Professional Documents
Culture Documents
Ethics and Corporate Governance - Index
Ethics and Corporate Governance - Index
Ethics and Corporate Governance - Index
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5-6
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1.1 Recall Lonergan' GFC failured, Was that slow reaction the only cause of GFC?
1.2 Outline 4 possibles accountig-related roles with an SME and for each role indentify the task to be undertaken?
1.3 Reading 1.4. Is that busienss ME or an SME? How did the PAIB add value to Andrew Rueu's business?
1.4 Why have SME's not relied in the past on theirexternal accoutnants for business asvisory?
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Questions: 1.5 Discuss 4 situations where accountants may aplly professional judgements in their course of work?
Module 2: Ethics
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2.1 Consider Implications of an accountant with isufficient time to perform duties? What should you do?
2.2 Your firm executes investment transactions for a client. You are now asked to audit this client, I s there a threat to yur independence?
2.3 A new qualified CPA is asked to perform an audit to small company, The accountant has not experience in that field, What should you do?
2.4 You have been asked to audti 1/2 year finanical statement, (second opninion?
2.5 You mamage fundraisng company, Soft dollar benefits?
2.6 New assurance Services without previuos experience, Does this complain with the Code of Ethics?
2.7 Explain why integrity is an essential attributer of the profession
2.8 Quality assurance and ethical issues arising from?
2.9 Utiliarims definitions, problems and difffences?
2.10 Does you employee have a right to enquiie into activitiess of your personal life? In realtion of rights theory?
2.11 Which Stage of Kholbert theory of CMD best describe the decision making behaviour of Accountants
Module 3: Governance
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Australia
Bosch committee (1995)
Significant corporate governance issues
Ramsay report (2001)
Key recommendations on independence of auditors
ASX corporate governance principles and recommendations (2007)
Eight Principles and recommendations
Corporate Law Economic Reform (CLERP) 9 Act (2004)
Audit reform
Financial reporting
Other (Whistleblowing, shareholder participation)
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Part C:
Part D:
Reading 3.1: The corporate governance lessons from the financial crisis
Reading 3.2: The chairman reflects
Reading 3.3: The social responsibility of business is to increase its profits
Reading 3.4: Responsible business engagement with society
Questions:
Questions:
Questions:
Questions:
Questions:
3.1 Reasons Why good corporate Goverance is seens to be important and benefitial
3.2 What is major issue that arise form a n agency relationship, where powers of control are delegated. (Conflict of intererst)
3.3 Describe role of CEO and givexamples of the activities the CEO and board should perdorm?
3.4 Audit Committee, Benefits and limitations
3.5 Voluntary Exchange meaning, freem arket and regulated markets
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48-49
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52-54
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54-55
1-12
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1-12
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65-66
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Questions:
Questions:
Questions:
Questions:
Questions:
3.6 What are key issues of governance affecting not for profit organisatiosn?
3.7 What do you consider are the main corporate governance issues affeccting small business
3.6 What are key issues of governance affecting not for profit organisatiosn?
3.15 Market based system * Strenghts and Weaknessess
3.15 Relationship based systems Advantages and disadvantages
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Owners ( UK FRC CGC (FRC 2010a: Succes of Companies and Informed Shareholders)
Shareholders group and descriptions (Table 4.5)
Rights, remedies and responsibilities (Table 4.6 OECD 2004: Shareholders rights)
Redress or remedy ( Shs unhappy, Unfairly treated: Example - Minority Shs)
Representation (OECD, UK FRC, ASC CGC : Guanrantee rights)
Shareholders representation ( Table 4.7), Example of iNstitutional Shs)
The corporation
Distinct features
Types of corporations (Table 4.8, Level of Companies: Figure 4.2)
Board of Directors / Board Structure
Directors should be formally appointed, Types of Behaviour:De facto,Shadow director, type of Agents)
Duties and responsibilities of directors - Key Duties:
Conflict of interest (Independence od Ppereance and Independence of mind help to assess conflicts of interest)
Act in the corporation's best interest ( good faith, Honestly and without fraud or collusion)
Nominee directors ( use power for proper Purposes when nominate & appoint directors))
Act for proper purpose ( do not abuse their power - Example Advance Bank)
Duty to retain discretion ( do not delegate to theird discretion to act as a director)
Duty of care, skill and dilligence (IN australia : SAFE HARBOUR RULE)
Insolvent trading (UK / US flexible system, Australia: stricter *Shut down the organisation)
Takeovers
Legal and ethical considerations (Conflict interest, Lack of Disclosure, Anti Trust andMOnopolies issues)
Remedies and Enforcement
Types of Remedies
If directors refuse to act - Statutory derivative action
Account for Profits
Compensation and damages
Rescission and restitution(restoration of property)
Injuction
Appointment and Cessation
Appointment (UH FRC 2010: directors of top 350: Every year to be subject to shs vote every year as a Director)
Resignation
Removal
Disqualification ( automatic, disqualified 5 years)
Automatic disqualifications (criminal Offences)
Disqualifications on applications (5 to 20 years - civil penalties)
Ethics of disqualification
Question 4.1 Anglo American legal system : Commom Law and Cvil law system proved protection to Stakeholders interest?
Question 4.2 Diffrences between Company and corporation?
Question 4.3 Dexribe Key aspects of the pricncipal and agents problems thatexist within Corporations and result of loss of value for stakeholders
queation 4.5 Withleblowing and why has become an inportant component of good corporate governance
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Social audits and their relationship to CSR reporting (Elkington -Definintion: Assess performance in realtion to Society requirements and expectations)
The Body shop
Nike
Social Accountability International (SAI) - Social Accounting Standards SA2008)
Examples of best practice and innovative reporting
CSR The zone of acceptability (Identify leading edge / Reporting Sophisitcation)
ACCA sustainability reporting awards judging criteria (VicSuper, Fuji xerox, CPA Sustainability report - Positive attributes and recommendations)
Integrated Reporting: IIRC missions and objectives for an integrated reporting framework, roles of IIRC
International initiatives on climate change - Institutional Framework to reduce emmision(mitigation) and adapting toclimatechange(Adaption). - Kyoto Protocolo
The Copenhagen accord (interim measure to address various aspects of climate change)
Climate change accounting techniques (Cap-and trade method for carbon emmision - designed as a market based aproach)
Financial accounting treatment for Cap and Trade scheme (Fixed price and Floating-price)
Accounting for the levels of actual emissions (3 Categories), NCOS -set up by Australian Governement; Genuine csrbon offset)
Greenhouse gas emissions ( yarra Valley Water Sustainability report
Environmental management accounting
IFAC to define EMA, IN realtion to waste - Glad Stated, Deegan: prescrition in relation to creating more refine accounts of waste)
Deegan - EMA Benefits
Corporate governance mechanisms aimed at improving social & environmental perf
Accountable and Transparent, Stakeholders engagement to fulfill thwir environmental and Social responsabilities
ISO 14001 Environemntal Management System and ISO 26000 Guidance on Social responsibility
Sustainability performance and remuneration - Amcor Sustainability Report: core values/Performance indicators
Question 1 : Linkage between Accountability and Corporatereporting
Question 2 Nature of Externality, (positive and negative externality
Question 6 Explain how any assessment undertaken by management can affect the audience of the reports
Question 7 Limitations of financial reporting practices realted to climatechange
Question 8 Enlightened self interest against Sustainbale development as a guiding principle
Question 18 Identify 5 corporate governance policies thatcould act to enhance an organisation's social and environmental performance.
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Workshop