(c) Risk committee members can be either executive or non-executive.Required:(i) Distinguish between executive and non-executive directors. (2 marks)
(c) Risk committee members can be either executive or non-executive.
Required:
(i) Distinguish between executive and non-executive directors. (2 marks)
相关考题：
Before I came to America, I __________as an executive secretary with a trading company for one year in Britain. A、am workingB、had workedC、has worked
6 An important part of managing people in a professional organisation is to be able to distinguish between aggressiveness and assertiveness in an employee.Required:(a) Explain and give examples of aggressive behaviour. (8 marks)
(c) Critically discuss FOUR principal roles of non-executive directors and explain the potential tensions betweenthese roles that WM’s non-executive directors may experience in advising on the disclosure of theoverestimation of the mallerite reserve. (12 marks)
2 The risk committee at Southern Continents Company (SCC) met to discuss a report by its risk manager, StephanieField. The report focused on a number of risks that applied to a chemicals factory recently acquired by SCC in anothercountry, Southland. She explained that the new risks related to the security of the factory in Southland in respect ofburglary, to the supply of one of the key raw materials that experienced fluctuations in world supply and also anenvironmental risk. The environmental risk, Stephanie explained, was to do with the possibility of poisonousemissions from the Southland factory.The SCC chief executive, Choo Wang, who chaired the risk committee, said that the Southland factory was importantto him for two reasons. First, he said it was strategically important to the company. Second, it was important becausehis own bonuses depended upon it. He said that because he had personally negotiated the purchase of the Southlandfactory, the remunerations committee had included a performance bonus on his salary based on the success of theSouthland investment. He told Stephanie that a performance-related bonus was payable when and if the factoryachieved a certain level of output that Choo considered to be ambitious. ‘I don’t get any bonus at all until we reacha high level of output from the factory,’ he said. ‘So I don’t care what the risks are, we will have to manage them.’Stephanie explained that one of her main concerns arose because the employees at the factory in Southland were notaware of the importance of risk management to SCC. She said that the former owner of the factory paid less attentionto risk issues and so the staff were not as aware of risk as Stephanie would like them to be. ‘I would like to get riskawareness embedded in the culture at the Southland factory,’ she said.Choo Wang said that he knew from Stephanie’s report what the risks were, but that he wanted somebody to explainto him what strategies SCC could use to manage the risks.Required:(a) Describe four strategies that can be used to manage risk and identify, with reasons, an appropriate strategyfor each of the three risks mentioned in the case. (12 marks)
(b) Assess the benefits of the separation of the roles of chief executive and chairman that Alliya Yongvanichargued for and explain her belief that ‘accountability to shareholders’ is increased by the separation of theseroles. (12 marks)
(b) Distinguish between strategic and operational risks, and explain why the secrecy option would be a sourceof strategic risk. (10 marks)
(d) Corporate annual reports contain both mandatory and voluntary disclosures.Required:(i) Distinguish, using examples, between mandatory and voluntary disclosures in the annual reports ofpublic listed companies. (6 marks)
2 Chen Products produces four manufactured products: Products 1, 2, 3 and 4. The company’s risk committee recentlymet to discuss how the company might respond to a number of problems that have arisen with Product 2. After anumber of incidents in which Product 2 had failed whilst being used by customers, Chen Products had been presentedwith compensation claims from customers injured and inconvenienced by the product failure. It was decided that therisk committee should meet to discuss the options.When the discussion of Product 2 began, committee chairman Anne Ricardo reminded her colleagues that, apart fromthe compensation claims, Product 2 was a highly profitable product.Chen’s risk management committee comprised four non-executive directors who each had different backgrounds andareas of expertise. None of them had direct experience of Chen’s industry or products. It was noted that it wascommon for them to disagree among themselves as to how risks should be managed and that in some situations,each member proposed a quite different strategy to manage a given risk. This was the case when they discussedwhich risk management strategy to adopt with regard to Product 2.Required:(a) Describe the typical roles of a risk management committee. (6 marks)
(ii) Evaluate the relative advantages and disadvantages of Chen’s risk management committee beingnon-executive rather than executive in nature. (7 marks)
3 Susan Paullaos was recently appointed as a non-executive member of the internal audit committee of Gluck andGoodman, a public listed company producing complex engineering products. Barney Chester, the executive financedirector who chairs the committee, has always viewed the purpose of internal audit as primarily financial in natureand as long as financial controls are seen to be fully in place, he is less concerned with other aspects of internalcontrol. When Susan asked about operational controls in the production facility Barney said that these were not theconcern of the internal audit committee. This, he said, was because as long as the accounting systems and financialcontrols were fully functional, all other systems may be assumed to be working correctly.Susan, however, was concerned with the operational and quality controls in the production facility. She spoke toproduction director Aaron Hardanger, and asked if he would be prepared to produce regular reports for the internalaudit committee on levels of specification compliance and other control issues. Mr Hardanger said that the internalaudit committee had always trusted him because his reputation as a manager was very good. He said that he hadnever been asked to provide compliance evidence to the internal audit committee and saw no reason as to why heshould start doing so now.At board level, the non-executive chairman, George Allejandra, said that he only instituted the internal audit committeein the first place in order to be seen to be in compliance with the stock market’s requirement that Gluck and Goodmanshould have one. He believed that internal audit committees didn’t add materially to the company. They were, hebelieved, one of those ‘outrageous demands’ that regulatory authorities made without considering the consequencesin smaller companies nor the individual needs of different companies. He also complained about the need to have aninternal auditor. He said that Gluck and Goodman used to have a full time internal auditor but when he left a yearago, he wasn’t replaced. The audit committee didn’t feel it needed an internal auditor because Barney Chester believedthat only financial control information was important and he could get that information from his managementaccountant.Susan asked Mr Allejandra if he recognised that the company was exposing itself to increased market risks by failingto have an effective audit committee. Mr Allejandra said he didn’t know what a market risk was.Required:(a) Internal control and audit are considered to be important parts of sound corporate governance.(i) Describe FIVE general objectives of internal control. (5 marks)
(c) Define ‘market risk’ for Mr Allejandra and explain why Gluck and Goodman’s market risk exposure isincreased by failing to have an effective audit committee. (5 marks)
In relation to the law of contract, distinguish between and explain the effect of:(a) a term and a mere representation; (3 marks)(b) express and implied terms, paying particular regard to the circumstances under which terms may be implied in contracts. (7 marks)
TQ Company, a listed company, recently went into administration (it had become insolvent and was being managed by a firm of insolvency practitioners). A group of shareholders expressed the belief that it was the chairman, Miss Heike Hoiku, who was primarily to blame. Although the company’s management had made a number of strategic errors that brought about the company failure, the shareholders blamed the chairman for failing to hold senior management to account. In particular, they were angry that Miss Hoiku had not challenged chief executive Rupert Smith who was regarded by some as arrogant and domineering. Some said that Miss Hoiku was scared of Mr Smith.Some shareholders wrote a letter to Miss Hoiku last year demanding that she hold Mr Smith to account for a number of previous strategic errors. They also asked her to explain why she had not warned of the strategic problems in her chairman’s statement in the annual report earlier in the year. In particular, they asked if she could remove Mr Smith from office for incompetence. Miss Hoiku replied saying that whilst she understood their concerns, it was difficult to remove a serving chief executive from office.Some of the shareholders believed that Mr Smith may have performed better in his role had his reward package been better designed in the first place. There was previously a remuneration committee at TQ but when two of its four non-executive members left the company, they were not replaced and so the committee effectively collapsed.Mr Smith was then able to propose his own remuneration package and Miss Hoiku did not feel able to refuse him.He massively increased the proportion of the package that was basic salary and also awarded himself a new and much more expensive company car. Some shareholders regarded the car as ‘excessively’ expensive. In addition, suspecting that the company’s performance might deteriorate this year, he exercised all of his share options last year and immediately sold all of his shares in TQ Company.It was noted that Mr Smith spent long periods of time travelling away on company business whilst less experienced directors struggled with implementing strategy at the company headquarters. This meant that operational procedures were often uncoordinated and this was one of the causes of the eventual strategic failure.(a) Miss Hoiku stated that it was difficult to remove a serving chief executive from office.Required:(i) Explain the ways in which a company director can leave the service of a board. (4 marks)(ii) Discuss Miss Hoiku’s statement that it is difficult to remove a serving chief executive from a board.(4 marks)(b) Assess, in the context of the case, the importance of the chairman’s statement to shareholders in TQCompany’s annual report. (5 marks)(c) Criticise the structure of the reward package that Mr Smith awarded himself. (4 marks)(d) Criticise Miss Hoiku’s performance as chairman of TQ Company. (8 marks)
4 (a) ISA 701 Modifications to The Independent Auditor’s Report includes ‘suggested wording of modifying phrasesfor use when issuing modified reports’.Required:Explain and distinguish between each of the following terms:(i) ‘qualified opinion’;(ii) ‘disclaimer of opinion’;(iii) ‘emphasis of matter paragraph’. (6 marks)
(b) (i) Discuss the relationship between the concepts of ‘business risk’ and ‘financial statement risk’; and(4 marks)
Although they are identical twins their parents can easily ______ between them. A.identifyB.selectC.differD.distinguish
What can we infer from the passage?A．The Basle Committee's core principles require the minimum capital adequacy requirements.B．The Basle Committee encourages banks to operate with capital of the minimum.C．The Basle Committee helps bank supervisors to reduce the risk of loss.D．The Basle Committee ensures banks to pursue the stability of the banking industry.
You can call the front desk directly__. A.Note that even whenB.inelastic pricesC.big-city orientationsD.executive's needs
You create two shared printers on a Windows 2000 Server computer in Ezonexam.com Ezonexam. One printer is shared as Admin, and the other printer is shared as Executive. Both printers are connected to the same print device. You set the priority of the Admin printer to 90 and the priority of the Executive printer to 50.You want all users at the Ezonexam network to be able to send print jobs to either printer. However, you do not want the Executive printer to appear in the browse list when employees other than executives and administrative assistants create a new printer connection on their client computers.What should you do?A．Change the priority of the Executive printer to 99. Change the priority of the Admin printer to 10.B．Change the share name of the Executive printer to Executive$. Manually reconfigure client computers that are already connected to the Executive printer.C．Deny the Everyone group permission to access the Executive printer. Allow access to the users who are allowed to include the printer in their browse lists.D．Install separate device drivers for the Executive printer. Configure NTFS permissions on the device driver files to allow access only to the System account and to users who are allowed to include the printer in their browse lists.
(a) Contrast the role of internal and external auditors. (8 marks)(b) Conoy Co designs and manufactures luxury motor vehicles. The company employs 2,500 staff and consistently makes a net profit of between 10% and 15% of sales. Conoy Co is not listed; its shares are held by 15 individuals, most of them from the same family. The maximum shareholding is 15% of the share capital.The executive directors are drawn mainly from the shareholders. There are no non-executive directors because the company legislation in Conoy Co’s jurisdiction does not require any. The executive directors are very successful in running Conoy Co, partly from their training in production and management techniques, and partly from their ‘hands-on’ approach providing motivation to employees.The board are considering a significant expansion of the company. However, the company’s bankers areconcerned with the standard of financial reporting as the financial director (FD) has recently left Conoy Co. The board are delaying provision of additional financial information until a new FD is appointed.Conoy Co does have an internal audit department, although the chief internal auditor frequently comments that the board of Conoy Co do not understand his reports or provide sufficient support for his department or the internal control systems within Conoy Co. The board of Conoy Co concur with this view. Anders Co, the external auditors have also expressed concern in this area and the fact that the internal audit department focuses work on control systems, not financial reporting. Anders Co are appointed by and report to the board of Conoy Co.The board of Conoy Co are considering a proposal from the chief internal auditor to establish an audit committee.The committee would consist of one executive director, the chief internal auditor as well as three new appointees.One appointee would have a non-executive seat on the board of directors.Required:Discuss the benefits to Conoy Co of forming an audit committee. (12 marks)
Moonstar Co is a property development company which is planning to undertake a $200 million commercial property development. Moonstar Co has had some difficulties over the last few years, with some developments not generating the expected returns and the company has at times struggled to pay its finance costs. As a result Moonstar Co’s credit rating has been lowered, affecting the terms it can obtain for bank finance. Although Moonstar Co is listed on its local stock exchange, 75% of the share capital is held by members of the family who founded the company. The family members who are shareholders do not wish to subscribe for a rights issue and are unwilling to dilute their control over the company by authorising a new issue of equity shares. Moonstar Co’s board is therefore considering other methods of financing the development, which the directors believe will generate higher returns than other recent investments, as the country where Moonstar Co is based appears to be emerging from recession.Securitisation proposalsOne of the non-executive directors of Moonstar Co has proposed that it should raise funds by means of a securitisation process, transferring the rights to the rental income from the commercial property development to a special purpose vehicle. Her proposals assume that the leases will generate an income of 11% per annum to Moonstar Co over a ten-year period. She proposes that Moonstar Co should use 90% of the value of the investment for a collateralised loan obligation which should be structured as follows:– 60% of the collateral value to support a tranche of A-rated floating rate loan notes offering investors LIBOR plus 150 basis points– 15% of the collateral value to support a tranche of B-rated fixed rate loan notes offering investors 12%– 15% of the collateral value to support a tranche of C-rated fixed rate loan notes offering investors 13%– 10% of the collateral value to support a tranche as subordinated certificates, with the return being the excess of receipts over payments from the securitisation processThe non-executive director believes that there will be sufficient demand for all tranches of the loan notes from investors. Investors will expect that the income stream from the development to be low risk, as they will expect the property market to improve with the recession coming to an end and enough potential lessees to be attracted by the new development.The non-executive director predicts that there would be annual costs of $200,000 in administering the loan. She acknowledges that there would be interest rate risks associated with the proposal, and proposes a fixed for variable interest rate swap on the A-rated floating rate notes, exchanging LIBOR for 9·5%.However the finance director believes that the prediction of the income from the development that the non-executive director has made is over-optimistic. He believes that it is most likely that the total value of the rental income will be 5% lower than the non-executive director has forecast. He believes that there is some risk that the returns could be so low as to jeopardise the income for the C-rated fixed rate loan note holders.Islamic financeMoonstar Co’s chief executive has wondered whether Sukuk finance would be a better way of funding the development than the securitisation.Moonstar Co’s chairman has pointed out that a major bank in the country where Moonstar Co is located has begun to offer a range of Islamic financial products. The chairman has suggested that a Mudaraba contract would be the most appropriate method of providing the funds required for the investment.Required:(a) Calculate the amounts in $ which each of the tranches can expect to receive from the securitisation arrangement proposed by the non-executive director and discuss how the variability in rental income affects the returns from the securitisation. (11 marks)(b) Discuss the benefits and risks for Moonstar Co associated with the securitisation arrangement that the non-executive director has proposed. (6 marks)(c) (i) Discuss the suitability of Sukuk finance to fund the investment, including an assessment of its appeal to potential investors. (4 marks)(ii) Discuss whether a Mudaraba contract would be an appropriate method of financing the investment and discuss why the bank may have concerns about providing finance by this method. (4 marks)
Changes may be requested by any stakeholder involved with the project, but changes can be authorized only by（）A、executive IT managerB、projectmangerC、change control boardD、projectsponsor
An account executive is preparing for an initial one-on-one meeting with a high-level executive who recently read about POWER5 technology. The account executive needs technical assistance to prepare for the meeting. How can a pSeries technical specialist best provide assistance in this situation？（）A、Create a POWER5 technical presentation for the account executive’s use.B、Mentor the account executive with the most important POWER5 features and benefits.C、Attend the meeting instead of the account executive to present the POWER5 features and benefits.D、Join the meeting via teleconference at a prescheduled time to present the POWER5 features and benefits.
You are designing a security group strategy to meet the business and technical requirements. What should you do?（）A、Create one global group named G_Executives. Make all executives user accounts members of that group.B、Create two global groups named G_Executives and one universal group named U_Executives. Make the two global members of U_Executives. Make the executive user accounts members of the appropriate global group.C、Create three global groups named G_NY_Executives and G_Chi_Executives and G_Executives. Make G_NY_Executives and G_Chi_Executives members of G_Executives. Make the executive user accounts members of the appropriate global group. D、Create one domain local group named DL_Executives. Make all executive user accounts members of that group.
单选题You are designing a security group strategy to meet the business and technical requirements. What should you do?（）ACreate one global group named G_Executives. Make all executives user accounts members of that group.BCreate two global groups named G_Executives and one universal group named U_Executives. Make the two global members of U_Executives. Make the executive user accounts members of the appropriate global group.CCreate three global groups named G_NY_Executives and G_Chi_Executives and G_Executives. Make G_NY_Executives and G_Chi_Executives members of G_Executives. Make the executive user accounts members of the appropriate global group. DCreate one domain local group named DL_Executives. Make all executive user accounts members of that group.
问答题Practice 5 ● The company you work for has decided to join a scheme in which members of staff exchange places for six months with people from other companies overseas. ● The Chief Executive has asked you to suggest which members of staff should be the first to take part in this scheme and why. ● Write your proposal for the Chief Executive: ● suggesting which members of staff should be chosen and why they are suitable ● describing what their current responsibilities are ● explaining what these staff could learn from the exchange scheme ● outlining the benefits to the company as a whole of its participation in the scheme. ● Write 250~300 words on the separate answer paper provided.
单选题An account executive is preparing for an initial one-on-one meeting with a high-level executive who recently read about POWER5 technology. The account executive needs technical assistance to prepare for the meeting. How can a pSeries technical specialist best provide assistance in this situation？（）ACreate a POWER5 technical presentation for the account executive’s use.BMentor the account executive with the most important POWER5 features and benefits.CAttend the meeting instead of the account executive to present the POWER5 features and benefits.DJoin the meeting via teleconference at a prescheduled time to present the POWER5 features and benefits.