Series: NOV 2018

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  • 15 Marks

CSME – Nov 2018 – L2 – Q7 – Corporate Governance

Provide a defence for the unitary board structure, outline core roles, and discuss the composition and size of the board.

It is important that, as a member of the board of directors of a company, you have a good understanding of the nature, types, and structures of a board.

You are required to:
a. Provide a defence for the unitary board structure. (5 Marks)
b. Outline the core roles of a board of directors. (5 Marks)
c. Provide a broad overview of the composition and size of a unitary board of directors. (5 Marks)

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  • 15 Marks

CSME – Nov 2018 – L2 – Q6 – Corporate Strategy Formulation

Explain the BCG Model with a diagram to analyze a firm's business portfolio, detailing the four product categories.

As part of a training session in strategic management, deploy a diagram to explain how a firm would use the Boston Consulting Group (BCG) model to analyze its business portfolio. Explain each category of products identified in the BCG model.

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  • 15 Marks

CSME – Nov 2018 – L2 – Q5 – Ethics in Business

Discuss the six stages in handling ethical conflicts based on ICAN's professional code of conduct.

You have been invited to facilitate a session on how to deal with ethical conflicts based on the Institute of Chartered Accountants of Nigeria code of professional conduct. Discuss the six stages in handling ethical conflicts.

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  • 20 Marks

CSME – Nov 2018 – L2 – Q4 – Ethics in Business

Discuss ethical considerations for accountants, actions to serve the public interest, and the nature and purpose of a corporate code of ethics.

There is an increasing demand on 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 organization in which they work.

Required:

a. Discuss the ethical considerations a professional accountant should attend to in the discharge of professional duties. (6 Marks)

b. What specific actions are you expected to take in order to serve the public interest? (5 Marks)

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

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  • 20 Marks

CSME – Nov 2018 – L2 – Q3 – Risk Management and Corporate Strategy

Explain the processes of identifying, assessing, measuring, and prioritizing risks, and discuss the impact on stakeholders.

Success and profit maximization in business are premised on factors that include the ability to identify, assess, and measure risks. As a risk manager, how would you explain the following to a group of prospective entrepreneurs in ways that would adequately equip them to deal with operational, business, and strategic risks?

a. Risk identification (4 Marks)
b. The impact of risk on any four stakeholders (4 Marks)
c. Assessing risks: impact and probability (4 Marks)
d. Measuring risks (4 Marks)
e. Prioritizing risks (4 Marks)

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  • 20 Marks

CSME – Nov 2018 – L2 – Q2 – Corporate Governance

Identify five key corporate governance issues for expansion and principles of good corporate governance for PKL Restaurants Limited.

PKL Restaurants Limited was established in 1995 and now has 12 branches in different parts of Lagos. The company wants to expand its operations to Abuja and Port Harcourt. Consequently, it seeks to restructure the business and build structures for good corporate governance.

Required:

a. Develop a proposal highlighting five key issues of corporate governance. (10 Marks)

b. Evaluate five principles of good corporate governance that the company should adhere to. (10 Marks)

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  • 5 Marks

CSME – Nov 2018 – L2 – Q1b – Business-Level Strategies

Describe two key risks associated with adopting a cost leadership strategy in business.

Provide a detailed account of two of the risks business entities might face by adopting a strategy of cost leadership.

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  • 25 Marks

CSME – Nov 2018 – L2 – Q1a – Environmental Analysis

Perform a SWOT analysis using a Mini Resource Audit and Porter's Five Forces for Igbadun Nigeria Limited in the online streaming business.

Igbadun Nigeria Limited is a private limited liability company engaged in the business of online content streaming to registered subscribers through a dedicated website “igbadun.com”. The company’s content offerings include movies, TV episodes, cartoon series, educational series, documentaries, and reality shows.

The subscriber base growth rate of Igbadun has been phenomenal, jumping from about 3,000 in 2013 to 30,000 at the end of 2017. This is despite the fact that the industry is relatively new in Nigeria. The growth has led to an increase in revenue from N72 million in 2013 to N450 million by the year ended 31 December 2017. However, the only source of revenue to the company is customer subscriptions.

The impressive performance of Igbadun Nigeria Limited has been attributed to several factors, including:

  • Increasing internet usage;
  • Increased patronage of streamed online programs;
  • Improved access to the internet at a reduced cost;
  • Affordability of internet-enabled devices suitable for viewing online video content;
  • Cost reduction strategies and a very affordable subscription rate, which has been reduced from N2,000 in 2013 to N1,500 in 2017. This is the second-lowest rate in the industry;
  • Aggressive marketing strategy and investment in advertising;
  • Reduction in marketing costs as a percentage of revenue from 16% in 2013 to 12.8% in 2017;
  • Growth of gross subscribers by more than 100% per annum;
  • Investment of over 60% of its earnings for growth and development, especially in purchasing the best hardware and software available;
  • Aggressive R & D policy that has led to in-house development of most of its software, with all of them duly patented;
  • Effective Human Resource Management strategy that has helped to attract, motivate, train, and retain highly qualified and experienced manpower;
  • Management team of highly experienced personnel.

A report recently released by Arthur Baker and Company, a reputable consulting firm in Nigeria, predicted that the demand for online program streaming in Nigeria will grow significantly to 5 million by 2020. Consequently, existing rivals, such as Netcom and other smaller competitors, are jostling to gain competitive advantage. The relatively liberal legal requirements for entry have also facilitated an influx of new entrants into the industry. Netflox, the world’s biggest provider of online program streaming service, recently commenced operations in Nigeria.

Copyright activists recently proposed a bill to the National Assembly, allowing online program streaming providers to stream new releases only after two months of release. This bill will adversely affect the subscription revenue of igbadun.com if passed into law.

A major part of Igbadun’s subscription revenue is received through online payments using debit cards. However, a recent report by an independent consultant shows a decline in the use of online payment platforms due to increased security concerns. This has the potential to hurt Igbadun’s revenue stream.

Igbadun is also struggling to compete with other movie entertainment media such as cable TV, DVDs, and cinemas. The most worrisome for the company has been DVDs. The activities of pirates have made the price of DVDs for new releases as low as N500 each. If this continues unabated, the company risks losing its subscriber base.

Despite these challenges, Igbadun plans to grow its subscriber base to 200,000 by the end of 2020.

Required:

a. With the aid of a Mini Resource Audit and Porter’s Five Forces Model, prepare a SWOT analysis for the management of Igbadun Nigeria Limited.

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  • 15 Marks

PSAF – Nov 2018 – L2 – Q7 – Fiscal Policy and Public Finance

Discuss the objectives of an ideal intergovernmental fiscal system and the problems facing intergovernmental fiscal relations in Nigeria.

“There are critical issues and problems with decentralisation of government and intergovernmental fiscal relations in Nigeria.”

Required:
a. The main objectives of an ideal system of fiscal relations among sub-national units in a federation.
(6 Marks)
b. Three problems of intergovernmental fiscal relations in Nigeria.
(9 Marks)

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  • 15 Marks

PSAF – Nov 2018 – L2 – Q6 – Fiscal Policy and Public Finance

Discuss the concept of market failure and provide cases justifying government intervention in the economy.

he need for government intervention in the economy is justified on the basis of market failure. In particular, the intervention has become inevitable in view of some practical situations for which the market is rather unhelpful.

Required:
a. Discuss the notion of “market failure” as a basis for government intervention.
(5 Marks)
b. Provide four illustrative cases to justify government intervention in the Nigerian economy.
(10 Marks)

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  • 15 Marks

PSAF – Nov 2018 – L2 – Q5 – Fiscal Policy and Public Finance

Discuss the causes of Nigeria’s public debt increase, along with the benefits and adverse effects of public debt.

For some years, the level of Nigeria’s public debt has maintained an upward trend.

Required:
(a) Discuss four major causes for the increase in public debt.
(7 Marks)
(b) Explain three major benefits and two adverse effects of public debt to the country.
(8 Marks)

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  • 22 Marks

PSAF – Nov 2018 – L2 – Q4 – Government Accounting Concepts and Principles

Evaluate the viability of two local government projects using Pay Back Period and Accounting Rate of Return methods.

Sampolopolo Local Government has identified a vacant land beside its marriage registry building. The director of administration proposed that the land be used either for a cybercafé where the general public can browse, make phone calls, photocopy and carry out other computer services or for the construction of an entertainment event-hall that can be rented out on a commercial basis.
This idea was tabled at the council’s management meeting and unanimously accepted. However, the Finance and General Purposes Committee recommended five years for the project since the council secretariat building will be extended in the future to accommodate more offices for the increased staff strength, and this was approved.

The cost of building the cybercafé and the event-hall with necessary facilities and fittings as well as the expected cash inflows/profits as prepared by the director of administration are as follows:

Required:
As the consultant engaged by Sampolopolo Local Government, advise the Local Government on the more viable project using:
i. Pay Back Period (PBP) (7 Marks)
ii. Accounting Rate of Return (ARR) (13 Marks)

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  • 20 Marks

PSAF – Nov 2018 – L2 – Q3 – Government Expenditure

Calculate loans granted to civil servants, interest on loans, and discuss conditions and requirements for correspondence advances.

In order to ameliorate the transportation challenges being encountered by civil servants, Welfare State of Nigeria gave motor vehicle, tri-cycle, and motorcycle loans and advances for its workers. The workers were granted loans and advances equivalent to their annual basic salary. The total fund available for the loan was N1 billion. The officers that applied for the loans and their grade levels are as follows:

  • 250 officers – GL 01 – 05 at an average annual basic salary of N258,000;
  • 100 officers – GL 06 – 07 at an average annual basic salary of N450,000;
  • 50 officers – GL 08 and above at an average annual basic salary of N650,000.

The interest rate payable on the loans and advances is 12.5% p.a. to take care of the time value of money.

Required:
(a) You are required to calculate:
i. The total loans and advances that were given to the workers, showing the balance of the fund not yet accessed.
(10 Marks)
ii. The aggregate interest paid on the loans and advances.
(2 Marks)

(b) Discuss:
i. Four conditions which have to be fulfilled for the grant of correspondence advance.
(4 Marks)
ii. Two requirements for granting and repaying correspondence advance.
(4 Marks)

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  • 20 Marks

PSAF – Nov 2018 – L2 – Q2 – International Public Sector Accounting Standards (IPSAS)

Discuss reasons for holding investment properties and IPSAS 16 measurement methods, providing examples of investment and non-investment properties.

In line with the Government’s efforts at promoting accountability and transparency, the Federal Government of Nigeria has adopted and is implementing the International Public Sector Accounting Standards (IPSAS). The IPSAS 16 specifically deals with Investment Property which could be land, building, or both. A public sector entity may be established to manage such property portfolios on a commercial basis. An example of such an entity could be a University or Local Government.

Required:
a. Discuss two reasons for holding investment property and the two methods of measurement as contained in IPSAS 16.
(8 Marks)
b. Illustrate with four examples each of investment property and non-investment property.
(12 Marks)

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  • 30 Marks

PSAF – Nov 2018 – L2 – Q1 – Regulatory and Institutional Framework

Discuss actions against companies with non-compliant financial reports, calculate NEITI unspent funds, outline NEITI functions and procedures for appointing auditors.

The Federal Government of Nigeria is committed to the principle of transparency and accountability in all its financial activities. The country has diverse sources of revenue which include natural resources, ranging from iron-ore, crude oil, zinc, tin-ore, and coal. In order to enhance its agenda of “zero tolerance for corruption,” the country established, among others, the Nigeria Extractive Industry Transparency Initiative Commission (NEITI) with the sole aim of reducing corruption in the extractive industry. The establishment of the commission was backed by an Act of National Assembly in 2007.

The commission normally carries out annual audits of accounts of companies in the extractive industry after obtaining their statements of accounts on a regular basis. Records available to NEITI revealed that five out of fifty-two companies in the industry failed to render their statements of accounts for the year 2016; another eight companies rendered falsified statements of accounts, while thirty-nine companies rendered accurate statements of accounts.

The records of receipts and expenditures of NEITI revealed total receipts of N2,396,581,900 in 2016, out of which N1,998,500,770 was expended on the commission’s activities up to December 31, 2016.
Further scrutiny of the accounts revealed receipts of gratification by some government officials in the eight companies that presented falsified statements of accounts. There were also expenses on frivolous overseas tours allegedly for attending seminars and workshops.

In line with the Act that established the commission, the audit reports on the financial activities of the companies in the extractive industry have been sent to the President and the National Assembly.

Required:
a. Discuss five actions that should be taken against the companies that failed to render their statements of accounts and those that rendered falsified statements of accounts.
(7½ Marks)
b. Calculate the unspent amount by the commission as at December 31, 2016 and the treatment of the unspent amount.
(4 Marks)
c. Outline five functions of NEITI as contained in the Act that established it and indicate the members of the National Stakeholder Working Group (NSWG) as contained in the NEITI Act, 2007.
(12½ Marks)
d. Explain six procedures for the appointment of auditors and publication of reports as contained in Section 4 of NEITI Act, 2007.
(6 Marks)

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  • 15 Marks

AA – Nov 2018 – L2 – Q7 – Internal Audit

Explains internal audit, identifies weaknesses in audit structure, and outlines the differences between internal and external auditors.

Good Weather Nigeria Plc is a company engaged in the business of manufacturing detergents with an annual turnover of N7 billion. It carries out its operations from six locations: Abuja, Enugu, Benin, Port-Harcourt, and Jos, with its head office in Lagos. The company has an internal audit function with three staff. The Chief Internal Auditor was recruited by the Executive Finance Director to facilitate a good working relationship between the finance and audit functions. All the staff in the unit are graduates and members of the Institute of Chartered Accountants of Nigeria (ICAN). The staff of internal audit have been in the unit for over eight years. The Chief Internal Auditor reports to the Executive Finance Director.

Required:
a. Explain the term “internal audit.”
(2 Marks)

b. Identify and explain the weaknesses in the above scenario.
(8 Marks)

c. Enumerate the differences between the roles of an internal auditor and an external auditor.
(5 Marks)

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  • 15 Marks

AA – Nov 2018 – L2 – Q6 – Audit Evidence

Explains the factors auditors consider for sufficient evidence, reliability principles, and steps to take when audit evidence is insufficient.

The auditor is required by ISA 500 to design and perform appropriate audit procedures for obtaining sufficient and appropriate audit evidence.

Required:
a. Identify five factors that an auditor will consider in determining what constitutes sufficient audit evidence.
(5 Marks)

b. Explain five principles that would assist the auditor in assessing the reliability of audit evidence.
(5 Marks)

c. What steps must the auditor take if he discovers that the evidence obtained is insufficient to form an opinion?
(5 Marks)

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  • 15 Marks

AA – Nov 2018 – L2 – Q5 – Audit Evidence

Outline the audit tests for purchased goodwill and development projects, and the conditions for recognizing development projects in financial statements.

The intangible assets that can be recognized in the statement of financial position are purchased goodwill, intangibles having a readily ascertainable market value, and development costs.

Required:
a. State five audit tests required to obtain audit evidence on purchased goodwill.
(5 Marks)

b. Identify five audit tests relevant to obtaining evidence on development projects.
(5 Marks)

c. Itemize five conditions that must be fulfilled before development projects can be recognized in the financial statements.
(5 Marks)

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  • 5 Marks

AA – Nov 2018 – L2 – Q4c – Planning an Audit

States the benefits of audit planning to the independent auditor, as required by ISA 300.

International Standards on Auditing, ISA 300 requires the Independent auditor to plan the audit of the financial statements so that the engagement will be performed in an effective manner.

Required:
State the benefits of audit planning to the independent auditor.

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  • 15 Marks

AA – Nov 2018 – L2 – Q4a and Q4b – Risk Assessment and Internal Control

Describes factors for obtaining entity and environmental information for risk assessment and procedures to perform risk assessment.

The independent auditor identifies and assesses the risk of material misstatements through understanding the entity and its environment.

Required:
a. Describe the factors the auditor should consider while obtaining information on the entity and its environment.
(10 Marks)

b. Explain why the auditor needs to perform risk assessment and the procedures.
(5 Marks)

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