Read e-book online ACCA P1 Governance, Risk and Ethics PDF

By Emile Woolf International Publishing

ISBN-10: 184843135X

ISBN-13: 9781848431355

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Extra info for ACCA P1 Governance, Risk and Ethics

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It is normal in most countries to have a limited audit of public sector organisations to ensure the integrity and transparency of their financial transactions, but this does not always extend to an audit of its performance or ‘fitness for purpose’. Agency relationship - Charities Managers are also agents acting for principals in charities so once again there is potential for agency conflicts. Charities often raise money by securing donations form the public. This means that donors are key principals.

In listed companies (stock market companies) openness includes matters such as: - requiring major shareholders to declare the size of their shareholding in the company, and - requiring the board of directors to announce to the stock market information about any major new developments in the company’s affairs, so that all shareholders and other investors are kept informed. Independence Independence means freedom from the influence of someone else. A principle of good corporate governance is that a substantial number of the directors of a company should be independent, which means that they are able to make judgements and give opinions that are in the best interests of the company, without bias or pre-conceived ideas.

Direct stakeholder claims are claims made by stakeholders directly, with their ‘own voice’. For example, employees may make a direct claim for higher pay. Shareholders, customers, suppliers and (sometimes) local communities may express direct claims to the company. „ Indirect stakeholder claims are claims that are not made directly by a stakeholder or stakeholder group, but are made indirectly on their behalf by someone else. For example: - A small customer of a very large company is too powerless to make claims in his own name.

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ACCA P1 Governance, Risk and Ethics by Emile Woolf International Publishing

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