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CAS1501 Assignment 3 Semester 2 2024

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  • Course
  • Perspectives on Accountancy (CAS1501)
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  • University Of South Africa (Unisa)

1. CAS1501-24-S2-16T 2. Welcome message 3. Assessment 3 - 854162 Assignment Assessment 3 - 854162 Completion requirements Opened: Tuesday, 3 September 2024, 3:00 PM Due: Tuesday, 17 September 2024, 3:00 PM 854162 Assessment 3 - 854162 Contribution to SEMESTER mark: 20% ...

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  • September 11, 2024
  • 11
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • cas1501 assignment 3 2024

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  • University of South Africa (Unisa)
  • Perspectives on Accountancy (CAS1501)
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CAS1501
ASSIG NM ENT 3 20 24
D U E : 17 SEPTEMBER 2024




SEMESTER 2 2024

, 1. CAS1501-24-S2-16T
2. Welcome message
3. Assessment 3 - 854162



Assignment
Assessment 3 - 854162
Completion requirements
Opened: Tuesday, 3 September 2024, 3:00 PM
Due: Tuesday, 17 September 2024, 3:00 PM
854162


Assessment 3 - 854162

Contribution to SEMESTER mark: 20%




C1 From the CASE STUDY, describe the MAIN FINDING of Judge Baloyi.

C1: Judge Baloyi held Mr. John Smith, the former CEO of Pacific Petrol Power Limited
(PPP), solely responsible for financial losses amounting to R2.146 million. The ruling
cited Mr. Smith's breach of fiduciary and statutory duties under the Companies Act. The
judge highlighted that directors are required to actively oversee and manage company
affairs. Despite his considerable experience in accounting, Mr. Smith neglected to act on
several warning signs concerning the company's worsening financial state.


C2 From the CASE STUDY, describe the MAIN reason why Mr Smith was found
guilty.

C2: Mr. Smith was held accountable mainly for his failure to address numerous red
flags outlined in an internal audit report, despite his obligation to oversee and respond
to the company’s declining financial situation. The judge ruled that his neglect in
handling these concerns resulted in substantial financial losses, making him liable for
compensation.


C3 Provide the number and full name of the ONE STUDY UNIT out of the three
covered for this assessment MOST CLOSELY ASSOCIATED with your answer in
Question C2.


C3: Study unit 2: perspectives on accountancy professions and their role in society

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