Accounting for Ethics in Mako Gold: Overview, Primary Activities, Ownership, Compliance, and Importance

This presentation discusses the accounting ethics in Mako Gold, including its overview, primary activities, ownership, compliance, and importance. It also covers the code of ethics for specialized accountants, importance of ethics in accounting, and accounting ethics in organizational information and property, health and safety issues, corporate prospect, and conflicts of interests, and compliance with securities regulations.

ACCOUNTING FOR
ETHICS (MAKO GOLD)

OVERVIEW
•Mako Gold Ltd is a gold mining company.
•The company was established in June 2015 and
obtained its first assignment interest in July 2016.
• Integrated and domiciled in Australia.
• It has listed on the ASX in the April 2018.

PRIMARY ACTIVITIES AND
PRESENT MAIN PROJECTS
• The main activity of the company is acquisition of projects for
mineral exploration and development.
• The company is led by a professional panel of mining industry
along with a verified track record of gold detection in Burkina
Faso gold production situated in Australia.
• Moreover, It comprises of three very potential projects in
West Africa that are Napie, Niou and Tangora .

OWNERSHIP AND STRUCTURE
• The company is controlled through TORO Gold’s
90% owned Senegalese subsidiary Petaowal Mining
Company SA. Further, the remaining part is held by
government of Senegal.

MAIN AIM AND OTHER DETAILS
Mako gold company has aimed to discover
enhance grade gold deposit in highly
prospective as well as under-explored areas
in Coted’lovire, Burkina Faso and other
countries of West Africa. However, as per
present situation 20 MOZ of gold has been
attained but same are believed to be
prospective areas for gold discoveries.

COMPLIANCE WHILE PREPARATION
OF BOOKS OF ACCOUNTS
Consolidated financial statements of the
company are prepared with compliance of
IFRS that is International Financial Reporting
Standards which are issued by Accounting
Standards Board (IASB).

ACCOUNTING FOR ETHICS
• Accounting ethics is a fundamental field of applied
ethics as well as it comprises element of business and
human ethics.
• It is the study of moral values and judgments as they
are implemented to accountancy.
• Comprehension of ethics assist accountants and
auditors to conquer ethical problems.

• Ethics and ethical behavior refers to more than
common standards for example honesty, reliability
and principles.
• The code of professional conduct, therefore, is a
particular set issued by governing authorities of
chartered accountants.
• Though the regulations specified by various bodies
across the world are each different out of which only
few are universal.
ETHICS AND THE CODE OF CONDUCT

CODE OF ETHICS FOR
SPECIALIZED ACCOUNTANTS
• APESB that is Accounting Professional and Ethical
Standards Board is an autonomous body originated on
2006 as an initiative of CPA Australia and Chartered
Accountants in Australia and New Zealand.
• It plays an important role in developing and issuing
professional as well as ethical standards in the public
interest, thus is appropriately complied by Mako Gold.

•APES 110 code of ethics for professional accountants
is defined by the APESB.
• The code is based on the code of ethics for qualified
accountants defined by the IESBA i.e. International
Ethics Standards Board for Accountants of the
International Federation of Accountants (IAFC).
• Maka Gold Ltd follows the accounting standards
while preparing the financial statements of the
company .

IMPORTANCE OF ETHICS IN
ACCOUNTING
• Appropriate ethics and ethical behavior is very
significant in accounting for many reasons.
• Accountants are often privy to receptive information
concerning their clients for example Social Security or
bank account numbers.
• Thus, the same will provide accountants assistance to
deal in better way of power with reference to their
clients.

• Moreover, it is significant to maintain the faith
between an accountant and their clients.
• In order to be an ethical accountant, the study of
legal statutes related to accounting practices is
necessary.
• Further, legal code is believed to be assistance of an
accountant to understand the general feeling towards
what is correct.
• Hence, they should ensure that the interest of clients
are put ahead to their own interest.

ACCOUNTING ETHICS
(ORGANIZATIONAL INFORMATION
AND PROPERTY )
• Information of a company is considered as a
valuable asset.
• It comprises the information that the organization
develops, procures or licenses along with the
information which is obtained by firm from other such
as consumers.
• The information can be in any form that is it can be
electronic, written ,verbal or visual, thus should be
kept confidential as per accounting ethics .

ACCOUNTING ETHICS (HEALTH
AND SAFETY ISSUES )
• It is important to have healthy and safety environment in
the company. It reinforces the competiveness and
provides advantages to its consumers, shareholders as
well as workers.
• Retaining a safe workplace protects the workers of
organization, information and property is essential for
mining company, thus same are complied by Mako Gold.

CORPORATE PROSPECT AND
CONFLICTS OF INTERESTS
• It is the duty of workers and directors of company to
progress the organization's interest and provide fair
chance to each employee.
• Executives should not take the private benefit from
such opportunities in which the organization might be
interested.

COMPLIANCE WITH SECURITIES
REGULATIONS
• Managers and workers who have constant access to
sensitive non public details, dealing in Company
securities should provide the appearance of
independency.
• Moreover, it is to be considered that entities should
not deal where the risk of the appearance of
immodesty is more.

REFERENCES
Mako Gold Ltd. Overview. [Online]. Available through
<http://www.makogold.com.au/>. [Accessed on 11th November 2018]
Du, X. and Lai, S., 2018. Financial distress, investment opportunity,
and the contagion effect of low audit quality: Evidence from United
States. Journal of Business Ethics, 147(3), pp.565-593.
Ghazali, A.W., Shafie, N.A. and Sanusi, Z.M., 2015. Earnings
management: An analysis of opportunistic behaviour, monitoring
mechanism and financial distress. Procedia Economics and
Finance, 28, pp.190-201.
El-Masry, A. and Kamal, N., 2013. Company Directors and
CSR. Encyclopedia of Corporate Social Responsibility, pp.415-421.
Iatridis, K. and Schroeder, D., 2016. Responsible Research and
Innovation in Industry. Springer.

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