2009年ACCAP1-P3真题12488.pdf

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1、 财经网络教育领导品牌 _ 高顿网校 All Rights Reserved 版权所有 复制必究 1 2009 年 ACCA P1-P3 真题 Section A This ONE question is compulsory and MUST be attempted 1.Global-bank is a prominent European bank with branches throughout Europe and investment arms in many locations throughout the world.It is regarded as one of the w

2、orlds major international banks.Through its network of investment offices throughout the world,fund managers trade in local investment markets and equities.Futures and derivative traders also operate.Its primary listing is in London although it is also listed in most of the other global stock market

3、s including New York,Hong Kong,Frankfurt and Singapore.As with similar banks in its position,Global-banks structure is complicated and the complexity of its operations makes the strategic management of the company a demanding and highly technical process.Up until the autumn of 2008,investors had a h

4、igh degree of confidence in the Global-bank board as it had delivered healthy profits for many years.In the autumn of 2008,it came to light that Jack Mineta,a Global-bank derivatives trader in the large city office in Philos,had made a very large loss dealing in derivatives over a three-month period

5、.It emerged that the losses arose from Mr Minetas practice of ignoring the company trading rules which placed limits on,and also restricted,the type of financial instruments and derivatives that could be traded.The loss,estimated to be approximately US$7 billion,was described by one analyst as a hug

6、e amount of money and enough to threaten the survival of the whole company.As soon as the loss was uncovered,Mr Mineta was suspended from his job and the police were called in to check for evidence of fraud.The newspapers quickly reported the story,referring to Mr Mineta as a rogue trader and asking

7、 how so much money could be lost without the banks senior management being aware of it.It turned out that Mr Minetas line manager at the Philos office had ignored the trading rules in the past in pursuit of higher profits through more risky transactions.Mr Mineta had considerably exceeded his tradin

8、g limit and this had resulted in the huge loss.It later emerged that Mr Mineta had been dealing in unauthorised products which were one of the riskiest forms of derivatives.At a press conference after Mr Minetas arrest,Global-banks chief executive,Mrs Barbara Keefer,said that her first priority woul

9、d be to ask the Philos office why the normal internal controls had not been effective in monitoring Mr Minetas activities.It emerged that Mr Mineta had in the past been one of Global-banks most profitable derivatives traders.Some journalists suggested to Mrs Keefer that the company was happy to igno

10、re normal trading rules when Mr Mineta was making profits because it suited them to do so.财经网络教育领导品牌 _ 高顿网校 All Rights Reserved 版权所有 复制必究 2 Another derivatives trader in the Philos office,Emma Hubu,spoke to the media informally.She said that Mr Mineta was brilliant and highly motivated but that he o

11、ften said that he didnt care about the trading rules.Miss Hubu explained that Mr Mineta didnt believe in right and wrong and once told her that Im in this job for what I can get for myself big risks bring big returns and big bonuses for me.She also explained that the culture of the Philos office was

12、 driven by Mr Minetas line manager,Juan Evora.She said that Mr Evora knew that Mr Mineta was breaking trading rules but was also very profits driven and kept compliance information from head office so that the nature of Mr Minetas trading was not uncovered.The compliance information was required by

13、head office but several failures to return the information had not been acted upon by head office.Mr Evoras bonus was directly linked to the size of the Philos offices profits and all of the derivatives traders,including Mr Mineta,were regularly reminded about the importance of taking risks to make

14、big returns.Miss Hubu said that trading rules were not enforced and that head office never got involved in what went on in Philos as long as the annual profits from the Philos derivative traders were at or above expectations.It emerged that the lack of correct information from Philos and elsewhere m

15、eant that Global-banks annual report statement of internal control effectiveness was not accurate and gave an unduly favourable impression of the companys internal controls.In addition,the companys audit committee had been recently criticised by the external auditors for a lack of thoroughness.Also,

16、the audit committee had recently lost two non-executive members that had not been replaced.The amount lost by Mr Mineta made it necessary to refinance the Global-bank business and when the board recommended a US$5 billion rights issue,some of the institutional investors demanded an extraordinary gen

17、eral meeting(EGM).Global-banks largest single shareholder,the Shalala Pension Fund,that held 12%of the shares,was furious about the losses and wanted an explanation from Mrs Keefer on why internal controls were so ineffective.When the Shalala trustees met after the losses had been reported,it was de

18、cided to write an urgent letter to Mrs Keefer expressing the trustees disappointment at her role in the internal control failures at Global-bank.The letter would be signed by Millau Haber,the chairman of the Shalala trustees.At the EGM,Mrs Keefer made a statement on behalf of the Global-bank board.I

19、n it she said that Mineta had been a rogue trader who had wilfully disregarded the companys internal controls and was,in breaking the companys trading rules,criminally responsible for the theft of company assets.She denied that the main Global-bank board had any responsibility for the loss and said

20、that it was a genuinely unforeseeable situation.(a)Kohlbergs theory of the development of moral reasoning contains three levels,with each level containing two stages or planes.It is a useful framework for understanding the ways 财经网络教育领导品牌 _ 高顿网校 All Rights Reserved 版权所有 复制必究 3 in which people think

21、about ethical issues.Required:(i)Explain the three levels of Kohlbergs theory.(6 marks)(ii)Identify the level that Mr Mineta operated at and justify your choice using evidence from the case.(4 marks)(iii)Identify,with reasons,the stage(or plane)of Kohlbergs moral development most appropriate for a p

22、rofessional bank employee such as Mr Mineta as he undertakes his trading duties.(2 marks)(b)Explain FIVE typical causes of internal control failure and assess the internal control performance of Global-bank in the case scenario.(10 marks)(c)Analyse the agency relationship that exists between the boa

23、rd of Global-bank and the trustees of the Shalala Pension Fund.(4 marks)(d)Distinguish between narrow and wide stakeholders and identify three narrow stakeholders in Global-bank(based on Evan&Freemans definition)from information in the case.Assess the potential impact of the events described on each

24、 narrow stakeholder identified.(10 marks)(e)You have been asked to draft a letter from Millau Haber,chairman of the Shalala trustees,to Mrs Keefer as a result of concerns over the events described in the case.The letter should explain the roles and responsibilities of the chief executive in internal

25、 control,and criticise Mrs Keefers performance in that role.(10 marks)Professional marks are available in part(e)for the structure,content,style and layout of the letter.(4 marks)(50 marks)Section B TWO questions ONLY to be attempted In a major policy speech,Government finance minister Mrs Wei Yttri

26、a said that the audit and assurance industrys work should always be judged by the effect it has on public confidence in business.She said that it was crucial that professional services such as audit and assurance should always be performed in the public interest and that there should be no material

27、threats to the assurers independence.Enron and other corporate failures happened,she said,because some accountants didnt understand what it was to act in the public interest.She stressed that it was important that firms should not provide more than one service to individual clients.If a firm audited

28、 a client then,she said,it shouldnt provide any other services to that client.Mr Oggon Mordue,a financial journalist who had worked in audit and assurance for many years,was in the audience.He suggested that the normal advice on threats to independence was wrong.On the contrary in fact,the more serv

29、ices that a professional services firm can provide to a client the better,as it enables the firm to better understand the client and its commercial and 财经网络教育领导品牌 _ 高顿网校 All Rights Reserved 版权所有 复制必究 4 accounting needs.Mrs Yttria disagreed,saying that his views were a good example of professional se

30、rvices firms not acting in the public interest.Mr Mordue said that when he was a partner at a major professional services firm,he got to know his clients very well through the multiple links that his firm had with them.He said that he knew all about their finances from providing audit and assurance

31、services,all about their tax affairs through tax consulting and was always in a good position to provide any other advice as he had acted as a consultant on other matters for many years including advising on mergers,acquisitions,compliance and legal issues.He became very good friends with the direct

32、ors of client companies,he said.The clients,he explained,also found the relationship very helpful and the accounting firms did well financially out of it.Another reporter in the audience argued with Mr Mordue.Ivor Nahum said that Mr Mordue represented the very worst of the accounting profession.He s

33、aid that accounting was a biased and value laden profession that served minority interests,was complicit in environmental degradation and could not serve the public interest as long as it primarily served the interests of unfettered capitalism.He said that the public interest was badly served by acc

34、ounting,as it did not address poverty,animal rights or other social injustices.Required:(a)Explain,using accounting as an example,what the public interest means as used by Mrs Yttria in her speech.(5 marks)(b)This requirement concerns ethical threats.It is very important for professional accountants

35、 to be aware of ethical threats and to avoid these where possible.Required:(i)With reference to the case as appropriate,describe five types of ethical threat.(5 marks)(ii)Assess the ethical threats implied by Mr Mordues beliefs.(8 marks)(c)Assess Ivor Nahums remarks about the accounting profession i

36、n the light of Gray,Owen&Adams deep green(or deep ecologist)position on social responsibility.(7 marks)(25 marks)2.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

37、belief that it was the chairman,Miss Heike Hoiku,who was primarily to blame.Although the companys 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 angr

38、y 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.财经网络教育领导品牌 _ 高顿网校 All Rights Reserved 版权所有 复制必究 5 Some shareholders wrote a letter to Miss Hoiku last year demanding that she hold M

39、r 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 chairmans statement in the annual report earlier in the year.In particular,they asked if she could remove Mr Smith from office for incompetence.Miss Hoi

40、ku 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 rem

41、uneration 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 proport

42、ion 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 companys performance might deteriorate this year,he exercised all of his share options last year and

43、 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 uncoordinat

44、ed 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 Hoikus statement that it

45、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 chairmans statement to shareholders in TQ Companys annual report.(5 marks)(c)Criticise the structure of the reward package that Mr Smith awarded himself.(4 marks)(d)Criti

46、cise Miss Hoikus performance as chairman of TQ Company.(8 marks)财经网络教育领导品牌 _ 高顿网校 All Rights Reserved 版权所有 复制必究 6(25 marks)3.John Pentanol was appointed as risk manager at H&Z Company a year ago and he decided that his first task was to examine the risks that faced the company.He concluded that the

47、company faced three major risks,which he assessed by examining the impact that would occur if the risk were to materialise.He assessed Risk 1 as being of low potential impact as even if it materialised it would have little effect on the companys strategy.Risk 2 was assessed as being of medium potent

48、ial impact whilst a third risk,Risk 3,was assessed as being of very high potential impact.When John realised the potential impact of Risk 3 materialising,he issued urgent advice to the board to withdraw from the activity that gave rise to Risk 3 being incurred.In the advice he said that the impact o

49、f Risk 3 was potentially enormous and it would be irresponsible for H&Z to continue to bear that risk.The company commercial director,Jane Xylene,said that John Pentanol and his job at H&Z were unnecessary and that risk management was very expensive for the benefits achieved.She said that all risk m

50、anagers do is to tell people what cant be done and that they are pessimists by nature.She said she wanted to see entrepreneurial risk takers in H&Z and not risk managers who,she believed,tended to discourage enterprise.财经网络教育领导品牌 _ 高顿网校 All Rights Reserved 版权所有 复制必究 7 John replied that it was his jo