Acca Paper P1 Governance, Risk and Ethics June 2011

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ACCA Paper P1 Governance, Risk and Ethics June 2011 Final Assessment – Answers To gain maximum benefit, do not refer to these answers until you have completed the final assessment questions and submitted them for marking. ACCA P1 : GOVERNANCE, RISK AND ETHICS © Kaplan Financial Limited, 2011 The text in this material and any others made available by any Kaplan Group company does not amount to advice on a particular matter and should not be taken as such. No reliance should be placed on the content as the basis for any investment or other decision or in connection with any advice given to third parties. Please consult your appropriate professional adviser as necessary. Kaplan Publishing Limited and all other Kaplan group…show more content…
Finally, and in common with members of other professions, accountants are required to act in the public interest that may, in extremis, involve reporting an errant employer to the relevant authorities. This may be the situation that Marjorie Basil finds herself in at M & A Consulting. It would clearly be unacceptable to be involved in any form of deceit and it would be her duty, as an accountant, to help to correct such malpractice if at all possible. (b) Reputation risk Defining reputation risk Reputation risk is one of the categories of risk identified by the ACCA and by Turnbull. A number of events in various parts of the world have highlighted the importance of this risk. Reputation risk concerns any kind of deterioration in the way in which the organisation is perceived, usually, but not exclusively, from the point of view of external stakeholders. Tutorial note Learn this definition of ‘Reputation risk’ could be useful for the exam. The cause of such deterioration may be due to irregular behaviour, compliance failure or similar, but in any event, the effect is an aspect of corporate behaviour below that expected by one or more stakeholder. When the ‘disappointed’ stakeholder has contractual power over the organisation, the cost of the reputation risk may be material. Tutorial note When asked to ‘Evaluate’ think positive and negative Adverse effects on M & A Consulting There are several potential adverse effects of
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