ICAEW BF Revision Full

BUSINESS, TECHNOLOGY
AND FINANCE
VIETSOURCING TRAINING CENTER
Tutor: Nguyen Phuong Hang FCCA, CPA, SIRM
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BUSINESS AND FINANCE
Module aim
Understand how business operate and how accounting and finance function help business to
achieve their objectives.
Method of assessment
1.5 hours exam – CBE

50 question with 2 marks each
Pass marks: 55
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Exam specification gridpaper
Weighting Number of
Syllabus area
% questions
Business objectives and functions 15 7-8
Business organizational structures 10 5
The role of finance 20 10
The role of the accountancy profession 10 5
Governance, sustainability, corporate responsibility and ethics 15 7-8
External environment 15 7-8
Technology 15 7-8
Total 100 50

Main content
Business’s Organization
objectives and structure and The role of finance
function business strategy
Risks, governance,
The role of
corporate External
accountancy
responsibility and environment
profession
ethics

Chapter 1.1
INTRODUCTION TO BUSINESS

Organization, business and not for profit organization
• Organization: Social arrangement and collective goals

• Business: Primary objective is profit
• Not for profit organization: To provide goods/services

Stakeholders and their interest
Shareholders are primary, others are secondary

The definition of natural capital, sustainability and corporate responsibility
• The world's stocks of natural assets which include geology, soil, air, water and all living
Natural capital things. It is from this natural capital that humans derive a wide range of services, often called
ecosystem services, which make human life possible
• The ability to “meet the needs of the present without compromising the ability of future
Sustainability
generations to meet their own needs”.
• How far a business can operate in sustainable way, and how it should interact with
Business sustainability
individuals and governments in doing so.
Corporate
• The actions, activities and obligations of business in achieving sustainability.
responsibility

The nature and desirable qualities of objectives

Chapter 1.2
MANAGING A BUSINESS

MANAGING A BUSINESS
Distinction between power, authority, responsibility, accountability and
delegation
Basic of distinction Authority Responsibility
Meaning The power or right of a superior It is an obligation to perform
to give order to others the assigned duty or order
Sources of origin It emerges from a formal It emerges from superior

position in the organisation subordinate relationship
Direction of flow It flows downwards i.e. From It flow upwards i.e. From
top to bottom bottom level to top
Purpose Its purpose is to make decisions Its purpose is to execute the
and get the decisions executed duties assigned by the superior

MANAGING A BUSINESS
Distinction between power, authority, responsibility, accountability and
delegation
Basic of distinction Responsibility Accountability
It is an obligation by an It is the obligation created by

employee to perform certain accepting duties and
Meaning
duties or to make sure that they responsibilities from higher
are completed management.
Nature It flows downwards It flows upwards
It can be delegated but not

Delegation It cannot be delegated
entirely

MANAGING A BUSINESS
Power

MANAGING A BUSINESS
Line, staff, functional and project managers, and the management hierarchy
A line manager A staff manager
A functional
A project manager
manager

MANAGING A BUSINESS
Line, staff, functional and project managers, and the management hierarchy

MANAGING A BUSINESS
Management process: plan, organize, control, lead
PLANNING AND
DECISION MAKING
Determining courses of
action
CONTROLLING ORGANISING
Monitoring and Coordination of
evaluating activities activities and resources
LEADING
Managing and
motivating people

MANAGING A BUSINESS

MANAGING A BUSINESS
Business culture

MANAGING A BUSINESS
Marketing, the 7P elements of the marketing mix
Price
Physical
environment Product
Marketing
Process mix Promotion
People Place

MANAGING A BUSINESS
The Harvard four Cs model of HRM
Commitment • Assesses employees' motivation, loyalty and job satisfaction.
• Relates to employees' skills, abilities and potential. The objective of HRM policies in this area
Competence should be to attract, retain, motivate, train and promote the right people.
• This is a measure of the extent to which management and employees share a common vision
Congruence for the business and act consistently to attain that vision.
• Concerns operational efficiency and productivity. Outputs are aimed to be achieved at the
Cost-effectiveness lowest input cost. Labour cost and effectiveness by comparison to competitors may be a
measure of HRM achievement in this area

MANAGING A BUSINESS
The determinants of behaviour in organisations, motivation and groups

MANAGING A BUSINESS

MANAGING A BUSINESS
Herzberg’s: hygiene and motivating
Group development
Forming Storming Norming Performing Adjourning

MANAGING A BUSINESS

MANAGING A BUSINESS
IT management and the internet of things

Chapter 2.1
ORGANISATIONAL AND BUSINESS

STRUCTURES

ORGANISATIONAL AND BUSINESS STRUCTURES
Minztberg’s building blocks

Fayol’s classical principles

Mintzberg’s types of business structure and their features
Entrepreneurial Functional
Divisional Matrix

Business structure and their features

Centralisation and decentralisation
Centralised structures
upper levels retain authority to make
Decentralised structures
decisions (ie commit
authority to make
people, money and
decisions resources) is passed
down to lower levels
of the hierarchy


Business shapes, the management hierarchy, span of control and scalar chain
Span of control

Business shapes and scalar chain

Characteristics of bureaucracy Hierarchy of
roles
Specialisation
Stability
and training
Professional
Technical
nature of
competence
employment
Uniformity in
the Impersonal
performance of nature
tasks
Rationality

Business structure
Limited Sole trader

liability
partnership
General
Companies
partnership

Types of alliance
Joint Strategic
Licences
ventures alliances
Agents Groups

Chapter 2.2
STRATEGY

INTRODUCTION TO BUSINESS STRATEGY
Corporate, business and functional strategies

Strategic planning process
Implement Review
Strategic Strategic
and
analysis choice Strategic control

PESTEL analysis

Porter’s five forces

Competitor analysis
Brand Industry Generic Form

competitors competitors competitors competitors

Resources and competences analysis

PORTER’s value chain

Supply chain

Market analysis BCG Matrix

SWOT analysis

Stakeholder mapping

Porter’s generic competitive strategies

Ansoff’s matrix

Chapter 3.1
FINANCIAL INFORMATION

Uses and types of information

Good ACCURATE information
ACCURATE
Accurate
Complete
Cost-beneficial
User-targeted
Relevant
Authoritative
Timely
Easy to use

Source of data, big data, data science and data analytics
Source of data
External sources Internal sources
Primary data Secondary data

Source of data, big data, data science and data analytics

Big data, data science

Risk of big data, data science and data analytics
Staff skills Storage Data

dependence
Information Data privacy

overload and security

Information systems

Information processing: CATIVA
Information
processing Completeness Accuracy Timeliness
Data once collected

is converted into
information for
communicating
more widely within Assessability Verifiability Inalterability
the business

Cloud accounting, TPS and MIS

Cloud accounting, TPS and MIS

Information management systems
TPS OAS KWS

Expert
system
DSS MIS
ESS

Distributed ledger technology and digital assets
A digital system for recording the
transaction of assets in which the
transactions and their details are recorded
in multiple places at the same time.

Information security: ACIANA
Availability Information can always be accessed.

Information cannot be accessed by anyone who does not have the right to see
Confidentiality
it.
Data is the same as in its sources and has not been accidentally or deliberately
Integrity
reduced, altered, destroyed or disclosed.
Authenticity Data and information are taken from bona fide sources.
Information is not open to being rejected by its intended users on the grounds
Non repudiation
of faults in the system.
Changes in the system can only be made by persons who are accountable for
Authorisation
them.

System controls
• Personnel
• Door locks
Physical access • Locks
controls • Alarms
• Laptops, tablets, smartphones and other devices
• Personal identification number or PIN
• Check digits
• Control totals
Integrity controls • Hash totals
• Range checks
• Limit checks

Information to support decisions
Factors affecting the

business’s financial Information on this factor is useful for predicting
positions
The economic resources it The business's ability to generate cash in the future
controls
Its financial structure • Future borrowing needs
• How future profits and cash flows will be distributed among stakeholders
• The business's likely success in raising new equity
Its liquidity Whether cash will be available in the near future after taking account of current
financial commitments
Its solvency The availability of cash in the longer term to meet financial commitments as
they fall due
Its adaptability Its capacity to adapt to changes in the environment in which it operates

Qualitative characteristics of financial statements

Limitations of financial information
Conventionalized Omission of non-financial

Backward-looking information
representation

Chapter 3.2
THE BUSINESS’S FINANCE

FUNCTION

THE BUSINESS’S FINANCE FUNCTION
Tasks of the finance function
Recording financial transactions
Management accounting
The tasks of the finance function
Financial reporting
Treasury management

Structure of the finance function Finance function
Recording financial transactions (ACC):

• Books of original entry
• Ledgers
Management accounting (MI): Treasury management (FM/MI) Financial reporting:

• Cost accounting  Cash budgets • Financial statements
• Budgeting  Long-term finance decisions (ACC)
• Management decision-  Managing financial risk • Tax
making  Raising investment finance • Provision of
• Performance measurement  Management of cash, information to
• Capita budgeting and including foreign exchange external regulators
decision  Management of working (ACC)
• Pricing capital
Internal reporting External reporting

Measuring performance
Qualitative measures
Measure performance Financial measures
Quantitative measures
Non-financial
measures

cost and revenue

Profitability
physical numbers, monetary value, or

Activity time spent.
how efficiently
Productivity
resources are being used

Measuring resource use: 3Es

Measure sustainability

Establishing financial control processes and internal controls
Financial control processes
Accounting
Policies and
Processes
Financial Year End
Manageme Audit
nt Preparation
Identify and
Reporting Statutory
KPI’s Reporting
Budgetin
g
Working
Capital
Manageme
nt
Manageme System and
nt Accounts Internal
Controls

The balance scorecard

Internal control

Internal control

Chapter 3.3
BUSINESS FINANCE

BUSINESS FINANCE
Risk vs return

BUSINESS FINANCE
Risk vs return

BUSINESS FINANCE
Types of bank
Primary bank
Secondary bank

BUSINESS FINANCE
The banker/customer relationships
• Receivable/payable relationship
• Bailor/bailee relationship
• Principal/agent relationship
• Mortgagor/mortgagee relationship

BUSINESS FINANCE
Duties and rights of banks and customers
Duties Rights
Honour customer cheque if they have enough money Charge reasonable bank charges and commissions
or sufficient overdraft limit over and above interest
Credit cash/cheques
Repay the amount on demand if the customer makes a
Use the customer's money in any way provided that it
written request for repayment of money in its account
is legal and morally acceptable
Comply with the customer's instructions
Provide a statement showing the transactions on the
account Be repaid overdrawn balances on demand
Respect the confidentiality of the customer’s
Tell the customer if there has been an attempt to forge
the customer's signature on a cheque.
Be indemnified against possible losses when acting on
Use care and skill in its actions
the customer's behalf
Provide reasonable notice if it is to close a customer's
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BUSINESS FINANCE
Forms of money transmission
Banks Automated Clearing

General clearing Electronic Funds Transfer
System
Society for Worldwide

Clearing House Interbank Financial
Automated Payment Faster Payments Scheme Telecommunication
System (SWIFT

BUSINESS FINANCE
Money market instruments
Treasury
bills
Banker’s Commercial
acceptance papers
Money
market
instruments
Corporate Certificate
bonds of deposits
Repurchase
agreement

BUSINESS FINANCE
Constituents of the capital market
National The banking

Bond markets
stock markets system
Debt International
Leasing
factoring markets

BUSINESS FINANCE
Sources of equity finance
Retaining
earning

BUSINESS FINANCE
Sources of equity finance
Issue of shares
Public issue Rights issue Bonus issue Private placement

When an issue/offer of The securities are When an issuer makes an It is issue of
securities is made to issued by the issue of securities to its securities not
new investors for issuer to the existing shareholders as on exceeding to 49
becoming part of a record date, without any
existing persons
shareholders’ family of consideration from them, it
the issuer it is called a shareholders on a is called a bonus issue
public issue. record date
Initial public offering (IPO)
Follow up public offering (FPO)

BUSINESS FINANCE
Sources of debt finance
Overdraft Debt factoring
Term loans Loan stock
Other forms of
Leasing
debt

BUSINESS FINANCE
Financing a growing business
Business
angels
AIM (Alternative
Investment Crowdfunding
Market)
Venture
capital
(VC)

BUSINESS FINANCE
Financing exports The exporter sells the capital goods
and/or services to the foreign buyer
Exporter Foreign buyer

The ban uses the
loan to pay the
exporter for goods
and/or services
delivered
Bank
The export financer provides a guarantee to the

bank that the loan will be paid
Export financer

Chapter 4.1 + 4.2
THE PROFESSIONAL ACCOUNTANT

AND THE ACCOUNTANCY PROFESSION

PROFESSIONAL ACCOUNTANT AND ACCOUNTANCY PROFESSION
Importance of accountancy
- Effective of working capital markets
- Public interest

Professional responsibility
Ethics
Compliance-based Integrity -based
• Increasing control and penalizing • Define guiding values

wrong doers
• Support ethical behaviour
• Shared accountability

Professional responsibility
The work of the accountancy profession
Maintaining control and safeguarding assets
Financial management
Financial reporting

The conceptual framework

Technical competence
Knowledge
Attitude Skill

Reserved areas of practice
Statutory Investment
Insolvency Probate
audit business

Accounting principles
Double entry
Accrual basis Going concern
bookkeeping
Faith representation:
Accuracy & Substance over form Materiality
completeness
Neutrality Prudence Timeliness
Cost versus benefit Consistency Offsetting

Limits of responsibilities
Legal matters
Administrative matters

Technological impacts on accountants and auditors

• Automation, machine learning and intelligent system
• More powerful systems
• System innovations and applications
• Digital contracts and transactions
• New types of data, information and risks
• New types of good and services
• Transparency in recording and sharing dât
• Audit analytics and intelligent systems
• Smart contracts
• Data analytics
• Software controls and data sét
• Distributed ledger technology and advanced accounting systems
• Regulation

Chapter 4.3
STRUCTURE AND REGULATION OF

THE ACCOUNTANCY PROFESSION

CCAB – Consultative committee of accountancy bodies

• Forum for accounting profession in UK and Ireland
• Formed in 1974
• CCAB members:
- ICAEW
- ICAS
- ICAI
- ACCA
- CIPFA

Financial Reporting Council - Structure of the accountancy profession
The Codes and

The Conduct
Standards
Committee
Committee

FRC
Conduct committee:
Conduct committee: Conduct committee:
corporate reporting
Professional oversight Professional discipline
review
Codes and standards Codes and standards

Conduct: Committee:
committee: Actuarial committee: Audit and
audit quality review
policy assurance
Codes and standards Codes and standards

committee: accounting committee: corporate
and reporting policy governance

Regulatory regime for the accountancy profession
• The government
• Self-regulation by the accountancy profession
• An oversight mechanism by the FRC

FRC's oversight mechanism
• Non-statutory oversight of the professional accountancy

bodies
• Statutory oversight of the regulation of statutory auditors
• Independent monitoring of the quality of the auditing

function

Regulation of the financial services industry

• Bank of England's Prudential Regulation Authority (PRA) and
• Financial Conduct Authority (FCA).
• The accountancy profession is directly affected by financial services regulation as follows:
• Regulations on investment business
• The FCA is the competent authority for listing as it incorporates the UK Listing Authority (UKLA). It is therefore the body which
has given considerable force to the FRC's UK Corporate Governance Code. Large companies with a premium listing must comply
with the main principles of the Code
• The FCA issues the following sets of rules which affect accountants in the course of their work for listed companies:
• Listing Rules
• Disclosure and Transparency
• Rules to regulate market disclosures
• Prospectus Rules, with which companies must comply when issuing new securities

Disciplinary procedures
• Conciliation
• Investigation
• Disciplinary proceedings by the Disciplinary Committee (DC)

The Disciplinary Committee hears

evidence from the investigation
Committee and the accountant or
their representative.
It reaches a decision if misconduct
is proved and the committee
We receive disciplines the accountant if
your complaint appropriate

FRC accountancy scheme

- Dealt with disciplinary cases
- Power of executive counsel
- Disciplinary Tribunal

Chapter 5.1
RISKS AND RISK GOVERNANCE

Risk, uncertainty and their effects on businesses themselves and their investors
Type of risk Certainty (no Risk (known risk) Uncertainty (unknown risk)
risk)
Description All possible Potential outcomes and Either the outcome is known but the
information is probability are probability is not known or both the
known; quantifiable/measurable using possible outcomes and their probability
outcomes are statistics and modelling (e.g. the are not known (‘radical uncertainty’ –
certain lottery, games of chance) ibid) (e.g. earthquakes, shocks, health,
romance)

Attitudes to risk
RISK ATTITUDE
RISK AVERSE RISK SEEKING RISK NEUTRAL

Seeking to avoid Actively seek risk, in the Investment would be
risks and belief that higher the chosen according to its
withdraw from risk equals higher the expected irrespective of
risky situations returns the risk

Risk classifications
Risks
Operational risk
Strategy risk Enterprise risk Product risk Financial risk

Risks facing a business
Risks
Health & Technological

Market Credit Liquidity Safety /
Environmental
Business
Legal Reputation Derivatives
probity

Cyber risk, cyber attack and cyber security

Cyber risk


Cyber attack
File
Phishing Webcam manager Keylogging
hijacker/ransomware
Distributed denial of
Screenshot manager Ad clicker Hacking service (DDoS)
attacks


Cyber security


Technical controls for cyber security
Access control – physical and network procedures to restrict access to a system
Boundary firewalls and internet gateways – software that intercepts network traffic in and out of a system
Malware protection – software that prevents and removes unwanted programs from a system
Patch management – ensuring the latest updates to software are installed
Secure configuration – ensuring the system is set up with cyber security as a priority

Risk management process

The risk assessment map

Risk response and control

Crisis management
Containment
Preparation Business
Detection & damage Learning
& prevention recovery
control

Disaster recovery
the business’s operations or a significant part of
Disaster them, break down for some reason, leading to

potential losses of equipment, data or funds.

Business continuity plans
Standby procedures
Recovery procedures
Personnel management

Chapter 5.2
GOVERNANCE, CORPORATE
RESPONSIBILITY, SUSTAINABILITY
AND ETHICS

GOVERNANCE AND ETHICS
Agency theory

Objectives of corporate governance
The objectives of its shareholders, plus
The interests of other individuals and groups

with a direct 'stake' in the company, plus
The interests of the public at large

Poor CG
• Domination of the board
• No involvement by the board
• Inadequate control function
• Lack of supervision of employees
• Lack of independent scrutiny by external or internal auditors
• Lack of contact with shareholders
• Emphasis on short-term profitability
• Misleading financial statements and information

Good practice CG

Financial system
¥ Japan $ U.S
• Bank-based financial system • Market-based financial system
• Debt financing • Equity financing
• Stability • Efficiency
• Focused on stakeholders • Focused on shareholders
• Based on private information • Available price information to all market
participants
• Achieving long-term benefits as a whole • Maximising individual short-term

benefits

OECD principles of corporate governance
Rights of
CG framework
shareholders
Equitable treatment Roles of

of shareholders stakeholders in CG
Disclosure and Responsibilities of

transparency the board

Unitary vs dual board
Board
Structure
Two-tier
Unitary
(Dual)
Single Board
Two Boards
Comprising
Managemen Supervisory
Executive
NEDS t Board Board
Directors
(Power Tier) (Upper Tier)

Business ethics
What is ethics?
• The discipline dealing with what is goods and bad and with moral duty and obligation
• A system of moral principals
What is the business ethics?
• The principals and standards that determine acceptable conduct in business organisations
• Is a form of professional ethics that examiners ethical principles and moral or ethical
problems that arise in a business environment

Business ethics

Chapter 5.3
CORPORATE GOVERNANCE

The UK Corporate Governance

Main principles of the UK Corporate

Leadership
The Role of the Board
Division of Responsibilities
The Chairman
Non-executive directors


Effectiveness
The
Appointments
Composition Commitment Development
to the Board
of the Board
Information
Evaluation Re-election
and Support


Accountability
• The board should present a fair, balanced and understandable
assessment of the company's position and prospects
Financial and Business
• The board is responsible for determining the nature and extent of the
significant risks it is willing to take in achieving its strategic objectives.
Risk Management and Internal • The board should maintain sound risk management and internal control
Control systems.
• The board should establish formal and transparent arrangements for

considering how they should apply the corporate reporting and risk
Audit Committee and Auditors management and internal control principles and for maintaining an
appropriate relationship with the company's auditors.


Remuneration
The Level and

Components of
Remuneration Procedure


Relations with shareholders
Dialogue Constructive
with Use of the
shareholders AGM

Roles of external audit/internal audit
External audit Internal audit

Financial report Risk, business process
Can be government auditors or

Operating independently from other
independent public accounting departments within organisation
firms that organisations hire
Review annual financial Responsible for performing audits

statements to ensure the (both financial and non-financial)
information presented is within a wide range of areas within a
accurately and reliable business

Chapter 6.1
THE ECONOMIC ENVIRONMENT OF


ECONOMIC ENVIRONMENT OF BUSINESS AND FINANCE
The role in national economy
Government Consumer
Investment
Saver
by business

The role of government in national economy
Producer Purchaser
Transfer
Investment
payment

The business/trade cycle
 Recession (1)
 Depression (2)
 Recovery (3)
 Boom (4)

Inflation a problem?
Redistribution of Balance of payments

income and wealth effects
Price signaling and

Wage bargaining
“noise”
Consumer behavior

Types of inflation
Inflation
Demand pull inflation Cost push inflation
Fiscal Credit

Types of government economic policy
Government economic
policy
Fiscal policy Monetary policy
Tax Spend Interest Money

rates supply

Demand
Price of other goods

Price of the good
(substitution effect)
Income (income
Taste and fashion
effect)
Expectation of price
changes

Demand

Seven P’s
Product Price Promotion
Place People Processes
Physical
evidence

Supply curve
Factor influence supply
Price of related
Price
goods
Price of other Cost of making

goods the good
Changes in
Other factors
technology

Equilibrium price
Equilibrium price:
The price at which
quantity demanded of
a commodity is equal
to its quantity supplied.
Qs = Qd

Elasticity

Factors influencing PED
Availability of
The time horizon
substitutes
Luxuries and
Competitor’s pricing
necessities
Percentage of income
Habit-forming goods
spent on a good

Adjustments to equilibrium

Market structures

Free markets

Market failure
Lack of Property Asymmetric

Public goods Externalities
Rights information
Non-rivalrous and non- Consequence of an Property rights must be Information which is

excludable economic activity on an comprehensive, secure, unknown can confound
unrelated third party exclusive, and decision-making
Tends to be under- transferable.
produced and over- Negative externalities Moral hazard where
consumed without tend to be Third parties without regulators cannot
intervention overproduced. defined property rights perfectly monitor
Positive externalities can’t participate in impacts/
Infrastructure has tend to be markets
strong public good underproduced
characteristics

Chapter 6.2
EXTERNAL REGULATION OF
BUSINESS

EXTERNAL REGULATION OF BUSINESS
Regulation of business
Addressing
market failure
Protecting the
Regulation
public interest
Functions of the
regulation of
business

The role of regulatory bodies

• The Information Commissioner, who is responsible for enforcing rules brought in by the Data Protection Act
1998 and the Freedom of Information Act 2000.
• The Competition and Markets Authority (CMA), which replaced the Office of Fair Trading (OFT) and the
Competition Commission in 2014 following the Enterprise and Regulatory Reform Act 2013.

Form of regulation
Implement a primary
piece of legislation
appropriately
Secondary/delegated
legislation
Take account of
particular
circumstances

Regulation of competition
Anti-competitive
agreements
Abuse of
Anti-competitive
dominant
practices
position
Cartel activity

Direct regulation of externalities
Price regulation
Taxation
Tariffs
Subsidies

Market abuse
Market Fraudulent
Insider trading
manipulation trading
Wrongful Disqualification
trading of directors

Government intervention in free markets

Free trade vs protectionism

Thank you!
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BUSINESS, TECHNOLOGY

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1.5 hours exam – CBE

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• Organization: Social arrangement and collective goals

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Sources of origin It emerges from a formal It emerges from superior

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It is an obligation by an It is the obligation created by

Nature It flows downwards It flows upwards

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