题目内容
（请给出正确答案）
A．the operating income of companies
B．the capability to withstand risks
C．the structure of companies' assets
D．the overall stability of the financial system
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更多“Operational risks caused by comparatively weakened operational capacity on increasing new”相关的问题
(b) Distinguish between strategic and operational risks, and explain why the secrecy option would be a source
of strategic risk. (10 marks)
A.一些保险公司开始采用非理性的竞争手段，经营风险也上升了。
B.irration
C.Isreal
D.irrational
E.rational
To remain fully compliant with the Effland corporate governance code, the board established audit, remuneration and nomination committees which were solely populated by independent non-executive directors. However, it did not consider it necessary to create a separate risk committee because the board believed that the remit of the audit committee included all aspects of risk management policy. This explanation was formally submitted to the shareholders at its first general meeting, who agreed with the board’s proposal.
As part of its expansion strategy, the board of Branscombe Co decided it needed to enter overseas markets, and in particular the developing country of Geeland. The reason that Geeland was selected as a suitable market was because it had experienced rapid economic growth and domestic prosperity following the discovery of rich, offshore mineral deposits. Unfortunately, this small island nation has never enjoyed stable democratic government and is notorious for corrupt business practices, with customs officials regularly demanding bribes from both importers and exporters. As a result, Geeland has a poor international credit rating. In order to attract both domestic and foreign inward investment, the government of Geeland operates with very low levels of indirect tax, which has stimulated the island’s tourist industry and led in turn to a significant increase in hotel building.
Following a successful tendering exercise, Branscombe Co was awarded the contract to supply all of the bathroom equipment for a 200-room hotel, currently under construction in a remote area of the island. The total value of the supply contract amounted to Geeland $1,800,000, and it was to be paid in three equal instalments as the bathrooms were delivered to the hotel. The contract assigns responsibility for shipping the goods the 3,000 km from Effland to the island solely with Branscombe Co, and no payment will be made until an agreed volume of goods clears Geeland customs. A further problem is that the Geeland dollar is quite volatile, but recently it has been strengthening against the Effland dollar. As all contract payments are to be made in Geeland currency, Branscombe Co is exposed to foreign exchange risks.
The many contract-related issues amount to significant risks to Branscombe Co requiring effective management if the supply contract is to be a success and contribute to the company’s ambitious growth targets.
Required:
(a) Explain the function and roles of a risk committee within an effective corporate governance framework, and discuss the advantages which a risk committee could add to the governance of Branscombe Co. (10 marks)
(b) Explain the term risk appetite, and assess how the risk appetite of Branscombe Co has influenced both its corporate strategy and the risks it has chosen to bear. (7 marks)
(c) Explain how Branscombe Co could effectively control the strategic and operational risks which arise from the Geeland supply contract. (8 marks)
下面你将听到外国媒体就中国艾滋病问题的一段评论。
HIV/AIDS is now recognized clearly as a growing threat to China. According to official Chinese estimates, China now has approximately 840,000 persons infected with HIV. As of the end of 2003, only 62,159 persons had been tested and officially confirmed to be HIV-positive. The remaining HIV-positive persons in China, estimated at 780,000 persons or more, are not known to public health authorities, and the individuals themselves probably do not know their status, posing significant risks for the further spread of HIV. Senior Chinese officials, as well as international experts operational in China, now assert that HIV is steadily moving from source population such as injecting drug users and commercial sex workers into the general population.
However, China has made important advances in outlook, policy and resource commitments. New leaders have emerged in China with a stronger commitment to improving social welfare and to addressing HIV/AIDS in particular. China has initiated a more proactive response to the HIV/AIDS challenge, including a national treatment and care program. New policy guidelines promote "four frees and one care": free drug treatment for poor citizens, free testing and counseling for poor citizens, free treatment to prevent mother-to-child transmission of HIV, free schooling for AIDS orphans, and care for families affected by HIV/AIDS. Senior leaders have committed to implementing harm reduction strategies, including condom-promotion, needle exchange, and methadone substitution therapy for drug addicts.
Formidable challenges lie ahead. In spite of many positive developments, daunting challenges—political, technical, and normative—lie ahead for China to combat HIV/AIDS. It is difficult to overstate the scale and challenges in terms of planning, costs, logistics, human resources, technical capacity, and the pervasive problems posed by stigma. Weak and incomplete national HIV testing and surveillance system, debilitated and dysfunctional public health system, particularly in rural areas, serious lack of qualified personnel and the necessary equipment and technologies to properly diagnose, counsel, treat, monitor and care for HIV/AIDS, just to name a few.
US-based commentators have suggested that success in addressing HIV/AIDS in China will require continued high-level leadership, both in China and internationally. For engaged US policymakers, as well as country leaders and heads of international organizations, priority should lie in near-to medium-term steps which sustain Chinese leadership's focus on HIV/AIDS and public health. China's formidable structural and organizational weaknesses must be addressed systematically. Failure to implement a more strategically coordinated plan risks the loss of inter national support over time. Prevention and awareness should receive higher priority in China's strategic national plan to combat HIV/AIDS. And human resources development, through education and training of medical professionals, is crucial.
The launch of several new products and a rapid increase in exports had raised a number of problems at Loho. These included problems in meeting order deadlines, whilst a number of operational constraints had meant that some orders had been delivered to customers late. The increase in overseas business had also, according to Sonja Tan, the financial director, increased the overall risk profile of the business. Credit risk had risen substantially as had a range of risks associated with exporting and overseas investment. In addition to a growth from 150 to 600 employees in its home country, Loho also had recruited a further 200 people overseas in order to facilitate business in those countries.
As part of her continuing professional development (CPD), Sonja Tan, the finance director who was also a professional accountant, had been to a seminar on improving internal controls (IC). She believed that at this point in its growth, Loho could benefit from tighter internal controls. Speaking about this to the board on her return from the seminar, she reminded her colleagues that sound internal controls could only provide ‘reasonable assurance’ and that any IC system had inherent limitations and could never be totally effective whatever changes were made to improve them. This came as a surprise to some board members who assumed, because internal controls were often very expensive, that they should be guaranteed to be fully effective.
Required:
(a) Construct the case for establishing an internal audit function at Loho Company. (10 marks)
(b) Explain the reasons why many internal controls can never be guaranteed to be fully effective and discuss why ICs being ‘very expensive’ are no guarantee of their effectiveness. (9 marks)
(c) The finance director Sonja Tan learned about improved internal controls as part of her continuing professional development (CPD).
Required:
Explain the advantages of continuing professional development (CPD) for professional accountants such as finance director Sonja Tan. (6 marks)
As the head of the credit department, the credit manager is responsible for seeing that the department operates effectively. He must develop the factor's credit policies in consultation with senior factoring associates, and he is in overall command of everything from credit and collections to bankruptcy and liquidations. If the factor is a commercial bank division, the credit manager is a bank's vice president, and credit policy must also be approved by top management of the bank.
Assisting the credit manager may be several supervisors who have credit responsibilities of their own and who also oversee the analysis and approval of customer orders by the credit specialists. Credit supervisors typically spend about eighty percent of their time handling large customer orders. If a customer order exceeds a supervisor's credit authority, he is responsible for making recommendations to the credit manager. A supervisor also reviews a subordinate's credit decision if the subordinate is unsure of the extent of the credit risk or if a client questions a particular credit decision.
In extremely large credit exposures, supervisors bear the responsibility for analyzing the credit position of the customers and deciding on credit limits. To do this, they must regularly obtain current data from various credit information sources. They must also have extensive contact with each customer to determine operational performance and progress. Frequently, supervisors are called upon to give advice on what should be done to improve a company's financial condition. Meeting all these responsibilities requires that each supervisor continuously observe and study the industries with which he is concerned, so that he is capable of anticipating market changes which may affect his accounts.
A supervisor's major challenge is to maintain a fine balance between the demands of clients that all their customer orders be approved and the questionable financial position of some of the customers. In reviewing any credit decision, a supervisor must be capable of weighing a variety of elements, including the possibility of losing the client, the customer's credit position, and the extent of any possible loss.
What is the main idea of the passage？
A．The credit manager's responsibility.
B．The supervisor's responsibility.
C．The working procedures of a credit department.
D．The command and control in the credit department.
As the head of the credit department, the credit manager is responsible for seeing that the department operates effectively. He must develop the factor's credit policies in consultation with senior factoring associates, and he is in overall command of everything from credit and collections to bankruptcy and liquidations. If the factor is a commercial bank division, the credit manager is a bank's vice president, and credit policy must also be approved by top management of the bank,
Assisting the credit manager may be several supervisors who have credit responsibilities of their own and who also oversee the analysis and approval of customer orders by the credit specialists. Credit supervisors typically spend about eighty percent of their time handling large customer orders. If a customer order exceeds a supervisor's credit authority, he is responsible for making recommendations to the credit manager. A supervisor also reviews a subordinate' s credit decision if the subordinate is unsure of the extent of the credit risk or if a client questions a particular credit decision.
In extremely large credit exposures, supervisors bear the responsibility for analyzing the credit position of the customers and deciding on credit limits. To do this, they must regularly obtain current data from various credit information sources. They must also have extensive contact with each customer to determine operational performance and progress. Frequently, supervisors are called upon to give advice on what should be done to improve a company' s financial condition. Meeting all these responsibilities requires that each supervisor continuously observe and study the industries with which he is concerned, so that he is capable of anticipating market changes which may affect his accounts.
A supervisor's major challenge is to maintain a fine balance between the demands of clients that all their customer orders be approved and the questionable financial position of some of the customers. In reviewing any credit decision, a supervisor must be capable of weighing a variety of elements, including the possibility of losing the client, the customer' s credit position, and the extent of any possible loss.
What is the main idea of the passage？
A．The credit manager's responsibility.
B．The supervisor's responsibility.
C．The working procedures of a credit department.
D．The command and control in the credit department.
71.It should be apparent, therefore, that a fully sealed cooling system would lose no water, consume no water, discharge no water and would not require the application of chemical treatment. Sealed water cooling systems are available and make it possible for a teacupful of water to do a job normally requiring millions of gallons of water.
Water Saver Systems is a company that has pioneered the principle of sealed industrial cooling in the UK and Europe. These sealed cooling systems, it is claimed, can actually provide payback within a matter of months because of the water and effluent cost savings and the removal of the need for a chemical treatment plant and the resultant chemical costs. In addition, it is possible to recover heat from a sealed system, allowing savings in boiler feed water and domestic hot water supplies. A further advantage is that grayish-materials build-up is prevented and rust minimized, so that the high efficiency of the sealed system is maintained and the service life in- creased. A significant merit of a sealed system, not yet fully appreciated, stems from the fact that industry can now be more mobile in terms of location. Traditionally, with some industries, a main consideration as regards a factory site would be the availability of a local high volume water supply for cooling purposes. 72. With a sealed system, it is claimed to be possible for a major user of cooling water to setup in the desert with only a small truck of water to give the sealed system its initial fill.
Sealed cooling systems also reduce water-related health risks. Chemical treatment does help to reduce such risks but for various reasons, chemicals have not yet provided total protection from disease. For example, Lehionnaires Disease which can be propagated via the evaporation taking place in cooling towers. Sealed systems do not emit contaminated vapour to atmosphere and this also means that thermal pollution does not occur.
73. Sealed industrial cooling systems were originally developed to offer efficient and cost-saving cooling alternatives to industry, giving considerable operational and financial advantages to the user. Fortunately, the development of the sealed cooling system also contributes significantly to the environment and health.
(71)
![[图]A、the orderB、the operational orderC、the validi.](http://static.jiandati.com/0ba8bed-chaoxing2016-746445.png)
A、the order
B、the operational order
C、the validity
D、the form
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