p1考前急速提分-01重难点串讲

Scope

of

corporateernanceDefinition

ofCGa

set

of

relationship/ structures/

means

来保证shareholders

&

stakeholders

的interest

&

company’s

objective

的实现TheoryPrinciples(11)Stakeholder

models线一线二线三Best

decisionIntegrity：straightforward，

ethical

std.Fairness

：

rights

of

any

groupsJudgement

：best

decisionIndependence:

free

of

bias

or

pressure(IA,NEDs,Audit

committee)independence

of

mind:

pro

pnions

without

other

people'sinfluenceindependence

in

appearance:

avoid

situations

where

an

informedthird

party

could

reasonably

conclude

that

your

decision

is

under

otherpeople's

influence.Scepticism

:

professional

skills

（based

on）a

healthy

corporateculture

to

make

the

scepticism

thriveScope

of

corporateernance–线一Honest

disclosureOpeness/transparency:open

&

clear

disclosure与

ityProbity:

honest

reportingResponsibility:clear

roles(事前pre-event)Accountability

：answerforconsequences（事后问责post-event）Innovation：change

over

timeScope

of

corporate ernance–线一ReputationLong

–

term

interestBestdecision

HonestdisclosureIntegrityFairnessJudgementIndependenceScepticismOpeness/transparencyProbityResponsibilityAccountabilityInnovationScope

of

corporateernance–线一Agency

theory

：Principal

vs

agent

(appoint

，fiducidary

duty)Information

asymmetry

(self

–

interest

threats)Control

&

monitor

to

solve

agency

problemAgency

costreduce

information

asymmetry:regular

meeting/regular

information/external

consultant(external

audit)enhance

goal

congruence:performance-related

payshare

optionScope

of

corporate ernance–线二Transaction

cost

theory：theory

of

firm

：keep

as

many

transaction

aspossible

in-house（风险更可控，transaction

cost

更低）vertical

integrationexplain

larger

company

，

larger

agency

problemScope

of

corporate ernance–线二ignoreinformsatisfykeyStakeholder

modelsMendelow‘s

matrix

（dynamic）power

&

interest

influencefourtypeshelp

define

different

attitudes

to

differentstakeholdersinterestpower

Scope

of

corporate

ernance–线三Stakeholder

models分类:Internal

/

connected

/

extrnal:

shareholdersActive

/

passive

：seek

to

participate

（most

shareholders:insititutional

investors）proxy

voteNarrow/wide(是否会受到公司策略重大影响)Voluntary/

Involuntary：自主参与/

参与影响Primary/secondary：是否影响公司的持续经营Scope

of

corporateernance–线三Approaches

to

CGapproaches

to

CG线一线二Principles

vs

RulesCorporateownershipPrinciples

–

based

approachesRules

–

based

approachesUKcorporate ernance

code

（2010）US

Sarbanes

–

Oxley

Act

(2002)Principles

–

based

approaches

(UK

corporate ernance

code)'Comply

or

explain’

basisFlexibility

&

cost

saving

(suitable

for

small

company

&multi-national

business）Lack

of

consistency

，

hard

to

lead

to

best

practice

（

too

board）Not

voluntaryStock

market

（setting

stds

and

judge

the

seriousness

of pliance

&

revaluecompany）Rules

–

based

approaches

(US

Sarbanes

–

Oxley

Act)Full

complianceEasy

（can

be

evidenced

）&

consistencyLegal

enforcementFor

small

company

（no

deviation)‘box

ticking’

exercise:

no

consideration

of

the

reasons

why

the

rules

need

to

be

compliedPunished

by

sta ack

of

economic

efficiencyApproaches

to

CG–线一Corporate

ownershipFamily

/

insider

firms

：reduced

agency

problem(easier

to

establish

ties

between

owners

and

managers)poor

protection

of

minorities(reluctant

to

external

recruitment)takelong-term

strategic

viewoutsider

system:less

agencyproblem(tend

to

be

more

robusthostile

takeoverfocus

onshort-term

interesteranceto

protect

shareholders)Private

&

public

sector

&

NGO

（考官文章）purposes:ownership:performance

indicatorApproaches

to

CG–线二Corporateerance

practice

and

reportingCorporateerance

practice

and

reportingReporting线一practicestructure线二线三ProvideentrepreneurialleadershipThe

roleof

threpresent

thecompany

to

thepublicdeterminestrategicaimsriskmanagement&

controlExampleof

best

practices

(UK

CG

Code)A

BCD

EA

-

leadershipEffectiveness

of

boardboard&

individual

director

should

both

under

regular

review

/

appraisalCEO

VS

Chairman(关注经营，board

的

实施，

business）board

（关注board，关注shareholders利益）benifits

of

separation:

a

single

individual

doses

not

have

unfettered

power

give

suitablefocus

two

different

s,mproves

decision-makingIndependent

NEDsno

executive

power4role:Strategy-Challenge

(number/status/participation)

&contribute(capability)Scrutinise

performance

&

reportRisk

management

and

control-risk

&

audit

committeePeople-remuneration,nominationCorporate erance

practice

and

reporting–线一some

problems:close

relationship?participation?C

–

AccountabilityFinancial

reportingInternal

control

&

Risk

ManagementAudit

Committee

&

AuditorsCorporateerance

practice

and

reporting–线一B

–EffectivenessBalance

(diversity

)

+IndependenceTime

allowed

for

rolessizecontinuity

of

requiredskillsnomination

committee-Inductiondirectors

duties

(specific

roles)company

strategies

(values&culture)operations

(reporting

line

&

relationships)D

–

RemunerationSufficient

to

recuit

,retain

and

motive

inlong-termEDs:

a

balanced

remuneration

package:salary/performance

relatedbonus/pension/benefits/share

optionNEDs:

industry

average

salary,

non-performance

related

pay,

no

share

optionE

–

Relations

with

shareoldersDialogue

withall

shareholders

(Includeinstitutional

shareholder,

who

is

passive)Shareholder

voting

(AGM,

EGM

)Corporate erance

practice

and

reporting–线一CorporateCorporateerance

practice

and

reporting–线二erance

practice

and

reportingReportingpracticestructure线一线二线三Unitary

board(UK,USA)

:equal

legal

responsibilityMulti

–

tier

board(Japan,Germany)Supervisory

board(NEDs)Operating

board(EDs)may

not

always

be

this

form(EDs

like

CEO

in

the

corporat ,however

NEDsare

in

the

operating

board)quick

decision-making,

suitable

in

complexand

dynamic

environmentdevice

to

have

excessivepowerappointCorporateerance

practice

and

reporting–线三Corporateerance

practice

and

reporting线二线一practice

structureReportingerancedisdosureInformation

about

directorsReports

fromcommitteeDetails

of

relations

with

auditorsA

statement

that

the

directors

have

reviews

the

effectivenessof

internal

controlA

statementthat

the

company

is

a

going

concernA

statement

on

relations

and

dialogue

with

shareholdersSustainability

reporting线三Internal

control

systemInternal

control

systemReasonable

assurance

thatwill

achieve

objectivesResponse

to

significant

risk

(manage

and

control

risk)Effective

+

Efficient

business

operationReliability

of

reportingCompliance

with

laws

/

regulationsSafeguardinvestment

/

assetsCOSO

Cube

(3个维度)考官文章ERMRisk

attitudes

and

internalenvironmentControl

Environment(top

tone)Corporate

cultureManagement

stylenisation

structureMethod

of

imposing

controlEthical

valuesRisk

appetite:Sound

systemStakeholders

attitudeRisk

attitudes

and

internal

environmentRisk

appetite:A

measure

of

company’sability

and

willness

to

accept

different

risks(seeker

,

averse

,neutral)Shareholders

demandanisation’s

size

,

structure

,

stage

of

developmental

viewNational

/

cultural

differenceStakeholders

attitudeShareholders

(Risk

vsReturn)Customers

(Continuity):qualityLenders

(repayment)rs

(payment)ernment

(employment

/

environmental

poliy)Employee

:

job

prospectsSound

systemEmbeddedWhat

is

risk

awareness

:

nature,impact,possibilityWhat

is

culture

:

the

way

we

do

thingsHow

to

embedded

:job

descriptionTrainingReward

systemResponsiveReport

to

weaknessRisk

attitudes

and

internal

environmentRiskRisk

assessment

part

1Risk

eventsTrends

and

root

causesExternal

/

Internalevents(strategic)

(operational

risk)Escalcition

triggersEvent

interdependencies

/related

risks

：Positively

correlatedNegatively

correlatedcategorizing

riskScopeFunctionScopeStrategic

vs

operational(most

oppropria evel

of

management)Internalshort-termnarrowExternallong-termFunctionMarketCreditLiquidity/financial

risk

cash

flowLegalHealth,safety,environmentalReputation

riskBusiness

probity

riskDerivatives

riskTechnological

riskOutsourcing

riskBusiness

risk

(survival)RiskRisk

assessment

andresponseRisk

assessment

Part

2AssessRisk

responseLikelihoodImpactrisk

tolerance

boundanry(reflect

risk

appetite

)Risk

control

(make

sure

the

risk

response

effectively):SOAPSPAMCost

–

benefit

ysisProblems

of

implementation:

management

override,error..ACCA学习帮跟新通知AccepetTransferReduceAvoidImpaceALARP

(as

low

as

reasonably

possible):

residual

riskRisk

responseMap:TARARisk

assessment

and

responselikelihoodRolesmonitorcommunicationImplement

policiesoperate

&

monitor

Internal

controlsIdentify/assess

risksInformation

(ACCURATE)plete,cost

–beneficialUser-

ed,relevant,authoritationTimely,

easy

to

use

,

reliableUnbiasedCommunication

and

monitoringMonitoring:BoardRoles:

setting

policies

forI/CSeeking

regular

assuranceEnsuring

effective

risk

managementProviding

information

and

maintain

communicationswiththose

affected

by

control

measuresestablish

control

environment

to

support

the

I/Cshould

consider:the

nature

and

impact

ofrisksthe

extent

of

acceptableriskthe

categories

of

acceptable

riskthe

company's

ability

to

reduce

and

control

the

riskscost-benefit

ananlysisCommunication

and

monitoringMonitoring:Audit

CommitteeIndependent

NEDs

(one

financial

expertise)Roles:external

aduit(appointment

&

remuneration)I/AI/CF/SInternal

audit:

an

important

part

of

the

I/C,

having

the

sameobjectives

as

I/CreportingScope

of

work:

risk

management

processes;

VFM

auditAuthority:

terms

of

reference;

reports

are

reviewed

andaction

takenIndependenceResourceCommunication

andmonitoringReviewp

gCommunication

and

monitoringRisk

CommitteeSet

risk

policy

&

strategy

on:

Extent

of

acceptablerisk

&

Categories

of

acceptable

riskAssess

risks

&

effectiveness

of

RMReview

reports

on

key

risksReviews

findings

of

internal

auditRemain

overall

risk

exposure

under

limitThe

totality

of

loss

that

may

occursR

ORisk

managerTechnical

expertLeadership

roleTraining

roleNot

aboard

directorroleDevelo

policiesACCA学习帮跟新通知Communication:External

reportingth is

responsible

for

reporting

on

risk

and

internal

controlto

shareholders

in

the

annual

report

and

at

the

AGMEffective

controls

for

managing

risksManagement

responsibility

for

I/CWeaknessCommunication

and

monitoringEthicsConcerns

Right

&wrongAcceptable

stds

of

behaviorRelevant

to

all

forms

of

human

activity,including

businessKohlbery’s

stages

of

human

normaldevelopmentLevel

1:

Pre-conventional受迫obedience

and

punishmentIndividualism,instrumentalism,andexchangeLevel

2:Conventional遵从peer

pressureLaws

&

rulesLevel

3:

post

–

conventional自发socialcontract/wealfare（认可他人）Principled

conscience

（升华）Ethical

theoriesAbsolutism 2个绝对主义

vsRelativsim相对主义强调varietyResulteological(结果论)Unchanging

set

of

ethicalPriciples

in

3

all

(situation,times,societies)Decision

ActionDutyDeontological(义务论)（equality

,human

dignity）Utilitarianism（greater

good）Egoism（own

interest）Models

ofethicalresolutionAAA

modelFactsEthicalissuesNorms/

principles

/

valuesAlternative

courses

of

actionsBest

course

consistent

with

norm

/

priceples/

valueConsequences

of

each

action

（所有结果）Decision

（关注ethical

多一些）Tacker’s

5

QuestionsPrifitable?Legal？Fair

&

equitable

?(for

whom)Right?

(Subjective

judgement

)应用Ethical

theoriesSustainable

/

environmentallysound?EthicsProfessional

ethicsProfessions

/

accountants

and

public

interestProfession

=

duty

to

the

public

interestcollectivewell-being

of

the

communityWho:

rely

on

their

workAccountants

affect

the

wealth

distributionCorporate

codes

of

ethicsProfessional

codes

of

ethics

IFAC

ethical

codesFundemental

principlesThreats

of

professional

independenceSafeguardsFinancial

accountingAudit

/

Managementaccounting

/

consultingTaxationACCA学习帮跟新通知Corporate

codes

of

ethicsis

a

commitment

of

thPurposes：Establish

core

value

which

support

missionStakeholder

identification

(how

to

response)Control

behavior&

guide

decision-making

when

ethical

situation

arisePart

of

strategic

positioning

(ethical

reputation)Communicate

values

and

ethical

stds

to

stakeholdersProfessionalFundemental

principles：Professional

competenceIntegrityProfessional

behaviorityObjectivityThreats

of

professional

independenceSelf

–

interestSelf

–

reviewAdvocacyFamiliarityIntimidationSafeguards来自

、企业to

prevent

the

occurrence

of

any

ethical

threatsto

underpin

the

public

trust

/

confidenceto

enhance

IndependenceCPDProfessionalCorporate

Social

responsibilityCSRCSR(Carroll)CorporateCitizenship(Matten

et

al)CSR

Stance

(Gray,Owen

&

Adams)CSR

Viewpoint(John

son

&

Scholes)4层面EconomicLegalEthicalPhilanthropic3个viewLimited

viewEquivalent

viewExtended

viewShort

–

termshareholderinterestLong-termshareholder

interstMultipleshareholdersobligation(stakeholders)Sh r

of

societyPristine

capitalists

（nomoral

reponsibility）Expedient

(权宜之计)承担社会责任为了economicinterestSocial

contractSocial

ecologists（resource

exhaustion）Socialists

（社会学家equality

）Radical

feminists(feminine

values)Deep

ecologists

（donate）CSR

&

CSR

strategy

定义Environmental

footprint(impact

on

environment)Social

footprint(impact

on

society)Corporate

Social

responsibilitySustainabilityDefinition：meet

the

needs

ofthe

present

withoutcompromising

the

needsoffuture

generation

(generationalequity

)Weak

view：human

speciesonlyStrong

view:

all

species（2者存在

）hard

to

compare

&measureEconomical

sustainability：

jobs/economic

growth/infraustructureEnvironmental

sustainablity:

resource

usagepollution/wastage

emissionGRI:

reporting

framework/guildlineEnvironmental

report/Sustainability

reportPurposes

&advantagesEnvironmental

auditSocial

auditACCA学习帮跟新通知GRI:

rountine

&

comparable

environmental

report5

PARTVision

&

strategyProfileCoverance

systermsContent

IndexPerformance

indicatorsCorporate

Social

responsibilityACCA学习帮跟新通知Corporate

Social

responsibilityevaluateSocial

audit:establish

a

reasonale

for

engaging

in

socially

responsible

activities.Environmental

audit:定义以及作用Three

stages:Metrics

(scope

&

cost)Measurement

&

compareReport

(how

&

wide)ACCA学习帮跟新通知Corporate

Social

responsibilityIntegrated

reporting<IR>：定义关注过程(process)而非产出Capital

/

process

:

Financial

(funds

)Manufactured(生产设备)HumanIn lectual(无形资产)patent

softwareNatural

（自然）Social

（relationship）ACCA学习帮跟新通知optional

question :

read

the paragraph

of

the

scenario

andthe

requirement.transfer

knowledge

for

each

requirement

onto

the

question

p

r.Note

any

keywords.choose

which

one

to

answer:

If

the

part

you

have

little

to

say

aboutis

only

5

marks

it

may

still

be

worthwhile

attempting

the

question.4. Read

the

scenario

for

your question:

highlight

or

underlinefacts

or

evidence

that

will

help

you

answer

the

requirements

(don’thighlight

too

much

though).HOW

TO

USE

15

MINS

PLANNING

TIMEACCA学习帮跟新通知Define

‘environmental

risk’.Define

environmental

riskAn

environmental

risk

is

an

unrealised

loss

or

liability

arising

from

theeffects

on

an

anisation

from

the

natural

environment

or

the

actionsof

that

anisation

upon

the

natural

environment.

Risk

can

thus

arisefrom

natural

phenomena

affecting

the

business

such

as

the

effectsofclimate

change,

adverse

weather,

resource

depletion,

and

threats

towater

or

energy s.

Similarly,

liabilities

can

result

fromemissions,

pollution,

waste

or

product

liability.BE

AWARE

OF

THE

VERBS

USED

IN

THE

EXAM

QUEATIONACCA学习帮跟新通知2.

Explain“Explain

the

benefits

of

performance

related

pay

inrewarding

directors…”(5

marks)BE

AWARE

OF

THE

VERBS

USED

IN

THE

EXAM

QUEATIONACCA学习帮跟新通知Performance

related

pay

(PRP)

is

often

a

bonus

paid

to

a

director

when

a

hasbeen

met.The

main

benefit

of

PRP

is

that

it

harnesses

the

director’s

self

interest

to

meet

theobjectives

of

the

company

and

its

shareholders,achieving

alignment

of

interests.It

is

also

an

effective

motivational

tool

in

ensuring um

effort

and

attentionfrom

the

director.It

is

flexible

enough

to

be

designed

to

meet

short

or

long

term

objectives

of

thecompany.Linking

pay

and

performance

helps

to

justifydirectors’

highremuneration

and

isperceived

as

fair.

This

helps

answer

criticisms

of

excessivepay

for

directors.Finally

it

avoids

rewarding

failure

and

saves

the

company

money

when

thecompany

results

are

poorGOOD

ANSWERACCA学习帮跟新通知Directors’

remuneration

should

be

designed

to

attract,

retain

and

motivate

them.It

includes,

basic

pay,

benefits,

pension,

performance

related

pay,

shares

and

sha