) is established by the Institute of Chartered Accountants, Ghana, Act 2020 (Act 1058). Its mission is to train professional accountants of the highest quality, ready to provide cutting-edge services to their clients at all times, upholding the ethical values of the accountancy profession. In addition, all companies must have their financial statements audited by accountants regulated by ICAG as it is the sole regulator of the accountancy practice in Ghana.

Required:

i) Define the concept of self-regulation.
ii) Outline THREE (3) roles of a regulatory body such as ICAG in regulating the accountancy profession in Ghana.

Answer

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Tags: Accountancy profession, Audit, Ghana, ICAG, Regulatory Bodies, Self-regulation
Level: Level 2

Topic: Introduction to Audit and Assurance Engagements
Series: DEC 2022

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

PSAF – Nov 2016 – L2 – Q5b – General purpose financial reporting framework,

Identify four major disclosures required in the general government sector's financial statements.

Question

IPSAS 1 Presentation of Financial Statements identifies a complete set of financial statements (under the accrual basis) as a statement of financial position, statement of financial performance, statement of changes in net assets/equity, cash flow statement, and accounting policies and notes to the financial statement.Required:
Identify four major disclosures that must be made in respect of the general government sector in the preparation of financial statements. (4 marks)

Answer

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Tags: Disclosures, Financial Statements, ICAG, Professional Level 2
Level: Level 2

Topic: General purpose financial reporting framework
Series: NOV 2016

PSAF – Nov 2016 – L2 – Q4b – Public sector fiscal planning and budgeting.

Identify policies influencing resource allocation in a Local Government Authority.

Question

Resources of Local Government Authorities are very often limited. Therefore, there is the need for the limited resources to be efficiently allocated in order that a greater output is achieved from the limited resources.

Required:
Identify FOUR policies that would influence the allocation of resources in a Local Government Authority. (4 marks)

Answer

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Tags: Financial management, ICAG, Level 2, Local Government, November 2016, Policies, professional program, Public Sector, Resource Allocation
Level: Level 2

Topic: Preparation and presentation of financial statements for central government
Series: NOV 2016

PSAF – Nov 2016 – L2 – Q4e – Public Expenditure and Financial Accountability Framework.

Identify four procedures necessary for effective management of public expenditure.

Question

Effective management of public expenditure is an essential mechanism for the effective allocation and the use of public funds to achieve the nation’s policy objectives.

Required:
Identify four procedures necessary for effective management of public expenditure. (4 marks)

Answer

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Tags: Financial management, ICAG, Procedures, Professional Level 2, Public Expenditure
Level: Level 2

Topic: Public expenditure and financial accountability framework
Series: NOV 2016

PSAF – Nov 2016 – L2 – Q5c – Public sector fiscal planning and budgeting

Explain tax policy and tax planning in the context of tax administration in Ghana.

Question

Explain the following terms used in tax administration in Ghana:
i) Tax Policy
ii) Tax Planning
(4 marks)

Answer

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Tags: ICAG, Professional Level 2, Tax Planning, Tax Policy
Level: Level 2

Topic: Public sector fiscal planning and budgeting
Series: NOV 2016

PSAF – Nov 2016 – L2 – Q5d – Public sector fiscal planning and budgeting

Discuss five benefits of integrating Ghana's tax revenue agencies.

Question

In December 2009, the three tax revenue agencies, the Customs, Excise and Preventive Service (CEPS), the Internal Revenue Service (IRS), and the Value Added Tax Service (VATS) were merged in accordance with Ghana Revenue Authority Act 2009, Act 791 to become the Ghana Revenue Agency.

Required:
Discuss five benefits of the integration to Tax Payers and the Tax Administration in Ghana.
(5 marks)

Answer

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Tags: ICAG, Integration, Revenue Agency, Tax Administration
Level: Level 2

Topic: Public sector financing initiatives
Series: NOV 2016

PSAF – Nov 2016 – L2 – Q5e – Public expenditure and financial accountability framework

Discuss how the Controller and Accountant-General ensures public accountability.

Question

“There shall be appointed in accordance with Article 195 of the 1992 Constitution, a Controller and Accountant-General who is responsible to the Minister of Finance.”Required:
Discuss how the Controller and Accountant-General ensures public accountability. (3 marks)

Answer

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Tags: Controller and Accountant General, ICAG, Public Accountability
Level: Level 2

PSAF – Nov 2016 – L2 – Q5a – Public sector fiscal planning and budgeting

Explain revenue management and identify three procedures involved.

Question

i) Explain the term Revenue Management.
ii) Identify three procedures involved in Revenue Management. (4 marks)

Answer

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Tags: ICAG, Procedures, Professional Level 2, Revenue management
Level: Level 2

Topic: Public sector fiscal planning and budgeting
Series: NOV 2016

AA – July 2023 – L2 – Q5a – Professional and Ethical Considerations

Explanation of the five fundamental principles of the ICAG Code of Ethics.

Question

Required:
Explain each of the FIVE (5) fundamental principles of the Code of Ethics of the Institute of Chartered Accountants, Ghana (ICAG). (5 marks)

Answer

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Tags: Code of Ethics, Fundamental Principles, ICAG, IFAC
Level: Level 2

Topic: Professional and Ethical Considerations
Series: JULY 2023

AA – Dec 2022 – L2 – Q1a – Introduction to Audit and Assurance Engagements

Explains the concept of self-regulation and outlines the roles of ICAG in regulating the accountancy profession in Ghana.

Question

Required:

i) Define the concept of self-regulation.
ii) Outline THREE (3) roles of a regulatory body such as ICAG in regulating the accountancy profession in Ghana.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Accountancy profession, Audit, Ghana, ICAG, Regulatory Bodies, Self-regulation
Level: Level 2

Topic: Introduction to Audit and Assurance Engagements
Series: DEC 2022

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

PSAF – Nov 2016 – L2 – Q5b – General purpose financial reporting framework,

Identify four major disclosures required in the general government sector's financial statements.

Question

Answer

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Tags: Disclosures, Financial Statements, ICAG, Professional Level 2
Level: Level 2

Topic: General purpose financial reporting framework
Series: NOV 2016

PSAF – Nov 2016 – L2 – Q4b – Public sector fiscal planning and budgeting.

Identify policies influencing resource allocation in a Local Government Authority.

Question

Required:
Identify FOUR policies that would influence the allocation of resources in a Local Government Authority. (4 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Financial management, ICAG, Level 2, Local Government, November 2016, Policies, professional program, Public Sector, Resource Allocation
Level: Level 2

Topic: Preparation and presentation of financial statements for central government
Series: NOV 2016

PSAF – Nov 2016 – L2 – Q4e – Public Expenditure and Financial Accountability Framework.

Identify four procedures necessary for effective management of public expenditure.

Question

Effective management of public expenditure is an essential mechanism for the effective allocation and the use of public funds to achieve the nation’s policy objectives.

Required:
Identify four procedures necessary for effective management of public expenditure. (4 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Financial management, ICAG, Procedures, Professional Level 2, Public Expenditure
Level: Level 2

Topic: Public expenditure and financial accountability framework
Series: NOV 2016

PSAF – Nov 2016 – L2 – Q5c – Public sector fiscal planning and budgeting

Explain tax policy and tax planning in the context of tax administration in Ghana.

Question

Explain the following terms used in tax administration in Ghana:
i) Tax Policy
ii) Tax Planning
(4 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: ICAG, Professional Level 2, Tax Planning, Tax Policy
Level: Level 2

Topic: Public sector fiscal planning and budgeting
Series: NOV 2016

PSAF – Nov 2016 – L2 – Q5d – Public sector fiscal planning and budgeting

Discuss five benefits of integrating Ghana's tax revenue agencies.

Question

Required:
Discuss five benefits of the integration to Tax Payers and the Tax Administration in Ghana.
(5 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: ICAG, Integration, Revenue Agency, Tax Administration
Level: Level 2

Topic: Public sector financing initiatives
Series: NOV 2016

PSAF – Nov 2016 – L2 – Q5e – Public expenditure and financial accountability framework

Discuss how the Controller and Accountant-General ensures public accountability.

Question

Answer

Find Related Questions by Tags, levels, etc.

Tags: Controller and Accountant General, ICAG, Public Accountability
Level: Level 2

PSAF – Nov 2016 – L2 – Q5a – Public sector fiscal planning and budgeting

Explain revenue management and identify three procedures involved.

Question

i) Explain the term Revenue Management.
ii) Identify three procedures involved in Revenue Management. (4 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: ICAG, Procedures, Professional Level 2, Revenue management
Level: Level 2

Topic: Public sector fiscal planning and budgeting
Series: NOV 2016

Question Tag: ICAG

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AA – July 2023 – L2 – Q5a – Professional and Ethical Considerations

Explanation of the five fundamental principles of the ICAG Code of Ethics.

You're reporting an error for "AA – July 2023 – L2 – Q5a – Professional and Ethical Considerations"

AA – Dec 2022 – L2 – Q1a – Introduction to Audit and Assurance Engagements

Explains the concept of self-regulation and outlines the roles of ICAG in regulating the accountancy profession in Ghana.

You're reporting an error for "AA – Dec 2022 – L2 – Q1a – Introduction to Audit and Assurance Engagements"

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"

PSAF – Nov 2016 – L2 – Q5b – General purpose financial reporting framework,

Identify four major disclosures required in the general government sector's financial statements.

You're reporting an error for "PSAF – Nov 2016 – L2 – Q5b – General purpose financial reporting framework,"

PSAF – Nov 2016 – L2 – Q4b – Public sector fiscal planning and budgeting.

Identify policies influencing resource allocation in a Local Government Authority.

You're reporting an error for "PSAF – Nov 2016 – L2 – Q4b – Public sector fiscal planning and budgeting."

PSAF – Nov 2016 – L2 – Q4e – Public Expenditure and Financial Accountability Framework.

Identify four procedures necessary for effective management of public expenditure.

You're reporting an error for "PSAF – Nov 2016 – L2 – Q4e – Public Expenditure and Financial Accountability Framework."

PSAF – Nov 2016 – L2 – Q5c – Public sector fiscal planning and budgeting

Explain tax policy and tax planning in the context of tax administration in Ghana.

You're reporting an error for "PSAF – Nov 2016 – L2 – Q5c – Public sector fiscal planning and budgeting"

PSAF – Nov 2016 – L2 – Q5d – Public sector fiscal planning and budgeting

Discuss five benefits of integrating Ghana's tax revenue agencies.

You're reporting an error for "PSAF – Nov 2016 – L2 – Q5d – Public sector fiscal planning and budgeting"

PSAF – Nov 2016 – L2 – Q5e – Public expenditure and financial accountability framework

Discuss how the Controller and Accountant-General ensures public accountability.

You're reporting an error for "PSAF – Nov 2016 – L2 – Q5e – Public expenditure and financial accountability framework"

PSAF – Nov 2016 – L2 – Q5a – Public sector fiscal planning and budgeting

Explain revenue management and identify three procedures involved.

You're reporting an error for "PSAF – Nov 2016 – L2 – Q5a – Public sector fiscal planning and budgeting"

AA – July 2023 – L2 – Q5a – Professional and Ethical Considerations

Explanation of the five fundamental principles of the ICAG Code of Ethics.

You're reporting an error for "AA – July 2023 – L2 – Q5a – Professional and Ethical Considerations"

AA – Dec 2022 – L2 – Q1a – Introduction to Audit and Assurance Engagements

Explains the concept of self-regulation and outlines the roles of ICAG in regulating the accountancy profession in Ghana.

You're reporting an error for "AA – Dec 2022 – L2 – Q1a – Introduction to Audit and Assurance Engagements"

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"

PSAF – Nov 2016 – L2 – Q5b – General purpose financial reporting framework,

Identify four major disclosures required in the general government sector's financial statements.

You're reporting an error for "PSAF – Nov 2016 – L2 – Q5b – General purpose financial reporting framework,"

PSAF – Nov 2016 – L2 – Q4b – Public sector fiscal planning and budgeting.

Identify policies influencing resource allocation in a Local Government Authority.

You're reporting an error for "PSAF – Nov 2016 – L2 – Q4b – Public sector fiscal planning and budgeting."

PSAF – Nov 2016 – L2 – Q4e – Public Expenditure and Financial Accountability Framework.

Identify four procedures necessary for effective management of public expenditure.

You're reporting an error for "PSAF – Nov 2016 – L2 – Q4e – Public Expenditure and Financial Accountability Framework."

PSAF – Nov 2016 – L2 – Q5c – Public sector fiscal planning and budgeting

Explain tax policy and tax planning in the context of tax administration in Ghana.

You're reporting an error for "PSAF – Nov 2016 – L2 – Q5c – Public sector fiscal planning and budgeting"

PSAF – Nov 2016 – L2 – Q5d – Public sector fiscal planning and budgeting

Discuss five benefits of integrating Ghana's tax revenue agencies.

You're reporting an error for "PSAF – Nov 2016 – L2 – Q5d – Public sector fiscal planning and budgeting"

PSAF – Nov 2016 – L2 – Q5e – Public expenditure and financial accountability framework

Discuss how the Controller and Accountant-General ensures public accountability.

You're reporting an error for "PSAF – Nov 2016 – L2 – Q5e – Public expenditure and financial accountability framework"

PSAF – Nov 2016 – L2 – Q5a – Public sector fiscal planning and budgeting

Explain revenue management and identify three procedures involved.

You're reporting an error for "PSAF – Nov 2016 – L2 – Q5a – Public sector fiscal planning and budgeting"

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