General ACCAACCA Paper P1 Mnemonics Lounge

Barries to implementing Anti-bribery n Corruption policies = COMPASS&C Corporate structure Off-the shelf solutions Managerial apathy Pressure to hit targets competitive Advantage Shadow hierarchies Secrecy culture & Culture of heterogeneous

Fundamental Ethical Principles = Dr PICCO Professional behavior Integrity Competence Confidentiality Objectivity

Professional ethics Ethical Conflict Resolution "FEARS PAL" 4. F: Follow (internal procedures) 2. E: Establish ethical conflict (what is it?) 5. A: Alternative actions (investigate/ consider) 3. R: Refer to fundamental principles 1. S: Summarize facts (gather relevant info) 6. P: Professional body (seek advice) 7. A: Appropriate person within firm (consult) 8. L: Leave assignment (if not resolved)

Corporate Governance Approaches ICGN Principles: "BRADI RARE" B: Board R: Responsibilities & Rights (of shareholders) A: Audit (must be independent) D: Disclosure I: Implementation (of CG) R: Relationship (between company and stakeholders A: Awareness (social) R: Remuneration (policies) E: Ethics (business)

Anyone have one for the roles of non-executive directors? My one for AAA is: FEN ABCD Facts, Ethics, Norms, Alternative, Best, Consequences, Decision And for corporate governance principles it is: FIRST JAR PII Fairness, Integrity, Reputation, Scepticism, Transparency, Judgement, Accountability, Responsibility, Probity, Independence and Innovation.

Key Concepts of CG (JAR OF PIRI IS) Judgment Accountability Responsibility Openness Fairness Probity Integrity Reputation Independence Innovation Scepticism Role of Board (LEADERSHIPS) Leadership Ensure resources are managed Appoints Directors Decide on Strategy Evaluates Performance Regular Re-Election Set Cultures, Values and Ethics Hold Regular meetings Internal Control and Risk Management Systems Public Accountability Schedule of Matters Role of Chairman (CHAIRMEN) Company face to investors Hold CEO to account AGM Chair Induction and CPD Run board meetings Manage Appraisals Ensure Effective Board Nomination Committee Role of CEO (MAD SCAM) Manage company resources Accountable for Performance Develop and Implement Strategy Selection of Executives Company face to Stakeholders Adequate Internal Control Systems Monitoring Results Institute Investors Intervention (SOS RAINS) Strategy Operational Performance Succession Planning Remuneration policy Acquisition and Disposal Internal Control Failures Non-Compliance with Laws and Codes Social Responsibility Internal Controls Objectives (ASPIE) Accurate Information Safeguard Assets Prevent and Detect Fraud Internal Policies followed Efficient conduct of business Components of Internal Control Systems (CRIME) Control Activities Risk Assessment Information and Communication Monitoring Control Environment AAA MODEL (FEN ABCD) Fact Ethics (Independence, Obedience, Confidentiality) Norms, Principle and Values (Objectivity, Governance, Independence, Transparency) Alternatives Best Action Consequences Decision Contents of an Integrated Report (POP ORGS) Presentation basis (how report prepared, explain KPIs) Overview of company (Basics) Performance ( 6 Capitals – KPIs) Outlook (Future Opportunities + Challenges) Risks Governance Strategy (Link to Outlook + risks, how value created in future)

great work people. Really helpful for all.

Role Of the BOard S: set Strategic aims of the company E: provide Entrepreneurial leadership R: Review management performance V: set Values and standards of the company E: Ensure that company has necessary financial and human resources C: Corporate culture

CORPORATE GOVERNANCE PRINCIPLES FOR2HAJI3S Fairness Openness Reputation Responsiblity Honesty Accountablity Judgement Independence, Integrity, Innovation Skepticism Roles of Chairman- REAL RICE Running the BOD Engaging all BOD members Appraisal of the BOD Leading the BOD developments Reporting and signing of accounts Information for descision making Controversial issues to be given sufficient time Effective communication with shareholders

Gray Owen and Adams Model- PRESSD3 Pristine Capitalist Proponents of Social Contract Radical Feminist Expedients Socialist Social Ecologist Deep Green Ecologist

does anyone know any for p2 corporate reporting - bet wishes - richard

TARA is a risk strategies: T- Transfer A- Accept R- Reduction/Mitigation A- Avoid

thanks lot

Thanks alot everyone... Pretty cool mnemonics and easy to learn!!!!!

These are mine keeping in with the Clarissa theme for audit committee on lecture Role of CEO - ceo is ' Mrs risc ' MANAGEMENT team RISK management STRATEGY development Recommend to board committees Investment analysis Stakeholders Control Systems Role of chairman ' Ria Said ' chairman is ria Running of board Information to board Appraisal Shareholders communication Accounts signing Inductions of new dir Development of board When should institution investors intervene - Sid scorn - fund manger is Sid Strategy concerns Internal control failure Dominated by small group exec Social responsibility poor Compliance to gov code issues Operational performance poor Remuneration of exec issue Neds failing to hold exec to account.

Thank you guys......this is really helpful.

Guideline Principals for Integrated Reporting FIRMCC Focus and Future Information Relations with stakeholders Materiality Conciseness Completeness

Role of risk committe A - agree risk mgmt policy & strategy R - review report on key risk prepared by board or mgmt M - monitor exposure of risk to the co & ensure within limit S - statement of ic E - ensure Effectiveness of risk mgmt & ic W - provide early Warning on any emerging risk or significant changes on risk

Why institutional investors need to intervene: SIPCRIP Strategies are risky Independent NEDS fail Poor succession planning Corporate Governance - no comply, no explain Remuneration excess Internal controls fail Poor company performance

Internal controls......PESTA Prevent fraud and other non compliance Efficient operations Safeguard assets Timely information Accuracy

Turckers five forces..... PLFRS Profitable Legal Fair Right Sustainable

Thank you very much every one.

My understanding of it is; because some stakeholders such as shareholders/investors may have a long term interest in the company and want the company to be successful for a long period of time. Therefore some decisions made that would benefit short term targets may have not been considered properly on the affects they have on the long term strategy and therefore could be detrimental to the going concern status of the company. This is why remuneration packages are encouraged to have some form of element in them to encourage directors to consider both short term and long term strategies, for example share options that cant be exercised after until 'X' amount of years

NEDs: Roles, Advantages and Disadvantages Sir PP monitors the expertism of perception and communication, though unity, quality and remuneration can suffer Roles: Sir PP Strategy Role Risk Role Performance / Scrutinising Role People Role Advantages Monitoring executive directors Expertise - provide external expertise Perception of good CG Communication Disadvantages Unity - risk of lack of trust of the executives Quality - where liability for Neds and execs is the same, there may be poor molare for Neds to serve on board Remuneration - basic salary no reward linked

u guys have done pretty good job!! Thanks!!

My way of remembering Gray, Owen & Adams: Pristine Capitalism Expedient Social Contractarian Position Social Ecologist Socialist Radical Feminist Deep Ecologist Physical Education - Sport, Sport, Sport - Regularly, Daily!!! :-)

Concepts underpinning corporate governance Judge, TRIP IS FAIR Judgement Transparency Reputation Independence Probity/Honesty Integrity Scepticism Fairness Accountability Innovation Responsibility

How about you rearrange it to PAQAWA COIN Isn't that easier?

Integrated reporting, 6 capitals I aM a Fan of NHS Intellectual, Manufactured, Financial, Natural, Human, Social

Need for Internal audit (SCANOCUP) Scale, divercity, complexity of biz Cost benefit analysis Assurance desired by board ( regular / sporadic) Number of employees Other monitoring units provide assurance Changes in internal (new products, processes) , external (PESTEL) Unforseen circumstances Problem continued to erupt