24/02/2015

Financialcontroller:ThesummaryofACCAP1Governance,riskandethics

Financialcontroller
Finance,accounting,audit,ACCA,computationalfinance,controlling,statistics,careerdevelopment,professional
ethics,assurance,risks,strategy,Coursera,mnemonics,IFRS,IAS,IELTS

,112013.

ThesummaryofACCAP1
Governance,riskandethics

SelectLanguage
Poweredby

Translate

Subscribethenews

Governance

Aboutme

Tetyana
Romanovska

Agencytheorydirectorsactasagentsofshareholders
Potentialproblemstrategytobenefitdirectors,notshareholders,different
attitudetorisk(nottheirinvestment),sorttermism
Goalcongruenceincentivestoaligninterests(profitrelatedpayandshareoption
schemes)
Rulesorprinciplesbasedapproaches
RulesSOX,legallyinforced,section404ICFRpenalisesSMEs
PrinciplesUKCombinedCodeofCG,complyorexplaine,SMEsmoreleeway,
notlegallycompulsory,marketbenefitsorpenaltiesfornoncomplyer
CGconceptsHAIRDRIFT

Hello!MynameisTetyana
Romanovska.Ilivein
Donetsk,Ukraine.Since
April2008Ihavebeen
workingfortelecom
companyasafinancial
controller.Inaddition,I
amastudentofACCA(the
AssociationofChartered
CertifiedAccountants).
Courseraismypassionlast
time.Ialreadyfinishedthe
Statisticscourseofferedby
UniversityofToronto.
Currently,Iamtakingthe
courseofPublicSpeaking
fromUniversityof
Washington.Ialsoaco
adminoffacebookpage
whichhelpsACCAstudents
tostudyandachievegood
resultsonexamsandboost
theircareerinfinance,
accountingandauditing.

Honestytruth,notmisleading
Accountabilitydirectorsaccountabletosharehoders,stakeholders
IndependenceNEDsfreefromconflictofinterests
Responsibilitydirectorsresponsibletostakeholders
Decisiontakenimprovewealthofanentity
ReputationabilitytocomplywithCGconcepts
Integrityhonestyandbalance,trustworthy
Fairnesstakeintoaccountlegitimateinterests
Transparencyfulldisclosureofmaterialmatters
Chairmanrole(Higgsreport)RAISEDIP

http://financialcontroller.blogspot.com/2013/06/themainfeaturesofaccap1governance.html

1/6

24/02/2015

Financialcontroller:ThesummaryofACCAP1Governance,riskandethics

Runtheboard
Activeengagementbyboardmembers
Inductionprogramme
Sufficienttimeforcomplexdecision
Effectivecommunicationswithshareholders
Developmentneedsfordirectors
Informationprovidedaccuratelyandtimely
Performanceevaluation
NEDsrole(Higgsreport)
StRiPPerformance
Strategycontributestrategysuccess
RiskadequateICsandriskmantsisteminplace
PeopleappointmentandremunerationofEDs,contractualanddisciplinary
issues
PerformanceholdEDstoaccountfordecisionstakenandresultsobtained,
representshareholdersinterests
Auditcommittee100%NEDs,1financialexperience
roleCLARISSA
Createaclimateofdisciplineandcontrol
LendcredibilityinFS
AssistCFOtoprovideforum
ReviewFStoimprovequality
Independentjudgement
Strenthenpositionofinternalauditor
Strenthenpositionofexternalauditor
AssistinresolutionbetweenEAandboard
RiskmantcommitteemajorityofNEDs,1fromAC,1riskexpert
role
AssessICs
Performsriskassessmentofkeyoperations
Overseesimplementationandeffectiveoperationofriskstrategy
NominationcommitteemajorityofNEDs
role
Identifyappropriatepeopletojoinboard
DeterminepackagesandtheircompositionsforprospectiveEDs
RemunerationcommitteemajorityofNEDs
role
DetermineappropriatepackagesanftheircompositionsforEDs
Crossdirectorshipandcrossshareholdershipareprohibited
TurnbullcriteriatoassesstheneedforIAdept
Scale,diversityandcomplexityofcompany'soperations
Numberofemployees
Costbenefit
Changesinorganisationalstructure
Changesinkeyrisks
ProblemwithICs
Increased#ofunexplainedorunacceptableevents
TurnbullguidanceforsoundICs(sound=effective)

Visitors
PriciplesofICsembededtoactivities(notstandalone)

Quicklyresponseofrisks
Immediatereportingtomant
Publicsectororganisations

http://financialcontroller.blogspot.com/2013/06/themainfeaturesofaccap1governance.html

57,618
Populararticles
2/6

24/02/2015

Financialcontroller:ThesummaryofACCAP1Governance,riskandethics

Hospitals,schools,localgovernmentauthorities,statecontrolledcompanies,
NGOs
Purposeimplementgovernmentpolicy.Itcannotbeleftforprofit(eg.loss
makingroutemayberetainetosupporteconomicdevelopmentinaregion)
Focusvalueformoney(EEE)
Agencyrelationshipmantasanagentfortaxpayers
Problemstrategicobjectiveshardlytodefineandmonitortheirachievments
Charities&voluntaryorganisations
Accountabilityrelationshipcharitydonorpurposeofdonationandactualuse
ofit

Risk
Strategicrisk
responsibleboard
arisesfromfundamentaldecisionsrelatedtoorganisation'sobjectives
BusinessandNonbusiness
Businessproductandservicerelated(marketinganddevelopment,economic
risk,technologicalrisk)
Nonbusinessnotrelatedtoproductandservice(longtermfinancing)
UKCadberyreportmatters:
significantaquisitionanddisposal
investments
capitalprojects
treasurypolicies
Managingifproblemisglobal(rawmaterialsupplieruncertainity),notavoided
inshortterm,redesignproductionreduceoreliminateriskinlongterm
Avoidrisklostbusinessopportunitycompetitormaytakeupthese
opportunitiesandboostitsbusiness
Operationalrisk
responsibleriskcommitteelinemanagersemployees
arisesfrominternalresources,systems,processes,employeesrisks
stoppagelinemachinefailure
keystaffleavingdissatisfied
lostofsalespoorquality

The50most
common
questions
forjob
interview
Onemy
friendusuallytellsmeyou
needtogotojobinterview
tobecomemoreconfident.
Thus,yougainvaluable
experienceof
communicati...
UsefulMnemonicsfor
ACCAP1Governance,
ethicsandrisks
Preparingforexams,Ihave
noticedthatsuchenormous
amountofnewinformation
isnotabletoberetainedin
mymind(!)Howto
improve...
The
summaryof
ACCAP1
Governance,
riskand
ethics
GovernanceAgencytheory
directorsactasagentsof
shareholdersPotential
problemstrategyto
benefitdirectors,not
shareho...
ACCAProfessionalEthics
Module
Ethicsisacrucialthingfor
afinancialprofessional.Its
importanceisnotlessthan
theknowledgeandskills
ones.That'swhyACCA...
Useful
mnemonics
forACCAF8
Auditand
Assurance
Preparing
forexams,Ihavenoticed
thatthereareanenormous
amountofnewinformation
tomemorize.Mymind
explodes.Howtoimprove
the...

Managingcontrolstodetectorcorrectproblemtoreduceoreliminaterisk
GuidetorisksFROPLIFE
Financialrisk
Reputation
Operational
Product
Legal&political
Informationtechnology
Fraud
Enterpreneurialoreconomic
RiskframeworkALARM
Appetite
List(riskregister)
Assess(TARA)
Response
Monitor
TARA
Highprobability*Highimpact=Avoid
Highprobability*Lowimpact=Transfer
Lowprobability*Highimpact=Reduce
Lowprobability*Lowimpact=Accept

http://financialcontroller.blogspot.com/2013/06/themainfeaturesofaccap1governance.html

FivemythsaboutACCA's
PerformanceObjectives
ManyACCAstudentsfocus
ontheirexamsprogress.In
thesametime,the
employersarekeenontheir
knowledgegainedfrom
exams,ethicalbe...
ThesummaryofACCAF8
AuditandAssurance
QuicklookatACCAF8
AuditandAssurance.
AssuranceAuditisthe
process,assuranceisthe
product.Agencytheory:
secondaryagent...
ACCAP3
Business
Analysis
themost
popular
models
I'mpreparingforACCAP3
exam.ItseemsBusiness
Analysisisthebestand
mostinterestingsubjectin
ACCAqualification!!!The
onlyp...
SuccessfulACCAexams
strategy
Howtowritetheanswersto
scorehighmarks?Howto

3/6

24/02/2015

Financialcontroller:ThesummaryofACCAP1Governance,riskandethics

ERMmodel
COSO'senterpriseriskmant
8components

allocate
sufficient
timeforall
questionsin
apaper?
Why
apparentlywellprepared...

1Internalenvironmenttoneoforganisationinfluincingriskappetite,attitude
toriskmant&ethicalvalues(criticismexternalenvironmentignored)
2Objectivesettingtosupportcompany'smission(consistentwithriskappetite)
3Eventidentificationwhichmayaffectachievementsofobjectives.Negative
impactrisks,positiveimpactopportunities
4Riskassessmentprobabilityandimpactofrisks
5Riskresponsereduce,accept,transfer,avoid
6Controlactivitiespolicies&procedurestocheckeffectivenessofrisk
responces

Professional
marksin
ACCAP
levelexams
Oneofthe
featuresof
theProfessionallevelexam
papersistheawardingof
professionalmarks.These
aremarksallocatednotfor
thec...

7Implementation&communicationdatamant&staffresponsibility
8Monitoringmodifiedifnecessary

Ethics

Tags

ACCA

Gray,Owen&Adams7positionsonCSR
PRESSSD
Pristinecapitalistshareholdersmostimportant
Radicalfeministdonotfellowmaledominate,softtreatmentoffemale
Expedientsopportunitiesforbusiness>SRissecondary
Socialcontractentityexiststillitservesthesociety
Socialecologistrecognisesocial&environmentalfootprint

Blogarchive
2014(1)
2013(37)

SocialistSRisfirst,goodproductionissecond

(1)

Deepecologistattentiontonature,saveplanetforthefuturegenerations

(3)

AAAmodel
FENABCD
Fact
Ethic
Norm
Alternativecourse
Bestcourse
Consequence
Decision
Tucker'smodel5questions
PleaseLookForRedShoes
Profitable?
Legal?
Fair?
Right?
Sustainable?(orenvironmental)?
Mendelowframework
influenceofstakeholder=Power*Interest
Lowpower*Lowinterest=Minimaleffort
Lowpower*Hightinterest=Keepinformed
Highpower*Lowinterest=Keepsatisfied
Highpower*Highinterest=Keyplayers
Instrumental&normativemotivationsofstakeholdertheory
Instrumentaltakeintoaccountshareholdersopiniononlyiftheyareconsistent

(1)
(2)
(1)
(1)
(11)
ACCAprocedureof
claimingyour
Practical
Experien...
Howtointroduce
yourselfACCA's
PO#5
Communic...
Fivemythsabout
ACCA's
Performance
Objectives
ACCAapproved
employersin
Ukraine
Thesummaryof
ACCAF8Audit
andAssurance
Relatedand
correlatedrisks
ACCAP1June
2013
SuccessfulACCA
examsstrategy
Thesummaryof
ACCAP1
Governance,risk
andethics...
UsefulMnemonics
forACCAP1
Governance,ethics
an...

share,etc.)

Freepastexam
questionsofACCA
F8Auditand
Assu...

NormativeKant'stheorybased,moralframework,seesharehodersasendsin

ACCAF8Auditand

withother,moreimportantobjectives(profitmaximisation,gainingmarket

http://financialcontroller.blogspot.com/2013/06/themainfeaturesofaccap1governance.html

4/6

24/02/2015

Financialcontroller:ThesummaryofACCAP1Governance,riskandethics
Assurancefree
lectureofsubs...

themselves,nottoachievementsofotherends)
CategoryofstakeholdersPINKLAVR

(4)
(5)

Primary/secondary
Internal/external

(6)

Narrow/wide

(1)

Known/unknown

(1)

Legitimate/unlegitimate
Active/passive

2012(8)

Voluntary/involuntary
Recognised/unrecognised

Permanentreaders

ApproachestoCSRPRAD
proactivepromoteinterestsofstokeholders&stakeholders
reactiveavoidCSR,trytohidefromstakeholders/society
accomodativebalancetheinterestsofshareholderswithotherstakeholders
defensiverelyonlyonlegallyestablishedrulestotakeminimalCSR
CSRPELE
Philantropicwhatisdesirable?
Ethicswhatisright?
Legalcompliancewithlaw
Economyfocusonprofitability
Kohlberg'sstagesofmoraldevelopment
3levels(6stages)
Level1Preconventional
1.Obedience&punishmentorientation(Howavoidpunishment)
2.Selfinterstorientation(What'sinitforme?)
Level2Conventional
3.Interpersonalaccord&conformity(socialnorms,goodboy/girlattitude)
4.Authority&socialordermaintainingorientation(Law&ordermorality)
Level3.Postconventional
5.Socialcontractorientation
6.Universalethicalprinciples

Shared
Assessments
VendorRiskManagement
AssessmentTools&
Membership

:TetyanaRomanovska20:55
+7 Recommend this on Google

:ACCA,accaglobal,mnemonic,P1,paper,revision,,,
,,,,,,

http://financialcontroller.blogspot.com/2013/06/themainfeaturesofaccap1governance.html

5/6

24/02/2015

Financialcontroller:ThesummaryofACCAP1Governance,riskandethics

Corporate
Governance
Goodpractices,guidelines,
publications,andtoolkits

:(Atom)

"Watermark".Blogger.

http://financialcontroller.blogspot.com/2013/06/themainfeaturesofaccap1governance.html

6/6