Institute of Chartered

Accountants – Ghana (ICAG)

Paper 2.6
Corporate Strategy, Ethics and
Governance

Final Mock Exam 1

Question paper
Time allowed 3 hours

Instructions:
All five questions in this exam are compulsory and must be attempted.

DO NOT OPEN THIS PAPER UNTIL YOU ARE READY TO START UNDER
EXAMINATION CONDITIONS
ii

Corporate Strategy, Ethics and Governance

The Institute of Chartered Accountants – Ghana

First edition 2015

ISBN 9781 4727 2841 8

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©
The Institute of Chartered Accountants –
Ghana 2015
 Final Mock Exam 1: Questions 1

PART A
Part A contains ONE compulsory 40-mark case study. You must attempt this question.
This question covers Corporate Strategy Formulation, Implementation and Evaluation, the subject of Part A
of the Study Text for Paper 2.6 Corporate Strategy, Ethics and Governance.

1 Hammond Shoes 72 mins

Introduction
Hammond Shoes was formed in 1895 by Richard and William Hammond, two brothers who owned and
farmed land in Petatown, in the country of Arnland. At this time, Arnland was undergoing a period of rapid
industrial growth and many companies were established that paid low wages and expected employees to
work long hours in dangerous and dirty conditions. Workers lived in poor housing, were largely illiterate and
had a life expectancy of less than forty years.
The Hammond brothers held a set of beliefs that stressed the social obligations of employers. Their beliefs
guided their employment principles – education and housing for employees, secure jobs and good working
conditions. Hammond Shoes expanded quickly, but it still retained its principles. Today, the company is a
private limited company whose shares are wholly owned by the Hammond family. Hammond Shoes still
produce footwear in Petatown, but they now also own almost one hundred retail shops throughout Arnland
selling their shoes and boots. The factory (and surrounding land) in Petatown is owned by the company and
so are the shops, which is unusual in a country where most commercial properties are leased. In many
respects this policy reflects the principles of the family. They are keen to promote ownership and are averse
to risk and borrowing. They believe that all stakeholders should be treated fairly. Reflecting this, the
company aims to pay all suppliers within 30 days of the invoice date. These are the standard terms of
supply in Arnland, although many companies do, in reality, take much longer to pay their creditors.
The current Hammond family are still passionate about the beliefs and principles that inspired the founders
of the company.
Recent history
Although the Hammond family still own the company, it is now totally run by professional managers. The
last Hammond to have operational responsibility was Jock Hammond, who commissioned and implemented
the last upgrade of the production facilities in 1991. In the past five years the Hammond family has taken
substantial dividends from the company, whilst leaving the running of the company to the professional
managers that they had appointed. During this period the company has been under increased competitive
pressure from overseas suppliers who have much lower labour rates and more efficient production facilities.
The financial performance of the company has declined rapidly and as a result the Hammond family has
recently commissioned a firm of business analysts to undertake a SWOT analysis to help them understand
the strategic position of the company.
SWOT analysis: Here is the summary SWOT analysis from the business analysts’ report.
Strengths
Significant retail expertise: Hammond Shoes is recognised as a successful retailer with excellent supply
systems, bright and welcoming shops and shop employees who are regularly recognised, in independent
surveys, for their excellent customer care and extensive product knowledge.
Excellent computer systems/software expertise: Some of the success of Hammond Shoes as a retailer is due
to its innovative computer systems developed in-house by the company’s information systems department.
These systems not only concern the distribution of footwear, but also its design and development. Hammond
is acknowledged, by the rest of the industry, as a leader in computer-aided footwear design and distribution.
Significant property portfolio: The factory in Petatown is owned by the company and so is a significant
amount of the surrounding land. All the retail shops are owned by the company. The company also owns a
disused factory in the north of Arnland. This was originally bought as a potential production site, but
increasingly competitive imports made its development unviable. The Petatown factory site incorporates a
retail shop, but none of the remaining retail shops are near to this factory, or indeed to the disused factory
site in the north of the country.
2 Final Mock Exam 1: Questions

Weaknesses
High production costs: Arnland is a relatively high labour cost economy.
Out-dated production facilities: The actual production facilities were last updated in 1991. Current
equipment is not efficient in its use of either labour, materials or energy.
Restricted internet site: Software development has focused on internal systems, rather than internet
development. The current website only provides information about Hammond Shoes; it is not possible to buy
footwear from the company’s website.
Opportunities
Increased consumer spending and consumerism: Despite the decline of its manufacturing industries,
Arnland remains a prosperous country with high consumer spending. Consumers generally have a high
disposable income and are fashion conscious. Parents spend a lot of money on their children, with the aim
of ‘making sure that they get a good start in life’.
Increased desire for safe family shopping environment: A recent trend is for consumers to prefer shopping
in safe, car-free environments where they can visit a variety of shops and restaurants. These shopping
villages are increasingly popular.
Growth of the green consumer: The numbers of ‘green consumers’ is increasing in Arnland. They are
conscious of the energy used in the production and distribution of the products they buy. These consumers
also expect suppliers to be socially responsible. A recent television programme on the use of cheap and
exploited labour in Orietaria was greeted with a call for a boycott of goods from that country. One of the
political parties in Arnland has emphasised environmentally responsible purchasing in its manifesto. It
suggests that ‘shorter shipping distances reduce energy use and pollution. Purchasing locally supports
communities and local jobs’.
Threats
Cheap imports: The lower production costs of overseas countries provide a constant threat. It is still much
cheaper to make shoes in Orietaria, 4000 kilometres away, and transport the shoes by sea, road and train
to shops in Arnland, where they can be offered at prices that are still significantly lower than the footwear
produced by Hammond Shoes.
Legislation within Arnland: Arnland has comprehensive legislation on health and safety as well as a
statutory minimum wage and basic redundancy rights and payments for employees. The government is likely
to extend its employment legislation programme.
Recent strategies
Senior management at Hammond Shoes have recently suggested that the company should consider closing
its Petatown production plant and move production overseas, perhaps outsourcing to established suppliers in
Orietaria and elsewhere. This suggestion was immediately rejected by the Hammond family, who questioned
the values of the senior management. The family issued a press release with the aim of re-affirming the core
values which underpinned their business. The press release stated that ‘in our view, the day that Hammond
Shoes ceases to be a Petatown company, is the day that it closes’. Consequently, the senior management
team was asked to propose an alternative strategic direction.
The senior management team’s alternative is for the company to upgrade its production facilities to gain
labour and energy efficiencies. The cost of this proposal is GHS37.5m. At a recent scenario planning
workshop the management team developed what they considered to be two realistic scenarios. Both
scenarios predict that demand for Hammond Shoes’ footwear would be low for the next three years.
However, increased productivity and lower labour costs would bring net benefits of GHS5m in each of these
years. After three years the two scenarios differ. The first scenario predicts a continued low demand for the
next three years with net benefits still running at GHS5m per year. The team felt that this option had a
probability of 0.7. The alternative scenario (with a probability of 0.3) predicts a higher demand for
Hammond’s products due to changes in the external environment. This would lead to net benefits of
GHS10m per year in years four, five and six. All estimated net benefits are based on the discounted future
cash flows.
Financial information: The following financial information (see Figure 1) is also available for selected recent
years for Hammond Shoes manufacturing division.
 Final Mock Exam 1: Questions 3

Figure 1: Extracts from the financial statements of Hammond Shoes (2010–2014)

Extracted from the income statements (all figures in 2014 2012 2010
GHSGHSm)
Revenue 700 750 850
Cost of sales (575) (600) (650)
Gross profit 125 150 200
Administration expenses (95) (100) (110)
Other expenses (10) (15) (20)
Finance costs (15) (10) (5)
Profit before tax 5 25 65
Income tax expense (3) (7) (10)
Profit for the year 2 18 55

Extracted from statements of financial position (all figures

in GHSGHS m)
Trade receivables 70 80 90

Share capital 100 100 100

Retained earnings 140 160 170
Long term borrowings 70 50 20
In 2010, Hammond Shoes paid, on average, their supplier invoices 28 days after the date of invoice. In
2012 this had risen to 43 days and in 2014, the average time to pay a supplier invoice stood at 63 days.
Required
(a) Analyse the financial position of Hammond Shoes and evaluate the proposed investment of
GHS37.5m in upgrading its production facilities. (10 marks)
(b) Using an appropriate framework (or frameworks) examine the alternative strategic options that
Hammond Shoes could consider to secure its future position. (16 marks)
Professional marks will be awarded in part (b) for the clarity, structure and style of the answer. (4 marks)
(c) Advise the Hammond family on the importance of mission, values and objectives in defining and
communicating the strategy of Hammond Shoes. (10 marks)
(Total = 40 marks)
4 Final Mock Exam 1: Questions

PART B
Part B contains FIVE 20-mark questions. You must attempt THREE of these questions.
Question 1 and 2 cover Corporate Strategy Formulation, Implementation and Evaluation, the subject of Part
A of the Study Text for Paper 2.6 Corporate Strategy, Ethics and Governance.
Question 3 covers Ethics the subject of Part B of the Study Text for Paper 2.6 Corporate Strategy, Ethics and
Governance.
Question 4 covers both Part A, Corporate Strategy Formulation, Implementation and Evaluation; and Part B,
Ethics, of the Study Text for Paper 2.6 Corporate Strategy, Ethics and Governance.
Question 5 covers both Part B, Ethics; and Part C, Corporate Governance, of the Study Text for Paper 2.6
Corporate Strategy, Ethics and Governance.

1 Joe Swift Transport 36 mins

Ambion is the third largest industrial country in the world. It is densely populated with a high standard of
living. Joe Swift Transport (known as Swift) is the largest logistics company in Ambion, owning 1500 trucks.
It is a private limited company with all shares held by the Swift family. It has significant haulage and storage
contracts with retail and supermarket chains in Ambion. The logistics market-place is mature and extremely
competitive and Swift has become market leader through a combination of economies of scale, cost
efficiencies, innovative IT solutions and clever branding. However, the profitability of the sector is under
increased pressure from a recently elected government that is committed to heavily taxing fuel and reducing
expenditure on roads in favour of alternative forms of transport.
It has also announced a number of taxes on vehicles which have high carbon emission levels as well as
reducing the maximum working hours and increasing the national minimum wage for employees. The
company is perceived as a good performer in its sector.
The 2014 financial results reported a Return on Capital Employed of 18%, a gross profit margin of 17% and
a net profit margin of 9.15%. The accounts also showed a current liquidity ratio of 1.55 and an acid test
ratio of 1.15. The gearing ratio is currently 60% with an interest cover ratio of 8.
10 years ago the western political bloc split up and nine new independent states were formed. One of these
states was Ecuria. The people of Ecuria (known as Ecurians) traditionally have a strong work ethic and a
passion for precision and promptness. Since the formation of the state, their hard work has been rewarded
by strong economic growth, a higher standard of living and an increased demand for goods which were once
perceived as unobtainable luxuries. Since the formation of the state, the government of Ecuria has pursued a
policy of privatisation. It has also invested heavily in infrastructure, particularly the road transport system,
required to support the increased economic activity in the country.
The state haulage operator (EVM) was sold off to two Ecurian investors who raised the finance to buy it from
a foreign bank. The capital markets in Ecuria are still immature and the government has not wished to
interfere with or bolster them. EVM now has 700 modern trucks and holds all the major logistics contracts
in the country. It is praised for its prompt delivery of goods. Problems in raising finance have made it difficult
for significant competitors to emerge. Most are family firms, each of which operates about 20 trucks making
local deliveries within one of Ecuria’s 20 regions.
These two investors now wish to realise their investment in EVM and have announced that it is for sale. In
principle, Swift are keen to buy the company and are currently evaluating its possible acquisition. Swift’s
management perceive that their capabilities in logistics will greatly enhance the profitability of EVM. The
financial results for EVM are shown in Figure 1. Swift has acquired a number of smaller Ambion companies
in the last decade, but has no experience of acquiring foreign companies, or indeed, working in Ecuria. Joe
Swift is also contemplating a more radical change. He is becoming progressively disillusioned with Ambion.
In a recent interview he said that ‘trading here is becoming impossible. The government is more interested in
over regulating enterprise than stimulating growth’. He is considering moving large parts of his logistics
operation to another country and Ecuria is one of the possibilities he is considering.
 Final Mock Exam 1: Questions 5

2014
Figure 1 – Extract from financial results: EMV
Extract from the statement of financial position
GHSm
Assets
Non-current assets
Intangible assets 2,000
Property, plant and equipment 6,100
8,100
Current assets
Inventories 100
Trade receivables 900
Cash and cash equivalents 200
1,200

Total assets 9,300

GHSm
Equity and liabilities
Equity
Share capital 5,700
Retained earnings 50
Total equity 5,750

Non-current liabilities
Long-term borrowings 2,500
Current liabilities
Trade payables 1,000
Current tax payable 50
1,050
Total liabilities 3,550
Total equity and liabilities 9,300

Extract from the statement of comprehensive income

GHSm
Revenue 20,000
Cost of sales (16,000)
Gross profit 4,000
Administrative expenses (2,500)
Finance cost (300)
Profit before tax 1,200
Income tax expense (50)
Profit for the year 1,150

Required
(a) Assess, using both financial and non-financial measures, the attractiveness, from Swift’s perspective,
of EVM as an acquisition target. (10 marks)
(b) Porter’s Diamond can be used to explore the competitive advantage of nations and could be a useful
model for Joe Swift to use in his analysis of countries that he might move his company to.
Examine using Porter’s Diamond the factors which could influence Swift’s decision to move a large
part of its logistics business to Ecuria. (10 marks)
(Total = 20 marks)
6 Final Mock Exam 1: Questions

2 GreenTech 36 mins
GreenTech was established in 1990. The company began by specialising in the supply of low voltage, low
emission, quiet, recyclable components to the electronic industry. Its components are used in the control
systems of lifts, cars and kitchen appliances. Two medium-sized computer manufacturers use greenTech
components in selected ‘green’ (that is, environmentally-friendly) models in their product range. Recent
market research showed that 70% of the global electronics industry used greenTech components somewhere
in its products.
In 1993 the company began a catalogue mail order service (now Internet-based) selling ‘green’ components
to home users. Most of these customers were building their own computers and they required such
components on either environmental grounds or because they wanted their computers to be extremely quiet
and energy efficient. From 2005, greenTech also offered fully assembled computer systems that could be
ordered and configured over the Internet. All greenTech’s components are purchased from specialist
suppliers. The company has no manufacturing capability, but it does have extensive hardware testing
facilities and it has built up significant technical know-how in supplying appropriate components. The
management team that formed the company in 1990 still runs the company.
Finance and revenue
The company has traded profitably since its foundation and has grown steadily in size and revenues. In
2014, its revenues were GHS64m, with a pre-tax profit of GHS10m. The spread across the three revenue
streams is shown in Figure 1:
All figures in GHSm 2014 2013 2012
Component sales to electronics industry 40 36 34
Component sales to home users 20 18 16
Fully assembled green computers 4 3 2
Total 64 57 52

Figure 1: Turnover by revenue stream 2012–2014

The company has gradually accumulated a sizeable cash surplus. The board cannot agree on how this cash
should be used. One beneficiary has been the marketing budget (see Figure 2), but the overall spend on
marketing still remains relatively modest and, by April 2014, the cash surplus stood at GHS17m.
All figures in GHS 2014 2013 2012
Internet development & marketing 100,000 70,000 60,000
Display advertising (manufacturers) 50,000 40,000 30,000
Display advertising (domestic customers) 20,000 15,000 15,000
Exhibitions & conferences 30,000 20,000 15,000
Marketing literature 10,000 5,000 5,000
Total 210,000 150,000 125,000

Figure 2: Marketing budget 2012–2014

Company Doctor
In 2014 a television company wrote to greenTech to ask whether it would consider taking part in a
television programme called ‘Company Doctor’. In this programme three teams of consultants spend a week
at a chosen company working on a solution to a problem identified by the company. At the end of the week
all three teams present their proposal for dealing with the problem. A panel of experts, including
representatives from the company, pick the winner and, in theory, implement the winning proposal.
greenTech agreed to take part in the programme and selected their future strategic direction as the problem
area to be analysed. Their cash surplus would then be used to fund the preferred option. The show was
recorded in September 2014 to be transmitted later in the year. A brief summary of the conclusions of each
team of consultants is given below.
 The accountants Lewis-Read suggested a strategic direction that planned to protect and build on
greenTech’s current strategic position. They believed that the company should invest in marketing the
fully assembled ‘green’ computers to both commercial and home customers. They pointed out that
the government had just agreed a preferential procurement policy for energy efficient computers with
high recyclable content. ‘This segment of the market is rapidly expanding and is completely under-
exploited by greenTech at the moment’, Lewis-Read concluded.
 Final Mock Exam 1: Questions 7

 The corporate recovery specialists, Fenix, put forward a strategic direction that essentially offered
more services to greenTech’s current customers in the electronics industry. They suggested that the
company should expand its product range as well as being able to manufacture components to
respond to special requirements. They also believed that potential supply problems could be avoided
and supply costs could be cut if greenTech acquired its own manufacturing capability. ‘You need to
secure the supply chain, to protect your future position.’ They felt that the surplus cash in the
company should be used to acquire companies that already had these manufacturing capabilities.
 The third team was led by Professor Ag Wan from Catalyst University. Their main recommendation
was that greenTech should not see itself as a supplier of components and computers but as a supplier
of green technology. They suggested that the company should look at many other sectors (not just
electronics) where quietness, low emissions and recyclable technology were important. ‘The company
needs to exploit its capabilities, not its products. It is looking too narrowly at the future. To compete
in the future you need to develop your markets, not your products’, concluded the professor.
Figure 3, which was shown on the television show, illustrates how each solution came from a different part
of an amended Ansoff product/market matrix.
Products
Existing New
Markets Existing Project/Build Product development with new
Lewis-Read (option 1) capabilities
Fenix (option 2)
New Market Development with new No team chose this option
uses and capabilities Diversification
Professor Ag Wan (option 3)
Figure 3: Adapted Ansoff matrix showing the position of the three solutions
In the television programme, the panel chose option 3 (as suggested by Professor Ag Wan’s team) as being
the most appropriate strategic direction and, much to everyone’s surprise, the company began to pursue this
direction with much vigour. Objectives and goals were established and a set of processes was designed to
facilitate business-to-business transactions with potential new customers. These processes allow customers,
by using computer-aided design software, to view the specification of products available, to assemble them
and to integrate their own components into the design. This means that they are able to construct virtual
prototypes of machines and equipment. This process design, delivered through a web service, is still under
development.
Required
(a) Evaluate the current strategic position of greenTech using a SWOT analysis. (8 marks)
(b) The panel selected the proposal of Professor Ag Wan as the winning proposal.
Write a briefing paper evaluating the three proposals and justifying the selection of the proposal of
Professor Ag Wan as the best strategic option for greenTech to pursue. (12 marks)
(Total = 20 marks)

3 Genetically modified plants 36 mins

Genetically modified (GM) plants are produced by adding a gene from another species. This is so that the
plants are more resistant to weed killer or pests, and are able to grow with less water or in other difficult
conditions. GM crops are substantially more profitable for farmers than normal crops because they produce
far larger yields per acre. GM crops are seen by many as the great hope for ending starvation around the
world.
There are concerns, however, especially in Europe, about the possible long-term negative impact of
genetically modifying crops. There is further opposition based on fears that conventional crops growing in
fields some distance away from a GM crop can be damaged by the GM crop’s DNA.
B is a privately owned biotechnology company based in Europe. B has developed a process which makes
seeds pest resistant without genetically modifying those seeds. Up to now, the company has only operated
at the laboratory scale and has no production facilities capable of producing commercial quantities of the
seeds.
8 Final Mock Exam 1: Questions

Due to the nature of the biotechnology industry, B has been very secretive about the research work it is
conducting. However, the news of the recent invention has caused a lot of excitement in the scientific
community. Within this community this non-GM technology, developed by B, is seen to have the potential to
contribute significantly to both the economy and the well being of populations in poorer countries.
Recently, however, B has faced increasing protests from environmental lobby groups and elements of the
local community near its laboratories. These groups want B to stop developing and testing these non-GM
seeds. These stakeholder groups claim, incorrectly, that the seeds are genetically modified.
The government of the country in which B is based is currently conducting an enquiry into the safety of GM
crops. The enquiry is not likely to reach a conclusion for another 18 months. The expected conclusion is a
ban on the research and development of GM crops. Some other countries have already banned research and
development into GM crops, whilst other countries have approved such research.
Although B does not genetically modify seeds, the Board believes that the company will suffer from the
adverse publicity that will result from a ban on research and development into GM crops.
The Board of B is considering the following options:
1 The company could work to convince the stakeholders that it is not genetically modifying seeds and
that it is in the best interests of everyone that it is allowed to carry on with its research.
2 The company could move to a country where there is a more tolerant attitude to research and
development in the area of biotechnology.
Required
(a) Discuss the corporate responsibility that B has towards the government, the environmental lobby
groups and the local community as stakeholders. (6 marks)
(b) Recommend how B can improve relationships with the government, the lobby groups and the local
community. (10 marks)
(c) Discuss the corporate social responsibility (CSR) issues relating to B’s option to relocate, using the
four dimensions of CSR; legal, ethical, economic and philanthropic. (4 marks)
(Total = 20 marks)

4 LAS corporate headquarters 36 mins

LAS is a public company that has its corporate headquarters in Ghana. It is listed on the London Stock
Exchange. Its latest annual report was criticised in a leading international financial newspaper because of its
'exclusive focus on the interests of shareholders which ignored any other interested parties'.
LAS was established in 1851 and its purpose, at that time, was stated to be 'to trade in Empire
commodities'. Since then, the nature of LAS's business has changed radically and it is now a property
company with investments in many countries. In the year ended 30 June 20X1, LAS managed properties
valued at GHS800m. LAS does not have a mission statement.
LAS's Financial Director, CR, is a ICAG member and a member of the United Kingdom’s CIMA. He has
suggested that the corporate headquarters be moved from Ghana to London for the following reasons:
 London is a major international financial centre whereas its current host country is not. It would be
easier for LAS to arrange finance from a London base and some of its transactions costs would be
cheaper.
 LAS's business takes place in 28 different countries. None of these countries has more than 5% of
LAS's business and there is no particular reason to site LAS in one of them.
The Board has agreed to this proposal. LAS has decided that when the corporate headquarters is moved to
London by the end of 20X1, it would mean that 80 employees in Ghana would lose their jobs. Their
prospects for finding a replacement job are not good.
 Final Mock Exam 1: Questions 9

Required
(a) Identify which 'other parties', besides shareholders, are likely to be interested in LAS's annual report.
(4 marks)
(b) Discuss the purpose of, and advantages LAS could derive from, a mission statement. (4 marks)
(c) Advise the Finance Director if his suggestion to move the corporate headquarters is a breach of the
International Federation of Accountants (IFAC)’s Code of Ethics. (12 marks)
(Total = 20 marks)

5 SPQ 36 mins
As a ICAG member, you have recently been appointed as the Head of Internal Audit for SPQ, a multinational
listed company that carries out a large volume of internet sales to customers who place their orders using
their home or work computers. You report to the Chief Executive, although you work closely with the Finance
Director. You have direct access to the Chair of the Audit committee whenever you consider it necessary.
One of your internal audit teams has been conducting a review of IT security for a system which has been in
operation for 18 months and which is integral to internet sales. The audit was included in the internal audit
plan following a request by the chief accountant. Sample testing by the internal audit team has revealed
several transactions over the last three months which have raised concerns about possible hacking or
fraudulent access to the customer/order database. Each of these transactions has disappeared from the
database after deliveries have been made but without sales being recorded or funds collected from the
customer. Each of the identified transactions was for a different customer and there seems to be no
relationship between any of the transactions.
You have received a draft report from the internal audit manager responsible for this audit which suggests
serious weaknesses in the design of the system. You have discussed this informally with senior managers
who have told you that such a report will be politically very unpopular with the chief executive as he was
significantly involved in the design and approval of the new system and insisted it be implemented earlier
than the IT department considered was advisable. No post-implementation review of the system has taken
place.
You have been informally advised by several senior managers to lessen the criticism and work with the IT
department to correct any deficiencies within the system and to produce a report to the audit committee that
is less critical and merely identifies the need for some improvement. They suggest that these actions would
avoid criticism of the chief executive by the Board of SPQ.
Required
(a) Explain the role of internal audit in internal control and risk management. (10 marks)
(d) Applying the ethical principles from the International Federation of Accountants (IFAC)’s Code of
Ethics, explain which principles should apply to the head of internal audit when reporting the results
of this internal review and how any ethical conflicts should be resolved. (10 marks)
(Total = 20 marks)
10 Final Mock Exam 1: Questions