Accounting Ethics and Compliance: A Case Study on Mako Gold Ltd

This report provides an overview of accounting ethics and compliance within Mako Gold Ltd, a gold mining company. The company, established in 2015 and listed on the ASX in 2018, focuses on mineral exploration and development, primarily in West Africa. The report highlights the company's adherence to International Financial Reporting Standards (IFRS) and the importance of ethical behavior in accounting, including the significance of the code of conduct and the role of the Accounting Professional and Ethical Standards Board (APESB). It emphasizes the importance of maintaining confidentiality of company information, ensuring a safe workplace, and addressing corporate prospects and conflicts of interest, while also complying with securities regulations. The report references Mako Gold's overview and related academic research on financial distress, earnings management, and corporate social responsibility.

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.