acca學(xué)習(xí)f1 p7全p1歷年真題

ProfessionalLevel–EssentialsModule,Paperernance,Riskand December2011(a)Corporatecodeofethics.Thefirstiscommunicatingtheorganisation’svaluesintoasucctandsometimesmemorableform.Thismightinvolvemayinvolvedecidingonthelegitimacyoftheclaimsofcertainstakeholdersandhowthe willbehavetowardsthem.Third,acodeofethicsisameansofconveyingthesevaluestostakeholders.Itisimportantforinternalandexternalstakeholderstounderstandtheethicalpositionsofa howthe willbehave.Thisisespeciallyimportantwithpowerfulstakeholders,perhapsludingcustomers,rsand,acodeofethicsservestoinfluenceandcontrolindividuals’behaviour,especiallyinternalstakeholderssuchasmanagementandemployees.Thevaluesconveyedbythecodeareintendedtoprovideforanagreed givensituationarisesandtounderpinawayofconductingorganisationallifeinaccordancewiththosevalues.Fifth,acodeofethicscanbeanimportantpartofanorganisation’sstrategicpositioning.Inthesamewaythatansociety.Itscodeofethicsisaprominentwayofarticulatingandunderpinningthat.EvaluateCoastalOil’sInthecaseofCoastalOil,the contributionandenvironmentalresponsibility.CoastalOilstateditsaimtoachievefullcompliancewithrgulationinalljurisdictionsTheontractwithWellServiceswasthecasethatthe operatinginEfflandwaters,mayhavebeenbreached.Intermsofthesafetyandcareofemployees,the controlfailures.IfCoastalOilsawtheprotectionofemployeesashicalissue,itmighthaveadopted,orensuredthatitsJVpartnersadopted,the‘higheststandards’ofperformanceinensuringtheirsafety. bemanystakeholderseagertohearCoastalOil’sviewonwathadhappened,ludingthefamiliesofthosekilledandinjured,blemstthecommuitiesalongtheEfflandcoast.Businesswasdamagedduringtheimportanttouristseasonmeaningthatcommunitieswerelesssupported,intermsofe,overthoseimportantmonths.reasonablyentitledtoconcludetatithasfaileditsohicalstandards.Giventhatthe whetherdirectlybyCoastalOilemployeesorthroughthepartnersintheJVsuchasWellServices.Voluntarydisclosureandenvironmentalriskreporting,usuallyinannualreports,interimreportsoronwebsites,containsbothmandatoryandvoluntarydisclosures.Mandatorydisclosuresarethosestatementsthatarecompulsoryunderrelevant listingrules.Inmostjurisdictions,mandatoryitemsarethemainfinancialstatementssuchasestatement,statementnumericallyandsoadditionalinformationisneeded.Thechairman’sstatement,chiefexecutive’sreview,socialandenvironmentaldisclosure,inlectualcapitalreportingandriskreportingareallexamplesofvoluntarydisclosureinmost[Tutorialnote:mandatoryandvoluntarydisclosuresvaryslightlybetween9MaterialtoVoluntarydisclosureisofinteresttoshareholdersbecauseitprovidesinformationthatcannotbeeasilyconveyedinstatutoryenvironmentalriskisclearlymaterialtoshareholdervalueandislikelytoremainsowhilethe andprocessoil.Thisisa‘structural’riskresultingfromthe potentiallyhighlymaterialandcapableofaffectingthevalueofthe .Theextentofpotentialexposure(totalimpacts),toorappetiteforrisk.Inaportfolioofshares,someinvestorswillwanttoblendcertainrisksandreturns,andknowingabout ’srisksisimportmakingthesejudgements.valueandhencethepotentialvolatilityandattractivenessoftheshare.Thecasesaysthatthedisclosurewouldcontain‘valueenvironmentalriskreportingispotentiallyquitehigh:shareholderswereunawareofthepoorinternalcontrolsontheEfflandruptureanlspillontheEfflandCoastalOilRig,theexnatioofthesemeasurescouldbevitalinrestoringinvestorconfidence.Inparticular,theyshouldreassureshareholdersthttheacidentshouldnotre-occur,orthatifitweretore-occur,furthercontrolswouldbeincetooffsettheworstofthedamage.Itislikelythatmoredetailedandgranulatedenvironmentalreportingwouldbevaluedbyshareholdrs,especiallythosespecialistinstitutionalshareholdersmadecautiousbytheEfflandaccident. InternalcontrolboardtoprovideafullandfrankstatementontheinternalcontrolfailuresthatledtotheaccidentontheEfflandCoastalwhereIbelieveourinternalcotrolswerebelowstandard.IshouldinformthecommitteethattheownershipandmanagementoftheoilrigwascomplicatedbythefactthatCoastalthatotherpartnershadresponsibilites,ludingcontrolofsmeoperationscrucialtothesafetyofstaffandtheoilconnectingpartwasdeployedatadepthbeyondthatatwhichitwasdesignedtooperate(i.e.beyonditssafetytolerance).Iwastroubledbythesuggestionthatcostmayhavebeenapartialexnationforthis.Inbothofthesecases,hencethemanagementstyleofarig’sindividualmanageresthedefiningissueonwhetheracertaininternalmeasuresandlessonhumanjudgement.resultedinsuchenvironmentalandeconomicdamage.()Subjectiveandobjectiveriskthiswasgoingtohappen’.WhilstIunderstandthesenator’sangerattheeventsthathavesobadlyaffectedhis‘scientifically’measuretheprobabilityofagiven agivenday.Insuchasituation,Imustusemoresubjectivejudgement.Similarlywithregardtoimpact,ImightbeabletoassesstheimpactofmylossshouldmycargetstolenbutIcouldfigureforassessingthatrisk.TheprobabilityofhavingmycarstolenwouldreaseifIweretoleaveitunlockedandthisunderlinestheimportanceofcontrolstohelpreducetheprobabilitiesofadverseeventshappening.ArgueSenatorThisbrinetoSenatorJones’sremarkthatI‘shouldhaveknown’theaccidentwasgoingtooccur.I’mafraidthathisuncertaintyinbothassessingtheprobabilitiesandimpactsofriskevents.orinjuryintheeventofagiven thatIwasunawareofthosefailuresbecauseofthenatureoftheinformationsystemslinkingrigstoourland-sidewouldhavereachedmeexceptbyexception.Hemaybejustifiedriticisingthese,andIhaveexinedalreadythatIviewtheseinformationfailuresasaninternalcontrolissuethatwemustresolve.(i)Healthandsafetyinouroperationsgivingrisetocompromisedhumanwelfare.Healthandsafetyrisk,andparticularlytheprobabilityofagivehealthandsafetyriskmaterialising,isgenerallyreasedbyanumberoffactors.Thefirstisalackofahealthandsafety.Insomeindustries, hazardsthatarise.Onceidentified,anewhazardorimpactmustbeaddressedwithaorawayofdealingwithhealthandsafety,orbelieveittobeunimportant.Thereissomeevidencethatthiswassadlythecaseontherig.(iv)riskmanagementispartlyatrade-offbetweenthecostofcontrolandlevelofperceivedrisk.Weoperatetoapripleriskandtheacceptabilityofthatriskor,inotherwords,ariskismoreacceptablewhenitislowandlessacceptablewhenitishigh.Accordingly,risksassessedas‘high’intermsofprobabilityand/orimpact,musthavecredibleandcosts.Thismeasthatriskscannotbecompleyeliminated,muchasImightwishthattheycould.ecomcent,ofcourse,butmerelythatIshouldbehonestinsayingthattheprobabilityofoccurrencecannotofsafetyequipment,toreducetheimpactofaneventshoulditoccur.(a)Rulesand Distinguishrules-basedcountry(jurisdiction),allprovisionsarelegalrules,underpinnedbylaw,transgression wheredispensationsaregranted,again,undertheprovisionsofthelaw).Inapriples-basedjurisdiction,legalappliestotheprovisionsof butthatprovisionsmaynotbecompliedwithinfull,usuallyforalimitedperiodifthefullreasonfor plianceisexinedtotheshareholders.Thisallowsforthemarkettojudgetheseriousnessofthe re-appraiseorrevaluethe asaresult.CriticalevaluationofTheremarkintheGeelandCodestronglyarguesinfavourofapriples-basedapproachtocorporateernance.InTheargumentsinfavourofthereportingrequirements(forexampleoninternalcontrols),consultancycosts,reasedmanagementcostsandreportingcosts.Wheresomeflexibilityispossible,thepriples-basedapproachallowssome‘commonsense’tobeemployedintheextentofdetailedcompliance.Apriples-basedapproachisflexibleandallowscompaniestodeveoptheirownapproach,perhapswithregardtothedemandsoftheirownindustryorshareholderpreferences.Thiscestheemphasisoninvestornedsratherthanlegalinternalcontrolreportingrequirementsascompaniesnhigherriskindustries.Aslongasshareholdersrecogniseandaresatisfiedwiththis,thecostadvantagescanbeenjoyed.periodsmightsimilarlybevaried.Intheevntofasudden,unexpectedchangesuchasadeathinservice,a enphaseoftechnical pliancebut,withsuitableexnationofthereasonfor willneverthelessbesatisfied.thecostsofalargenational‘watchdog’tomonitorandendetailedcomplianceisconsiderable.ArgumentsTheremaybeonfusionoverwhatiscompulsoryunderlawandwhatispriples-drivenunderlistingrules.Alackofclaritybetweenegally-requiredcomplianceandlistingruleswhicharesubjecttocomplyorexin.Thismayconfusesomemanagementteamsandcause plianceborneoflackofadviceandinformation.lengthyperiodsof whyagivenprovisionisnotcompliedwithnorappreciatethepotentialconsequencesofthe complyorexinstatementsmightmisleadshareholders.apriples-basedapproachallowssomebadpracticetocontinue.Afullcomplianceregimeislikelytoprovideagreateroverallconfidenceinregulationandthis,inturn,willfurthersupportlong-termshareholdervalue.Arules-basedapproachprovidesstandardisationandpreventsanyindividualcompaniesgainingcompetitiveorcostadvantageswithlowerlevelsofcompliance.Thiscreatesa‘levelyingfield’inwhichallcompetitorsinanindustryunderstandwhatisrequired.[Tutorialnote:allowindividualargumentstobeusedfororasSeparationofinvolvingunfetteredpowerandtheabuseofshareholderwealthasaresult.Accountabilityisbetterservedbytheseparationofrolesbecausethechiefexecutivehasanamed,inadditiontothenon-executivedirectors,towhomheorshemustaccountforthe servestoprotect thantoservethebestinterestsoftheshareholders.Third,bothrolesarecomplexanddemanding.Inlargecompanies,itislikelythatthetworolescannotbecarriedouteffectivelybyone .Bygainingtheadvantagesofaseparationofduties(andhenceadivisionoflabour),theperformanceofthe skills,anditenhancesorganisationaleffectivenessforochairth chiefexecutiveisanexecutivedirector.Havingthisdisttionatthetopofthe allowsthechiefexecutivetobehandsonanddirectlyinvolvedinthemanagementofthe ,whilstthechairmancanadoptamoresupervisorycomplyorexinstatementscanbeissuedtherebypromotinginvestorconfidence.ComplyorexThestatementclearlyidentifiestheoneareaof plianceandrepresentsafulldischargeofthe obligationtocomplyorexin.Inapriples-basedjurisdiction,thisstatementisrequiredunderlistingrulesandinvolvesinformingshareholdersofthelevelofcomplianceandalsospecifyinganyareasofnoncompliance,whichthe doneinthiscase.Itisclearandofambiguityinwhatitsays.Clearlythough,oneaeaof plianceiined.Theareaofplianceisidentifiedandtheindividualisnamed.ThenamingofWilliamKlunkermaybematerialbecuseifheknownandtrustedbyshareholders,thebreaaybelessimportantthanifhewerelessknownandlessItdoesnotprovideagoodreasonforthe control’whiightbeseenasweakbysomeinvestors.ThereasonsforcombiningtherolesinJuly2009arenotgivenandsoitcouldprobablybearguedthatthisisnotafullenation.Itdoes,however,provideadateforreturningtofullcompliancewhianagementcanbeheld failure.Thiswillreassureinvestorsthatitsperiodo plianceistemporaryandthedefaultpositionofthe toremaininfullcompliancewiththerelevantcode.(a)CEO’srewardoftherewardintheformofavariablepaymentlinkedtocorporateperformance.Influencingcommitteebelievesthistobedoubletheprevioussalaryshewaspaidwhenthegasrwasownedbythestate.Legal,fiscalorregulatoryconstraintsarerelevmanysituations.Publicservants,ludingthoseemployedbystatemonopolies,aresometimesconstrainedintheirearningsbylegislationorumdifferentials(i.e.acompulsorymultiplebetweenthehighestandlowestpaidinanorganisation).MrsEvans’ssalaryhadpreviouslybeenlimitedbecauseof‘ernmentconstraintsonthesalariesofpublicservants’,buttheprivatisationmeantshewasnowofthislimitation.Thethirdinfluencigfactorsarepreviousperformanceinthejob(ifrelevant)andthe this,ithasnotonlydecidedtomendherretentioninpostbutalsothesubstantialpayrease.Theknowledgeofherstrategicandcommunicationsskillsisbaseduponobservingherinpostwhensheworkedforthenationalised basedonthese,thereisabeliefshewillperformwellinfuture.case,DaleGasappearstobeseekingtopayMrsEvansthereasedsalarydespitetheconcernsofsomeinsociety.MarketriskMarketriskconcernspotentiallossesoncapitalmarketsfromchangesinthevalueorvolatilityofasharepriceorotherthought,byTomNwede,tobeasourceofmarketriskbecauseherlosswouldcauseadevaluationofDaleGasshares.JustifytheweretheexperiencedMrsEvanstoberecedbecauseofthepublicconcern.reasedvolatilityorareductioninsharepricecouldresultinalower valueandalowerreturnoninvestmentforthesofXYInvestmentsandothershareholdersinDaleGas.MrNwedeisclearlyoftheviewthatMrsEvansisimportantforthestabilityofDaleGasafteritsprivatisationandforthemitigationofmarketrisk.Heissayingthatitwasimportantthattheorsandopposinallshareholdersdidnotwininopposingthesalaryreaseasthatreasewas,hefelt,importretainingandmotivatingMrsEvansintheimportantperiodahead.Shareholdersgreatlyvaluecompetentleadershipinthecompaniestheyinvestin,andMrsEvanswasclearlyheldinhighskills,bothofwhicharevaluedbyshareholders.The andhercommunicationskillswillbenecessaryinmanagingthebusinessandonveyinginformationtoshareholdersandunfamiliarwiththegasindustryandwouldneedtolearntheirnewrolesatastrategicallyimportanttimeforthe Thiswould,accordingly,bevaluedbyshareholdersinthat dbeasourceofvaluableexperiene,continuityandeffect).Thesechangesaredeemednecessaryandsofutureshareholdervalueislikelytodependuponthembeingcompetentlyandfullyimplemented. votingvotingAisasubstituteor‘other ’hatcanbenominatedtoattenda meetingtoexercisethevotesofshareholdersunableorunwillingtoattendinpeson.Thecanbethe chairman(wheretheshareholderagreeswiththedirectors’mendationonapartcularvote)oranother form’transferringtheshareholder’svotingrighttothe .Aotherthanthechairmanwillalmostalwayshaveisessentialalculating eofeachTheadvantagesoftheappointmentofa in.Thisesmoreimportantasthenumberofindividualstocksinafundreases.Wherevotesareroutineanduncontested,thereisnoneedforfundmanagerstoattendin andvoting(wheretheisa byMrNwedewithnopossibilityofthemchanginhisvotingwerehetoattendin.RightsandresponsibilitiesThecommentbyAlbertDooidentifightsandresponsibilitiesasbeinoessentialcharacteristicsofcitizenship,beitorganisationssuchasBiggo.ThequestionasksaboutrightsandresponsibilitiesinthecontextofBiggo.thispermission).Aresponsibilityisadutyowed,bythecitizen(inthiscase,Biggo),backtosocietyasaquidproquofortheextensionofwithallrelevantlawsandregulations,ludingthepaymentoftaxes,andcompliancewiththebehaviouralnormsofthattheethicalresponsibilitiesarerecognisedthatisthesubjectofdisputealongtheGray,Owen&Adamscontinuum.Theseconcerntheethicalassumptionsoftherolesofabusinessinsocietyandareasfollows:thepristinecapitalist,thetheperceivedrightsandthegreatertheresponsibilitiesofthe anditsagentstoamorewidelydefinedgroupofAtthe‘pristinecapitalist’endofthecontinuum,rightsandresponsibilitiesareunderstoodpripallyintermsofeconomicmeasures.The societyandtheerning .Inreturn,itsresponsibilitiesarelimitedtotheprofitableproductionofgoodsandbusinessestopursueanyothersocial,environmentalorbenevolentend.Inthiscontext,itisclearlynotthe responsibilitytouseshareholders’moneytocontributetothenewchildren’syarea.andtotheenvironmentthatmightseriouslyconstraintheirbehaviourandactivities.Thetwoofwhatreturncanbegainedfromsocialresponsibilitypoliciesandactions.Inotherwords,itmaybeexpedienttoadoptanyimplicitsocialresponsibilityassuchandsocialpoliciesarethereforeonlypursuedifaclearstategicrationalecanbeidentifiedforthem.Hiscommentconsiderstheactionstowardsthecommunityintermsofcultivatingcurrentandfutureemployees:itisanendscanbeachieved.Hehighlightedthreestrategcbenefitsthatmightarise:itmight‘cultivatethe specificallyinorder‘helpinfuturerecruitment’.Third,itmight‘helptoreduce toanyfutureexpansiontheof‘excellentproducts’.ThepurposeofBiggoisnottoengageostlysocialresponsibilitymeasuressuchascommunitythatthe had‘nofurthercontactualorethicaldutiestothelocalernmentnortothelocalcommunity’,shewasdemonstratingapristinecapitalist.Socialresponsibilityinterestoftheirshareholders.Thiscanapplytoth ’sstrategyandthewayinwhichthe iserned,butMrDooisreferringtothespecificsociafootprintthatthe thompanyhas,i.e.theeffectof have.Itispossibletointerpretthisphrasenarrowly,asMargaretHeggshasdone,ormorewidely,asAlbertDoohas.Shortandlong-termThisquestionrecognisesthattheattitudethompanymaytaketowardsaparticularstakeholderclaimcanvarywhenatimeisintroduced.islikelytoconsiderthelegitimacyofaclaimintermsofitseffectonlong-termshareholdervalue.Intheshortterm,BiggomayseetheclaimfromMrDoo,onbehalfofthecommunity,asacostbecausea‘sizeable’ofreduceddividendsandapotentialreductioninshareprice. tofuturefactoryenlargements).Thecasementionsthe makingthecontributionasrequested.ProfessionalLevel–EssentialsModule,Paperernance,Riskand December2011Marking(a)1markforeachpurposeofacodeofethicstoa 1markforevaluationofeachpoint.(10 2marksforeachbenefittoshareholdersidentifiedandassessedtoa umof8marks.Halfamarkforidentification um10Halfamarkforexnationofeachand/orevidenceofunderstandingtoa 2marksforeachargumentdevelopedthesenator’sstatementtoa umof4marks.(i)1markfor markforex nationofeachfactortoa Halfamarkforidentificationonly.

(10(8(4 (4(4(a)4marksfordistinguishingbetweenrulesandpr iplesbasedapproaches.Upto2marksforeachargumentfororgainst,to

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(5Biggo,toa umof6marks. um10 (61markperrelevantpointonsocialresponsibilitytoa 2marksforrecognitionofshortandlong-terms.(9專業(yè)水平答案–基礎(chǔ)模塊 P1治理、風(fēng)險(xiǎn)和道德2011年12月答1(a)（有時(shí)與專業(yè)準(zhǔn)則相對照）第三，道德準(zhǔn)則是向利益相關(guān)者傳達(dá)這些價(jià)值觀的一種手段。對于和外部利益相關(guān)者來說，了第四，道德準(zhǔn)則可以影響和控制個(gè)人的行為，尤其是管理層和員工等利益相關(guān)者的行為。準(zhǔn)則WellServices在員工的安全和關(guān)懷方面，該公司也沒有按照自己的標(biāo)準(zhǔn)表現(xiàn)得很好。沿海石油鉆井平臺(tái)八名員工的死亡是由于一系列控制失誤導(dǎo)致的健康和安全失誤造成的。如果沿海石油公司將保護(hù)該公司給人的印象是缺乏透明度和溝通失敗。由于沿海石油公司和油井服務(wù)公司之間存在爭論 從社會(huì)貢獻(xiàn)來看，漏油事件造成了一些負(fù)面的社會(huì)后果。漏油事件給海岸沿線的社區(qū)帶來了許多問題。在重要的旅游旺季期間，業(yè)務(wù)受到損害，這意味著在這些重要的幾個(gè)月里，社區(qū)在收入 點(diǎn)，無論是直接由沿海石油公司員工還是通過合資企業(yè)的合作伙伴（例如WellServices）。b)自愿披露與環(huán)境風(fēng)險(xiǎn)公司報(bào)告（通常在年報(bào)、中期報(bào)告或網(wǎng)站上