Series: MAY 2018

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  • 15 Marks

AT – May 2024 – L3 – SC – Q7 – Double Taxation Reliefs and Credits

Explain treaty shopping, strategies to mitigate it, ECOWAS common external tariff features, and trade defense measures.

Abakali Limited is a company engaged in the manufacturing of three variants of beverages. The products of the company are well received by consumers, as the company now controls about 55% of the domestic market. The “chocolate” brand is the top earner for the company. According to a recent newspaper review, “it has the same quality as those imported into the country from the western world.”

The Board of the company, at one of its meetings, decided to enter the West African market in 2024 and, by 2026, the European market, through:

  1. Establishment of depots in major cities of four neighboring countries (Republic of Benin, Togo, Ghana, and Niger) with goods transported by road.
  2. Incorporation of a branch in a European country, initially serving as a depot, but within two years, full production will commence.

As emphasized by one of the directors, the main challenge the company must address is the strategy to mitigate the negative impact of high tax rates (in Europe and West African countries) on profits to achieve better returns on investment.

A director, previously employed by an international company, suggested using “treaty shopping” as a tax planning strategy for locating the branch office in Europe. He also pointed out that the Economic Community of West African States (ECOWAS) common external tariff framework provides a solution to different tax regimes in the sub-region.

Most Board members are not familiar with “treaty shopping” or the ECOWAS common external tariff framework, and they have requested professional advice on these matters.

The Managing Director has approached your professional accounting firm for guidance on the key issues raised in the meeting.

Required:

As the officer designated to handle this task, write a report to your Principal Partner for review before sending it to the client. The report should address the following concerns of the client:

a. Explanation of the concept and practice of “treaty shopping” (6 Marks)

b. Discussion on the strategies employed by various countries in curbing treaty shopping in international transactions (2 Marks)

c. Discussion on the features of the ECOWAS common external tariff framework (4 Marks)

d. Comment on the trade defense measures put in place to guide the operations of the common external tariff framework (3 Marks)

(Total 15 Marks)

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  • 20 Marks

AT – May 2024 – L3 – SB – Q2 – Taxation of Specialized Businesses

Calculation of hydrocarbon tax payable by New Rain Petroleum and analysis of tax implications for deep offshore investment.

New Rain Petroleum Company Limited has been operating in the onshore and shallow water areas of the Niger Delta region for over fifteen years. The company was granted a petroleum mining lease license in January 2021. In its bid to improve profitability, the company’s management intends to apply for a license to operate in the deep-sea area starting from 2025. The decision of the management is expected to be presented to the company members at the 2023 annual general meeting, scheduled in the second half of 2024.

The following financial data were extracted from the book of accounts of New Rain Petroleum Company for the year ended December 31, 2023:

Income N’ million
Fiscal value of crude oil sold 191,100
Value of condensate from associated gas 84,474
Value of natural gas liquid from associated gas 55,328
Other incidental income 151
Realized exchange gain 38
Gross total income 331,091
Expenses/Deductions N’ million
Royalty incurred and paid 86,200
First exploration wells cost 6,800
First two appraisal wells costs 18,700
Joint cost – terminalling 12,000
Gas reinjection wells cost 3,420
Salaries and wages 9,300
Power cost 1,650
NDDC charge 125
Concessional rentals 60,430
Depreciation of assets 13,860
Allowance for doubtful debts 2,400
Host community trust fund contribution 4,800
Stamp duty 16
Staff welfare 350
Travelling 180
Donations and subscription 6
Decommissioning and abandonment 1,300
Environmental remediation fund contribution 1,250
General expenses 500
Finance costs 1,750
Total Expenses 225,037
Net Profit 106,054

Additional Information:

  1. Data on Crude Oil, Condensate, and Natural Gas Sales:
    Category Quantity (million barrels) Actual Price (USD) Fiscal Price (USD)
    Crude oil 5.25 70 72
    Condensate from associated gas 3.61 45 44
    Natural gas liquid from associated gas 2.80 38 40
  2. Omitted Record:
    • A balancing charge of N1,500,000 was made from the disposal of an old oil equipment platform, which was omitted from the records.
  3. Allowance for Doubtful Debts:
    Type of Provision N’ million
    Specific provisions 900
    General provisions 1,500
    Total 2,400
  4. Donations and Subscription:
    Recipient N’ million
    Recognized orphanage homes 3.0
    Host community’s cultural group 2.0
    Subscription to oil and gas association 1.0
    Total 6.0
  5. General Expenses:
    Expense N’ million
    Penalty for gas flare 250
    Printing of stationery items 140
    State government levy 110
    Total 500
  6. Agreed Capital Allowances:
    Category N’ million
    Brought forward 167
    For the year 2,105
    Total 2,272
  7. Production Allowance:
    Type of Operation N’ million
    Onshore operations 900
    Shallow water operation 1,700
    Total 2,600
  8. Exchange Rate: The exchange rate averaged N520 to 1 USD during the year.
  9. Assumption: Tax liabilities are to be paid in domestic (Naira) currency.

Required:
As the company’s Tax Manager, you are to advise the management, in accordance with the provisions of the Petroleum Industry Act 2021, on:

a. Hydrocarbon tax payable for the relevant assessment year (18 Marks)
b. Tax implications if the company decides to invest in deep offshore areas (2 Marks)

(Total 20 Marks)+

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  • 30 Marks

AT – May 2024 – L3 – SA – Q1 – Tax Administration and Dispute Resolution

Provide professional tax advice for the management of Soft Farm and Agro-Allied Ltd, focusing on deductible interest, adjusted profit, and tax liabilities.

Soft Farm and Agro-Allied Limited, a subsidiary of Emperor Agro Incorporated, Italy, was incorporated in Nigeria in January 2018. Soft Farm and Agro-Allied Limited produces palm kernel for domestic use and export to the European market. The Managing Director of the company has just received a letter from the head office (parent company) about an impending visit due to poor business performance (below the group’s return on investment benchmark of 25%) since the business commenced, despite financial and technical support from the parent company.

In January 2022, the parent company granted a loan of N100 million to Soft Farm and Agro-Allied Limited for business expansion.

The Board has scheduled a special meeting for next month to consider the financial report of Soft Farm and Agro-Allied Limited for the year ended December 31, 2022, and to review past financial reports and tax assessments. As the newly engaged Tax Consultant to the company, you have been invited to participate in the meeting to provide a professional opinion on tax-related issues.

The Financial Accountant has been directed by the Managing Director to provide you with financial statements for all periods under review, books of accounts, returns filed with tax authorities, and other supporting documents.

From your preliminary review of the financial report for the year ended December 31, 2022, you noted an item that requires further discussion with management. This issue relates to interest paid on a loan obtained from the parent company.

Extract from Financial Statements for the Year Ended December 31, 2022

Item N’000
Gross turnover:
– Domestic sales 147,500
– Export sales 200,100
– Other operating income 3,300
Total Gross Turnover 350,900
Deduct:
– Staff salary 122,600
– Ground rent paid to State government 3,200
– Motor running expenses 1,750
– Audit and accountancy fees 1,000
– Repairs and maintenance 5,800
– Depreciation of assets 38,240
– Rent paid 1,850
– Power and lighting 5,400
– Legal cost 5,000
– Rates (water) 2,100
– Allowance for doubtful debts 10,500
– Donations 4,000
– Interest and other finance costs paid 15,600
– Income tax provision 23,400
– General expenses 5,900
Total Deductions 246,340
Net Profit 104,560

Additional Information:

  1. Export Sales:
    20% of export sales were made to the parent company at the prevailing international market price.
  2. Other Operating Income:
    Description N’000
    Dividend received (net) 2,700
    Profit from disposal of non-current asset 600
    Total 3,300
  3. Repairs and Maintenance:
    Description N’000
    Repairs of plantation equipment 1,200
    Repairs to premises (non-industrial building) 900
    Expansion to warehouse (industrial building) 3,700
    Total 5,800
  4. Rent Paid:
    This amount is for accommodation for the newly employed General Manager, whose basic salary is N4,800,000.
  5. Legal Cost:
    Description N’000
    Cost of income tax appeal 850
    Cost of debt collection 1,300
    Cost of acquiring new lease 1,700
    Renewal of old lease 1,150
    Total 5,000
  6. Allowance for Doubtful Debts:
    Description N’000
    Specific provisions 5,230
    General provisions 7,870
    Bad debts recovered (2,600)
    Total 10,500
  7. Donations:
    Recipient N’000
    Palm Oil Research Institute 1,400
    National Library 600
    Cocoa Research Institute of Nigeria 1,000
    Women Society of the host community 1,000
    Total 4,000
  8. Interest and Other Finance Costs Paid:
    In January 2022, the company obtained a loan facility of N100 million from the parent company for business expansion at a competitive interest rate of 12% per annum. The loan duration is 10 years, with interest payable for the first three years, and principal and interest repayments due from the fourth year onward. The balance in the financial statements includes other finance costs and bank charges paid to domestic banks on various accounts.
  9. General Expenses:
    Description N’000
    Wedding gift to staff 350
    Fine imposed on company driver for traffic offense 150
    Haulage expenses 3,200
    Transport and travelling 2,200
    Total 5,900
  10. Schedule of Prior Years’ Turnover and Assessable Profits:
    Year Ended December 31 Turnover (N’000) Assessable Profit (N’000)
    2018 154,400 78,750
    2019 198,600 95,120
    2020 310,300 142,800
    2021 314,900 166,900
  11. Schedule of Qualifying Capital Expenditure Incurred:
    Date of Acquisition Asset Type Amount (N’000)
    August 31, 2017 Plantation equipment 4,600
    August 31, 2017 Industrial building 12,000
    August 31, 2017 Non-industrial building 9,000
    January 1, 2018 Motor vehicles (3) 8,400
    January 1, 2018 Furniture and fittings (10) 1,500
    February 14, 2021 Motor vehicles (2) 5,600
    June 12, 2022 Furniture and fittings (10) 2,000
    July 8, 2022 Research and development 7,000

Required:

As the Tax Consultant to the company, draft a report to the Managing Director of Soft Farm and Agro-Allied Limited, in line with the provisions of the Companies Income Tax Act Cap C21 LFN 2004 (as amended). The report should provide professional advice on the following:

  1. Treatment of Excess Amount of Deductible Interest Paid (6 Marks)
  2. Adjusted Profit of the Company for the Year Ended December 31, 2022 (7 Marks)
  3. Tax Liabilities for All Relevant Assessment Years (17 Marks)

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  • 7 Marks

AAA – May 2018 – L3 – SC – Q7b – Forensic Auditing

Outline anti-money laundering requirements for the auditor of Banana Follow Me Limited due to high cash-based transactions and overseas transfers.

Management of Banana Follow Me Limited plans to invest in factory equipment and fittings to attract more customers, using sufficient cash reserves for these capital expenditures. A significant risk associated with money laundering exists due to the high volume of cash transactions and regular overseas bank transfers.

Required:

i. Discuss THREE requirements of an anti-money laundering programme which the auditor of Banana Follow Me Limited should have in place for detecting and reporting suspicion of money-laundering.

(6 Marks)

ii. State ONE example of the criminal offenses connected with money laundering. (1 Mark)

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  • 8 Marks

AAA – May 2018 – L3 – SC – Q7a – Audit Reporting

Prepare a management representation letter for Banana Follow Me Limited and outline anti-money laundering requirements for the audit team.

You are the accountant to Banana Follow Me Limited and the audit of the financial statements for the year ended December 31, 2016 is currently ongoing. The company is a cocoa processing entity with various factories across the country. During the year end audit, the auditors, Akinfenwa & Company. (Chartered Accountants), observed that the company purchased
200,000 units of XYZ Plc. shares during the year and that the company had not recognised dividends on these shares as at year end. Upon enquiry, the Managing Director of the company explained that the
shares were purchased ex-dividend and had promised to provide suitable representations to confirm this. The auditors have verified this and are 106 satisfied with the explanation but expect representation letter which includes all other relevant representations from the company.

Required:

As the accountant to Banana Follow Me Limited, prepare the management representation letter to be issued to the company’s auditors, Akinfenwa & Company, confirming representations for the financial statements for the year ended December 31, 2016.

 

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  • 15 Marks

AAA – May 2018 – L3 – SC – Q6 – Risk Management in Audits

Identify and explain audit procedures to assess the going concern of Reliance Ventures Limited and steps if going concern assumption is invalid.

Reliance Ventures Limited has been trading in imported goods for many years. The company’s fortune has started to diminish as a result of the current economic environment. Your firm has been the auditor of the company in the last three years. You have noticed that the shareholders’ equity of the company has been eroded and is currently in deficit. This condition has raised significant doubt on the entity’s ability to continue as a going concern.

Required:

  1. Identify and explain FOUR audit procedures to be performed by the audit team to determine the going concern status of the company. (10 Marks)
  2. Discuss FOUR of the steps that the auditor should take if he considers that the going concern assumption is invalid whereas management considers it to be valid. (5 Marks)

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  • 15 Marks

AAA – May 2018 – L3 – SC – Q5 – Use of Experts in Audits

Evaluate objectivity factors and audit procedures to assess the reliability of a management-employed expert’s work in QQ Limited's financial statements.

The management of QQ Limited had engaged an expert valuer, Segun & Company, in the valuation of its investment property situated at Ojo Oniyun Street, Victoria Island for disclosure in the financial statements as at year-end.

Required:

  1. Discuss the factors to be considered when assessing the objectivity of the expert employed by management. (5 Marks)
  2. Explain the procedures to be performed by the auditor to assess whether the work of the management expert provides sufficient and appropriate evidence for the audit of the financial statements. (10 Marks)

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  • 20 Marks

AAA – May 2018 – L3 – SB – Q4 – Ethical Issues in Auditing

Educate staff on IFAC’s Code of Ethics principles, types of independence, and general sources of ethical threats in accounting.

You are the HR partner in Ekemode & Company (Chartered Accountants). As part of the continuous training program of your firm, you are to organize an in-house seminar to educate the staff of your firm on Rules of Professional Conduct. You have decided to emphasize the IFAC’s Code of Ethics for Professional Accountants published by the International Ethics Standard Board for Accountants (IESBA), which was recently adopted by ICAN into their localized code called “The Professional Code of Conduct and Guide for Members.”

Required:

a. Explain briefly the FIVE fundamental principles of the IFAC’s Code of Ethics for Professional Accountants. (7½ Marks)

b. Explain independence of mind and independence of appearance to the staff. (5 Marks)

c. Explain briefly THREE general sources of threat to the fundamental principles of the IFAC’s Code of Ethics for Professional Accountants. (7½ Marks)

(Total 20 Marks)

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  • 20 Marks

AAA – May 2018 – L3 – SB – Q3 – Auditor’s Legal Liability

Evaluate necessary IT general and application controls for a fully computerized hotel to ensure data integrity and security.

A new hotel opened for operations on February 1, 2016, in Abuja. The directors at their board meeting in September 2016 selected December as the hotel’s year-end. Also, from the conception of the hotel, it was decided to fully computerize the hotel and its operations. This will make the hotel stand out and attract clientele in the federal capital territory where there are many other hotels with strong competition.

The room doors are electronically operated and use electronic cards for opening. If a customer does not specify his/her duration and has the lock properly programmed, the door will lock at 12 noon, requiring the customer to go back to the reception for access. Furthermore, all accounting and other processes are computerized.

The IT company that handled the computerization agreed to leave a member of staff who will train the hotel’s staff for three months and ensure that the system operates efficiently. Management believes that the staff will familiarize themselves with the system within that period. The server handles all doors, accounting processes including billing, and the determination of room occupancy rate on a daily basis. Various units of the hotel have desktop units which key employees use in both ordering and communication between themselves. The server is located next to the operations manager’s office, who is responsible for overseeing it in addition to other duties.

The last quarterly report on the hotel activities was not consistent with expectations, and the occupancy rate did not match turnover. The management of the hotel approached your firm of chartered accountants to be engaged as auditors to the hotel. Your review and interactions as the leader of the audit team revealed the information disclosed above.

Required:

Evaluate and apply the relevant general and application controls necessary to be installed in the hotel’s information environment.
(Total 20 Marks)

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  • 20 Marks

AAA – May 2018 – L3 – SB – Q2 – Auditor’s Legal Liability

Discuss the expectation gap, strategies to address it, and the role of professional skepticism in auditing financial statements.

Audit firms have been castigated over the years by the public whenever their clients have any financial or operational crises. The potential liability of auditors has also become an important topic in recent years due to the growing complexity of the business and legal environment and an increase in legal actions against auditors. One reason put forward to explain the high number of legal actions against auditors is the “expectation gap.”

Required:

a) Explain “expectation gap” and describe its THREE main elements. (5 Marks)

b) Discuss the strategies that could assist in closing the expectation gap. (10 Marks)

c) i. Explain briefly the concept of professional skepticism. (2 Marks)
ii. Evaluate the importance of professional skepticism in the audit of financial statements. (3 Marks)

(Total 20 Marks)

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  • 15 Marks

MGE – May 2018 – L2 – Q7 – Corporate Governance

Advises on the essential contents of a standard business plan for a new mushroom farm.

Mr. & Mrs. Phillips, your family friends, have just retired from the public service and are planning to set up a mushroom farm. They hope to use their gratuity and a loan sourced from their bank as initial capital for the business. Their bank manager requested them to present a business plan for this purpose. They approach you for advice on how to prepare a business plan, as they cannot afford to hire a consultant.

You are required to:
Advise Mr. and Mrs. Phillips on the contents of a standard business plan. (Total 15 Marks)

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  • 15 Marks

MGE – May 2018 – L2 – Q6 – Risk Management and Corporate Strategy

Design a risk map for Ego Oil and Gas Limited and advise on control measures for each risk category.

Ego Oil and Gas Limited is a company licensed to operate in Nigeria’s downstream oil and gas sector. The company owns tank farms and filling stations across the six geo-political zones of the country. These include the North-East and South-South, where there have been increased cases of terrorist activities, especially kidnapping.

The company recently suffered losses due to a fire outbreak at one of its tank farms and fraud at the Port Harcourt office in the South-South Zone. There is also a rumoured agitation by the labour movement in the country, which will further reduce the price of petroleum products. If this happens, the company will suffer severe revenue loss. In order to control and effectively manage risk, the company has decided to assess all its risks.

Required:
Design a risk map for the management of Ego Oil and Gas Limited and advise on the control measures for each risk category. (15 Marks)

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  • 15 Marks

MGE – May 2018 – L2 – Q5 – Ethics in Business

Discusses the steps in whistleblowing and the risks involved in reporting fraudulent transactions.

a. i. Identify and explain briefly the technical term to describe the above scenario. (1½ Marks)
ii. Explain the necessary steps Aniko should take before reporting the fraudulent transaction. (9 Marks)

b. Explain the likely risks in exposing such a transaction. (4½ Marks)

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  • 2 Marks

MGE – May 2018 – L2 – Q4c – Risk Management and Corporate Strategy

Discusses the implications of failing to understand relationships among risks.

Explain briefly the implications of failure to understand relationships among risks. (2 Marks)

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  • 8 Marks

MGE – May 2018 – L2 – Q4b – Risk Management and Corporate Strategy

Discusses the differences between objective and subjective risk perception and explains related and correlated risk factors.

i. Discuss objective and subjective risk perception. (4 Marks)

ii. Explain, with examples, related and correlated risk factors. (4 Marks)

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  • 10 Marks

MGE – May 2018 – L2 – Q4a – Corporate Governance

Discusses the two-tier board structure and its support in governance systems.

Discuss the argument in support of the two-tier board structure. (10 Marks)

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  • 5 Marks

MGE – May 2018 – L2 – Q3b – Risk Management and Corporate Strategy

Discusses the ALARP framework in risk management and its relevance for the Health Pharmaceutical Company.

Risk management has been an issue with the newly constituted board of Health Pharmaceutical Company. As the chairman of the board, you are required to:

Discuss the ALARP framework in risk management with the newly constituted board. (5 Marks)

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  • 15 Marks

MGE – May 2018 – L2 – Q3a – Ethics in Business

Explores the quality of professionalism required for accountants and the purpose of corporate code of ethics.

There is an increasing demand for professional accountants to pay close attention to ethical standards as they carry out their professional duties. This requires, among other considerations, that accountants act professionally and in the public interest. They are also expected to abide by the code of ethics of their profession and the corporate code of ethics of the organizations in which they work.

i. As an Accountant, explain the quality of professionalism you need to exhibit in the discharge of your duties. (6 Marks)

ii. Discuss the nature and purpose of a corporate code of ethics. (9 Marks)

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  • 20 Marks

MGE – May 2018 – L2 – Q2 – Corporate Governance

Discusses corporate governance, approaches, and key aspects of the Sarbanes-Oxley Act.

Since the onset of the global economic crises of 2008 that led to the collapse of many corporations across the world, there has been a heightened demand for companies to have good and effective corporate governance structures.

a. Discuss the importance of effective corporate governance codes to corporations. (5 Marks)

b. Explain the TWO basic approaches of corporate governance and specify the one you consider to be more acceptable. (10 Marks)

c. Identify FIVE of the main governance aspects of the Sarbanes-Oxley Act. (5 Marks)

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  • 6 Marks

MGE – May 2018 – L2 – Q1b – Market and Product Development Strategies

Distinguishing market and product development strategies using Agaba Limited as a case study.

Ansoff argued that when a firm is planning its growth strategies, there should be a link between its current products and markets and its future products and markets. The management of Agaba Limited, an Aba-based company, has anchored its strategies for product-market development on Ansoff’s growth vector matrix.

Required:
Distinguish between market development strategy and product development strategy adopted by Agaba Limited. (6 Marks)

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