Question Tag: Stakeholders

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FM – May 2017 – L3 – Q5 – Corporate Governance and Financial Strategy

Identify stakeholders involved in conflicts in different corporate decisions.

Question

In each of the following situations, identify the stakeholders that could be involved in potential conflicts:

a. A large conglomerate ‘spinning off’ its divisions by selling them or setting them up as separate companies. (5 Marks)

b. A private company converting into a public company. (5 Marks)

c. A Japanese car manufacturer building new plants in other countries. (5 Marks)

(Total 15 Marks)

Answer

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Tags: Conflicts, Corporate Restructuring, Stakeholders
Level: Level 3

Topic: Corporate Governance and Financial Strategy

CR – May 2017 – L3 – Q7b – Integrated Reporting

Discuss the usefulness of cash flow statements and the potential benefits of integrated reporting.

Question

The directors of Duranga Plc. have learned that corporate reporting could be improved by adopting the International Integrated Reporting Council’s Framework for Integrated Reporting. The directors believe that International Financial Reporting Standards (IFRS), which the company has recently adopted following the decision of the Federal Executive Council, are already extensive and provide stakeholders with a comprehensive understanding of its financial position and performance for the year. They believe that with over 100 countries adopting IFRS, their financial statements speak the international financial reporting language and practice. In particular, statements of cash flows, which the company prepares in accordance with IAS 7, enable stakeholders to assess the liquidity, solvency, and financial adaptability of a business. They are concerned that any additional disclosures could be excessive and obscure the most useful information within a set of financial statements. This is against the backdrop of a recent effort by the IASB on excessive disclosures in financial statements. They are therefore unsure of the rationale for the implementation of a separate or combined integrated report.

Required:
Discuss the extent to which statements of cash flow provide stakeholders with useful information about an entity and whether this information would be improved by the entity introducing an Integrated Report. (6 Marks)

Answer

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Tags: Cash Flow Statements, Financial Performance, Integrated Reporting, Liquidity, Stakeholders
Level: Level 3

Topic: Integrated Reporting

AAA – Nov 2013 – L3 – AII – Q17 – Environmental and Sustainability Audits

Define the audit conducted on a company's societal relationships.

Question

An audit which is carried out on a company in respect of its relationship with shareholders, employees, customers, the community in which it operates, and the public at large is known as……………………..

Answer

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Tags: Public Relations, Social responsibility, Stakeholders
Level: Level 3

Topic: Environmental and Sustainability Audits
Series: NOV 2013

AAA – Nov 2012 – L3 – AII – Q16 – Assurance Engagements

Identifies the linkage of responsible parties in assurance engagements to financial statement examination.

Question

To examine financial statements, in Assurance Engagements, “Responsible Parties” are linked to ………………

Answer

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Tags: Assurance engagements, Audit, Financial Statements, Responsible Parties, Stakeholders
Level: Level 3

Topic: Assurance Engagements
Series: NOV 2012

MGE – Nov 2014 – L2 – Q6 – Corporate Governance

Evaluating stakeholder impact and ethical principles in response to financial reporting manipulation.

Question

Gloria Okeke is the Chairman and Chief Executive Officer of Magi and Magi Pharmaceuticals, which produces drugs for the Lagoona region of the country. Gloria is convinced that the company is doing quite well and the management is following due process in terms of structure and governance. She believes that this is the reason for the company’s steady growth in terms of revenue, profit, and earnings.

In 2013, Magi and Magi Pharmaceuticals made a profit of 70% over and above the 2012 results. Mr. Joeb, the Chief Accountant, is quite impressed and is of the opinion that the company should make full disclosure of its profits in the Financial Statements, thinking this would engender greater confidence and attract additional investment in the company.

However, Gloria, claiming to be the boss, instructed Joeb to increase her compensation and inflate the cost of production of pharmaceutical drugs to reduce the disclosed profit of the company.

Joeb outrightly disagreed with Gloria’s instruction, giving her a long talk about his duty to comply with his Institute’s professional rules of conduct. However, Gloria cut short the meeting, saying that she did not wish to entertain any further discussion about her decision. She advised Joeb, in his own interest, to implement her instructions.

Required:

a. As a chartered accountant, specify any THREE categories of stakeholders that Joeb should consider in taking any professional decision or action with regard to the instruction stated above and give reasons for your choice.
(7½ Marks)

b. Discuss the basic principles of ethics that Joeb, as a chartered accountant, should comply with in the course of carrying out his professional responsibilities.
(7½ Marks)

Answer

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Tags: Corporate Governance, Ethical Threats, Independence, Professional Ethics, Stakeholders
Level: Level 2

Topic: Corporate Governance

MGE – Nov 2014 – L2 – Q2 – Strategic Planning Process

Elements of a corporate mission statement to reflect values, customer focus, and ethical operations.

Question

In January 2014, Mr. Uzodike Okoh, the Managing Director of DEF Oil Mills Limited, constituted a Strategic Planning Committee to coordinate the development of a five-year strategic plan for the company. This is the first time a formal strategic plan is being attempted in the company.

After several meetings of the Strategic Planning Committee, Mr. Ibrahim Edoro, the Chairman of the Strategic Planning Committee, presented what he described as a road map to actualize the objectives of the company. Several sub-committees were constituted to work on different aspects of the strategic plan.

Mrs. Edwards is the Chairperson of the sub-committee assigned to articulate and draw up the mission statement of the company. The Chairman of the Strategic Planning Committee took particular interest in the work of this sub-committee because, according to him, an appropriate mission statement would set the tone of the strategic plan, galvanise energies of the entire workforce, and set a clear direction for the company.

At the first meeting of the mission statement’s sub-committee, Mrs. Edwards distributed working papers, which included the history of the company. Speeches delivered by the pioneer Managing Director on different occasions and mission statements of similar companies were also provided.

The next meeting of the sub-committee was a brainstorming session in which participants were asked to identify the key elements that should be incorporated into the mission statement of the company.

Required:

As a member of the sub-committee on mission statement, identify and explain any FIVE elements which may be incorporated into the mission statement of the company.
(20 Marks)

Answer

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Tags: Corporate Image, Corporate Strategy, Mission Statement, Stakeholders, Strategic Planning
Level: Level 2

Topic: Strategic Planning Process

CSME – May 2017 – L2 – SA – Q1 – Strategic Planning Process

Develop a business plan for a fast-food franchise and explain the product life cycle with stakeholder analysis.

Question

Gbenga Alimi wants to establish a fast food restaurant in Koko, a state in Naijaland. A well-known global fast-food outfit in Naijaland has agreed to give him a franchise to operate the business in the state. However, the franchisor has requested Gbenga to present a viable business plan for assessment.

Required:

a. Outline the contents of a business plan addressing the proposed franchise’s viability. (20 Marks)

b. Use a graphical representation to educate Gbenga on the four stages of the classical product life cycle. (6 Marks)

c. Within an organizational context, distinguish between:

i. Narrow and wide stakeholders
ii. Active and passive stakeholders

(4 Marks)

Answer

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Tags: Business Plan, Franchise, Product Life Cycle, Stakeholders, Strategic Planning, Viability
Level: Level 2

Topic: Strategic Planning Process
Series: MAY 2017

FR – Nov 2015 – L2 – Q3 – Presentation of Financial Statements (IAS 1)

Calculation of accounting ratios for creditors, management, and shareholders with comparisons between 2013 and 2014.

Question

The summarized final accounts of Omosigho Ltd, manufacturer of Aluminum roofing sheets and its accessories, for two years ended December 31, 2013, and 2014 were as follows:

Required:
a. Calculate TWO accounting ratios each that will be of interest to the following stakeholders:
i. Creditors
ii. Management
iii. Shareholders
(15 Marks)

b. Comment briefly on the changes between the ratios arrived at in 2013 and 2014.
(5 Marks)

Answer

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Tags: Financial Ratios, Liquidity, Profitability, Ratio Analysis, Stakeholders
Level: Level 2

Topic: Presentation of Financial Statements (IAS 1)
Series: NOV 2016

CSME – Nov 2021 – L2 – Q3 – Corporate Social Responsibility (CSR)

Discuss the nature of CSR, its theories, aspects, and implementation steps for the company.

Question

At the last board meeting of a company, there was a heated argument about whether or not the company should have Corporate Social Responsibility (CSR) programmes. Some members of the board see CSR as a waste of resources, while others see it as a tool for achieving organizational goals.

Required:
a.
i. What is Corporate Social Responsibility (CSR)? (2 Marks)
ii. Explain stakeholders and shareholders theories on CSR. (2 Marks)

b. Explain to the board FIVE aspects of CSR. (10 Marks)

c. Advise the company on steps to be taken in implementing a CSR policy. (6 Marks)

Answer

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Tags: Corporate Social Responsibility, CSR Implementation, Shareholders, Stakeholders
Level: Level 2

Topic: Corporate social responsibility
Series: NOV 2021

BMF – May 2016 – L1 – SA – Q5 – Nature of Business, Types, and Objectives

This question assesses the understanding of corporate objectives in relation to stakeholders.

Question

It is often assumed that the main objective of a company should be to maximise the wealth of its shareholders. Johnson, Scholes, and Whittington state that the objective of an entity should be to ………………
A. Fulfil ‘stakeholder’ expectations
B. Fulfil ‘stakeholder’ values
C. Fulfil ‘shareholder’ expectations
D. Fulfil ‘government’ expectations
E. Fulfil ‘stakeholder’ thinking

Answer

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Tags: Business Objectives, Corporate Goals, Stakeholders
Level: Level 1

Topic: Nature of Business, Types, and Objectives
Series: MAY 2016

CR – May 2016 – L3 – Q3a – Beyond financial reporting

Discuss principles and key components of the IIRC's Framework for integrated reporting, and concerns about its suitability for assessing entity prospects.

Question

At a recently concluded Annual General Meeting (AGM) of a company, one of the shareholders remarked; “historical financial statements are essential in corporate reporting, particularly for compliance purposes, but it can be argued that they do not provide meaningful information. After having issued a series of environmental and then sustainability reports, it is apparent that although the numbers were allowing a true and fair review of the company’s performance, operations and management they were not necessarily relevant to stakeholders. The International Integrated Reporting Council (IIRC) is calling for a shift in thinking more to the long term, to think beyond what can be measured in quantitative terms and to think about how the entity creates value for its owners” the statement concluded.

Required: Discuss the principles and key components of the IIRC’s Framework, and any concerns which could impede the Framework’s suitability for assessing the prospects of an entity.

Answer

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Tags: IIRC Framework, Integrated Reporting, Non-financial Information, Stakeholders, Value Creation
Level: Level 3

Topic: Beyond financial reporting
Series: MAY 2016

CSEG – Nov 2015 – L2 – Q4a – Organisational mission and objectives

Outline five common elements included in most mission statements.

Question

A mission statement describes an organization’s basic purpose and what it is trying to achieve. It can play an important role in the strategic planning process. There is no standardized format for mission statements. However, there are common elements included in most mission statements.

Outline any FIVE (5) of these elements. [5marks]

Answer

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Tags: Mission Statement, Organizational purpose, Stakeholders, Strategic Planning
Level: Level 2

Topic: Organisational mission and objectives
Series: NOV 2015

CSEG – May 2016 – L2 – Q6b – Strategy evaluation and control

Explain the term stakeholders and identify two groupings of stakeholders, focusing on their importance in corporate strategy formulation.

Question

One of the important tasks in the formulation of corporate strategy is stakeholders’ analysis.

Required: Explain the term stakeholders and identify TWO groupings of stakeholders. (4 marks)

Answer

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Tags: External stakeholders, Internal stakeholders, Stakeholder analysis, Stakeholders, Strategic Management
Level: Level 2

Topic: Corporate governance framework
Series: MAY 2016

BCL – May 2020 – L2 – Q3b – Employment Law

Discuss the stakeholders in a sexual harassment case and the impact of employees' prior knowledge on their right to claim.

Question

‘Las Panas’ is a successful chain of restaurants and bars that features female waitresses in white spaghetti tops and very short red skirts. Five former waitresses filed a class action lawsuit, alleging that the atmosphere ‘Las Panas’ created in its restaurants allowed them to be sexually harassed by customers, cooks, and managers. Ama Smith, one of the waitresses, noted on a radio super morning show program that the ‘Las Panas’ mandatory uniforms caused them to be sexually harassed. Meanwhile, ‘Las Panas’ continues to enjoy great success, and it recently received an award as the Best Marketing Company.

Required:

i) Identify the key stakeholders in this case.
(2 marks)

ii) Supposing the women knew of the problems when they agreed to work at ‘Las Panas’, what bearing should such knowledge have on their right to the alleged harassment?
(2 marks)

Answer

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Tags: Employment Law, Sexual Harassment, Stakeholders, Volenti Non Fit Injuria, Workplace Ethics
Level: Level 1

Topic: Contract Law
Series: MAY 2020

BMIS – Nov 2021 – L1 – Q1b – The business organization and its stakeholders

Classify organizational purposes under profit-oriented and non-profit-oriented categories.

Question

Two organizations operate in your locality, one operates as profit-oriented and the other as non-profit-oriented. They all have varying purposes.

Required:
You are required to categorize the following purposes under the two types of organizations:

To expand product range to include children’s clothing.
To expand social protection interventions to include girls between the ages of 15-18 years.
To ensure that visitors to public parks pay an entry fee of GH¢1.00 for its maintenance.
To create high quality, high demand products to maximize shareholder value.
To provide excellent client services to enhance public goodwill, which will in turn, attract more government funding.
To increase after-tax profits to attract more investors to invest in the organization.
Provide customers with the opportunity to benefit from the company’s profits by offering periodic prizes for the purchases they make.
Increase annual dividends by 3% of the current amount paid.
Install vending machines at strategic points to sell non-alcoholic beverages to visitors.
Market facility on the internet to attract global patronage.

Answer

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Tags: Non-profit-oriented, Organizational Purposes, Profit-oriented, Stakeholders
Level: Level 1

Topic: The Business Organisation and its Stakeholders
Series: NOV 2021

PSAF – May 2018 – L2 – Q1a – The context of public financial management

Identify four stakeholders of public sector financial statements and describe their information needs.

Question

Financial reporting is very important to the media because it assists them in making analysis. It also helps them to know how government financial information impacts on all aspects of the economy as well as for advocacy where the need arises.

Required:
Identify FOUR other stakeholders who use public sector financial statements and their information needs.

Answer

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Tags: Financial Reporting, Information Needs, Public Sector, Stakeholders
Level: Level 2

Topic: The context of public financial management
Series: MAY 2018

Question Tag: Stakeholders

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FM – May 2017 – L3 – Q5 – Corporate Governance and Financial Strategy

Identify stakeholders involved in conflicts in different corporate decisions.

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CR – May 2017 – L3 – Q7b – Integrated Reporting

Discuss the usefulness of cash flow statements and the potential benefits of integrated reporting.

You're reporting an error for "CR – May 2017 – L3 – Q7b – Integrated Reporting"

AAA – Nov 2013 – L3 – AII – Q17 – Environmental and Sustainability Audits

Define the audit conducted on a company's societal relationships.

You're reporting an error for "AAA – Nov 2013 – L3 – AII – Q17 – Environmental and Sustainability Audits"

AAA – Nov 2012 – L3 – AII – Q16 – Assurance Engagements

Identifies the linkage of responsible parties in assurance engagements to financial statement examination.

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MGE – Nov 2014 – L2 – Q6 – Corporate Governance

Evaluating stakeholder impact and ethical principles in response to financial reporting manipulation.

You're reporting an error for "MGE – Nov 2014 – L2 – Q6 – Corporate Governance"

MGE – Nov 2014 – L2 – Q2 – Strategic Planning Process

Elements of a corporate mission statement to reflect values, customer focus, and ethical operations.

You're reporting an error for "MGE – Nov 2014 – L2 – Q2 – Strategic Planning Process"

CSME – May 2017 – L2 – SA – Q1 – Strategic Planning Process

Develop a business plan for a fast-food franchise and explain the product life cycle with stakeholder analysis.

You're reporting an error for "CSME – May 2017 – L2 – SA – Q1 – Strategic Planning Process"

FR – Nov 2015 – L2 – Q3 – Presentation of Financial Statements (IAS 1)

Calculation of accounting ratios for creditors, management, and shareholders with comparisons between 2013 and 2014.

You're reporting an error for "FR – Nov 2015 – L2 – Q3 – Presentation of Financial Statements (IAS 1)"

CSME – Nov 2021 – L2 – Q3 – Corporate Social Responsibility (CSR)

Discuss the nature of CSR, its theories, aspects, and implementation steps for the company.

You're reporting an error for "CSME – Nov 2021 – L2 – Q3 – Corporate Social Responsibility (CSR)"

BMF – May 2016 – L1 – SA – Q5 – Nature of Business, Types, and Objectives

This question assesses the understanding of corporate objectives in relation to stakeholders.

You're reporting an error for "BMF – May 2016 – L1 – SA – Q5 – Nature of Business, Types, and Objectives"

CR – May 2016 – L3 – Q3a – Beyond financial reporting

Discuss principles and key components of the IIRC's Framework for integrated reporting, and concerns about its suitability for assessing entity prospects.

You're reporting an error for "CR – May 2016 – L3 – Q3a – Beyond financial reporting"

CSEG – Nov 2015 – L2 – Q4a – Organisational mission and objectives

Outline five common elements included in most mission statements.

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CSEG – May 2016 – L2 – Q6b – Strategy evaluation and control

Explain the term stakeholders and identify two groupings of stakeholders, focusing on their importance in corporate strategy formulation.

You're reporting an error for "CSEG – May 2016 – L2 – Q6b – Strategy evaluation and control"

BCL – May 2020 – L2 – Q3b – Employment Law

Discuss the stakeholders in a sexual harassment case and the impact of employees' prior knowledge on their right to claim.

You're reporting an error for "BCL – May 2020 – L2 – Q3b – Employment Law"

BMIS – Nov 2021 – L1 – Q1b – The business organization and its stakeholders

Classify organizational purposes under profit-oriented and non-profit-oriented categories.

You're reporting an error for "BMIS – Nov 2021 – L1 – Q1b – The business organization and its stakeholders"

PSAF – May 2018 – L2 – Q1a – The context of public financial management

Identify four stakeholders of public sector financial statements and describe their information needs.

You're reporting an error for "PSAF – May 2018 – L2 – Q1a – The context of public financial management"

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