ACCA考试《专业会计师P1》复习详解1

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　　Part A - Governance and Responsibility

　　Principles-based vs. Rules-based

　　Principles-based approach

　　（1） Principles-based approach requires the company to adhere to thespirit rather than the letter of code.

　　（2） The approaches focus on objectives rather than the mechanisms bywhich these objectives will be achieved.

　　（3） The approaches can lay stress on those elements of corporategovernance to which rules cannot easily be applied.

　　（4） The approaches can applied across different legal jurisdictionsrather being founded in the legal regulations of one country.

　　（5） The approaches avoid inflexible legislation and allows companies todevelop their own approaches to corporate governance.

　　（6） The approaches are too board to be used as a guide to bestcorporate governance practice.

　　（7） There may be confusion over what is compulsory and what isn’t.

　　Rules-based approach

　　（1） Rules-based approach places more definite achievement and provideclarity in terms of what you must do. The rules are legal requirement.

　　（2） The approaches allow no leeway. The key is whether or not you havecomplied with the rules.

　　（3） It should in theory be easy to see whether there has beencompliance with the rules. But that depends on whether the rules areunambiguous.

　　（4） It is rigid and difficult to deal with questionable situation thatare not covered sufficiently in the rulebook.

　　Influence of ownership: Family firms vs. Joint-stockcompanies

　　Insider systems

　　Insider system is where companies are ownedand controlled by a small number of major shareholders, which may be members ofthe company’s founding family.

　　（Advantages）

　　（1） It is easier to establish ties between owners and managers. Theagency problem is reduced in the case of that the owners are involved inmanagement.

　　（2） It is easier to influence company management even if the owners arenot involved in management.

　　（3） A smaller base of shareholders may be more able to take a long-termview. Long-term growth is a bigger issue for such families.

　　（Disadvantages）

　　（1） There may be discrimination against minority shareholders and lackof minority shareholders protections.

　　（2） Insider systems tend not to be monitored effectively and may bereluctant to employ outsiders in influential position.

　　（3） Insider systems often don’t develop more formal governancestructures.

　　（4） Insider systems may be more prone to opaque financial transactionsand misuse of fund.

　　Outsider systems

　　Outsider systems are companies whereshareholding is more widely dispersed, and there is the manager-ownershipseparation.

　　（Advantages）

　　（1） The separation of ownership and management has provided an impetusfor the development of more robust governance to protect shareholders.

　　（2） Shareholders have voting rights that they can use to exercisecontrol.

　　（3） Hostile takeovers become far more frequent and this kind of threatsact as a disciplining mechanism on company management.

　　（Disadvantages）

　　（1） Companies are more likely to have an agency problem and significantcosts of agency.

　　（2） Larger shareholders have often had short-term priorities.

　　Stakeholders in corporate governance

　　（1） Stakeholders are any entity （person, group or non-human entity）that can affect or be affected by the actions or policies of an organization. Itis a bi-directional relationship.

　　（2） Stakeholder theory indicates that large companies have significantimpact on society so that they cannot only be responsible to theirshareholders, but have accountability to a broad range of stakeholders.

　　（3） Companies should concentrate on employees, creditors and governmentas well as behave ethically and have regard for the environment and society asa whole.

　　Instrumental view vs. Normativeviews

　　（Instrumentalview）

　　（1） From the point of instrumental view, the motivation of companies tofulfill the responsibilities towards stakeholders is that they believe that it wouldhave an impact on maximizing company’s profits if not to do so.

　　（2） The companies don’t have any moral standpoint of its own, thereforeis devoid of any moral obligation.

　　（Normativeview）

　　（1） From the point of normative view, themotivation of companies to fulfill the responsibilities towards stakeholder isthat they have consciousness of accepting moral duty towards others.

　　（2） The companies is altruistic, and haveethical, philanthropic responsibilities in addition to economic, legalresponsibilities.

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第二篇：ACCA(P1)专业会计师考试复习指导2

ACCA(P1)专业会计师考试复习指导

2

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Internal audit

（1） Internal audit is an appraisal or monitoring activity established by management and directors for the review of the accounting and internal control systems as a service to the entity.

（2） Internal audit functions by examining, evaluating and reporting to management and directors on the adequacy and effectiveness of components of the accounting and internal control systems.

（3） Internal audit is a management control. It reviews the effectiveness of other controls within a company.

（4） The work of audit is varied – from reviewing financial controls through checking compliance with legislation.

（5） The internal audit department is normally under the control of a chief internal auditor who reports to the audit committee.

（Importance）

（1） In some situation, it is a statutory requirement to have internal audit.

（2） In some situation, it is required to have internal audit by codes of corporate governance.

（3） Internal audit provides an independence check on the control systems in a company.

（4） Internal audit is a management control.

Auditor independence

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（1） Internal audit is an independent objective assurance activity.

（2） To ensure that the activity is carried out objectivity, the internal auditor must have their independence protected.

（3） Independence is assured in part by having an appropriate structure with which internal auditors work.

（4） Independence is assured in part by the internal auditor following acceptable ethical and work standards.

（5） Internal auditors should be independent of executive management and should not have any involvement in the activities or systems that they audit.

（6） The head of internal audit should report directly to a senior director or the audit committee and should have direct access to the chairman of the board of directors, and to the audit committee, and should be accountable to the audit committee.

（7） The audit committee should approve the appointment and termination of appointment of the head of internal audit.

Threats to auditor independence

Conceptual framework）

（1） Self-interest threat: Occurs when the audit firm or a member of the audit team could benefit from a financial interest in, or other self-interest conflict with an audit client.

（2） Self-review threat: Occurs when the audit firm, or an individual audit team member, is put in a position of reviewing subject matter for which the firm or individual was previously responsible, and which is significant in the context of the audit engagement.

（3） Advocacy threat: Occurs when the audit firm, or a member of the audit team, promotes, or may be perceived to promote, an audit client’s position or opinion.

（4） Familiarity threat: Occurs when, by virtue of a close relationship with an audit client, its directors, officers or employees, an audit firm or a member of the audit team becomes too sympathetic to the client’s interests.

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（5） Intimidation threat: Occurs when a member of the audit team may be deterred from acting objectively and exercising professional skepticism by threats, actual or perceived, from the directors, officers or employees of an audit client.

（Specific threats）

（1） Financial interest in a client. Auditor owns shares in a client company.

（2） Loans and guarantees. Auditor loans money to or receives loans from a client company.

（3） Close business relationships. Auditor partner is director of a client company.

（4） Family and personal relationships. Director’s spouse is director of a client company.

（5） Employment with assurance clients. Member of assurance team accepts senior position at a client company.

（6） Size of fees. Audit firm has a significant amount of fees derived from one client.

（7） Gifts and hospitality. Auditor is provided with a free holiday by the client.

（Ethical threats to internal auditor）

（1） Pressure from an overbearing supervisor, manager or director, adversely affecting the accountant’s integrity.

（2） An auditor might mislead his employer as to the amount of experience

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