Financial Reporting and Ethics - The Institute of Chartered ...

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FINANCIAL REPORTING AND ETHICS5. Which ONE of the following is not an engagement – specific safeguard inthe work environment?A. Disclosing tom those charged with governance of the client thenature of services provided and extent of fees charged.B. Permanently stationing senior assurance team personnel.C. Involving another firm.D. Involving an additional professional accountant to review workdone.E. Consulting an independent third party.10.9.2 SHORT ANSWER QUESTIONS1. The actions or measures designed to eliminate threats or reduce them toacceptable levels are called________________2. Documenting internal policies and procedures in the work environment isa firm-wide _________________3. What threat will undertaking valuation services bring about?4. A safeguard within the client’s systems requires a competent and senioremployee to manage _____________________ decisions.5. A non-assurance service is other than _____________________Refer to Suggested Solutions in Appendix I, Page 263.206
11CORPORATE GOVERNANCE11.0 LEARNING OBJECTIVESAfter studying this chapter, readers will be able to:! Explain the term and concept of Corporate Governance;! Describe the nature, significance and scope of enterprise governance and threatsto effective governance;! Evaluate theoretical framework of corporate governance, including agencyproblems;! Explore regulatory framework for corporate and enterprise governance;! Explain global developments in governance;! Evaluate the role of accountants and auditors in governance frame work; and! Explore cases of corporate failures and causes.11.1 INTRODUCTIONWhen one thinks about corporate governance, one has in mind a corporatebody whose stakeholders are supposedly guided by a set of rules and code ofconduct. No one person is in a position to dominate the activities of the bodycorporate, cognisant of the fact that the reason for its being in existence is tiedto the corporation’s perpetuity. In the belief that this position is attainable inpractice, one expects a well ordered corporate body to be the experience, ratherthan the exception, of each day. Despite the existence of code of professionalpractices, acts of mismanagement and decisions inimical to the interests ofthe stakeholders and survival of the corporate body are continuouslyperpetrated. There is, therefore, the need to reconnect two critical areas of thecorporate governance equation: these are the shareholders and board members.There is a great need to reconnect them to the decision – making process so asto maximise the value of the corporation and its reputation.11.2 DEFINITIONSam Nganga, Vimal Jain and Mark Artivor (2003), “Corporate Governance inAfrica – a survey of publicly listed companies” define Corporate governanceas “the set of mechanisms through which outside investors are protected from207
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FINANCIAL REPORTING AND ETHICS1.3.3
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ACCOUNTING AND REPORTING POLICIESsu
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ACCOUNTING AND REPORTING POLICIES(j
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ACCOUNTING AND REPORTING POLICIES(i
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ACCOUNTING AND REPORTING POLICIES2.
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3AMALGAMATION, ABSORPTION ANDRECONS
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AMALGAMATION, ABSORPTION AND RECONS
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4ANALYSIS AND INTERPRETATION TION O
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ANALYSIS AND INTERPRETATION OF FINA
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5ACCOUNTING STANDARDS5.0 LEARNING O
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ACCOUNTING STANDARDS(i)(ii)(iii)(iv
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ACCOUNTING STANDARDSThere is no SAS
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ACCOUNTING STANDARDS5.2.4 Borrowing
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ACCOUNTING STANDARDS(iii)Certain pe
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ACCOUNTING STANDARDSby venture capi
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ACCOUNTING STANDARDSIFRS 7 Financia
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ACCOUNTING STANDARDSactivity, non-c
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ACCOUNTING STANDARDSin the year inc
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ACCOUNTING STANDARDS(v)(vi)(vii)whe
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ACCOUNTING STANDARDS(v)Actions requ
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ACCOUNTING STANDARDSAccounting stud
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6ETHICAL FRAMEWORK, CONCEPTSAND VAL
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ETHICAL FRAMEWORK, CONCEPTS AND VAL
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7THE ENVIRONMENT: CORPORATE,PROFESS
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THE ENVIRONMENT: CORPORATE, PROFESS
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Page 155 and 156: THE ENVIRONMENT: CORPORATE, PROFESS
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Page 181 and 182: PROFESSIONAL ETHICSA. III onlyB. II
Page 183 and 184: 9DECISION MAKING IN ETHICS9. 0 LEAR
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Page 191 and 192: 10ETHICAL THREATS TS AND SAFEGUARDS
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Page 233 and 234: CORPORATE GOVERNANCE(vi)Inquisitive
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SOCIAL AND ENVIRONMENTAL ISSUES IN
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APPENDIX ISUGGESTED SOLUTIONS TO RE
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SUGGESTED SOLUTIONS TO REVISION QUE
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SUGGESTED SOLUTIONS TO REVISION QUE
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APPENDIX IICOMPREHENSIVE QUESTIONS
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COMPREHENSIVE QUESTIONS AND SUGGEST
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APPENDIX IIICASE STUDY 1Karsashi, a
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CASE STUDIES(iii)(iv)The floor sale
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CASE STUDIESShare price and dividen
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CASE STUDIESSUGGESTED SOLUTION(A) A
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CASE STUDY 3The following informati
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CASE STUDIESCASE STUDY 4Ologobojo i
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APPENDIX IVTable 1:SUMMARY OF INTER
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SUMMARY OF INTERNATIONAL ACCOUNTING
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APPENDIX VGLOSSARY OF TERMSAbsorpti
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GLOSSARY OF TERMSEthical Objectivis
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APPENDIX VIBIBLIOGRAPHYChambers Ham
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APPENDIX VIISTUDY AND EXAMINATION T
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STUDY AND EXAMINATION TECHNIQUES7.3
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INDEXAAbsorption, 17, 19, 39, 40, 4
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INDEXProfessional Behaviour, 136, 1
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