The following are guidelines on the type of questions and their approximate weightings:

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1 Purpose Advanced Management Accounting [MA2] Examination Blueprint The Advanced Management Accounting [MA2] examination has been constructed using an examination blueprint. The blueprint, also referred to as the test specifications, outlines the content areas covered on the examination and the weighting allotted to each content area. This document also lists the topics, the level of competence for each topic, and the related learning objectives and competencies. The learning objectives have been designed to ensure that the competencies are met. In addition, information is provided on the proportion of each question type presented in the examination (that is, multiple choice, quantitative problems, and so on). Use Students should use the examination blueprint to prepare for the course examination. The blueprint may not include all the topics listed in the course materials; however, students are still responsible for acquiring a broad-based knowledge of all topics not listed in the blueprint since these topics will be tested in assignment and review questions. The topics not listed in the blueprint will also provide students with a greater depth of understanding of course concepts. Examination objectives The objectives of this three-hour, comprehensive examination are to test CGA students on the prerequisite knowledge that is required for advancement into PA1: Issues in Professional Practice and PA2: Strategic Financial Management, and to ensure that students have the broad-based knowledge in management accounting needed to function properly in upper-level education and certification courses. Examination guidelines for questions i) Question type The following are guidelines on the type of questions and their approximate weightings: Question Item Multiple-choice questions Short-answer and/or short case-type problems of both a qualitative and quantitative nature. Description Questions may take a conceptual approach or they may require analytical skills to derive the correct solution. Questions may focus on technical or analytical aspects of the material. Short, integrative cases may be used to pull together related issues. For example, a problem may require students to outline alternatives and support their recommendations with numerical analysis. Several questions will also be decision oriented, where the student is asked to take on the role of creditor, investor, manager, or auditor, and to make a recommendation or decision based on analyses performed. Percentage 20% 30% 70% 80% Examination sessions: December 2014; March 2015; September 2015 Page 1 of 28

2 ii) Question content: The following table is organized according to content area and provides information on topics, learning objectives, levels of competence, competencies, and the range of marks that may be tested from each module on the examination. Note: Competency codes (such as PK:FN:11) have been added to the column for all Level 4 and PACE examination blueprints. These codes are used to identify the competencies. They do not affect students use of the blueprint. Please see the CGA Competency Framework for more information. Examination sessions: December 2014; March 2015; September 2015 Page 2 of 28

3 Advanced Management Accounting [MA2] Examination Blueprint Content 1. Strategy 7%-11% 1.1. What is strategy? Define the term strategy, and identify factors managers consider when developing strategy Strategic leadership Define the importance of strategic leadership to an organization. LD:IT:02: Leads and empowers individuals and teams to achieve the organization s goals and objectives (leads by example, commits self and team to achievement of goals, aligns personal and organizational interests, delegates authority and levels of decision making to team members) 1.3. Developing and managing strategy 1.4. Importance of strategic financial management 1.5. Tools for developing strategy Describe the steps required to develop and manage strategy. Describe the purpose of strategic financial management and identify its main areas of focus. Describe various tools used in developing and assessing an organization s strategy Implementing strategy Explain which components of an organization must be managed when implementing strategy Using management control systems to support strategy 1.8. Role of the management accountant in implementing strategy Explain how management control systems can help in achieving strategy. Summarize the management accountant's role in implementing strategy. LD:IT:09: Aligns organizational goals and objectives with individual and team goals through the use of a performance management system (examines personal and corporate development goals, assesses performance objectives for congruity) LD:SO:01: Develops organizational vision and mission LD:SO:02: Evaluates the organization s strengths, weaknesses, opportunities, and threats (reputation, process, finances, human resources, location, brand recognition, competition) LD:SO:03: Develops, implements, and updates the organization's strategic plan (identifies strategic goals and objectives, implements initiatives to achieve them) LD:SO:04 Evaluates and advises on the impact of specific changes in strengths, weaknesses, opportunities, and threats (credible reputation, high employee turnover, competitor going out of business, new competitor entering market) 1.9. Quality of management decision making Summarize the factors that affect the quality of management decision making. PK:FN:01: Advises on financing to meet the organization's goals (ensures adequate credit facilities, determines pricing needed to implement strategic goals, evaluates loans, ensures liquidity and solvency and conditions, manages relationships with the organization s banks) Examination sessions: December 2014; March 2015; September 2015 Page 3 of 28

4 PK:FN:02: Advises on the capital structure of the organization to maximize the organization's value (determines the appropriate debt-to-equity ratio; advises on public share offerings, debt structure, asset securitization strategy; assesses lease versus buy decisions) PK:FN:03: Develops financial risk management policies and monitors exposure in order to manage the level of financial risk (hedging policy, investment policy, insurance coverage) PK:FN:06: Develops financial plans and monitors forecasts in alignment with strategic and operational plans of organizations and/or individuals (financial plans, projections, proposals, and trend analyses; pro forma and projected financial statements; translates operational plans into cash requirement plans) PK:MA:01: Designs, evaluates, and advises on the organization's performance measures to ensure alignment with corporate strategy, and recommends changes as required (KPIs and balanced scorecards) PK:MA:02: Develops, analyzes, and monitors operational plans and budgets, and recommends corrective action as needed (annual budgets, special project budgets, budget variance analysis) PK:MA:03: Identifies, assesses, and advises on information required for management decision making (cost-volume-profit relationships, cost classifications and flows, market or industry data, non-financial factors) PK:MA:04: Designs, evaluates, and advises on the organization s management accounting systems to ensure that information is relevant, accurate, and timely (costing models, nonfinancial reporting, planning and forecasting, activity-based cost models, KPIs and balanced scorecards, responsibility accounting) Examination sessions: December 2014; March 2015; September 2015 Page 4 of 28

5 PK:MA:05: Implements, monitors, and updates management accounting systems (costing models, non-financial reporting, planning and forecasting, activity-based cost models, KPIs and balanced scorecards, responsibility accounting) PK:MA:06: Analyzes and evaluates information from management accounting systems, and makes decisions (pricing and costing decisions, transfer pricing decisions, make or buy decisions, performance-based compensation plans) PR:ET:02: Exercises integrity and a high level of professional judgement Examination sessions: December 2014; March 2015; September 2015 Page 5 of 28

6 2. Corporate governance and ethical issues 10%-14% 2.1. Ethics of management accounting 2.2. Corporate social responsibility 2.3. The organization s responsibility to stakeholders Explain the main ethical responsibilities of a management accountant. Compare and contrast the different levels of engagement of social responsibility. Describe activities that are part of responsible interaction with stakeholders Agency theory Describe the fundamental concepts of agency theory, and explain how they are used to control operations Moral management Describe moral management and the role it plays in controlling operations. LD:IT:09: Aligns organizational goals and objectives with individual and team goals through the use of a performance management system (examines personal and corporate development goals, assesses performance objectives for congruity) LD:OE:01: Analyzes and evaluates results and information from business activities and processes against objectives and benchmarks, and advises on further action (conducts and reports on gap analysis) LD:OE:03: Advises on issues of corporate governance (audit committee independence, executive compensation, directors liability, board accountability) 2.6. Corporate governance and controls 2.7. Unethical corporate behaviour Explain the purpose of corporate governance and the connection between corporate governance and management control. Describe an approach to analyzing and taking action on ethical matters in an organization Whistle-blowers Describe whistle-blowing, and how the private and public sectors have addressed this issue Case analysis: Vector Aeromotive Corporation Evaluate the effectiveness of a board of directors and its actions. LD:SO:09: Evaluates the social costs and benefits of securing resources to meet the organization s objectives (compliance with environmental legislation, environmental impact of business decisions, staff overtime requirements, opening of a new manufacturing facility, provision of new jobs) PK:AS:09: Advises on the design and implementation of new or enhanced internal controls (to strengthen systems and operational controls, to reduce exposure to business risks, to enhance operating effectiveness, to comply with rules and regulations) PK:BE:02: Advises on business decisions in the context of larger economic and geopolitical conditions (national and world economic conditions, government priorities, and financial markets) Examination sessions: December 2014; March 2015; September 2015 Page 6 of 28

7 PK:BE:09: Advises on the development of business continuity planning (critical business functions, business continuity management, disaster recovery, liability insurance, contingency planning, key-person insurance, staff succession plan, product life cycle planning) PK:MA:01: Designs, evaluates, and advises on the organization s performance measures to ensure alignment with corporate strategy, and recommends changes as required (KPIs and balanced scorecards) PK:MA:06: Analyzes and evaluates information from management accounting systems, and makes decisions (pricing and costing decisions, transfer pricing decisions, make or buy decisions, performance-based compensation plans) PK:MA:07: Recommends organizational improvements based on results from management accounting systems (cost reduction strategies, revenue growth, business process re-engineering, compensation criteria) PR:CM:01: Selects an appropriate medium to convey information, ideas, and results considering the need for confidentiality and privacy PR:CM:03: Communicates information in a timely, clear, and concise manner (explains quantitative and qualitative information in language adapted to various stakeholders) PR:ET:01: Applies professional and ethical standards (understands and follows the word and spirit of CGA-Canada Code of Ethical Principles and Rules of Conduct, takes action in response to the situations that are contrary to the ethical code of the profession) PR:ET:02: Exercises integrity and a high level of professional judgement Examination sessions: December 2014; March 2015; September 2015 Page 7 of 28

8 PR:ET:03: Maintains objectivity and independence in appearance and fact (avoids real and perceived conflicts of interest) PR:ET:04: Protects the public interest (maintains and raises the visibility of the ethical nature of the profession and professional accounting standards) PR:IA:03: Evaluates implications and assesses the appropriateness of solutions beyond the immediate or short term (considers potential impact of decisions on other systems and processes, such as internal controls, impact on other departments, or other functional areas) PR:PS:04: Generates and evaluates alternative solutions PR:PS:05: Creates final recommendations, including an action plan PR:SF:01: Anticipates and meets the needs and expectations of internal and external stakeholders (develops a sound understanding of the organization and its business environment, determines what information is needed by various stakeholders, seeks feedback from various stakeholders, provides relevant and timely information for decision making) PR:SF:02: Acts in the best interests of the stakeholders (represents stakeholders interests when changes are proposed to standards and regulations, informs stakeholders about anticipated changes and their potential impact) Examination sessions: December 2014; March 2015; September 2015 Page 8 of 28

9 3. Risk management 6%-10% 3.1 Risk environment and types of risk 3.2 risk management Describe the risk environment and the types of risk faced by an organization. Describe board, management, and employee responsibilities in managing risk. 3.3 Evaluating risk Summarize how risk is evaluated. 3.4 Techniques for mitigating risk 3.5 Case analysis: Entropic Communications, Inc. Describe risk mitigation techniques. Evaluate the risk and risk mitigation techniques in an organization. LD:OE:01: Analyzes and evaluates results and information from business activities and processes against objectives and benchmarks, and advises on further action (conducts and reports on gap analysis) LD:OE:03: Advises on issues of corporate governance (audit committee independence, executive compensation, directors liability, board accountability) LD:OE:04: Conducts business process reviews of existing systems, processes, and controls within the organization (identifies, recommends, and evaluates enhancements, including policy, program, and process changes to effect cost containment and/or productivity improvements) LD:SO:09: Evaluates the social costs and benefits of securing resources to meet the organization s objectives (compliance with environmental legislation, environmental impact of business decisions, staff overtime requirements, opening of a new manufacturing facility, provision of new jobs) PK:AS:09: Advises on the design and implementation of new or enhanced internal controls (to strengthen systems and operational controls, to reduce exposure to business risks, to enhance operating effectiveness, to comply with rules and regulations) PK:BE:06: Identifies, analyzes, and evaluates enterprise risk factors (market, legal, environmental, technological, operational) PK:BE:07: Develops, evaluates, and advises on the organization s risk management policy and processes Examination sessions: December 2014; March 2015; September 2015 Page 9 of 28

10 PK:BE:08: Implements and advises on measures to mitigate enterprise risk (works with management to develop a risk management matrix) PK:FN:05: Recommends changes to risk management policies in line with economic and business changes (assesses impact on liquidity, cash flows, and financial condition) PK:MA:03: Identifies, assesses, and advises on information required for management decision making (cost-volume-profit relationships, cost classifications and flows, market or industry data, non-financial factors) PK:MA:05: Implements, monitors, and updates management accounting systems (costing models, non-financial reporting, planning and forecasting, activity-based cost models, KPIs and balanced scorecards, responsibility accounting) PR:CM:03: Communicates information in a timely, clear, and concise manner (explains quantitative and qualitative information in language adapted to various stakeholders) PR:IA:02: Evaluates the interrelationship of an issue on different functions of the organization and applies concepts and approaches within and across functional areas to develop integrative solutions (coordinates the relevant accounting, assurance, finance, information technology, and taxation implications of events and transactions) PR:PS:01: Defines the scope of the problem PR:PS:04: Generates and evaluates alternative solutions PR:PS:05: Creates final recommendations, including an action plan Examination sessions: December 2014; March 2015; September 2015 Page 10 of 28

11 4. Organizational structure and interdivisional relationships 9%-13% 4.1. Organizational design Describe the basic types of organizational structure and the benefits and drawbacks of decentralization Organizational culture Describe the various types of organizational culture and the factors that influence culture in an organization Responsibility centres Explain the differences between the four types of responsibility centres Transfer pricing Determine the impact of transfer pricing policies on profits Transfer pricing methods Determine transfer prices using marketbased, cost-based, and negotiated transfer pricing methods Determining minimum transfer price Determine the minimum transfer price under varying levels of production capacity. LD:IT:01: Builds and motivates highperformance individuals and teams to achieve goals and objectives (recruits high potential individuals; recognizes the value of and supports working with diverse and cross-functional teams) PK:BE:03: Anticipates and recognizes market factors and stakeholders interests, and adapts business decisions and processes (changes to market share through acquisitions, diversification, or divestment of certain business units; supply chain management; customer relationship management; agency theory) PK:BE:10: Advises on organizational structure (levels of responsibility and authority) PK:MA:01: Designs, evaluates, and advises on the organization s performance measures to ensure alignment with corporate strategy, and recommends changes as required (KPIs and balanced scorecards) 4.7. Case analysis: Zumwald AG Evaluate transfer pricing issues and responsibility structure in an organization. PK:MA:04: Designs, evaluates, and advises on the organization s management accounting systems to ensure that information is relevant, accurate, and timely (costing models, nonfinancial reporting, planning and forecasting, activity-based cost models, KPIs and balanced scorecards, responsibility accounting) PK:MA:05: Implements, monitors, and updates management accounting systems (costing models, non-financial reporting, planning and forecasting, activity-based cost models, KPIs and balanced scorecards, responsibility accounting) PK:MA:06: Analyzes and evaluates information from management accounting systems, and makes decisions (pricing and costing decisions, transfer pricing decisions, make or buy decisions, performance-based compensation plans) Examination sessions: December 2014; March 2015; September 2015 Page 11 of 28

12 PK:MA:07: Recommends organizational improvements based on results from management accounting systems (cost reduction strategies, revenue growth, business process re-engineering, compensation criteria) PR:ET:02: Exercises integrity and a high level of professional judgement PR:PS:01: Defines the scope of the problem PR:PS:04: Generates and evaluates alternative solutions PR:PS:05: Creates final recommendations, including an action plan Examination sessions: December 2014; March 2015; September 2015 Page 12 of 28

13 5. Budget systems design 8%-12% 5.1 Linking budgets to strategic objectives and risks Explain how budgets relate to the strategic objectives and risks facing an organization. 5.2 Types of budgets Explain the various types of budgets, the approaches to developing them, and the advantages and disadvantages of budget control. 5.3 Setting financial targets Explain how organizations set short-term and long-term financial targets and the decision-making process. 5.4 Variance analysis Determine the components of sales volume variances and mix and yield variances, and analyze these variances. 5.5 Customer profitability analysis Evaluate the results of a customer profitability analysis. PK:MA:02: Develops, analyzes, and monitors operational plans and budgets, and recommends corrective action as needed (annual budgets, special project budgets, budget variance analysis) PK:MA:03: Identifies, assesses, and advises on information required for management decision making (cost-volume-profit relationships, cost classifications and flows, market or industry data, non-financial factors) PK:MA:06: Analyzes and evaluates information from management accounting systems, and makes decisions (pricing and costing decisions, transfer pricing decisions, make or buy decisions, performance-based compensation plans) PK:MA:07: Recommends organizational improvements based on results from management accounting systems (cost reduction strategies, revenue growth, business process re-engineering, compensation criteria) PR:ET:02: Exercises integrity and a high level of professional judgement PR:ET:03: Maintains objectivity and independence in appearance and fact (avoids real and perceived conflicts of interest) PR:IA:03: Evaluates implications and assesses the appropriateness of solutions beyond the immediate or short term (considers potential impact of decisions on other systems and processes, such as internal controls, impact on other departments, or other functional areas) Examination sessions: December 2014; March 2015; September 2015 Page 13 of 28

14 6. Control mechanisms 7%-11% 6.1. Objectives of controls Explain how controls enable management to implement strategy Control system design Explain the factors related to designing a management control system. LD:IT:01: Builds and motivates highperformance individuals and teams to achieve goals and objectives (recruits high potential individuals; recognizes the value of and supports working with diverse and cross-functional teams) 6.3. Variations in control systems Identify the factors that lead to differences in the way control systems are designed and implemented Common controls Compare and contrast results, action, personnel, and cultural controls Assessing the effectiveness of controls Explain the factors that assist management in assessing the effectiveness of controls Quality controls Explain how quality is used as a competitive tool, evaluate the cost of a quality program by analyzing categories of cost and non-financial measures, and outline three methods for identifying internal quality problems. LD:IT:02: Leads and empowers individuals and teams to achieve the organization s goals and objectives (leads by example, commits self and team to achievement of goals, aligns personal and organizational interests, delegates authority and levels of decision making to team members) LD:OE:02: Designs, evaluates, and reports on internal control systems to ensure organizational effectiveness LD:OE:04: Conducts business process reviews of existing systems, processes, and controls within the organization (identifies, recommends, and evaluates enhancements, including policy, program, and process changes to effect cost containment and/or productivity improvements) 6.7. Inventory control techniques Identify the factors that affect inventory management, and make recommendations based on the calculation of total annual relevant costs, economic order quantity, reorder points, and safety stock levels. LD:SO:06: Develops, implements, and updates the organization s operational plan in alignment with the strategic plan (business, financial, and IT plans; pricing and market share strategies; customer satisfaction; quality control; product innovation) 6.8. Inventory control systems Explain the role of JIT, MRP, and ERP production systems. PK:AS:09: Advises on the design and implementation of new or enhanced internal controls (to strengthen systems and operational controls, to reduce exposure to business risks, to enhance operating effectiveness, to comply with rules and regulations) PK:BE:10: Advises on organizational structure (levels of responsibility and authority) Examination sessions: December 2014; March 2015; September 2015 Page 14 of 28

15 PK:FA:09: Develops, prepares, analyzes, and interprets relevant financial and non-financial performance measures (comparative financial results, trend/ ratio/industry analysis, key performance indicators) PK:IT:05: Advises on the design, development, and implementation of IT projects including specific applications software (enterprise resource planning systems, user-acceptance testing, business requirements definition, installation upgrades; systems, methods, and procedures design; processing, data storage, input, and output design; conversion strategies for system delivery, design for application controls) PK:MA:01: Designs, evaluates, and advises on the organization s performance measures to ensure alignment with corporate strategy, and recommends changes as required (KPIs and balanced scorecards) PK:MA:03: Identifies, assesses, and advises on information required for management decision making (cost-volume-profit relationships, cost classifications and flows, market or industry data, non-financial factors) PK:MA:04: Designs, evaluates, and advises on the organization's management accounting systems to ensure that information is relevant, accurate, and timely (costing models, non-financial reporting, planning and forecasting, activity-based cost models, KPIs and balanced scorecards, responsibility accounting) PK:MA:06: Analyzes and evaluates information from management accounting systems, and makes decisions (pricing and costing decisions, transfer pricing decisions, make or buy decisions, performance-based compensation plans) PR:ET:02: Exercises integrity and a high level of professional judgement Examination sessions: December 2014; March 2015; September 2015 Page 15 of 28

16 PR:ET:04: Protects the public interest (maintains and raises the visibility of the ethical nature of the profession and professional accounting standards) PR:PS:02: Collects, selects, verifies, and evaluates information relevant to the problem PR:PS:05: Creates final recommendations, including an action plan Examination sessions: December 2014; March 2015; September 2015 Page 16 of 28

17 7. Performance measurement 10%-14% 7.1 Financial and non-financial performance measures Outline the need for effective financial and non-financial performance measures. LD:IT:05: Evaluates performance of individuals and teams and provides timely and constructive feedback 7.2 Benchmarking Explain why and how an organization engages in benchmarking (), and give examples of where benchmarking may be appropriate (). 7.3 Accounting-based performance measures 7.4 The balanced scorecard and key performance indicators 7.5 Integrating risk management and the balanced scorecard 7.6 Selecting performance goals and timing of feedback Explain how accounting-based performance measures are designed, as well as their benefits and drawbacks. Explain the process for implementing a balanced scorecard, and outline how the four perspectives and key performance indicators are used to evaluate the success of a strategy. Explain how the internal control aspect of enterprise risk management can be linked to the balanced scorecard. Explain how targeted levels of performance are selected and affected by the timing of performance feedback. Levels 1 & 2 LD:OE:01: Analyzes and evaluates results and information from business activities and processes against objectives and benchmarks, and advises on further action (conducts and reports on gap analysis) LD:OE:04: Conducts business process reviews of existing systems, processes, and controls within the organization (identifies, recommends, and evaluates enhancements, including policy, program, and process changes to effect cost containment and/or productivity improvements) LD:SO:05: Manages change in the organization caused by internal and external factors (continuous process improvement) LD:SO:06: Develops, implements, and updates the organization s operational plan in alignment with the strategic plan (business, financial, and IT plans; pricing and market share strategies; customer satisfaction; quality control; product innovation) 7.7 Case analysis: Kranworth Chair Corporation Determine the appropriate organizational structure, performance measures, and compensation systems for an organization. PK:BE:06: Identifies, analyzes, and evaluates enterprise risk factors (market, legal, environmental, technological, operational) PK:BE:08: Implements and advises on measures to mitigate enterprise risk (works with management to develop a risk management matrix) PK:BE:10: Advises on organizational structure (levels of responsibility and authority) Examination sessions: December 2014; March 2015; September 2015 Page 17 of 28

18 PK:FA:09: Develops, prepares, analyzes, and interprets relevant financial and non-financial performance measures (comparative financial results, trend/ ratio/industry analysis, key performance indicators) PK:FN:05: Recommends changes to risk management policies in line with economic and business changes (assesses impact on liquidity, cash flows, and financial condition) PK:MA:01: Designs, evaluates, and advises on the organization s performance measures to ensure alignment with corporate strategy, and recommends changes as required (KPIs and balanced scorecards) PK:MA:02: Develops, analyzes, and monitors operational plans and budgets, and recommends corrective action as needed (annual budgets, special project budgets, budget variance analysis) PK:MA:03: Identifies, assesses, and advises on information required for management decision making (cost-volume-profit relationships, cost classifications and flows, market or industry data, non-financial factors) PK:MA:04: Designs, evaluates, and advises on the organization s management accounting systems to ensure that information is relevant, accurate, and timely (costing models, nonfinancial reporting, planning and forecasting, activity-based cost models, KPIs and balanced scorecards, responsibility accounting) PK:MA:05: Implements, monitors, and updates management accounting systems (costing models, non-financial reporting, planning and forecasting, activity-based cost models, KPIs and balanced scorecards, responsibility accounting) Examination sessions: December 2014; March 2015; September 2015 Page 18 of 28

19 PK:MA:06: Analyzes and evaluates information from management accounting systems, and makes decisions (pricing and costing decisions, transfer pricing decisions, make or buy decisions, performance-based compensation plans) PK:MA:07: Recommends organizational improvements based on results from management accounting systems (cost reduction strategies, revenue growth, business process re-engineering, compensation criteria) PR:CM:03: Communicates information in a timely, clear, and concise manner (explains quantitative and qualitative information in language adapted to various stakeholders) PR:ET:02: Exercises integrity and a high level of professional judgement PR:IA:02: Evaluates the interrelationship of an issue on different functions of the organization and applies concepts and approaches within and across functional areas to develop integrative solutions (coordinates the relevant accounting, assurance, finance, information technology, and taxation implications of events and transactions) PR:IA:03: Evaluates implications and assesses the appropriateness of solutions beyond the immediate or short term (considers potential impact of decisions on other systems and processes, such as internal controls, impact on other departments, or other functional areas) PR:PS:02: Collects, selects, verifies, and evaluates information relevant to the problem PR:PS:04: Generates and evaluates alternative solutions PR:PS:05: Creates final recommendations, including an action plan Examination sessions: December 2014; March 2015; September 2015 Page 19 of 28

20 PR:SE:01: Acts within the scope of professional competence (does not attempt to provide expert advice in areas of specialized knowledge outside own capabilities and qualifications) PR:SF:01: Anticipates and meets the needs and expectations of internal and external stakeholders (develops a sound understanding of the organization and its business environment, determines what information is needed by various stakeholders, seeks feedback from various stakeholders, provides relevant and timely information for decision making) Examination sessions: December 2014; March 2015; September 2015 Page 20 of 28

21 8. Performance evaluation and compensation 10%-14% 8.1 Human factors in management control systems Evaluate the human factors that influence the effectiveness of management control systems. 8.2 Incentive contracts Explain why incentive contracts are necessary and what makes a contract efficient. 8.3 Executive compensation: Theory and evidence 8.4 Executive compensation: Stock options and restricted stock Evaluate the theory and evidence pertaining to executive compensation. Identify how employee stock options and restricted stock are used to control compensation risk and align the manager s and owner s interests. LD:IT:02: Leads and empowers individuals and teams to achieve the organization s goals and objectives (leads by example, commits self and team to achievement of goals, aligns personal and organizational interests, delegates authority and levels of decision making to team members) LD:IT:09: Aligns organizational goals and objectives with individual and team goals through the use of a performance management system (examines personal and corporate development goals, assesses performance objectives for congruity) LD:OE:02: Designs, evaluates, and reports on internal control systems to ensure organizational effectiveness 8.5 Compensation design Outline the critical factors in designing an effective compensation system. 8.6 Performance measures and fraud 8.7 Case analysis: Berkshire Industries PLC 8.8 Case analysis: Raven Capital, LLC Identify situations where moral hazard and adverse selection can result in the manipulation of performance measures and lead to fraud, and describe some tools that may help management deal with these issues. Evaluate performance measures and the performance evaluation and compensation systems in an organization. Evaluate the performance evaluation system and incentive compensation controls in a service industry. LD:OE:03: Advises on issues of corporate governance (audit committee independence, executive compensation, directors liability, board accountability) PK:AS:08: Identifies, evaluates, and advises on internal control systems, and communicates weaknesses to the appropriate level of the organization (financial approval authority, credit control, segregation of duties, evaluation of fraud risk factors) PK:BE:03: Anticipates and recognizes market factors and stakeholders' interests, and adapts business decisions and processes (changes to market share through acquisitions, diversification, or divestment of certain business units; supply chain management; customer relationship management; agency theory) PK:FN:09: Develops and assesses financial KPIs (determines an appropriate cost of capital for an organization, determines economic value added [EVA]) Examination sessions: December 2014; March 2015; September 2015 Page 21 of 28

22 PK:MA:01: Designs, evaluates, and advises on the organization s performance measures to ensure alignment with corporate strategy, and recommends changes as required (KPIs and balanced scorecards) PK:MA:02: Develops, analyzes, and monitors operational plans and budgets, and recommends corrective action as needed (annual budgets, special project budgets, budget variance analysis) PK:MA:05: Implements, monitors, and updates management accounting systems (costing models, non-financial reporting, planning and forecasting, activity-based cost models, KPIs and balanced scorecards, responsibility accounting) PK:MA:06: Analyzes and evaluates information from management accounting systems, and makes decisions (pricing and costing decisions, transfer pricing decisions, make or buy decisions, performance-based compensation plans) PK:MA:07: Recommends organizational improvements based on results from management accounting systems (cost reduction strategies, revenue growth, business process re-engineering, compensation criteria) PR:CM:03: Communicates information in a timely, clear, and concise manner (explains quantitative and qualitative information in language adapted to various stakeholders) PR:ET:02: Exercises integrity and a high level of professional judgement PR:ET:03: Maintains objectivity and independence in appearance and fact (avoids real and perceived conflicts of interest) PR:ET:04: Protects the public interest (maintains and raises the visibility of the ethical nature of the profession and professional accounting standards) Examination sessions: December 2014; March 2015; September 2015 Page 22 of 28

23 PR:IA:02: Evaluates the interrelationship of an issue on different functions of the organization and applies concepts and approaches within and across functional areas to develop integrative solutions (coordinates the relevant accounting, assurance, finance, information technology, and taxation implications of events and transactions) PR:IA:03: Evaluates implications and assesses the appropriateness of solutions beyond the immediate or short term (considers potential impact of decisions on other systems and processes, such as internal controls, impact on other departments, or other functional areas) PR:PS:04: Generates and evaluates alternative solutions PR:PS:05: Creates final recommendations, including an action plan Examination sessions: December 2014; March 2015; September 2015 Page 23 of 28

24 9. Performance management and sustainability 7%-11% 9.1 Analyzing and improving quality Describe various approaches to analyzing and improving quality. 9.2 Quality cost report Identify relevant costs and benefits of quality improvements, explain how managers use quality cost information, and evaluate quality performance. 9.3 Time and competitiveness Describe the effects of the industry life cycle and time on competitiveness, and how these effects can be managed. 9.4 Theory of constraints In the context of the theory of constraints, identify strategies for managing constraints. 9.5 Sustainability accounting 9.6 Sustainability and strategy Describe the three perspectives of sustainability accounting and the importance of a common sustainability framework. Describe how sustainability planning can be part of strategic planning. LD:IT:09:Aligns organizational goals and objectives with individual and team goals through the use of a performance management system (examines personal and corporate development goals, assesses performance objectives for congruity) LD:OE:01:Analyzes and evaluates results and information from business activities and processes against objectives and benchmarks, and advises on further action (conducts and reports on gap analysis) LD:OE:03Advises on issues of corporate governance (audit committee independence, executive compensation, directors liability, board accountability) LD:SO:09:Evaluates the social costs and benefits of securing resources to meet the organization s objectives (compliance with environmental legislation, environmental impact of business decisions, staff overtime requirements, opening of a new manufacturing facility, provision of new jobs) PK:BE:02:Advises on business decisions in the context of larger economic and geopolitical conditions (national and world economic conditions, government priorities, and financial markets) PK:FA:09:Develops, prepares, analyzes, and interprets relevant financial and non-financial performance measures (comparative financial results, trend/ ratio/industry analysis, key performance indicators) PK:IT:02:Selects and uses appropriate business technology tools in the workplace (spreadsheets, tax compliance software, generalized audit software, online knowledge bases) Examination sessions: December 2014; March 2015; September 2015 Page 24 of 28

25 PK:MA:06:Analyzes and evaluates information from management accounting systems, and makes decisions (pricing and costing decisions, transfer pricing decisions, make or buy decisions, performance-based compensation plans) PK:MA:07:Recommends organizational improvements based on results from management accounting systems (cost reduction strategies, revenue growth, business process re-engineering, compensation criteria) PR:ET:04:Protects the public interest (maintains and raises the visibility of the ethical nature of the profession and professional accounting standards) PR:IA:03:Evaluates implications and assesses the appropriateness of solutions beyond the immediate or short term (considers potential impact of decisions on other systems and processes, such as internal controls, impact on other departments, or other functional areas) PR:PS:02:Collects, selects, verifies, and evaluates information relevant to the problem PR:PS:03:Integrates and analyzes data for patterns, relationships, and trends PR:PS:05:Creates final recommendations, including an action plan PR:SF:02:Acts in the best interests of the stakeholders (represents stakeholders interests when changes are proposed to standards and regulations, informs stakeholders about anticipated changes and their potential impact) Examination sessions: December 2014; March 2015; September 2015 Page 25 of 28

26 10. Control and performance selected issues 6%-10% 10.1 Controls for not-forprofit organizations 10.2 Management control of projects 10.3 Multinational organizations and transfer pricing 10.4 Global performance measurement 10.5 Case analysis: Formosa Plastics Group Outline the differences between for-profit and not-for-profit organizations in terms of strategic planning, control, and performance evaluation. Explain the key factors that affect the management control of projects. Identify the key factors that affect multinational operations, and explain how transfer pricing measures affect control systems in a multinational organization. Explain how performance measurement systems are affected by multinational organizations. Evaluate the effectiveness of the management control system in an organization. Levels 1 & 2 Levels 1 & 2 LD:OE:02:Designs, evaluates, and reports on internal control systems to ensure organizational effectiveness LD:OE:04:Conducts business process reviews of existing systems, processes, and controls within the organization (identifies, recommends, and evaluates enhancements, including policy, program, and process changes to effect cost containment and/or productivity improvements) LD:SO:03:Develops, implements, and updates the organization s strategic plan (identifies strategic goals and objectives, implements initiatives to achieve them) LD:SO:06:Develops, implements, and updates the organization s operational plan in alignment with the strategic plan (business, financial, and IT plans; pricing and market share strategies; customer satisfaction; quality control; product innovation) PK:BE:02: Advises on business decisions in the context of larger economic and geopolitical conditions (national and world economic conditions, government priorities, and financial markets) PK:BE:06:Identifies, analyzes, and evaluates enterprise risk factors (market, legal, environmental, technological, operational) PK:BE:10:Advises on organizational structure (levels of responsibility and authority) PK:FA:09:Develops, prepares, analyzes, and interprets relevant financial and non-financial performance measures (comparative financial results, trend/ ratio/industry analysis, key performance indicators) Examination sessions: December 2014; March 2015; September 2015 Page 26 of 28

27 PK:MA:01:Designs, evaluates, and advises on the organization s performance measures to ensure alignment with corporate strategy, and recommends changes as required (KPIs and balanced scorecards) PK:MA:02:Develops, analyzes, and monitors operational plans and budgets, and recommends corrective action as needed (annual budgets, special project budgets, budget variance analysis) PK:MA:04:Designs, evaluates, and advises on the organization s management accounting systems to ensure that information is relevant, accurate, and timely (costing models, non-financial reporting, planning and forecasting, activity-based cost models, KPIs and balanced scorecards, responsibility accounting) PK:MA:05:Implements, monitors, and updates management accounting systems (costing models, non-financial reporting, planning and forecasting, activity-based cost models, KPIs and balanced scorecards, responsibility accounting) PK:MA:06:Analyzes and evaluates information from management accounting systems, and makes decisions (pricing and costing decisions, transfer pricing decisions, make or buy decisions, performance-based compensation plans) PK:TX:09:Designs and advises on international tax planning (evaluates and updates international tax plan, use of offshore corporations, excise and duty obligations, tax treaties, transfer pricing) PR:IA:02:Evaluates the interrelationship of an issue on different functions of the organization and applies concepts and approaches within and across functional areas to develop integrative solutions (coordinates the relevant accounting, assurance, finance, information technology, and taxation implications of events and transactions) Examination sessions: December 2014; March 2015; September 2015 Page 27 of 28

28 PR:PS:02:Collects, selects, verifies, and evaluates information relevant to the problem PR:PS:05:Creates final recommendations, including an action plan Examination sessions: December 2014; March 2015; September 2015 Page 28 of 28

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