3 At a recent international meeting of business leaders, Seamus O’Brien said that multi-jurisdictional attempts toregulate corporate governance were futile because of differences in national culture. He drew particular attention tothe Organisation for Eco

题目

3 At a recent international meeting of business leaders, Seamus O’Brien said that multi-jurisdictional attempts to

regulate corporate governance were futile because of differences in national culture. He drew particular attention to

the Organisation for Economic Co-operation and Development (OECD) and International Corporate Governance

Network (ICGN) codes, saying that they were, ‘silly attempts to harmonise practice’. He said that in some countries,

for example, there were ‘family reasons’ for making the chairman and chief executive the same person. In other

countries, he said, the separation of these roles seemed to work. Another delegate, Alliya Yongvanich, said that the

roles of chief executive and chairman should always be separated because of what she called ‘accountability to

shareholders’.

One delegate, Vincent Viola, said that the right approach was to allow each country to set up its own corporate

governance provisions. He said that it was suitable for some countries to produce and abide by their own ‘very

structured’ corporate governance provisions, but in some other parts of the world, the local culture was to allow what

he called, ‘local interpretation of the rules’. He said that some cultures valued highly structured governance systems

while others do not care as much.

Required:

(a) Explain the roles of the chairman in corporate governance. (5 marks)


相似考题

2.1 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)

3.3 Susan Paullaos was recently appointed as a non-executive member of the internal audit committee of Gluck andGoodman, a public listed company producing complex engineering products. Barney Chester, the executive financedirector who chairs the committee, has always viewed the purpose of internal audit as primarily financial in natureand as long as financial controls are seen to be fully in place, he is less concerned with other aspects of internalcontrol. When Susan asked about operational controls in the production facility Barney said that these were not theconcern of the internal audit committee. This, he said, was because as long as the accounting systems and financialcontrols were fully functional, all other systems may be assumed to be working correctly.Susan, however, was concerned with the operational and quality controls in the production facility. She spoke toproduction director Aaron Hardanger, and asked if he would be prepared to produce regular reports for the internalaudit committee on levels of specification compliance and other control issues. Mr Hardanger said that the internalaudit committee had always trusted him because his reputation as a manager was very good. He said that he hadnever been asked to provide compliance evidence to the internal audit committee and saw no reason as to why heshould start doing so now.At board level, the non-executive chairman, George Allejandra, said that he only instituted the internal audit committeein the first place in order to be seen to be in compliance with the stock market’s requirement that Gluck and Goodmanshould have one. He believed that internal audit committees didn’t add materially to the company. They were, hebelieved, one of those ‘outrageous demands’ that regulatory authorities made without considering the consequencesin smaller companies nor the individual needs of different companies. He also complained about the need to have aninternal auditor. He said that Gluck and Goodman used to have a full time internal auditor but when he left a yearago, he wasn’t replaced. The audit committee didn’t feel it needed an internal auditor because Barney Chester believedthat only financial control information was important and he could get that information from his managementaccountant.Susan asked Mr Allejandra if he recognised that the company was exposing itself to increased market risks by failingto have an effective audit committee. Mr Allejandra said he didn’t know what a market risk was.Required:(a) Internal control and audit are considered to be important parts of sound corporate governance.(i) Describe FIVE general objectives of internal control. (5 marks)

4.The residents of 24 Acacia Grove were dissatisfied with the condition of the property, so John Preston called a meeting to discuss things last week. At the meeting John suggested setting up a residents’ committee. Everyone was so worried and angry about the agent’s inactivity that they agreed, and they elected John as chairman of the committee. Many residents said that they were tired of telephoning the agent and tired of complaining about the flats. Although the agent was responsible for the flats, they thought that he didn’t do enough. Therefore John was asked to write to the agent and say that they were disappointed with the management of the flats.The next service payment was due at the end of the month. However, they agreed not to pay it until they were happy with the plans to improve the property. They decided to tell the agent that he must start the work within one month. They all went away very pleased with themselves.1.Why did John Preston call a meeting last week?A.Because the residents were dissatisfied with the presents’ committee.B.Because the residents were dissatisfied with the bad management of the flats.C.Because some residents requested to change the present residents’ committee. E. Because he wanted to become chairman of the committee.2.Who elected John as chairman of the committee?A.The agentB.the residentsC.the committeeD.Acacia Grove3.What does the word “inactivity”mean in the thrid sentence in Para.1?“inactivity”A.weaknessB.ProgressC.StateD.Lace of actions4.What does the word “due” mean in the first sentence in Para.2?A.to be paidB. ProperC. OwedD. large5.When did they agree to pay the next service payment?A.at the end of the monthB.Within one monthC.When they were happy with the plans to improve the property.D.The agent would tell them.

更多“3 At a recent international meeting of business leaders, Seamus O’Brien said that multi-jurisdictional attempts toregulate corporate governance were futile because of differences in national culture. He drew particular attention tothe Organisation for Eco”相关问题
  • 第1题:

    4 At an academic conference, a debate took place on the implementation of corporate governance practices in

    developing countries. Professor James West from North America argued that one of the key needs for developing

    countries was to implement rigorous systems of corporate governance to underpin investor confidence in businesses

    in those countries. If they did not, he warned, there would be no lasting economic growth as potential foreign inward

    investors would be discouraged from investing.

    In reply, Professor Amy Leroi, herself from a developing country, reported that many developing countries are

    discussing these issues at governmental level. One issue, she said, was about whether to adopt a rules-based or a

    principles-based approach. She pointed to evidence highlighting a reduced number of small and medium sized initial

    public offerings in New York compared to significant growth in London. She suggested that this change could be

    attributed to the costs of complying with Sarbanes-Oxley in the United States and that over-regulation would be the

    last thing that a developing country would need. She concluded that a principles-based approach, such as in the

    United Kingdom, was preferable for developing countries.

    Professor Leroi drew attention to an important section of the Sarbanes-Oxley Act to illustrate her point. The key

    requirement of that section was to externally report on – and have attested (verified) – internal controls. This was, she

    argued, far too ambitious for small and medium companies that tended to dominate the economies of developing

    countries.

    Professor West countered by saying that whilst Sarbanes-Oxley may have had some problems, it remained the case

    that it regulated corporate governance in the ‘largest and most successful economy in the world’. He said that rules

    will sometimes be hard to follow but that is no reason to abandon them in favour of what he referred to as ‘softer’

    approaches.

    (a) There are arguments for both rules and principles-based approaches to corporate governance.

    Required:

    (i) Describe the essential features of a rules-based approach to corporate governance; (3 marks)


    正确答案:
    (a) (i) Describe rules-based
    In a rules-based jurisdiction, corporate governance provisions are legally binding and enforceable in law.
    Non-compliance is punishable by fines or ultimately (in extremis) by delisting and director prosecutions.
    There is limited latitude for interpretation of the provisions to match individual circumstances (‘one size fits all’). Some
    have described this as a ‘box ticking’ exercise as companies seek to comply despite some provisions applying to their
    individual circumstances more than others.
    Investor confidence is underpinned by the quality of the legislation rather than the degree of compliance (which will be
    total for the most part).

  • 第2题:

    (d) The managing partner of HLP stated at a recent partners’ meeting that ‘every advisor should aim to ensure that

    95% of all hours he/she works are billed to clients. This will ensure that we remain both profitable and

    competitive’.

    Required:

    Discuss the statement of the managing partner, drawing attention to any concerns that you may have

    regarding the statement. (6 marks)


    正确答案:

  • 第3题:

    He __ when we were at a meeting.

    A. burst in

    B. burst to

    C. burst into


    参考答案:A

  • 第4题:

    INTERNATIONAL TRANSPORTATION Transportation plays an important part in international business because goods produced have to be delivered to the buyers abroad, and the delivery of goods is to be made possible by transportayion services. Goods are carried by several means of transportation - on road or rail, by sea or air.And in recent years,combined transportation which is a road-sea-rail carriage has appeared. With the expansion of international trade, the container service has become popular. The use of containers provides a highly effective form. of transportation by road, rail and sea. Basically, about 98% of world trade is carried out by sea transportation.Besides transportation by sea, road, or rail, nowadays in order to speed up delivery, carriage by air has also become popular.

    1. Transportation plays an important part in international business because goods produced have to be sent to everywhere in the world.()

    2. Usually goods are carried by many ways of transportation.()

    3. In recent years, combined transportation which is a road-sea-rail carriage appeared.()

    4. With the expansion of international trade, the container service has become popular.()

    5. The use of containers gives a very helpful method of transportation by air.()


    参考答案:子问题 1:F; 子问题 2:F; 子问题 3:T; 子问题 4:T; 子问题 5:F

  • 第5题:

    Langston attended a special meeting ____.(Salvation)

    A. Together with many other hardened sinners

    B. To become a member of the church

    C. Because he was regarded as a young sinner

    D. Because he had broken religious laws


    正确答案:B

  • 第6题:

    Nine in ten parents said there were significant differences in their approach to educating their children compared with __ of their parents.

    A. those B. one C. both D. that


    正确答案:D

  • 第7题:

    资料:Business,academic and civic leaders in Cambridge have warned that one of Britain’s major economic growth cities is under threat unless the government acts quickly to restore trust post-Brexit.
    Company executives and educationists report some highly skilled foreign nationals quitting or refusing to commit to new jobs in Britain because of uncertainty over their future legal status here.It has in the past boasted of creating employment faster than China,amid a boom in the technology and bioscience sectors,which led to the city being labelled”Sillicon fen”,but now there are fears of a big slowdown.
    “This is a unique economic asset for Europe,”said Lord Lansley,the former Conservation MP for South Cambridgeshire, after a specially convened meeting to discuss the problems with local politicians and others.”There is a [ political]vacuum out there and there does not seem to be a [ post Brexit] plan.There are things we need and if we get them we can continue to prosper and be more successful”,Lansley added.
    He has drawn up a Cambridge declaration with his colleagues meant to reassure existing academic and business staff from abroad that their presence will be protected .”We are committed to international collaboration in research,science and the exploitation of innovative,knowledge-intensive enterprises,”says the document.
    Lansley says he will be pushing the British government to give acquired rights to the 9,000 European citizens living in the East Anglian city out of a total population of 124,000.He also wants to see a continuation of free labour movement to allow Europeans to come to work and study in Cambridge and says”We need free movement for them to come to work and to study here.”

    Why do these skilled foreign nationals choose not to work in Britain?

    A.Because of the uncertainty
    B.Because the economic slowdown after Britian leaving the EU
    C.Because the increasing,difficulty of finding of finding a job in Britain
    D.Because they may lose legal status after Brexit

    答案:D
    解析:
    本题考查的是细节理解。
    【关键词】why;skilled foreign nationals; not to work in Britain
    【主题句】第2自然段Company executives and educationists report some highly skilled foreign nationals quitting or refusing to commit to new jobs in Britain because of uncertainty over their future legal status here.公司高管和教育工作者报告说,一些高技能的外籍人士因其在英国的未来法律地位不确定而辞职或拒绝在英国从事新工作。
    【解析】本题的问题是“为什么这些有技能的外国侨民选择不在英国工作?”。选项A意为“因为不确定”;选项B意为“因为英国离开欧盟后经济放缓”;选项C意为“因为在英国寻找工作的难度越来越大”;选项D意为“因为退欧后他们可能失去合法身份”。根据主题句可知,外国侨民选择不在英国工作的原因是担心他们在英国脱欧后失去法律地位,故选D。

  • 第8题:

    共用题干
    Older Volcanic Eruptions
    Volcanoes were more destructive in ancient history,not because they were bigger,but because the carbon dioxide they released wiped out life with greater ease.
    Paul Wignall from the University of Leeds was investigating the link between volcanic eruptions and mass extinctions.Not all volcanic eruptions killed off large numbers of animals,but all the mass extinctions over the past 300 million years coincided with huge formations of volcanic rock.To his surprise,the older the massive volcanic eruptions were,the more damage they seemed to do.He calculated the"killing efficiency"for these volcanoes by comparing the proportion of life they killed off with the volume of lava(熔 岩)that they produced.He found that size for size,older eruptions were at least 10 times as effective at wiping out life as their more recent rivals.
    The Peimian(二叠纪)extinction,for example,which happened 250 million years ago,is marked by floods of volcanic rock in Siberia that cover an area roughly the size of western Europe.Those volcanoes are thought to have pumped out about 10 gigatonnes(十亿吨)of carbon as carbon dioxide.The global warming that followed wiped out 80 prcent of all marine genera(种类)at the time , and it took 5 million years for the planet to recover.Yet 60 million years ago,there was another huge amount of volcanic activity and global warming but no mass extinction.Some animals did disappear but things returned to normal within ten thousands of years."The most recent ones hardly have an effect at all."Wignall says.He ignored the extinction which wiped out the dinosaurs 65 million years ago,because many scientists believe it was primarily caused by the impact of an asteroid(小行星).He thinks that older volcanoes had more killing power because more recent life forms were better adapted to dealing with increased levels of CO2.
    Vincent Courtillot,director of the Paris Geophysical Institute in France,says that Wignall's idea is provocative.But he says it is incredibly hard to do these sorts of calculations.He points out that the killing power of volcanic eruptions depends on how long they lasted.And it is impossible to tell whether the huge blasts lasted for thousands or millions of years.He also adds that it is difficult to estimate how much lava prehistoric volcanoes produced,and that lava volume may not necessarily correspond to carbon dioxide emissions.

    Why were older volcanic eruptions more destructive than more recent ones according to Wignall?
    A:Because they were brighter.
    B:Because they were larger.
    C:Because more recent life forms were better adapted to CO2.
    D:Because older volcanic eruptions released more lava.

    答案:C
    解析:
    由第三段最后一句可知,Wi gnall认为远古的火山之所以有更大的杀伤力,是因为近期的生物能更好地适应二氧化碳的增多。
    根据第二段第四句可知,杀伤效率是通过比较火山释放出的熔岩的体积与杀死生命的比例来计算出来的。
    根据第三段第一句可知,二叠纪物种灭绝发生在两亿五千万年以前。
    根据第三段的前三句,二叠纪后的全球变暖毁灭了80%的海洋生物,因此只有20%的海洋生物度过了这场劫难。A项不正确,其他选项说法正确。
    最后一段表明了Vincent Courtillot的观点。由本段第一句“…Wignall ' s idea is provocative”可知,他认为Wignall的观点很具争议性,而且Wignall计算火山杀伤效力的想法难以付诸实践,因此他对Wignall的观点是持否定态度的。

  • 第9题:

    单选题
    请阅读  Passage 1, 完成第 21~25小题oPassage 1Europe is not a gender-equality heaven.  In particular, the corporate workplace willnever be completely family-friendly until women are part of senior managementdecisions, and Europe ' s top corporate-governance positions remain overwhelminglymale.  Indeed, women hold only 14 percentof positions on European corporate boards. The Europe Union is now consideringlegislation to compel corporate boards to maintain a certain proportion ofwomen-up to 60 percent.  This proposedmandate was born of frustration.  Last year,Europe Commission Vice President Viviane Reding issued a call to voluntaryaction.  Reding invited corporations tosign up for gender balance goal of 40 percent female board membership.  But her appeal was considered a failure: only24 companies took it up. Do we need quotas to ensure that women cancontinue to climb the corporate ladder fairly as they balance work and family?Personally, I don't likequotas, Reding said recently.  But I like what the quotas do. Quotas get action: they open the way to equality and they break throughthe glass ceiling, according to Reding, a result seen in France and othercountries with legally binding provisions on placing women in top businesspositions. I understand Reding's reluctance-and herfrustration.  I don't like quotas either;they run counter to my belief in meritocracy, governance by the capable.  But, when one considers the obstacles toachieving the meritocratic ideal, it does look as if a fairer world must betemporarily ordered. After all, four decades of evidence has nowshown that corporations in Europe as well as the US are evading themeritocratic hiring and promotion of women to top positions-no matter how much   soft pressure is put upon them.  When women do break through to the summit ofcorporate power-as, for example, Sheryl Sandberg recently did at Facebook-theyattract massive attention precisely because they remain the exception to therule. Ifappropriate pubic policies were in place to help all women-whether CEOs ortheir children's caregivers-and all families, Sandberg would be no morenewsworthy than any other highly capable person living in a more just society.According to Reding, quotas may help women
    A

    get top business positions

    B

    see through the glass ceiling

    C

    balance work and family

    D

    anticipate legal results


    正确答案: B
    解析:

  • 第10题:

    单选题
    Why do some companies design their business cards in full color?
    A

    To keep up with the trend.

    B

    To make the cards look fancy.

    C

    To distinguish themselves from others.

    D

    To vividly demonstrate the corporate culture.


    正确答案: C
    解析:
    第二段第二句指出一个公司所做的每一件事“from…to the full color business cards they hand out is geared towards separating themselves from the rest of the flock”,也就是把自己与其他竞争者区分开来,故选C。

  • 第11题:

    单选题
    Nine in ten parents said there were significant differences in their approach to educating their children compared with ______ of their parents.
    A

    those

    B

    one

    C

    both

    D

    that


    正确答案: B
    解析:
    句意:90%的父母都说,与自己父母的教育方式相比,他们教育子女的方法有很大的不同。根据句意可知,本句比较的是两者的教育方式,表示上文已经提到过的相同内容,应用that替代。故答案是D项。

  • 第12题:

    单选题
    请阅读  Passage 1, 完成第 21~25小题oPassage 1Europe is not a gender-equality heaven.  In particular, the corporate workplace willnever be completely family-friendly until women are part of senior managementdecisions, and Europe ' s top corporate-governance positions remain overwhelminglymale.  Indeed, women hold only 14 percentof positions on European corporate boards. The Europe Union is now consideringlegislation to compel corporate boards to maintain a certain proportion ofwomen-up to 60 percent.  This proposedmandate was born of frustration.  Last year,Europe Commission Vice President Viviane Reding issued a call to voluntaryaction.  Reding invited corporations tosign up for gender balance goal of 40 percent female board membership.  But her appeal was considered a failure: only24 companies took it up. Do we need quotas to ensure that women cancontinue to climb the corporate ladder fairly as they balance work and family?Personally, I don't likequotas, Reding said recently.  But I like what the quotas do. Quotas get action: they open the way to equality and they break throughthe glass ceiling, according to Reding, a result seen in France and othercountries with legally binding provisions on placing women in top businesspositions. I understand Reding's reluctance-and herfrustration.  I don't like quotas either;they run counter to my belief in meritocracy, governance by the capable.  But, when one considers the obstacles toachieving the meritocratic ideal, it does look as if a fairer world must betemporarily ordered. After all, four decades of evidence has nowshown that corporations in Europe as well as the US are evading themeritocratic hiring and promotion of women to top positions-no matter how much   soft pressure is put upon them.  When women do break through to the summit ofcorporate power-as, for example, Sheryl Sandberg recently did at Facebook-theyattract massive attention precisely because they remain the exception to therule. Ifappropriate pubic policies were in place to help all women-whether CEOs ortheir children's caregivers-and all families, Sandberg would be no morenewsworthy than any other highly capable person living in a more just society.In the European corporate workplace, generally
    A

    women take the lead

    B

    men have the final say

    C

    corporate governance is overwhelmed

    D

    senior management is family-friendly


    正确答案: D
    解析:

  • 第13题:

    (c) At a recent meeting of the board of directors, the managing director of Envico Ltd said that he considered it

    essential to be able to assess the ‘value for money’ of each seminar. He suggested that the quality of the speakers

    and the comfort of the seminar rooms were two assessment criteria that should be used in order to assess the

    ‘value for money’ of each seminar.

    Required:

    Discuss SIX separate and distinct assessment criteria (including those suggested by the managing director),

    that would enable the management of Envico Ltd to assess the ‘value for money’ of each seminar.

    (6 marks)


    正确答案:
    (c) The following are six separate and distinct assessment criteria (including those suggested by the managing director), that
    would enable the management of Envico Ltd to assess the ‘value for money’ of each seminar. The assessment criteria are
    presented as questions that would comprise the contents of a questionnaire but other presentations would have been equally
    acceptable.
    (1) Did the course meet your objectives?
    ‘Value for money’ may, in part, be assessed by reference to the ‘effectiveness’ of the service provision. Effectiveness may
    be viewed in this context as meeting the objectives of attendees. All attendees have similar but varying objectives and
    hence it is vital that Envico Ltd meets the objectives of all attendees if seminars are to constitute ‘value for money’.
    (2) How would you rate the quality of the speakers?
    A primary resource of Envico Ltd is its speakers and thus it is important to gauge how they were perceived to perform
    by the attendees.
    (3) How would you rate comfort, cleanliness and facilities of the seminar rooms?
    Again, a principal resource, which is consumed when providing the service, is the seminar room and the facilities
    contained within it. Attendees will find a clean and ergonomically designed room more conducive for education and
    training activities.
    (4) How would you assess the quality of the course materials?
    Since Envico Ltd undertakes the provision of educational and training seminars then the quality of course materials
    provided assumes critical significance as they represent the ‘raison d’être’ of Envico Ltd. If they are perceived to be of
    high quality they may act as a good advertisement for the company. Conversely, poor quality course materials will cause
    Envico Ltd to be perceived poorly.
    (5) How strongly would you recommend Envico courses to friends and colleagues?
    This is a very important consideration since ‘word of mouth’ may represent the best means of advertising the services
    provided by Envico Ltd and is indicative of whether attendees consider that they have received ‘value for money’ from
    Envico Ltd.
    (6) Do you consider that you could have achieved your objectives in attending the course in a more expedient manner? If
    so, please detail below.
    This question acknowledges that the time of attendees is a scarce resource and hence there may well be an opportunity
    cost in attending seminars in addition to the explicit costs such as course fees, travel and subsistence costs etc. It is
    essential that Envico Ltd is flexible in its approach to meeting the needs of clients where attendance at seminars is either
    impracticable or undesirable. Perhaps a series of interactive CDs and/or video tuition may be more appropriate in certain
    instances.

  • 第14题:

    2 Plaza, a limited liability company, is a major food retailer. Further to the success of its national supermarkets in the

    late 1990s it has extended its operations throughout Europe and most recently to Asia, where it is expanding rapidly.

    You are a manager in Andando, a firm of Chartered Certified Accountants. You have been approached by Duncan

    Seymour, the chief finance officer of Plaza, to advise on a bid that Plaza is proposing to make for the purchase of

    MCM. You have ascertained the following from a briefing note received from Duncan.

    MCM provides training in management, communications and marketing to a wide range of corporate clients, including

    multi-nationals. The ‘MCM’ name is well regarded in its areas of expertise. MCM is currently wholly-owned by

    Frontiers, an international publisher of textbooks, whose shares are quoted on a recognised stock exchange. MCM

    has a National and an International business.

    The National business comprises 11 training centres. The audited financial statements show revenue of

    $12·5 million and profit before taxation of $1·3 million for this geographic segment for the year to 31 December

    2004. Most of the National business’s premises are owned or held on long leases. Trainers in the National business

    are mainly full-time employees.

    The International business has five training centres in Europe and Asia. For these segments, revenue amounted to

    $6·3 million and profit before tax $2·4 million for the year to 31 December 2004. Most of the International business’s

    premises are held on operating leases. International trade receivables at 31 December 2004 amounted to

    $3·7 million. Although the International centres employ some full-time trainers, the majority of trainers provide their

    services as freelance consultants.

    Required:

    (a) Define ‘due diligence’ and describe the nature and purpose of a due diligence review. (4 marks)


    正确答案:
    2 MCM
    (a) Nature and purpose of a ‘due diligence’ review
    ■ ‘Due diligence’ may be defined as the process of systematically obtaining and assessing information in order to identify
    and contain the risks associated with a transaction (e.g. buying a business) to an acceptable level.
    ■ The nature of such a review is therefore that it involves:
    ? an investigation (e.g. into a company whose equity may be sold); and
    ? disclosure (e.g. to a potential investor) of findings.
    ■ A due diligence assignment consists primarily of inquiry and analytical procedures.
    Tutorial note: It will not, for example, routinely involve tests of control or substantive procedures.
    * As the timescale for a due diligence review is often relatively short, but wider in scope than the financial statements
    (e.g. business prospects, market valuation), there may be no expression of assurance.
    ■ Its purpose is to find all the facts that would be of material interest to an investor or acquirer of a business. It may not
    uncover all such factors but should be designed with a reasonable expectation of so doing.
    ■ Professional accountants will not be held liable for non-disclosure of information that failed to be uncovered if their
    review was conducted with ‘due diligence’.

  • 第15题:

    He didn't come to the meeting yesterday.That is _______ he didn't know our decision.

    A.why

    B.for

    C.as

    D.because


    参考答案:A

  • 第16题:

    At parties, John said, he simply ______ ballooning into the conversation, and he became the center of attention.

    A.intrigued

    B.introduced

    C.informed

    D.intervened


    参考答案:B

  • 第17题:

    He said the eighteenth and last lesson ____ quite easy.

    A、is

    B、was are

    C、were


    参考答案:B

  • 第18题:

    资料:A man looking for art for his new home has won a $1 million Picasso painting with a $138 raffle ticket. Jeffrey Gonano told the Pittsburgh Tribune-Review he's not sure he'll ever hang the masterpiece in his home in Wexford, in western Pennsylvania, given its value. The 25-year-old Gonano, who works for his family's fire sprinkler business, learned Wednesday that his ticket had won the Paris raffle. Organizers say nearly 50,000 tickets were sold worldwide, for 100 euros apiece, to benefit a Lebanese charity.
    The 1914 work, "Man in the Opera Hat," dates from Spanish master Pablo Picasso's cubist period. Picasso died in 1973.
    Gonano said he wants to keep the artwork, which features vivid shapes in opaque gouache paint.
    "Maybe I'll lend it to a museum and let them put it on display rather than putting it in a vault, so other people can enjoy it," he told the newspaper. "It all depends. I don't know what the taxes are or anything."
    Gonano's girlfriend, Gloria Spataro, said he liked the odds in the contest and felt optimistic. Nonetheless, she presumed he was joking when he said he'd won.
    "He thought the odds were actually pretty good compared to something like a lottery," said Spataro, of Pittsburgh. "He said, 'This will be my only chance to actually own something like this.'"
    The raffle raised about $3.5 million for the International Association for the Safeguard of Tyr, a UNESCO heritage site, said Reem Chalabi, an education coordinator with the group.
    Gonano and Spataro had recently begun to explore art galleries, and she had bought him a photograph by a Buddhist artist for Christmas.
    "I'm glad I actually gave it to him before," she said, "because if I gave it to him afterward, that would look pretty insignificant compared to a Picasso."

    How did the man get the Picasso painting?

    A.He bought it for his new home.
    B.He received it from Picasso's family.
    C.He won the French lottery.
    D.He got it from a charity organization

    答案:C
    解析:
    本题考查的是细节理解。
    【关键词】how;the man;get; Picasso painting
    【主题句】第1自然段A man looking for art for his new home has won a $1 million Picasso painting with a $138 raffle ticket. 一名正在为新家寻找艺术品的男子以一张价值138美元的彩票赢得了价值100万美元的毕加索画作。
    【解析】本题的问题是“这个男人是如何得到毕加索的画的?”。选项A意为“他为了他的新家买了它”;选项B意为“他从毕加索的家人那里得到”;选项C意为“他赢得了法国彩票”;选项D意为“他从慈善组织那里得到了它”。
    根据主题句可知,他是买彩票中奖赢得的毕加索画作,故选C。

  • 第19题:

    共用题干
    Older Volcanic Eruptions
    Volcanoes were more destructive in ancient history,not because they were bigger,but because the carbon dioxide they released wiped out life with greater ease.
    Paul Wignall from the University of Leeds was investigating the link between volcanic eruptions and mass extinctions.Not all volcanic eruptions killed off large numbers of animals,but all the mass extinctions over the past 300 million years coincided with huge formations of volcanic rock.To his surprise,the older the massive volcanic eruptions were,the more damage they seemed to do.He calculated the"killing efficiency" for these volcanoes by comparing the proportion of life they killed off with the volume of lava(熔岩)that they produced.He found that size for size,older eruptions were at least 10 times as effective at wiping out life as their more recent rivals.
    The Permian(二叠纪)extinction,for example,which happened 250 million years ago,is marked by floods of volcanic rock in Siberia that cover an area roughly the size of western Europe.Those volcanoes are thought to have pumped out about 10 gigatonnes of carbon as carbon dioxide.The global warming that followed wiped out 80 percent of all marine genera(种类)at the time,and it took 5 million years for the planet to recover.Yet 60 million years ago,there was another huge amount of volcanic activity and global warming but no mass extinction.Some animals did disappear but things returned to normal within ten thousand of years."The most recent ones hardly
    have an effect at all,"Wignall says.He ignored the extinction which wiped out the dinosaurs 65 million years ago,because many scientists believe it was primarily caused by the impact of an asteroid(小行星).He thinks that older volcanoes had more killing power because more recent life forms were better adapted to dealing with increased levels of CO2
    Vincent Courtill.ot,director of the Paris Geophysical Institute in France,says that Wignall's idea is provocative.But he says it is incredibly hard to do these sorts of calculations.He points out that the killing power of volcanic eruptions depends on how long they lasted.And it is impossible to tell whether the huge blasts lasted for tliousands or millions of years.He also adds that it is difficult to estimate how much lava prehistoric volcanoes produced,and that lava volume may not necessarily correspond to carbon dioxide emissions。

    Why did older volcanic eruptions do more damage than more recent ones?
    A:Because they killed off life more easily.
    B:Because they were brighter.
    C:Because they were larger.
    D:Because they were hotter.

    答案:A
    解析:
    由文章第一段可知,远古火山喷发更具破坏力,不是因为它们规模更大,而是因为它们释放出的二氧化碳更容易毁灭生命。故选A。
    由文章第二段第四句话“He calculated the ‘ killing efficiency ' for those… they are produced.”可知,Wignall通过比较火山释放的熔岩的体积与杀死生命的比例计算这些火山的杀伤力。故选D0
    由文章第三段倒数第二句话“He ignored the extinction which wiped out the dinosaurs 65 million years ago …”可知,恐龙是在6500万年前灭绝的。故选D。
    由文章第三段倒数第二句话“… because many scientists believe it was primarily caused by the impact of an asteroid.”可知,Wignall没有提6500万年前恐龙的灭绝是否跟火山爆发有关是因为许多科学家认为恐龙的灭绝是由一颗小行星的影响造成的。由此可推断出关于恐龙灭绝的原因在科学家之间是有分歧的。故选D。
    文章第一段直接点明了文章的主要论点。" Volcanoes were more destructive in ancient history..."(古代火山喷发更具破坏力)。故选B。

  • 第20题:

    He talked at the top of his voice,__________he drew nobody′s attention.

    A.instead
    B.so
    C.yet
    D.though

    答案:C
    解析:
    考查连词。从上下文的关系来看,因前后句为转折关系,故正确答案是并列连词yet。句意为:“他用最大的声音谈话,然而没有引起任何人的注意。”

  • 第21题:

    判断题
    nternational Transport Transport plays an important part in international business because goods produced have to be delivered to the buyers abroad, and the delivery of goods is to be made possible by transport services. Goods are carried by several means of transport on road or rail, by sea or air. And in recent years, combined transport which is a road-sea-rail carriage appeared. With the expansion of international trade, the container service has become popular. The use of containers provides a , highly effective form of transport . by road, rail and sea, Basically , orabout 98% of world trade is carried out by sea transport.Besides transport by sea, road, or rail, nowadays in order to speed up delivery, carriage by air international has also become popular. Transport plays an important part in international business because goods produced have to be sent to everywhere in the world.
    A

    B


    正确答案:
    解析: 暂无解析

  • 第22题:

    问答题
    Task I(10 marks)  You are a member of an organisation which meets regularly at a particular restaurant. The most recent meal you had there was not satisfactory, and you were very disappointed with the quality of the food and the behaviour of the staff. Write a letter to the manager of the restaurant. Explain what was wrong with the meal and the service, and suggest what he/she should do to ensure that you and your group return to the restaurant.You should write about 100 words. You do NOT need to write your own address.

    正确答案:
    Dear Manager,
    I am writing to deliver my complaint about the quality of food and the bad manners of your staff.
    I am a member of the Environment Protection Organization. We regularly meet at your restaurant to have meals. However, to my great disappointment, recently the food served in your restaurant was not as delicious and clean as before. What’s more, some of your staff were quite cold and impatient to us.
    I hope you would take it into serious consideration and take measures. I earnestly hope to see the improvement so that we could come back to enjoy your meals as used to be.
    Sincerely yours,
    Li Ming
    解析: 暂无解析

  • 第23题:

    问答题
    Speaking at the Third Joint Meeting of the Chinese Physics Societies held in Hong Kong recently, Nobel Laureate Prof Yang Chen-ning talked in particular about how Chinese culture—or Eastern cultures in general — would affect the development of science in the 21st century. To him, the issue will be an extremely complex one. On the one hand, Eastern societies traditionally value education and family ties, attaching great importance to the upbringing of their young. Among scientists and technologists worldwide, said Prof Yang, those of Asian origin would undoubtedly emerge as a vital contingent with their distinctive contributions to the rapid advancements in high technologies. On the other hand, Eastern people differ from Westerners in some cultural traits, Prof Yang pointed out. For example, physicists in the United States are generally bolder in putting forward fresh views and challenging existing authorities. And almost all scientists there are “aggressive”, said the Nobel Laureate. The epithet has no Chinese equivalent, he noted, probably because “aggressive” ways and attitudes are missing in Chinese culture.

    正确答案:
    前几天在香港召开的第三届全球华人物理学大会上,诺贝尔奖得主杨振宁教授在他的发言中特别谈到了21世纪中华文化(或东方文化)在科学领域内将起到什么作用,他认为这是一个极为复杂的问题。一方面东方社会,传统上重视教育,同时也有强烈的家庭观念。在这个基础上,子女的教育显得异常重要。对日新月异的高科技发展,亚裔人士无疑将继续成为科技界的重要群体,继续为高科技的快速发展做出贡献。另一方面,杨教授认为西方传统与东方传统有不同的内涵,他提出美国物理学界,会比较勇敢提出新的看法,敢于挑战学术权威。而且他认为几乎所有的科学家们都很“aggressive”。他说“aggressive”并没有中文译词,这说明在中国文化中没有类似“aggressive”的作风或态度。
    解析: 暂无解析