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Question 1

What is environmental audit

Answer 1

Asses org impact on environment

Based on voluntary standards EMAS and ISO 14001

Question 2

What three elements does Environmental audit contain

Answer 2

Agreed metrics
Performance measured against those metrics
Reporting on compliance

Question 3

What benefits does enviro audit bring

Answer 3

Responsiveness to stakeholder concerns
Show that systems in place for collection of data for wider reporting
Metrics are externally verified by audit team
Confidence to stakeholders

Question 4

What is environment accounting

Answer 4

Development of acctg system to support integration of enviro performance into core financial process.

So not ignored

Question 5

Benefits of environmental accounting

Answer 5

Use metrics from environmental audit and incorporate into environmental report

Enable business to make decisions on full environmental cost

Demonstrate commitment to environmental matters

Assists in providing info for disclosures in annual reports

Question 6

What is environmental footprint

Answer 6

As animals make footprints, organisations impact on environment

Resource consumption - energy water
Construction additional energy

Pollution - carbon emissions (equipment on construction and planes) and noise pollution( take off

Question 7

What are elements of Portor’s Diamond

Answer 7

National Competiveness

Factor Conditions - Basic - weather
Advanced - education telecommunications

Demand Condidtions - v. demanding cust

Firm Structure, Strategy and Rivalry

Related and Supporting Industries

Question 8

Baldridge Performance Excellence

Answer 8

Leadership
Customer Focus
Strategic Direction
Knowledge Management, Analysis and Measurement
Workforce Focus
Process Management 
Results

Question 9

CSF of No Frills

Answer 9

Finding Cheaper Alternatives
Eliminating ALL waste

Threat - Changes in Buyer Pref
Loss of Barriers to eEntry

Question 10

CSF for Low cost

Answer 10

Economimes of Scale

Focus on Cost Reduction

threats - larger rivals

Question 11

CSF for Hybrid

Answer 11

Economeis of Scale
Brainding
Service Levels

threats - loss of brand, difficult to achieve, target for all rivals

Question 12

CSF for Differentiation

Answer 12

Innovation
Branding
Marketing

threat being copied
New tech which differentiats

Question 13

CSF for Focused Differentiation

Answer 13

Market KNowledge
Unique product/service

threat - reecssion, small mkt size, few barriers

Question 14

Key Concepts of Governances (II RJ RAT FISH)

Answer 14

Integrity
Independence
Responsibility
Judgement
Reputation
Accountability
Transparency
Feasibiliy
Innovation
Scepticism
Honesty

Question 15

Behaviour towards Stakeholders

Answer 15

Instrumental View - take stakeholder view into account only so far as they are consistent with other economic objectives. So only acknowledge as it’s the best way to make profit, not because they really care about their views.

Normative View - What should be, the moral view .
Should view stakeholder concers, not because of what it can get out of it but because it’s doing its moral duty to each stakeholder.

Question 16

Stakeholder/Stockholder Debate

Answer 16

Stockholder - orgs owned by shareholders, agents have moral and legal duty to only take principal’s objecive into account when making decisions.

Stakeholder - argue that because business is a citizen of society, enjoying its protection, support and benefits, it has a duty to act as a responsible citizen.

Question 17

What is CSR?

Answer 17

Consideration and managing impact on a variety of stakeholders

Question 18

Suggested Approach for CSR Strategy?

Answer 18

Board make public commitment to CSR

Determine critical business objectives

Determine Strategy that will meet objectives

Align strategy with core competences

Integrate CSR into culture

Question 19

Social Responsiveness

Answer 19

Reaction - Corp denies any reposnibility for social issues

Defence - Admist reponsibility but fights it

Accomodation - Corp accepts responsbility and does what is demanded of it

Proaction - Corp goes above and beyond industry norms

Question 20

Leadership Behavioural Styles

Answer 20

Autocratic - Manager makes all decisions -obey without question

Persuasive - Mgr makes all decisions but believes team must be motivated to accept them

Participative - Mgr confers with team, still retains final say

Democratic - Make decisions together

Question 21

What do the board do?

Answer 21

Leadership of company
Represent company view and account to public
Formal schedule of matters to be reserved for board decision
Determine company mission and objectives
Select and appoint CEO, chairman and board members
Ensure mgmt performin job correctly
Appropriate internal controls
Ensure necessary financial and HR in place to meet objecti

Question 22

What must the board of listed companies do

Answer 22

Appoint Appropriate NEDS
Establish remunueration comms
Nominations Comm
Audit Comm
Asses perf and monitr to sharehodlers
Submit themselves for reelection at regular intervals

Question 23

Roles of a NED

Answer 23

Scrutinise - Hold execs to account for decisions taken and results obtained
Risk - ensure adequate systems of internal conrol and system of risk mgmt in place
People - Oversee appt and remuneration of execs
Strategy - Challenge, offer advice, contribute toware

Question 24

Responsibilities of Nominations Committee

Answer 24

Review size, structure and composition of board and make recommendations

Consider balance between execs and NEDS

Ensure appropriate Diversity

Appropriate balance of power to reduce dom in exec selection by ceo/chairman

Evaluate balance of skills, knowledge and experience

Succession planninf for directors

Prepare Job descriptions

Identify and nominate candidates

Operate independently for shareholders

Question 25

Responsibilite of Remuneration committee

Answer 25

Appropriate reward policy, that attracts, retains and motivates directors

Determine company remuneration policy - must be inline with other companies

Basic Salary
Pension - only on basic salary
Bonus - performance related
Benefits in Kind

Ensure remuneration is correctly disclosed in annual report

Set remunertion for All exec directors

Ensure reflects performance

Demonstrate that remuneration is set objectively

Question 26

What are three types of data analytics

Answer 26

Descriptive - what has been and currently happening
Observce past trends

Predictive - Scenario Manager - Analyse past variable data to predict future sales

Prescriptive - Optimisation, maximise sales, minimise costs maximise profits,

Question 27

Objectives of IR

Answer 27

Improve quality f information

more holistic reporting
Efficient approach to corporate repoting

Enhance accountability and stewardship for wide range of capitals (human, nature, financial, manufactured, intellectual, social)

Support integrated thinking - creatio of value in S M and LT

Question 28

Elements of IR

Answer 28

Strategic Focus
Resource Allocation
Future Outlook
Governance
Risks and Opportunities
Performance

Question 29

What are the elements of the Internal Control System

Answer 29

Control Environment - “tone from the top”/ ethics and culture of organisation

Risk Assessment - Set Objectives
Identify risks affecting obj
COnsider internal and external risks
Distinguish between controllable and uncontrollable risks

Control Activities - Policies and Procedures
All levels of orgniasiotn

Info and Communication - Quality information systems to provide good info
COmm correct info to correct people

Monitoring - by intnernal audit

Question 30

What is Audit committee role?

Answer 30

ENTIRELY OF NEDS

Review internal control system

Monitor integrity of financial statements

Oversee work of internal audit

Review work of External audit