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Fellowship
Level 4
13_Executive_Accountancy_&_Decision-Making, 14_Management_Auditing_&_Control, 15_Strategic_Management,
16_Financial_Decisions, 16A_Local_Government_Finance
13.
Executive Accountancy & Decision-Making:
Objective
To demonstrate an understanding of the role,
position and duty of executive directors and of the application of accounting
information systems to aid the Board and the preparation of reports to aid
policy decision making.
Syllabus
Nature of the Board of Directors:
- Types of Board
- Mechanics of the Board Room
- Group thinking
- Group psychology
- Types of directors, membership of Board,
disqualification
- Powers and duties of the Board
- Social, legal and personal liabilities
- Board meetings
- Profit, humanitarian and corporate
objectives
Corporate Reports:
- Aims and objectives
- Principal users
- Design and content
- Director's reports
- Chairman's statement
Financial Strategy:
- Nature and strategic information
- Design and content for strategic information
reports
- Strategic financial ratios
- Corporate failure analysis
Planning and Control:
- Business planning and financial planning of
resources
- Financial forecasting and analysis
- Analysis of performance
- Budgetary control
- Ratio analysis
Decision Making:
- Short-term decisions
- Investment appraisals
- Decision making concerning sources of
capital
- Cost of equity and cost of capital
- Tax and types of investment
- Cash flow
- Valuation of business for forward decision
making
- Rate of return
Top
14.
Management Auditing & Control:
Objective
To demonstrate an awareness of the social,
legal and moral responsibility of those in authority and a sound understanding
of the purposes and methods of Management Auditing, including policy audit,
personnel audit, social audit and environment audit. A knowledge of the
objectives and techniques of accounting control will also be examined.
Syllabus
Audit benefits and audit development:
- Management By Objectives (MBO)
- Appraisal of management systems, procedures,
methods and training requirements
- Definition of management audit
- Cost of management audits. Appropriateness
to type of company
Management audit types, depth and scope:
- Types of management audit
- Systems audit
- Compliance audit
- Audit scope, full audit, phase audit,
follow-up audit
- Informal audit
- Audit direction
- Pre-award surveys; definition and relation
to external audit
Audit decision process:
- Quality Assurance (QA) standards
- Classification of the items involved in
audit
- Audit schedule
- Timing of audit
- Personnel and job commitments for audit
- Audit and inspection; combination to avoid
duplication of effort
- Responsibility for the timing of decisions
- Gathering background information
Auditees organisation:
- Work flow, contract phase unit concept
- The large industrial or office complex
- The small company
- Management criteria
- Task elements
Departmental quality assurance:
- Application of criteria
- Quality Assurance programme
- inspection test and operating status
- Quality assurance records
- The criteria checklist
General aspects and control:
- Management control systems
- Application of control
- Corporate code of conduct, ICEA ethical code
- Professional guidelines
- Organisational cultural and profit motives
- Co-ordination and integration of resources
to achieve maximum results
- Keeping pace with technological development
and cost management techniques
- Selection and control of budget centres
- Report writing and case studies
Top
15.
Strategic Management:
Objective
To demonstrate an awareness of the importance
of strategic decisions in modern financial situations. this paper tests the
ability of the student to relate the organisation to its competitive
environment. It seeks to ascertain a knowledge of the principles of strategic
management and their application within an organisation, as well as of the
relationship between accounting and marketing.
Syllabus
Business Planning and Appraisal:
- The relationship between strategic
management and business planning
- Effects of environment on strategy an
planning
- Identifying the strengths and weaknesses of
the organisation
- Identifying the planning gap
- Minimising the planning gap by appropriate
actions and alternative strategies
- Different concepts of quality
- Measuring performance against targets and
adjustment when necessary
Market Strategy:
- Purpose and function of marketing
- Targeting market strategies to achieve
objectives
- Assessing the market needs and adjusting strategies
accordingly to achieve organisational objectives
- Assisting market research by supplying
accounting data
- Producing and marketing right products at
right place and right time to achieve optimum results
- Formulating product portfolios, relevance of
the product life cycle and of branded merchandise
- Impact of global economy and consumer power
within the market environment
- Effect of mergers, acquisitions,
reconstructions and divestments on market strategies
- Obtaining competitive advantages through
foreign collaboration
Use of Information Technology:
- Using information technology to assist
strategic management
- Keeping up-to-date with new technology
- Utilisation of specialist knowledge
- introducing modern accounting practice to
meet future strategic objectives
- Induction procedures
Corporate and Social Responsibility:
- Corporate objectives and responsibility towards
personnel, social and environmental needs
- Disclosure of facts and maintaining
strategic confidentiality3
- Fulfilment of regulations as required by
professional bodies, government departments and company law
- Profit and humanitarian motives
Mini Case Study:
Top
16.
Financial Decisions:
Objective
To demonstrate an understanding of the role of
the Executive Accountant in financial decision making and in the implementation
of policy at Board level. Candidates must be able to show a comprehension of the
purpose and use of tactical controls over financial strategies and must know how
to evaluate the financial implications of corporate policies.
Syllabus
Sources of Finance:
- Equity, capital, loans, trade credit, grants
- Institutions; Clearing Banks, Merchant
Banks, Stock Exchange, Brokers
- Financial strategy formulation
- Costs of raising finance and techniques for
raising funds
- Problems of raising finance for small
businesses
Financial Management:
- Management of cash
- Management of stock
- Management of credit control
- Control of working capital
- Investment appraisal methods and project
control
- Risk and uncertainty
- Tax considerations in financial management
- Base rate and its effects
- Rate of inflation
- Security and business valuation
Financial Forecasting and Financial Analysis:
- Corporate financial modelling
- Optimum use of financial services within the
organisation
- Marketing uncertainty and risk analysis
- Monitoring and analysing performance
- Probability theory
- Political risk analysis
International Financial Situation:
- International factors affecting business
decisions
- Global competition; Far East, USA
- Trade agreements and protocols; GATT, EFTA,
functions of IMF and World Bank
- Taking decisions on alternative methods of
financing
- Appraisal of International capital
investment
- Workings of the international money and
capital markets
- Alternative methods of financing imports and
purchase
- Various methods of assessing cost and revenue
implications of financial decisions
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16A. Local Government Finance:
Objective
To demonstrate a general understanding of
procedures in the administration of local government finance in the UK,
including pricing, competition, resource allocation, effectiveness and accountability,
and awareness of the function of the Audit Commission.
Syllabus
Financial Sources and Management:
- Corporate objectives and social
responsibility
- Corporate planning
- Operational planning
- Sources of local government finance
- Role of the Finance Committee
- Control and management of financial
expenditure
Financial Decision Making:
- Estimating costs
- Evaluation projects and monitoring progress
- Break-even chart and break-even analysis
- Pricing policies
- Uncertainty of income and controlling of
decisions
Local Government:
- Estimating cost and revenue
- Relationship between local government and
central government
- The budget and legal responsibility
- Budget preparation and uncertain
environment, hung council
- Traditional and non-traditional approaches
to the budget
- Execution of the budget
Assessment of Performance:
- Assessment of economy
- Assessment of performance against target
- Performance of external and internal groups
- Value for money audit
- Audit commission and local authority
- Public accountability for public investment
programmes
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