CAS1501 ASSIGNMENT 6 PORTFOLIO
SEMESTER 01 2025
Distinction guaranteed
C1: Reflect on Your CAS1501 Journey
CAS1501 has expanded my understanding of the ethical implications of accountancy. I now
recognize that accountants must act not only as financial stewards but also as guardians of
public trust. The knowledge gained has reinforced my commitment to maintaining high
ethical standards, fostering transparency, and ensuring accountability in all business
practices, which is essential for the integrity of the profession.
C2: Study Unit Reference
The most influential study unit for my perspective is "2.2.1 The Social Impact of
Accountancy Professionals and Their Professional Citizenship Role."
C3: Motivation for C2
The content of Study unit 2.2.1 was transformative for my perspective. It provided a deeper
understanding of how accountancy affects society at large, highlighting the importance of
ethical conduct and corporate responsibility. It convinced me that accountants play a crucial
role in safeguarding the public interest, which influenced my commitment to ethical decision-
making in my career.
C4: Key Skill for Success in CAS1501
The key skill that contributed to my success is "Critical Thinking," as discussed in Study unit
2.2.2.1.
C5: Motivation for C4
Critical thinking has been vital in my academic success, particularly in how I approached
case studies and assignments. As emphasized in Study unit 2.2.2.1, this skill allows me to
assess situations from various perspectives, evaluate the validity of arguments, and make
sound decisions based on evidence. This has been instrumental in my understanding of
complex ethical issues in the accounting field.
6.1 Wrongdoing at Steinhoff
Answer:
"Steinhoff was involved in an extensive accounting fraud that led to its downfall, marking
one of South Africa's most significant corporate scandals." (Study Unit 4.5.3.1)
, 6.2 How the wrongdoing at Steinhoff was committed
Answer:
"Through false reporting, Steinhoff misrepresented its financial status by inflating assets and
concealing liabilities, which ultimately misled stakeholders and regulators." (Study Unit
4.5.3.6)
6.3 How the wrongdoing was made less obvious
Answer:
"The company hid the fraud by using deceptive accounting methods and creating fictitious
transactions, which obscured the true financial condition of the business." (Study Unit
4.5.3.6)
6.4 Mastermind of the scandal
Answer:
Markus Jooste
6.5 Position held by the mastermind
Answer:
Chief Executive Officer (CEO)
6.6 Category of role
Answer:
Executive Management
6.7 Likelihood of company issues
Answer:
YES
6.8 Supporting sentence for issues
Answer:
"Steinhoff lacked proper internal controls, leading to a culture of secrecy that allowed
fraudulent activities to persist unnoticed for years." (Study Unit 2.2.3.2)
6.9 Motivation for issues
Answer:
The company had inadequate oversight and failed to establish sufficient internal controls to
prevent fraud. This lack of scrutiny made it easy for fraudulent actions to go unnoticed,
resulting in financial mismanagement. (Study Unit 4.5.3.6)
6.10 Compliance with Companies Act (Section 3.3.2)
SEMESTER 01 2025
Distinction guaranteed
C1: Reflect on Your CAS1501 Journey
CAS1501 has expanded my understanding of the ethical implications of accountancy. I now
recognize that accountants must act not only as financial stewards but also as guardians of
public trust. The knowledge gained has reinforced my commitment to maintaining high
ethical standards, fostering transparency, and ensuring accountability in all business
practices, which is essential for the integrity of the profession.
C2: Study Unit Reference
The most influential study unit for my perspective is "2.2.1 The Social Impact of
Accountancy Professionals and Their Professional Citizenship Role."
C3: Motivation for C2
The content of Study unit 2.2.1 was transformative for my perspective. It provided a deeper
understanding of how accountancy affects society at large, highlighting the importance of
ethical conduct and corporate responsibility. It convinced me that accountants play a crucial
role in safeguarding the public interest, which influenced my commitment to ethical decision-
making in my career.
C4: Key Skill for Success in CAS1501
The key skill that contributed to my success is "Critical Thinking," as discussed in Study unit
2.2.2.1.
C5: Motivation for C4
Critical thinking has been vital in my academic success, particularly in how I approached
case studies and assignments. As emphasized in Study unit 2.2.2.1, this skill allows me to
assess situations from various perspectives, evaluate the validity of arguments, and make
sound decisions based on evidence. This has been instrumental in my understanding of
complex ethical issues in the accounting field.
6.1 Wrongdoing at Steinhoff
Answer:
"Steinhoff was involved in an extensive accounting fraud that led to its downfall, marking
one of South Africa's most significant corporate scandals." (Study Unit 4.5.3.1)
, 6.2 How the wrongdoing at Steinhoff was committed
Answer:
"Through false reporting, Steinhoff misrepresented its financial status by inflating assets and
concealing liabilities, which ultimately misled stakeholders and regulators." (Study Unit
4.5.3.6)
6.3 How the wrongdoing was made less obvious
Answer:
"The company hid the fraud by using deceptive accounting methods and creating fictitious
transactions, which obscured the true financial condition of the business." (Study Unit
4.5.3.6)
6.4 Mastermind of the scandal
Answer:
Markus Jooste
6.5 Position held by the mastermind
Answer:
Chief Executive Officer (CEO)
6.6 Category of role
Answer:
Executive Management
6.7 Likelihood of company issues
Answer:
YES
6.8 Supporting sentence for issues
Answer:
"Steinhoff lacked proper internal controls, leading to a culture of secrecy that allowed
fraudulent activities to persist unnoticed for years." (Study Unit 2.2.3.2)
6.9 Motivation for issues
Answer:
The company had inadequate oversight and failed to establish sufficient internal controls to
prevent fraud. This lack of scrutiny made it easy for fraudulent actions to go unnoticed,
resulting in financial mismanagement. (Study Unit 4.5.3.6)
6.10 Compliance with Companies Act (Section 3.3.2)
