吉林省2021年ACCA考试报名时间

正确答案：
(c) Insider dealing
Explanation of term
Insider dealing means using ‘inside information’ (i.e. price-sensitive information relating to the issuer of securities) to gain
advantage when ‘dealing’ (i.e. acquiring or disposing) in securities.
Ethical risks
Insider dealing is a potential area of conflict and contention for accountants in industry and commerce (i.e. employed
professional accountants) in particular (because of their exposure to price-sensitive information).
Acts of insider dealing contravene the fundamental principles of integrity and confidentiality:
■ integrity – a professional accountant should be honest;
■ confidentiality – a professional accountant should respect the confidentiality of information acquired during the course
of performing professional services and should not use or disclose it without proper and specific authority.
Professional accountants in public practice who become privy to price-sensitive information will similarly be in breach of their
duties of integrity and confidentiality if they get involved in insider dealing. Also, the reputation of individual practitioners and
their firms may be put at risk by allegations of insider dealing even though they have no involvement with the practice. For
example, if an auditor does not detect when an entity’s management is involved in insider dealing.
Sufficiency of current ethical guidance
Relevant current ethical guidance, that is covered by the principles of integrity and confidentiality, is sufficient to explain the
ethical risks of insider dealing but cannot prevent its practice. Even where there are laws to prosecute insider dealing,
penalties (such as seven years in jail and/or unlimited fines) have been ineffective in combating insider dealing.

正确答案：
2 For the complex, modern business, the view that the single objective of business is to make a profit is regarded by many writers as simplistic. Peter Drucker has argued that for a business to be successful, it must address a number of objectives.
Drucker was one of the first writers to identify the dangers of the single objective of profit maximisation. Concentrating on a single objective (invariably profit) is not only unproductive but potentially harmful to the organisation and can endanger the survival of the business and seriously undermine its future. He argues that business organisations have in fact eight objectives, all of which must be addressed concurrently. These eight objectives are particularly relevant to management, bringing together as they do the need to address all the issues with which the organisation is concerned.
Market standing is the need to identify and maintain market share and to ensure the development of new products to maintain share. Without market standing, no organisation can succeed.
Innovation is the need to develop and find new products and processes; no business can survive on providing the same product or service over the long term. Innovation is fundamental to understanding growth; organisations grow by developing innovative differences to their competitors.
Productivity and ‘contributed value’ recognises the need for efficiency and the efficient use of business resources.
Physical and financial resources is a recognition of the need to use the correct and appropriate financial resources.
Profitability. The word ‘profit’ does not appear, but ‘profitability’. Here there are three important determinants, profitability as a measure of effectiveness (many businesses make a profit which in fact is a poor return on the effort produced), the need for profit so that the business can be self-financing and the need to attract new capital.
Manager performance and development is the explicit recognition that the business requires objectives and that management activity can be linked directly to those objectives.
Worker performance and attitude is recognition that it is vital to measure the performance of the workforce by such means as labour turnover. However, worker attitude is more difficult to measure, but should be attempted.
Public responsibility has become an issue in the twenty-first century. Any business needs to be aware that it is a part of the community within which it operates and is therefore part of a wider social system.

正确答案：
(b) The analysis of each of the market entry strategies has begun the process of identifying how the marketing mix of product,
price, place and promotion will vary significantly between the three outlets.
Product – here the nature of the product in terms of recipes and product range can be varied reasonably easily to meet the
demands of the outlet.
Price – again this will vary in significance between the three outlets with the greatest pressure coming from the supermarkets
and catering wholesalers. Margins may come under pressure with the supermarkets looking for a contribution to sales
promotions.
Promotion – here the issue of brand development is a crucial factor. Using her own brand, Helen can develop the product
range and extend the outlets she sells through.

正确答案：
(b) Wallace Co
Being the audit manager, Valerie Hobson is clearly in a position to influence the outcome of the audit. She appears to have
entered into a private commercial transaction with her client. IFAC’s Code of Ethics for Professional Accountants does not
prohibit such commercial transactions so long as they are:
– In the normal course of business,
– At arm’s length, and
– The value is not material to either party.
In this case the transaction is in the normal course of business for the client. Rental of storage space is not the main business
of Wallace Co, but it appears that this type of transaction is quite common for the company. However the note on the invoice
indicates that a substantial discount has been offered and accepted, and so the transaction is not at arm’s length. The value
is not material to Wallace Co, but could represent a significant discount to normal commercial terms to the audit manager.
Goods and services can be received from an audit client, but only if the value is clearly insignificant.
A self-interest threat is clearly established. Valerie Hobson is benefiting financially from her position as audit manager. She
may compromise the audit approach – which has recently been planned – and furthermore she may compromise the audit
opinion to keep the client happy. She may also have other audit clients where bias could have occurred.
Action to be taken:
– The ethics partner will need to evaluate whether the value of the transaction and the discount received is ‘clearly
insignificant’.
– Her benefiting from a discount on services provided by Wallace Co, which was not disclosed, could result in disciplinary
action.
– Valerie should be removed from the audit immediately, and a new audit manager assigned to Wallace Co.
– The audit planning for year ended 31 May 2008 should be subject to independent review and amendments made where
necessary.
– The transaction should be disclosed to the audit committee of Wallace Co, or to those charged with governance.
– The ethics partner may wish to consider Valerie’s relationships with other audit clients for any evidence of transactions
or other indicators of potential bias.