By Emile Woolf International Publishing
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Additional info for ACCA P1 Governance, Risk and Ethics
The group might not agree what actually constitutes value for money or even if the service is required at all. The government must make © Emile Woolf Publishing Limited 45 Paper P1: Governance, risk and ethics political decisions as to how public money should be spent in a way that they believe is best for the country. Citizens in a democracy then have an opportunity to vote against a government if they are unsatisfied with its performance in making these decisions. Another problem in the governance of public sector organisations is how to establish strategic objectives and then monitor the success of the public sector organisation in achieving these.
Similarly, an entity could hire self-employed contractors to do work, or it could hire full-time employees. An entity might sell its finished goods to a retail organisation, or it might sell directly to the end-consumer. Logically, a firm’s decision about whether to arrange transactions in the open market or whether to do the work ‘in-house’ (itself) depends on which is cheaper. When a firm does work ‘in-house’, it needs a management structure and a hierarchy of authority. Senior management are at the top of this hierarchy.
They are therefore interested in the stability of the company, because this will protect their job and their future income. This means that management might be risk-averse, and reluctant to invest in higher-risk projects. In contrast, shareholders might want a company to take bigger risks, if the expected returns are sufficiently high. Shareholders often invest in a portfolio of different companies; therefore it matters less to them if an individual company takes risks. Time horizon. Shareholders are concerned about the long-term financial prospects of their company, because the value of their shares depends on expectations for the long-term future.
ACCA P1 Governance, Risk and Ethics by Emile Woolf International Publishing