CIMA urges businesses to introduce code of ethics

CIMA urges businesses to introduce code of ethics:

The Chartered Institute of Management Accounts (CIMA), in Its third annual report on "the company's responsible management," NOTED That the profit and ethics are not two opposing Objectives, adding That property managed and responsible business is more likely to survive long -term .it Said That many financial professionals face pressure to tolerate the bad practices of Their colleagues or unethical to behave themselves. They are still Struggling to make their way Through crisis of culture Within the company and They need to stay the course.

"Such pressure on professionals based in Pakistan rose from 51% in 2012 to 54% in 2015, According to a report, around 38% of Respondents Agreed the reports on professional ethics as troublemakers by management" added.Highlighting it causes pressure to compromise standards of conduct of business ethics for financial professionals, CIMA report Stated That 49% of professional insights to Work With colleagues from different functional areas Within the organization to be the main cause, 44% Believed meet deadlines was a cause and 39% management accounts compilation seen as the main reason.

Surveyed Out of 2,498 professionals worldwide, the report stressed, Although MOST Organizations That Have codes of ethics, only 36% of Respondents confirmed That Their ethical management Organizations collect information (EMI). "This was DESPITE an Increase in demand for data on ethical business practices, in particular, the investment community, 30% of Which users are EMI," I added.

Ethics chief Tanya Barman CIMA Said, "A lost reputation can destroy a business overnight. To avoid this, Organizations need to collect and interpret information on the ethical performance, so
When the company I can tell is on the right track and when it is About to fall off a cliff. "

She Said That Sri Lanka, with 61%, has the highest level of pressure to compromise professional ethics, followed by Malaysia With 58% and Pakistan with 54%.

She Said in United Kingdom, United States and Ireland, professionals are faced With low pressure, but an Increase of 12%, 7% and 5% was Observed since 2012, respectively, adding India esta trend has reversed, falling to 45% Against 51 % in 2012.

"Four-fifths (80%) of finance professionals thought They had a special role in the management of ethical performance and 78% believe companies That Have a role in solving the global problems: such as climate change and poverty," She Said ....

Cima E1 Exam Question No 28

Question No 28:

Difference between Purchasing Supply?

Purchasing:

•  Concentrates on the day to day buying of goods
•  Emphasis is on the price, quality and accurate delivery of goods
•  May be viewed as an out of date approach to supply chain management.

Supply:

•  A more modern approach dealing with important issues beyond the day to day including:
•  Planning and implementing a supply strategy
•  Managing the overall supply process
•  Considering the appropriateness of outsourcing arrangements
•  Investigating whether strategic partnerships could be developed
•  The number of suppliers it should use.

CIMA Introduces New Programme for Nigerian Finance Professionals

CIMA Introduces New Program for Nigerian Finance Professionals:

In order to expand knowledge and improve the level of efficiency of the management, the Chartered Institute of Management Accountants (CIMA), the main body of management accountants worldwide, has recently launched a new certification program known CIMA as CFO Road, for professionals in business and finance in Nigeria.
CIMA CFO path is a program designed for financial directors, general managers and senior management officers methodically instill in them the application of strategic management techniques required to analyze, recommend, and support decisions and the areas included in As part of the work officers and management of senior finance.
Business presentation of program managers and finance based on different sectors of the economy, the Executive Director of Education of the body, Dr. Tagoe Christmas, said the program was developed by the Institute Due to the need to expand the field of knowledge of the special accounting in the business environment overall multi-faceted today.
"We feel that those in positions of leadership and those who aspire to positions of responsibility must undergo a change of mentality. A change in mindset can begin posting in the forefront of change in the way companies are managed" Tagoe said.
He also revealed that the program was carefully designed to help potential candidates meet the requirements of modern employers combining both the conceptual and theoretical knowledge with practical application examples to fully understand and use them learned. This, according Tagoe puts it in an advantageous position compared with postgraduate university degrees.
Speaking about the relevance of the program and the eventual certification, his campaign manager, Ms. Ijeoma Anadozie, he said: "Through the implementation of this program, two nominations is obtained; ACMA Chartered get associated Management Accountant and get is CGMA Authorized account global management and this designation is in collaboration with the American Institute of Certified Public Accountants. (AICPA). "
Anadozie also revealed that a greater association with the AICPA, CIMA advanced management accounting qualification obtained by students is very important and respected as recognized worldwide in several countries.

Cima E1 Exam Question No 27

Question No 27:

Cattell's 16PF test is normally associated with which ONE of the following

A. IS feasibility studies
B. The process of market segmentation
C. Auditing existing supply arrangements
D. Employee selection

Answer: D

Accountants under pressure to 'fiddle the ethics' say the CIMA

Accountants under pressure to 'fiddle the ethics' say the CIMA

 Local accounting under the pressure of "sloppy ethics." A new report from the Chartered Institute of Management Accountants (CIMA) said a third of finance professionals in Cambridgeshire and across the UK feel pressured to compromise ethical standards.The third edition of "The companies responsible for their reports, which surveyed 2,498 professionals worldwide management, revealed that the proportion of workers based in the UK said pressure transmission has increased from 18% in 2012-30 % by 2015. It is worrying that one in five (21%) of respondents agreed they report concerns regarding unethical behavior are seen as troublemakers management.Commenting on the report's findings, Tanya Barman, director of ethics at CIMA, said: "ethics and profits are not two opposing objectives company responsible and well managed is more likely to survive long term ..
"However, our latest" Responsible reporting companies shows that many financial professionals in Cambridgeshire face pressure to tolerate the bad practices of their colleagues or ethical conduct."The report highlights that we are still struggling to work our way through a crisis of culture within companies, and we have to keep our focus. Our study shows that we can no longer afford to think about the ethical performance business as a matter of compliance. "The report highlights that while most organizations have codes of ethics, only 36% of respondents confirmed that their organizations collect ethical management information (EMI).Despite the increased demand for data on ethical business practices, in particular, the investment community, of which 30% are users of EMI.Tanya said: "A lost reputation can destroy a business overnight to avoid this, organizations in Cambridgeshire need to collect and interpret information about the ethical performance, so the company can tell when you are on the right track and when to about to fall to. cliff."Leaders should also consider the adoption of integrated reporting. - Narrative reports that provide information on areas such as ethics in both management and stakeholders Finally, councils need to keep a close eye on this domain".Respondents in the UK, observed a 12% increase in the pressure to compromise since 2012.Barman added: "Clearly there is a gap in the application to be completed by qualified professionals using methods such as integrated presentation of reports."Management accountants have a unique set of skills that will allow them not only to collect data, but also to analyze and interpret, in particular through integrated reporting, and as such have a crucial role to play in identifying risks and protection of the organization of unethical "practice.Four fifths (80%) of finance professionals said they had a special role in the management of ethical performance, and 78% believe business has a role in solving global problems such as climate change and poverty.The report also highlights the abuse of human rights as a matter of growing concern business, with 68% of respondents believe that it is a matter of importance, compared to 55% in 2008. However, while the Awareness of the issue is growing, many companies fail to implement the relevant processes; for example, only 13% reported having conducted due diligence on human rights when entering into new contracts.

Cima E1 Exam Question No 26

Question No 26:

Gross National Product (GNP) represents?

A. Another term for Gross Domestic Product (GDP).
B. Gross Domestic Product (GDP) adjusted for foreign earnings.
C. The total intellectual and social capital of a country.
D. Aggregated 'bottom-line' performance of a country's top 100 companies

Answer: B

Additional CIMA-Webb connections identified

Additional CIMA-Web Connections Identified: 

  A total of five people working for the Monetary Authority of the Cayman Islands have been identified as having a "bond" with Jeffrey Webb, the man in the Cayman Islands and formal business of the deposed FIFA defendant in an investigation into organized crime and corruption United States shocked the world of football.
Chairman of the Monetary Authority of Grant Stein said Tuesday that five people, he did not name, should excuse himself from any involvement in the ongoing review of local transactions related to the US probe and FIFA CIMA.

"My opinion is that there are five people on CIMA that link to Jeff Webb," Stein said, "all of which have challenged the review."

Stein said he was not aware of any connections between Webb and five employees, but Cayman is a small island, not the existence of such close ties are particularly surprised. Most of the connections involved either direct family ties or marriage ties, he said.

The issue of conflicts emerged in early June when it was revealed that the CEO of CIMA husband Cindy Scotland, former government minister Mark Scotland, has been working since last year to the Football Association of Cayman Islands under its President Webb and Webb was in Switzerland at the time of his arrest on May 27. In addition, the wife of former Minister Cline Glidden, Gloria serves as deputy head of the banking division of the CIMA. Mr. Glidden was working for CONCACAF in the creation of a regional court settlement of disputes and football was also Webb in Switzerland during the annual meeting of the FIFA before the arrests.

Mr. Stein said there were no allegations of wrongdoing against Scotland, either Mr. or Mr. Glidden probe FIFA.

The new president of CIMA revealed Tuesday that global Krys was retained by the authority to conduct forensic audits of all transactions related to Webb or former resident Costas Takkas Cayman, which are responsible for the criminal investigation in the United States.

Forensic accountants probe will be monitored by a committee of three officials CIMA staff by the head of the CIMA of the bank Ilako Charles, responsible for compliance RJ Berry and Assistant General Counsel Andre Mon Desir. When the test is complete, the Committee will report on the results of the accounting "non-executive" CIMA - ie without the CEO being present CIMA.

The purpose of the appointment of the committee, Mr. Stein said, was to separate the investigations and forensic accounting consultants CIMA made in local financial transactions mentioned in the indictment of US where the regulatory authority can have "connections" Webb, Stein said.

At least one current and one former bank Cayman Islands, Fidelity and Barclays, were named in connection with allegations of US Federal Court, although neither the bank was accused of irregularities in the court records.

For now, the committee CIMA and forensic accountants to focus only on operations Fidelity Bank identified in the indictment of America published on 27 May, Stein said. If there were other areas of concern identified in the context of the review, the investigation could grow, he said.

The charges:

Senior officials from Fidelity Bank in the Cayman Islands have confirmed in early June Webb remained employed in the bank in a contract part-time consultant until the end of 2012, including the period in which he is accused of soliciting bribes from intermediaries in the exchange of the granting of the marketing rights for certain football competitions of FIFA.

According to US accusations of the Federal Court, separate bribes channeled through the US payments, Hong Kong and the Cayman Islands bank accounts were negotiated in 2012 with then Vice President of FIFA and powerful Secretary General Webb CONCACAF Enrique Sanz, who is identified in the indictment as "co -conspirator No. 4".

The indictment alleges that the discussions were in 2012 to negotiate the media and marketing rights to the qualifying round of 2018 and 2022 World Cup. These rights were being sought by the US subsidiary of trafficking Group, based in Brazil - US Traffic - I wanted to buy the rights to the Caribbean Football Association, state records of the Federal Court. Co-conspirator # 4 was used by the Group of traffic at the time, but that same year he became the general secretary of CONCACAF. The director general of trade of the United States, Aaron Davidson, is also responsible for the US survey FIFA.

Near the end of these negotiations, co-conspirator # 4 are met defendant accused Takkas, identified as a close associate of Webb. The meeting was held in Hungary. "Takkas told co-conspirator No. 4 Webb wanted a bribe of $ 3 million in exchange for the contract [Football Union] must be assigned to US traffic," court records state.

It is also alleged that bribery was divided between the two companies, traffic from the US and other identified as "Company C Sports Marketing" so that everyone would have to pay $ 1.5 million in Webb. It is also alleged that the payment traffic was sent to the United States Takkas by a Miami bank HSBC in Buffalo, New York, and finally transferred to a HSBC bank in Hong Kong.

The indictment alleges that two transfers totaling $ 1 million were sent from Hong Kong to a correspondent account in New York to the credit of an account in the name of Kosson Ventures - a company controlled by Takkas - Fidelity Bank in the Islands Cayman. Records show that the US $ 500,000 remaining due by TRAFFIC USA They were paid into another account controlled by Takkas at Fidelity Bank in the Cayman Islands.

"Takkas then transferred the funds in an account in the name of a pool builder in the United Community Bank in Blairsville, Georgia," the criminal complaint bed "[It was] the benefit of the accused Jeffrey Webb, he would have a pool built at his home in Loganville, Georgia. "

Federal prosecutors say the Takkas participation in the transfer of funds was "more intermediate 'in nature and was" designed to hide the fact that Jeffrey Webb was the recipient of the payment. "

It was unclear whether the indictment Webb never received the other half of the money from the alleged corruption of "Sports Marketing Company C."

Webb last all charges against month pleaded not guilty in federal court.

Cima E1 Exam Question No 25

Question No 25:

When government regulation and restriction is absent the effect is?

A. Protectionism.
B. Economic nationalism.
C. Liberalization.
D. A mixed economy

Answer: C

Scotland’s Myriam Madden elected President of CIMA

Scotland’s Myriam Madden elected President of CIMA:

 Management Accountant based in Edinburgh Myriam Madden was elected president of the Chartered Institute of Management Accountants (CIMA).

Ms. Madden is a finance director specializing in finance and business transformation in the public sector, financial services and the world's leading companies.

She led the financial functions in organizations such as Hewlett Packard, HBOS, the Scottish Arts Council and Historic Scotland.

Ms. Madden said: "I am delighted to be elected president of CIMA.

"It's a great honor and I hope to further strengthen the success of the institution, both in Scotland and around the world.

"As president, I am excited by the impact of the CIMA contributing to business success and guidance in all major cities worldwide.

"CIMA has a valuable asset in its global community of students and members - one of my ambitions is to be confident advocates galvanized by CIMA and the profession of management accounting.

"CIMA Strategic Initiatives will be more effective if the ideas of enthusiasm, energy and several of our members and students to reflect."