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(b) Comment on the need for ethical guidance for accountants on money laundering. (4 marks)
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(b) Calculate the internal rate of return of the proposed investment and comment on your findings. (5 marks)
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(c) Discuss the ethical and social responsibilities of the Beth Group and whether a change in the ethical andsocial attitudes of the management could improve business performance. (7 marks)Note: requirement (c) includes 2 professional marks for development of the discussion of the ethical and socialresponsibilities of the Beth Group.
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(c) Discuss the ethical responsibility of the company accountant in ensuring that manipulation of the statementof cash flows, such as that suggested by the directors, does not occur. (5 marks)Note: requirements (b) and (c) include 2 professional marks in total for the quality of the discussion.
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(b) Explain the meaning of Stephanie’s comment: ‘I would like to get risk awareness embedded in the cultureat the Southland factory.’ (5 marks)
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(c) Mr Cobar, the chief executive of SHC, has decided to draft two alternative statements to explain both possibleoutcomes of the secrecy/licensing decision to shareholders. Once the board has decided which one to pursue,the relevant draft will be included in a voluntary section of the next corporate annual report.Required:(i) Draft a statement in the event that the board chooses the secrecy option. It should make a convincingbusiness case and put forward ethical arguments for the secrecy option. The ethical arguments shouldbe made from the stockholder (or pristine capitalist) perspective. (8 marks)(ii) Draft a statement in the event that the board chooses the licensing option. It should make a convincingbusiness case and put forward ethical arguments for the licensing option. The ethical arguments shouldbe made from the wider stakeholder perspective. (8 marks)(iii) Professional marks for the persuasiveness and logical flow of arguments: two marks per statement.(4 marks)
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(ii) Explain the ethical tensions between these roles that Anne is now experiencing. (4 marks)
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(c) Explain how absolutist (dogmatic) and relativist (pragmatic) ethical assumptions would affect the outcomeof Anne’s decision. (6 marks)
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(ii) Comment briefly on the use of its own tree plantations as a source of raw materials by Our Timbers Ltd.(3 marks)
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(c) Explain how the introduction of an ERPS could impact on the role of management accountants. (5 marks)
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(c) Assess the likely criteria which would need to be satisfied for software to be regarded as ‘quality software’.(4 marks)
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5 You are an audit manager in Dedza, a firm of Chartered Certified Accountants. Recently, you have been assignedspecific responsibility for undertaking annual reviews of existing clients. The following situations have arisen inconnection with three client companies:(a) Dedza was appointed auditor and tax advisor to Kora Co, a limited liability company, last year and has recentlyissued an unmodified opinion on the financial statements for the year ended 30 June 2005. To your surprise,the tax authority has just launched an investigation into the affairs of Kora on suspicion of underdeclaring income.(7 marks)Required:Identify and comment on the ethical and other professional issues raised by each of these matters and state whataction, if any, Dedza should now take.NOTE: The mark allocation is shown against each of the three situations.
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(b) The chief executive of Xalam Co, an exporter of specialist equipment, has asked for advice on the accountingtreatment and disclosure of payments made for security consultancy services. The payments, which aim toensure that consignments are not impounded in the destination country of a major customer, may be material tothe financial statements for the year ending 30 June 2006. Xalam does not treat these payments as taxdeductible. (4 marks)Required:Identify and comment on the ethical and other professional issues raised by each of these matters and state whataction, if any, Dedza should now take.NOTE: The mark allocation is shown against each of the three situations.
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(c) Your firm has provided financial advice to the Pholey family for many years and this has sometimes involved yourfirm in carrying out transactions on their behalf. The eldest son, Esau, is to take up a position as a seniorgovernment official to a foreign country next month. (4 marks)Required:Identify and comment on the ethical and other professional issues raised by each of these matters and state whataction, if any, Dedza should now take.NOTE: The mark allocation is shown against each of the three situations
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5 You are an audit manager in Bartolome, a firm of Chartered Certified Accountants. You have specific responsibilityfor undertaking annual reviews of existing clients and advising whether an engagement can be properly continued.The following matters have arisen in connection with recent assignments:(a) Leon Dormido is the senior in charge of the audit of the financial statements of Moreno, a limited liabilitycompany, for the year ending 30 June 2005. Moreno’s Chief Executive Officer, James Bay, has just sent you ane-mail to advise you that Leon has been short-listed for the position of Finance Director. You were not previouslyaware that Leon had applied for the position. (5 marks)Required:Comment on the ethical and other professional issues raised by each of the above matters and their implications,if any, for the continuation of each assignment.NOTE: The mark allocation is shown against each of the three issues.
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(c) Pinzon, a limited liability company and audit client, is threatening to sue your firm in respect of audit fees chargedfor the year ended 31 December 2004. Pinzon is alleging that Bartolome billed the full rate on air fares for auditstaff when substantial discounts had been obtained by Bartolome. (4 marks)Required:Comment on the ethical and other professional issues raised by each of the above matters and their implications,if any, for the continuation of each assignment.NOTE: The mark allocation is shown against each of the three issues.
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(c) The OECD’s Financial Action Task Force on Money Laundering (FATF) recommends preventative measures to betaken by independent legal professionals and accountants (including sole practitioners, partners and employedprofessionals within professional firms).Required:Describe FOUR measures that assist in preventing professional accountants from being used for moneylaundering purposes. (8 marks)
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6 The explosive growth of investing and raising capital in the global markets has put new emphasis on the developmentof international accounting, auditing and ethical standards. The International Federation of Accountants (IFAC) hasbeen at the forefront of the development of the worldwide accountancy profession through its activities in ethics,auditing and education.Required:Explain the developments in each of the following areas and indicate how they affect Chartered CertifiedAccountants:(a) IFAC’s ‘Code of Ethics for Professional Accountants’; (5 marks)
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5 (a) IFAC’s ‘Code of Ethics for Professional Accountants’ is divided into three parts:Part A – Applicable to All Professional AccountantsPart B – Applicable to Professional Accountants in Public PracticePart C – Applicable to Employed Professional AccountantsRequired:Distinguish between ‘Professional Accountants’, ‘Professional Accountants in Public Practice’ and ‘EmployedProfessional Accountants’. (3 marks)
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(b) As a newly-qualified Chartered Certified Accountant in Boleyn Co, you have been assigned to assist the ethicspartner in developing ethical guidance for the firm. In particular, you have been asked to draft guidance on thefollowing frequently asked questions (‘FAQs’) that will be circulated to all staff through Boleyn Co’s intranet:(i) What Information Technology services can we offer to audit clients? (5 marks)Required:For EACH of the three FAQs, explain the threats to objectivity that may arise and the safeguards that shouldbe available to manage them to an acceptable level.NOTE: The mark allocation is shown against each of the three questions.
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6 Certain practices have developed that threaten to damage the integrity and objectivity of professional accountants andthe reputation of the accounting profession.Required:Explain the following practices and associated ethical risks and discuss whether current ethical guidance issufficient:(a) ‘lowballing’; (5 marks)
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(ii) Discuss TWO problems that may be faced in implementing quality control procedures in a small firm ofChartered Certified Accountants, and recommend how these problems may be overcome. (4 marks)
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(b) With reference to CF Co, explain the ethical and other professional issues raised. (9 marks)
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(c) Identify and discuss the ethical and professional matters raised at the inventory count of LA Shots Co.(6 marks)
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(c) Assess how the fundamental ethical principles of IFAC’s Code of Ethics for Professional Accountants shouldbe applied to the provision of a forensic investigation service. (6 marks)
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(c) Prepare briefing notes, to be used by an audit partner in your firm, assessing the professional, ethical andother issues to be considered in deciding whether to proceed with the appointment as auditor of Medix Co.Note: requirement (c) includes 2 professional marks. (12 marks)
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