2020年ACCA考试公司法与商法专业词汇汇编(8)

正确答案：
(c) Social and environmental responsibilities
Performance indicators
■ Absolute ($) and relative (%) level of investment in sports sponsorship, and funding to the Shire Ward.
■ Increasing number of championship events and participating schools/students as compared with prior year.
■ Number of medals/trophies sponsored at events and/or number awarded to Shire sponsored schools/students.
■ Number of patients treated (successfully) a week/month. Average bed occupancy (daily/weekly/monthly and cumulative
to date).
■ Staffing levels (e.g. of volunteers for sports events, Shire Ward staff and the company):
? ratio of starters to leavers/staff turnover;
? absenteeism (average number of days per person per annum).
1 Withdrawal of the new licence would not create a going concern issue.
2 May also be described as ‘exploration and evaluation’ costs or ‘discovery and assessment’.
■ Number of:
– breaches of health and safety regulations and environmental regulations;
– oil spills;
– accidents and employee fatalities;
– insurance claims.
Evidence
Tutorial note: As there is a wide range of performance indicators that candidates could suggest, there is always a wide range
of possible sources of audit evidence. As the same evidence may contribute to providing assurance on more than one
measure they are not tabulated here, to avoid duplication. However, candidates may justifiably adopt a tabular layout. Also
note, that where measures may be expressed as evidence (e.g. trophies awarded) marks should be awarded only once.
■ Actual level of investment ($) compared with budget and budget compared with prior period.
Tutorial note: Would expect actual to be at least greater than prior year if performance in these areas (health and
safety) has improved.
■ Physical evidence of favourable increases on prior year, for example:
? medals/cups sponsored;
? number of beds available.
■ Increase in favourable press coverage/reports of sponsored events. (Decrease in adverse press about
accidents/fatalities.)
■ Independent surveys (e.g. by marine conservation organisations, welfare groups, etc) comparing Shire favourably with
other oil producers.
■ A reduction in fines paid compared with budget (and prior year).
■ Reduction in legal fees and claims being settled as evidenced by fee notes and correspondence files.
■ Amounts settled on insurance claims and level of insurance cover as compared with prior period.

正确答案：
(c) Fiduciary responsibility
Definition of ‘fiduciary responsibility’
A fiduciary responsibility is a duty of trust and care towards one or more constituencies. It describes direction of accountability
in that one party has a fiduciary duty to another. In terms of the case, the question refers to whose interests the directors of
the football club should act in. Traditionally, the fiduciary duty of directors in public companies is to act in the economic
interests of shareholders who invest in the company but are unable to manage the company directly. The case raises a number
of issues concerning broadening the fiduciary duties of the directors of the football club with regard to the building of the new
stadium, to other stakeholder groups.
The case for extending fiduciary responsibility
Although the primary fiduciary duty of directors in large public companies will be to shareholders, directors in businesses such
as the football club described in the case may have good reason to broaden their views on fiduciary responsibility. This would
involve taking into account, and acting in the interests of, the local wildlife centre, the residents, the school, the local
government authority and the fans. The stakeholders in the case are not in agreement on the outcome for the new stadium
and the club will need to privilege some stakeholders over others, which is a common situation whenever a proposal involving
multiple impacts is considered. The specific arguments for broadening the fiduciary duties in this case include the following:
Such an acceptance of claims made on the football club would clearly demonstrate that the club values the community of
which it considers itself a part.
It would help to maintain and manage its local reputation, which is important in progressing the stadium project.
To broaden the fiduciary responsibility in this case would be to an important part of the risk management strategy, especially
with regard to risks that could arise from the actions of local stakeholders.
It could be argued that there is a moral case for all organisations to include other stakeholders’ claims in their strategies as it
enfranchises and captures the views of those affected by an organisation’s policies and actions.

正确答案：
(d) The dividend growth model calculates the ex div share price from knowledge of the cost of equity capital, the expected growth
rate in dividends and the current dividend per share (or next year’s dividend per share). Using the formula given in the
formulae sheet, the dividend growth rate expected by the company of 8% per year and the decreased dividend of 7·5p per
share:
Share price = (7·5 x 1·08)/(0·11 – 0·08) = 270p or ￡2·70
This is the same as the share price prior to the announcement (￡2·70) and so if dividend growth of 8% per year is achieved,
the dividend growth model forecasts zero share price growth. The share price growth claim made by the company regarding
expansion into the retail camera market cannot therefore be substantiated.
In fact, a lower future share price of ￡2·49 was predicted by applying the current price-earnings ratio to the earnings per
share resulting from the proposed expansion. If this estimate is correct, a fall in share price of 7% can be expected.
The share price predicted by the dividend growth model of ￡2·70 would require an after-tax return on the proposed expansion
of 11·66%, which is more than the 9% predicted by the Board. The current return on shareholders’ funds is 7·5% (4·5/60),
but in 2005 it was 12·8% (7·3/57), so 11·66% may be achievable, but looks unlikely.
Since the market price fell from ￡2·70 to ￡2·45 following the announcement, it appears that the market does not believe
that the forecast dividend growth can be achieved.

正确答案：
(ii) Tensions in roles
On one hand, Anne needs to cultivate and manage her relationship with her manager (Zachary) who seems convinced
that Van Buren, and Frank in particular, are incapable of bad practice. He shows evidence of poor judgment and
compromised independence. Anne must decide how to deal with Zachary’s poor judgment.
On the other hand, Anne has a duty to both the public interest and the shareholders of Van Buren to ensure that the
accounts do contain a ‘true and fair view’. Under a materiality test, she may ultimately decide that the payment in
question need not hold up the audit signoff but the poor client explanation (from Frank) is also a matter of concern to
Anne as a professional accountant.