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3 Mary Hobbes joined the board of Rosh and Company, a large retailer, as finance director earlier this year. Whilst she
was glad to have finally been given the chance to become finance director after several years as a financial
accountant, she also quickly realised that the new appointment would offer her a lot of challenges. In the first board
meeting, she realised that not only was she the only woman but she was also the youngest by many years.
Rosh was established almost 100 years ago. Members of the Rosh family have occupied senior board positions since
the outset and even after the company’s flotation 20 years ago a member of the Rosh family has either been executive
chairman or chief executive. The current longstanding chairman, Timothy Rosh, has already prepared his slightly
younger brother, Geoffrey (also a longstanding member of the board) to succeed him in two years’ time when he plans
to retire. The Rosh family, who still own 40% of the shares, consider it their right to occupy the most senior positions
in the company so have never been very active in external recruitment. They only appointed Mary because they felt
they needed a qualified accountant on the board to deal with changes in international financial reporting standards.
Several former executive members have been recruited as non-executives immediately after they retired from full-time
service. A recent death, however, has reduced the number of non-executive directors to two. These sit alongside an
executive board of seven that, apart from Mary, have all been in post for over ten years.
Mary noted that board meetings very rarely contain any significant discussion of strategy and never involve any debate
or disagreement. When she asked why this was, she was told that the directors had all known each other for so long
that they knew how each other thought. All of the other directors came from similar backgrounds, she was told, and
had worked for the company for so long that they all knew what was ‘best’ for the company in any given situation.
Mary observed that notes on strategy were not presented at board meetings and she asked Timothy Rosh whether the
existing board was fully equipped to formulate strategy in the changing world of retailing. She did not receive a reply.
Required:
(a) Explain ‘agency’ in the context of corporate governance and criticise the governance arrangements of Rosh
and Company. (12 marks)
参考答案
更多 “ 3 Mary Hobbes joined the board of Rosh and Company, a large retailer, as finance director earlier this year. Whilst shewas glad to have finally been given the chance to become finance director after several years as a financialaccountant, she also quickly realised that the new appointment would offer her a lot of challenges. In the first boardmeeting, she realised that not only was she the only woman but she was also the youngest by many years.Rosh was established almost 100 years ago. Members of the Rosh family have occupied senior board positions sincethe outset and even after the company’s flotation 20 years ago a member of the Rosh family has either been executivechairman or chief executive. The current longstanding chairman, Timothy Rosh, has already prepared his slightlyyounger brother, Geoffrey (also a longstanding member of the board) to succeed him in two years’ time when he plansto retire. The Rosh family, who still own 40% of the shares, consider it their right to occupy the most senior positionsin the company so have never been very active in external recruitment. They only appointed Mary because they feltthey needed a qualified accountant on the board to deal with changes in international financial reporting standards.Several former executive members have been recruited as non-executives immediately after they retired from full-timeservice. A recent death, however, has reduced the number of non-executive directors to two. These sit alongside anexecutive board of seven that, apart from Mary, have all been in post for over ten years.Mary noted that board meetings very rarely contain any significant discussion of strategy and never involve any debateor disagreement. When she asked why this was, she was told that the directors had all known each other for so longthat they knew how each other thought. All of the other directors came from similar backgrounds, she was told, andhad worked for the company for so long that they all knew what was ‘best’ for the company in any given situation.Mary observed that notes on strategy were not presented at board meetings and she asked Timothy Rosh whether theexisting board was fully equipped to formulate strategy in the changing world of retailing. She did not receive a reply.Required:(a) Explain ‘agency’ in the context of corporate governance and criticise the governance arrangements of Roshand Company. (12 marks) ” 相关考题
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听力原文： Now European finance ministers are expected to reprimand the Irish government today after they meet in Brussels. They've been alarmed by December's budget in the Irish Republic which cut taxes and increased government spending. The other European countries fear this will stoke up inflation and undermine the stability of the Euro, the single currency.Finance ministers from the European Unions 15 states are holding their regular monthly meeting in Brussels. They've been given the tricky task of handing out some public criticism to the government of the country with the most successful economy, the Irish Republic. In the last five years Ireland has boomed growing by an average eight percent a year, unemployment has reached its lowest level for 20 years and commodity prices in Dublin became more expensive than in London.Why do other European countries criticize Ireland?A．They worry that the Irish Republic's budget plan will undermine the stability of European Unions.B．EU countries fear that Irish Republic's finance plan will cause inflation.C．Other countries will have to cut taxes.D．Other EU countries must increase government spending, too.
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Anders Moberg thought that if his salary had been announced earlier, _____.［A］ the board’s position would have become less difficult［B］ he would have agreed to the contract with Ahold［C］ more time could have been devoted to his recovery plan［D］ the shareholders wouldn’t have strongly opposed
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1 The board of Worldwide Minerals (WM) was meeting for the last monthly meeting before the publication of the yearendresults. There were two points of discussion on the agenda. First was the discussion of the year-end results;second was the crucial latest minerals reserves report.WM is a large listed multinational company that deals with natural minerals that are extracted from the ground,processed and sold to a wide range of industrial and construction companies. In order to maintain a consistent supplyof minerals into its principal markets, an essential part of WM’s business strategy is the seeking out of new sourcesand the measurement of known reserves. Investment analysts have often pointed out that WM’s value rests principallyupon the accuracy of its reserve reports as these are the best indicators of future cash flows and earnings. In order tosupport this key part of its strategy, WM has a large and well-funded geological survey department which, accordingto the company website, contains ‘some of the world’s best geologists and minerals scientists’. In its investor relationsliterature, the company claims that:‘our experts search the earth for mineral reserves and once located, they are carefully measured so that the companycan always report on known reserves. This knowledge underpins market confidence and keeps our customerssupplied with the inventory they need. You can trust our reserve reports – our reputation depends on it!’At the board meeting, the head of the geological survey department, Ranjana Tyler, reported that there was a problemwith the latest report because one of the major reserve figures had recently been found to be wrong. The mineral inquestion, mallerite, was WM’s largest mineral in volume terms and Ranjana explained that the mallerite reserves ina deep mine in a certain part of the world had been significantly overestimated. She explained that, based on theinterim minerals report, the stock market analysts were expecting WM to announce known mallerite reserves of4·8 billion tonnes. The actual figure was closer to 2·4 billion tonnes. It was agreed that this difference was sufficientto affect WM’s market value, despite the otherwise good results for the past year. Vanda Monroe, the finance director,said that the share price reflects market confidence in future earnings. She said that an announcement of an incorrectestimation like that for mallerite would cause a reduction in share value. More importantly for WM itself, however, itcould undermine confidence in the geological survey department. All agreed that as this was strategically importantfor the company, it was a top priority to deal with this problem.Ranjana explained how the situation had arisen. The major mallerite mine was in a country new to WM’s operations.The WM engineer at the mine said it was difficult to deal with some local people because, according to the engineer,‘they didn’t like to give us bad news’. The engineer explained that when the mine was found to be smaller thanoriginally thought, he was not told until it was too late to reduce the price paid for the mine. This was embarrassingand it was agreed that it would affect market confidence in WM if it was made public.The board discussed the options open to it. The chairman, who was also a qualified accountant, was Tim Blake. Hebegan by expressing serious concern about the overestimation and then invited the board to express views freely. GaryHowells, the operations director, said that because disclosing the error to the market would be so damaging, it mightbe best to keep it a secret and hope that new reserves can be found in the near future that will make up for theshortfall. He said that it was unlikely that this concealment would be found out as shareholders trusted WM and theyhad many years of good investor relations to draw on. Vanda Monroe, the finance director, reminded the board thatthe company was bound to certain standards of truthfulness and transparency by its stock market listing. She pointedout that they were constrained by codes of governance and ethics by the stock market and that colleagues should beaware that WM would be in technical breach of these if the incorrect estimation was concealed from investors. Finally,Martin Chan, the human resources director, said that the error should be disclosed to the investors because he wouldnot want to be deceived if he were an outside investor in the company. He argued that whatever the governance codessaid and whatever the cost in terms of reputation and market value, WM should admit its error and cope withwhatever consequences arose. The WM board contains three non-executive directors and their views were alsoinvited.At the preliminary results presentation some time later, one analyst, Christina Gonzales, who had become aware ofthe mallerite problem, asked about internal audit and control systems, and whether they were adequate in such areserve-sensitive industry. WM’s chairman, Tim Blake, said that he intended to write a letter to all investors andanalysts in the light of the mallerite problem which he hoped would address some of the issues that Miss Gonzaleshad raised.Required:(a) Define ‘transparency’ and evaluate its importance as an underlying principle in corporate governance and inrelevant and reliable financial reporting. Your answer should refer to the case as appropriate. (10 marks)
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1 The scientists in the research laboratories of Swan Hill Company (SHC, a public listed company) recently made a veryimportant discovery about the process that manufactured its major product. The scientific director, Dr Sonja Rainbow,informed the board that the breakthrough was called the ‘sink method’. She explained that the sink method wouldenable SHC to produce its major product at a lower unit cost and in much higher volumes than the current process.It would also produce lower unit environmental emissions and would substantially improve product quality comparedto its current process and indeed compared to all of the other competitors in the industry.SHC currently has 30% of the global market with its nearest competitor having 25% and the other twelve producerssharing the remainder. The company, based in the town of Swan Hill, has a paternalistic management approach andhas always valued its relationship with the local community. Its website says that SHC has always sought to maximisethe benefit to the workforce and community in all of its business decisions and feels a great sense of loyalty to theSwan Hill locality which is where it started in 1900 and has been based ever since.As the board considered the implications of the discovery of the sink method, chief executive Nelson Cobar askedwhether Sonja Rainbow was certain that SHC was the only company in the industry that had made the discovery andshe said that she was. She also said that she was certain that the competitors were ‘some years’ behind SHC in theirresearch.It quickly became clear that the discovery of the sink method was so important and far reaching that it had thepotential to give SHC an unassailable competitive advantage in its industry. Chief executive Nelson Cobar told boardcolleagues that they should clearly understand that the discovery had the potential to put all of SHC’s competitors outof business and make SHC the single global supplier. He said that as the board considered the options, membersshould bear in mind the seriousness of the implications upon the rest of the industry.Mr Cobar said there were two strategic options. Option one was to press ahead with the huge investment of new plantnecessary to introduce the sink method into the factory whilst, as far as possible, keeping the nature of the sinktechnology secret from competitors (the ‘secrecy option’). A patent disclosing the nature of the technology would notbe filed so as to keep the technology secret within SHC. Option two was to file a patent and then offer the use of thediscovery to competitors under a licensing arrangement where SHC would receive substantial royalties for the twentyyearlegal lifetime of the patent (the ‘licensing option’). This would also involve new investment but at a slower pacein line with competitors. The licence contract would, Mr Cobar explained, include an ‘improvement sharing’requirement where licensees would be required to inform. SHC of any improvements discovered that made the sinkmethod more efficient or effective.The sales director, Edwin Kiama, argued strongly in favour of the secrecy option. He said that the board owed it toSHC’s shareholders to take the option that would maximise shareholder value. He argued that business strategy wasall about gaining competitive advantage and this was a chance to do exactly that. Accordingly, he argued, the sinkmethod should not be licensed to competitors and should be pursued as fast as possible. The operations director saidthat to gain the full benefits of the sink method with either option would require a complete refitting of the factory andthe largest capital investment that SHC had ever undertaken.The financial director, Sean Nyngan, advised the board that pressing ahead with investment under the secrecy optionwas not without risks. First, he said, he would have to finance the investment, probably initially through debt, andsecond, there were risks associated with any large investment. He also informed the board that the licensing optionwould, over many years, involve the inflow of ‘massive’ funds in royalty payments from competitors using the SHC’spatented sink method. By pursuing the licensing option, Sean Nyngan said that they could retain their marketleadership in the short term without incurring risk, whilst increasing their industry dominance in the future throughcareful investment of the royalty payments.The non-executive chairman, Alison Manilla, said that she was looking at the issue from an ethical perspective. Sheasked whether SHC had the right, even if it had the ability, to put competitors out of business.Required:(a) Assess the secrecy option using Tucker’s model for decision-making. (10 marks)
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(b) Explain the roles of a nominations committee and assess the potential usefulness of a nominations committeeto the board of Rosh and Company. (8 marks)
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3 The Chemical Services Group plc (CSG), which operates a divisionalised structure, provides services to industrial anddomestic customers in Swingland, a country whose economic climate is subject to significant variations. There havebeen a number of recent changes at board level within CSG and therefore the managing director called a meeting ofthe board of directors at which each of four recently appointed directors put forward their view as to what their primaryfocus should be. These were as follows:The research and development director stated that ‘my primary focus is upon ensuring that we continue to developthe products and services that satisfy the requirements of our existing and potential customers’.The finance director stated that ‘my primary focus is upon keeping our investors satisfied’.The human resources director stated that ‘my primary focus is upon ensuring that we take all the steps necessary toestablish and maintain our reputation as a responsible employer’.The corporate affairs director stated that ‘my primary focus is upon the need to ensure that we are recognised as asocially responsible organisation’.Required:(a) Discuss the criteria that should be considered in deciding upon suitable performance measures in respect ofthe primary focus of each of the FOUR directors of CSG providing THREE appropriate quantitative measuresfor each primary focus.Note: your answer may include financial or non-financial quantitative measures. (12 marks)
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(ii) State the taxation implications of both equity and loan finance from the point of view of a company.(3 marks)
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(ii) Audit work on after-date bank transactions identified a transfer of cash from Batik Co. The audit senior hasdocumented that the finance director explained that Batik commenced trading on 7 October 2005, afterbeing set up as a wholly-owned foreign subsidiary of Jinack. No other evidence has been obtained.(4 marks)Required:Identify and comment on the implications of the above matters for the auditor’s report on the financialstatements of Jinack Co for the year ended 30 September 2005 and, where appropriate, the year ending30 September 2006.NOTE: The mark allocation is shown against each of the matters.
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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)
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4 You are a senior manager in Becker Co, a firm of Chartered Certified Accountants offering audit and assuranceservices mainly to large, privately owned companies. The firm has suffered from increased competition, due to twonew firms of accountants setting up in the same town. Several audit clients have moved to the new firms, leading toloss of revenue, and an over staffed audit department. Bob McEnroe, one of the partners of Becker Co, has askedyou to consider how the firm could react to this situation. Several possibilities have been raised for your consideration:1. Murray Co, a manufacturer of electronic equipment, is one of Becker Co’s audit clients. You are aware that thecompany has recently designed a new product, which market research indicates is likely to be very successful.The development of the product has been a huge drain on cash resources. The managing director of Murray Cohas written to the audit engagement partner to see if Becker Co would be interested in making an investmentin the new product. It has been suggested that Becker Co could provide finance for the completion of thedevelopment and the marketing of the product. The finance would be in the form. of convertible debentures.Alternatively, a joint venture company in which control is shared between Murray Co and Becker Co could beestablished to manufacture, market and distribute the new product.2. Becker Co is considering expanding the provision of non-audit services. Ingrid Sharapova, a senior manager inBecker Co, has suggested that the firm could offer a recruitment advisory service to clients, specialising in therecruitment of finance professionals. Becker Co would charge a fee for this service based on the salary of theemployee recruited. Ingrid Sharapova worked as a recruitment consultant for a year before deciding to train asan accountant.3. Several audit clients are experiencing staff shortages, and it has been suggested that temporary staff assignmentscould be offered. It is envisaged that a number of audit managers or seniors could be seconded to clients forperiods not exceeding six months, after which time they would return to Becker Co.Required:Identify and explain the ethical and practice management implications in respect of:(a) A business arrangement with Murray Co. (7 marks)
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The finance director of Blod Co, Uma Thorton, has requested that your firm type the financial statements in the formto be presented to shareholders at the forthcoming company general meeting. Uma has also commented that theprevious auditors did not use a liability disclaimer in their audit report, and would like more information about the useof liability disclaimer paragraphs.Required:(b) Discuss the ethical issues raised by the request for your firm to type the financial statements of Blod Co.(3 marks)
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－－Do you know Mary very well?－－Yes, she and I _______ friends since we met in university 20 years ago.
A.have becomeB.have turnedC.have madeD.have been
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Mary is so happy today because she finally ________ the degree from Harvard after three years hard work.
A. receivesB. stealsC. requiresD. finds
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One of your audit clients is Tye Co a company providing petrol, aviation fuel and similar oil based products to the government of the country it is based in. Although the company is not listed on any stock exchange, it does follow best practice regarding corporate governance regulations. The audit work for this year is complete, apart from the matter referred to below.As part of Tye Co’s service contract with the government, it is required to hold an emergency inventory reserve of 6,000 barrels of aviation fuel. The inventory is to be used if the supply of aviation fuel is interrupted due to unforeseen events such as natural disaster or terrorist activity.This fuel has in the past been valued at its cost price of $15 a barrel. The current value of aviation fuel is $120 a barrel. Although the audit work is complete, as noted above, the directors of Tye Co have now decided to show the ‘real’ value of this closing inventory in the financial statements by valuing closing inventory of fuel at market value, which does not comply with relevant accounting standards. The draft financial statements of Tye Co currently show a profit of approximately $500,000 with net assets of $170 million.Required:(a) List the audit procedures and actions that you should now take in respect of the above matter. (6 marks)(b) For the purposes of this section assume from part (a) that the directors have agreed to value inventory at$15/barrel.Having investigated the matter in part (a) above, the directors present you with an amended set of financialstatements showing the emergency reserve stated not at 6,000 barrels, but reported as 60,000 barrels. The final financial statements now show a profit following the inclusion of another 54,000 barrels of oil in inventory. When queried about the change from 6,000 to 60,000 barrels of inventory, the finance director stated that this change was made to meet expected amendments to emergency reserve requirements to be published in about six months time. The inventory will be purchased this year, and no liability will be shown in the financial statements for this future purchase. The finance director also pointed out that part of Tye Co’s contract with the government requires Tye Co to disclose an annual profit and that a review of bank loans is due in three months. Finally the finance director stated that if your audit firm qualifies the financial statements in respect of the increase in inventory, they will not be recommended for re-appointment at the annual general meeting. The finance director refuses to amend the financial statements to remove this ‘fictitious’ inventory.Required:(i) State the external auditor’s responsibilities regarding the detection of fraud; (4 marks)(ii) Discuss to which groups the auditors of Tye Co could report the ‘fictitious’ aviation fuel inventory;(6 marks)(iii) Discuss the safeguards that the auditors of Tye Co can use in an attempt to overcome the intimidationthreat from the directors of Tye Co. (4 marks)
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You are the audit supervisor of Maple Co and are currently planning the audit of an existing client, Sycamore Science Co (Sycamore), whose year end was 30 April 2015. Sycamore is a pharmaceutical company, which manufactures and supplies a wide range of medical supplies. The draft financial statements show revenue of $35·6 million and profit before tax of $5·9 million.Sycamore’s previous finance director left the company in December 2014 after it was discovered that he had been claiming fraudulent expenses from the company for a significant period of time. A new finance director was appointed in January 2015 who was previously a financial controller of a bank, and she has expressed surprise that Maple Co had not uncovered the fraud during last year’s audit.During the year Sycamore has spent $1·8 million on developing several new products. These projects are at different stages of development and the draft financial statements show the full amount of $1·8 million within intangible assets. In order to fund this development, $2·0 million was borrowed from the bank and is due for repayment over a ten-year period. The bank has attached minimum profit targets as part of the loan covenants.The new finance director has informed the audit partner that since the year end there has been an increased number of sales returns and that in the month of May over $0·5 million of goods sold in April were returned.Maple Co attended the year-end inventory count at Sycamore’s warehouse. The auditor present raised concerns that during the count there were movements of goods in and out the warehouse and this process did not seem well controlled.During the year, a review of plant and equipment in the factory was undertaken and surplus plant was sold, resulting in a profit on disposal of $210,000.Required:(a) State Maples Co’s responsibilities in relation to the prevention and detection of fraud and error. (4 marks)(b) Describe SIX audit risks, and explain the auditor’s response to each risk, in planning the audit of Sycamore Science Co. (12 marks)(c) Sycamore’s new finance director has read about review engagements and is interested in the possibility of Maple Co undertaking these in the future. However, she is unsure how these engagements differ from an external audit and how much assurance would be gained from this type of engagement.Required:(i) Explain the purpose of review engagements and how these differ from external audits; and (2 marks)(ii) Describe the level of assurance provided by external audits and review engagements. (2 marks)
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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)
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The new colleague__________ to have worked in several big corporations before he joined our company.
A．confesses
B．declares
C．claims
D．confirms
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After working for the firm for ten years, he finally_______the rank of deputy director.
A．achieved
B．approached
C．attained
D．acquired
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Text 1 Ruth Simmons joined Goldman Sachs's board as an outside director in January 2000;a year later she became president of Brown University.For the rest of the decade she apparently managed both roles without attracting much criticism.But by the end of 2009 Ms.Simmons was under fire for having sat on Goldman's compensation committee;how could she have let those enormous bonus payouts pass unremarked?By February the next year Ms.Simmons had left the board.The position was just taking up too much time,she said.Outside directors are supposed to serve as helpful,yet less biased,advisers on a firm's board.Having made their wealth and their reputations elsewhere,they presumably have enough independence to disagree with the chief executive's proposals.If the sky,and the share price,is falling,outside directors should be able to give advice based on having weathered their own crises.The researchers from Ohio University used a database that covered more than 10，000 firms and more than 64，000 different directors between 1989 and 2004.Then they simply checked which directors stayed from one proxy statement to the next.The most likely reason for departing a board was age,so the researchers concentrated on those“surprise”disappearances by directors under the age of 70.They found that after a surprise departure,the probability that the company will subsequently have to restate earnings increases by nearly 20%.The likelihood of being named in a federal classaction lawsuit also increases,and the stock is likely to perform worse.The effect tended to be larger for larger firms.Although a correlation between them leaving and subsequent bad performance at the firm is suggestive,it does not mean that such directors are always jumping off a sinking ship.Often they“trade up，”leaving riskier,smaller firms for larger and more stable firms.But the researchers believe that outside directors have an easier time of avoiding a blow to their reputations if they leave a firm before bad news break,even if a review of history shows they were on the board at the time any wrongdoing occurred.Firms who want to keep their outside directors through tough times may have to create incentives.Otherwise outside directors will follow the example of Ms.Simmons,once again very popular on campus.
According to the researchers from Ohio University,after an outside director's surprise departure,the firm is likely to_____A.become more stable
B.report increased earnings
C.do less well in the stock market
D.perform worse in lawsuits
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Next Monday is Tina’s anniversary of the entry to Apple Inc. She ____by the company for 15 whole years by then.
A.will have been employed
B.will have employed
C.has been employed
D.will employed
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He appreciated ______ the chance to deliver his thesis in the annual symposium on Comparative Literature.A.to have been given
B.to have given
C.having given
D.having been given
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A customer is creating an Event Action Plan to monitor CPU utilization on their SQL server. While creating a Simple Event Filter， the event type "Director.Director Agent.CPU Monitors" option is not available. Which of the following is the most likely source of the problem？（）A、The appropriate Hardware Status monitors have not been set.B、The appropriate Resource Monitor thresholds have not been set.C、The appropriate Windows Performance monitors have not been set.D、The appropriate Process Management thresholds have not been set.
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You are customizing the user interface options for the finance department in your organization. Users in the department are able to see a session counter on the Web interface of the Junos Pulse Access Control Service. The CFO is unable to see the session counter.Which explanation would cause this behavior?（）A、The CFO is mapped to the finance role, but the session counter was enabled prior to the role mapping.B、The CFO is mapped to the finance role, but the session counter was enabled after the role mapping.C、The CFO is mapped to the executive and finance roles, but the CFO was mapped to the executive role first, which does not have the session counter enabled.D、The CFO is mapped to the executive and finance roles, but the CFO was mapped to the executive role last, which does not have the session counter enabled.
考题
You are designing a group management strategy for users in the finance department. You need to identify the appropriate changes that need to be made to the current group management strategy. You want to accomplish this goal by using the minimum number of groups. What should you do？（）A、 Add the finance users to the financeData group to which the necessary permissions have been assigned.B、 Add the finance users to the financeGG group to which the necessary permissions have been assigned.C、 Add the finance users to the financeGG group. Then add the financeGG group to the financeData group to which the necessary permissions have been assigned.D、 Add the finance users to the financeGG group. Add the financeGG group to the financeUG group to the financeDat group to which the necessary permissions have been assigned.
考题
单选题You are customizing the user interface options for the finance department in your organization. Users in the department are able to see a session counter on the Web interface of the Junos Pulse Access Control Service. The CFO is unable to see the session counter.Which explanation would cause this behavior?（）A
The CFO is mapped to the finance role, but the session counter was enabled prior to the role mapping.B
The CFO is mapped to the finance role, but the session counter was enabled after the role mapping.C
The CFO is mapped to the executive and finance roles, but the CFO was mapped to the executive role first, which does not have the session counter enabled.D
The CFO is mapped to the executive and finance roles, but the CFO was mapped to the executive role last, which does not have the session counter enabled.
考题
单选题A customer is creating an Event Action Plan to monitor CPU utilization on their SQL server. While creating a Simple Event Filter， the event type "Director.Director Agent.CPU Monitors" option is not available. Which of the following is the most likely source of the problem？（）A
The appropriate Hardware Status monitors have not been set.B
The appropriate Resource Monitor thresholds have not been set.C
The appropriate Windows Performance monitors have not been set.D
The appropriate Process Management thresholds have not been set.
考题
单选题MRK Consulting Ltd has been operating in the global market since 1988. We have successfully placed hundreds of IT Banking professionals in leading companies in the Finance, Banking and IT industries.A
MRK is a leading company in Finance and IT Industries.B
There are many IT and Banking talents working with MRK.C
MRK has helped many people found good jobs.
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