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ACCA考试P1总结讲义

来源：高顿网校 2014-12-05

　Governance:　　Directors

　　(a)Chairman

　　Running the board and setting its agenda

　　Ensuring the board receives accurate and timely information

　　Ensuring effective communication with shareholders

　　Ensuring sufficient time is allowed for discussion of controversial issues

　　Taking the lead in board development

　　Facilitating board appraisal

　　Encouraging active engagement by all the members of the board

　　Reporting in and signing off accounts

　　(b) CEO

　　Business strategy and management

　　Investment and financing

　　Risk management

　　Establishing the company’s management

　　Board committees

　　Liaison with stakeholders

　　(c) Division of responsibilities

　　CEO run the company, Chairman run the board and take the lead in liaising withshareholders

　　Chairman carries the authority of the board, CEO has the authority that isdelegated by the board. Unfettered powers is concentrated into on pair of hands

　　Avoiding conflict of interest

　　Board can’t make the CEO accountable for management if it is led by CEO

　　Board is more able to express its concerns effectively by providing a point ofreporting for the NEDs

　　Chairman is responsible for obtaining the information that other directorsrequire to exercise proper oversight and monitor the organizationeffectively

　　Compliance with governance best practice and hence reassures shareholders

　　(d) Roles of NEDs

　　Strategy. Contribute to, and challenge the direction of, Strategy

　　Scrutiny. Scrutiny the performance of executive management in meeting goals andobjectives and monitor the reporting of performance.

　　Risk. Financial information is accurate and financial controls and systems ofrisk management are robust.

　　People. Determining appropriate levels of remuneration for executives, and arekey figures in the appointment and removal of senior managers and in successionplanning

　　Contribution of NEDs:

　　Better balanced board(power, skills and experiences)

　　Representing shareholder interests(put shareholders’ viewpoint in board discussion,)

　　Monitoring function(monitors risks, controls and operations effectively, theperformance of executive directors)

　　(e) Advantages of NEDs

　　External experience and knowledge which executive directors do not possess.

　　Provide a wider perspective than executive directors

　　A comfort factor for third parties such as investors or creditors

　　Certain roles (father confessor: being a confidant for the chairmanand other directors; oil-can: intervening to make the board run moreeffectively; high-sheriff: if necessary taking steps to remove thechairman or CEO)

　　Full board members who are excepted to have the level of knowledge that fullboard membership implies.

　　(f) Problems of NEDs

　　Lack independence (no business, financial or other connection;Cross-directorships; should not take part in share option schemes and theirservice should not be pensionable; Appointments should not be for aspecified term and reappointment should not be automatic; Procedures shouldexist to ensure NEDs take independent advice)

　　Prejudice and against widening the recruitment of NEDs

　　High-calibre NEDs may gravitate towards the best run companies

　　Have difficulty imposing their views upon the board.

　　Not enough emphasis is given to the role of NEDs in preventing trouble

　　Limited time

　　Damage company performance by weakening board unity and stiflingentrepreneurship

　　(g) Remuneration package

　　Basic salary(experience, market rate)

　　Performance related bonuses(transaction bonuses; loyalty bonuses)

　　Share options (align management and shareholder interests, particularlyheld for a long time)

　　Benefits in kind (transport/ health provisions / life assurance /holidays / expenses / loans)

　　Pensions

　　(h) Remuneration policy

　　Pay scales

　　Proportion of different types of reward

　　Period

　　Be related to measureable performance

　　Balance between short and long-term performance elements

　　Transparency

　　Responsibilities of the board

　　Formal schedule of matters specifically reserved to it for decisionat board meetings

　　Monitoring the CEO

　　Overseeing strategy

　　Monitoring risks, control systems and governance

　　Monitoring the human capital aspects of the company, eg succession, morale,training

　　Monitoring potential conflicts of interest

　　Ensuring that there is effective communication of its strategic plans.

　　Nomination Committee

　　(a)Consist mainly of NEDs, to consider:

　　The balance between executive and independent NEDs

　　The skills, knowledge and experience possessed by the current board

　　The need for continuity and succession planning

　　The desirable size of the board

　　The need to attract board members from a diversity or backgrounds

　　(b)Induction

　　Build an understanding of the nature of the company, its business and itsmarkets;

　　Build a link with the company’s people

　　Build an understanding of the company’s main relationship including meetingswith auditors

　　Extend their knowledge and skills continuously;

　　Concentrate on the role of board, obligations and entitlements of existing directorsand the behaviors needed for effective board performance.

　　Audit committee

　　(a)Function

　　Improve the quality of financial reporting

　　Reduce the opportunity for fraud

　　Enable the NEDs continue an independent judgement and play a positive role

　　Help the finance director (raise issues of concern; get difficult things done)

　　Strengthen the position of the external auditor

　　The External auditor can asserthis independence when dispute withmanagement

　　Strengthen the position of the internal auditor

　　Increase public confidence

　　(b) Review of financial statements andsystems

　　Considering performance indicators and information systems that allowmonitoring of the most significant business and financial risks.

　　Being responsible for the appointment or removal of the external auditors

　　Any other threats to external auditor independence (non-audit service; conflictof interest)

　　Discussing the scope of the external audit

　　Acting as a forum for liaison between the external auditors, the IAs and thefinance directors

　　Helping the external auditors to obtain the information

　　Making themselves available to the external auditors for consultant

　　Dealing with any serious reservations.

　　(d)Review of internal audit

　　Standards including objectivity, technical knowledge and professional standards

　　Scope including how much emphasis is given to different types of review

　　Resources (enough hours, personal technical and skills)

　　Reporting arrangements

　　Work plan (review of controls and coverage of high risk areas)

　　Liaison with external auditors

　　Results

　　Relate to external auditor (increase the independence of external auditor; actas liaison person to facilitate the communication between the executivedirectors and external auditors; Act as coordinate the work between externalauditor and internal auditor; To monitor the independence and quality of workof external auditor)

　　Related to internal audit function (To approve the appointment ortermination???? of appointment of the head of internal audit; To review the workof the internal audit function)

　　(e)Review of internal control

　　Monitor the adequacy of internal control systems in mitigating???? risks(control environment, management’s attitude)

　　Cover legal compliance and ethics

　　Address the risk of fraud (report fraud, frand to be investigated)

　　Reviewing the company’s statement on internal controls

　　Consider the recommendation of the auditors in the management letter andmanagement’s response

　　Active supervisory role (review major transactions)

　　(f)Review of risk management

　　Confirming a formal policy in place for risk management, risk management isupdated to reflect current positions and strategy.

　　(g) Independence of internal auditcommittee:

　　Only be effective if NEDs are independence.

　　Crucial to discuss the management’s competence and judgement with the externalauditors, if not, they may feel loyalty towards management

　　Investors’ confidence

　　Reporting of the internal audit committee need the NEDs’ independence,otherwise influence the integrity of the auditors.

　　Internal auditors/external auditors comparison of role in the context ofcorporate governance

　　(a)Assess the need for internal audit

　　Scale, diversity and complexity of the company’s operations

　　Number of employees

　　Cost-benefit considerations

　　Changes in organizational structure

　　Changes in key risks

　　Problems with internal control systems

　　Increased number of unexplained or unacceptable events

　　(b)Role of internal audit function

　　Independent checking, examination and evaluation the internal control systemestablished by executive director.

　　Internal control over financial reporting

　　FS whether show true and fair

　　Internal control over operation

　　Operational information(management information)
　　Review of “3E”

　　Review of compliance with laws and regulations

　　Review of safeguarding of the organization’s assets

　　Review of implementation of corporate goals and objectives

　　Review of significant risks to the organisation, monitoring risk managementpolicy and risk management strategies.

　　External appointment would bring detachment and independence (reduce or avoidsthe independence and familiarity threats)

　　An external appointment would help with independence and objectivity. Own nopersonal loyalties nor ‘favours’ from previous positions. Have no personalgrievances nor conflicts with other people. (Increase the confidence ofinvestors)

　　Some benefit would be expected from the “new broom effect’ in that theappointment would see the company through fresh eyes .(bring a fresh pair ofeyes to the task)

　　Come in with new ideas and expertise gained from other situations

　　The possibility exists for the transfer of best practice in from outside.(bestpractice and current developments can be introduced)

　　(d) Review of the risk management

　　Identification. Risks comes and go with the changing nature of businessactivity, and with the continual change in any organization’s environment.

　　Assessment. The probability of the risk being realized; the impact or hazard.

　　Review. Analyses the controls that the organization has.

　　Report. A report on the review is produced and submitted to the principal.

　　(e)Social and environmental audit: Why

　　There is a growing belief that environment issues represent a source of risk interms of unforeseen liabilities, reputational damage, or similar.

　　The ethical performance of a business, such as its social and environmentalbehaviour, is a factor in some people’s decision to engage with thebusiness in its resource and product markets.

　　An increasing number of investors are using social and environmentalperformance as a key criterion for their investment decisions.

　　(f)Environmental audit: what

　　Is a systematic, documented, periodic and objective evaluation of how well anentity, its management and equipment are performing, with the aim of helping tosafeguard the environment by facilitating(??) management control of environmentpractice and assessing compliance with entity policies and externalregulations.

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