81



Appendix F: New Course Proposals


FACC 6100 3.00 Advanced Financial Statement Analysis

FACC 6120 3.00 Corporate Ac...
82




1.   Course Number and Title:
     FACC 6100 3.00 Advanced Financial Statement Analysis

2.   Effective Date and Te...
83


               choices that are questionable, inappropriate for the user, or actually in
               violation of ...
84


     Class presentation:                         10%

7.   Bibliography

     Canadian Institute of Chartered Account...
85


of the entire accounting profession. Professional investment managers and financial
analysts need to know how to deal...
86


                                      MEMORANDUM
                          Peter F. Bronfman Business Library

SUBJEC...
87


Course Number and Title:
   FACC 6120 3.00 Corporate Accountability and Ethics

2. Effective Date and Term:
   2009-1...
88


articles will be introduced by the instructor during the lectures. Lecture attendance is
therefore essential and atte...
89


“Product Liability,” in Boatright, John R., Ethics and the Conduct of Business (4th
ed.), Upper Saddle River, NJ: Pre...
90


     Sabia, M.J. and Goodfellow, J.L., Integrity in the Spotlight: Audit Committees in a
     High Risk World, 2 e, T...
91


stakeholders. This course provides the financial manager with tools, techniques and
frameworks of analysis which may ...
92


                           Peter F. Bronfman Business Library

SUBJECT:                  Library Statement for FACC 6...
93



Reference and full-text databases, which can be used to identify journal and news articles of
relevance, are similar...
94


1. Course Number and Title
   FACC 6140 3.00 Performance Measurement Systems

2. Effective Date and Term
   2009-10

...
95


        these often reflect a company’s economic condition and growth prospects better
        than its reported earn...
96


Teams must be formed and the names communicated to the instructor no later than
session 6.

Each group can write up t...
97


   •   For each measure of performance show the ideal result and that achieved in
       previous years (if you do no...
98


2.3. P.Powell (1997). “Human Information Processing”, chapter 5 in “Advanced
Management Accounting - An organizationa...
99


8.2. R Alan Webb (2004) “Managers' Commitment to the Goals Contained in a Strategic
Performance Measurement System”. ...
100


12.3. Meyer, J. W., and B. Rowen (1997). “Institutional organizations: Formal structure
as myth and ceremony”. Ameri...
101



                                      MEMORANDUM
                          Peter F. Bronfman Business Library

SUBJ...
102


1.   Course Number and Title:
     FACC 6160 3.00 Controls and Risk Management

2.   Effective Date and Term:
     2...
103


6.    Evaluation

      *Current event report:                                                          15%
      Ca...
104


11. Integrated Courses
    N/A

10. Crosslisted Courses
    N/A

11. Rationale
    This course is necessary for the ...
105


                                      MEMORANDUM
                          Peter F. Bronfman Business Library

SUBJE...
106


1.   Course Number and Title:
     FACC 6180 3.00 Research Methods

2.   Effective Date and Term:
     2009-10

3.  ...
107


           2. Appreciate the various methodological issues that must be dealt with in
              understanding th...
108


•   Econometric Models and Economic Forecasts, Pindyck and Rubinfeld, Irwin/
    McGraw-Hill.

•   Foundations of Be...
109


                   Incentives Versus Bureaucratic Controls in the British North American
                   Fur Trad...
110



                                         MEMORANDUM
                            Peter F. Bronfman Business Library
...
111

Students in this course are also expected to develop their own research skills and abilities. The Libraries,
through ...
112


1.   Course Number and Title:
     FACC 6200 3.00 Advanced Theory for Financial Accountability

2.   Effective Date ...
113



     Frequency: This course will be offered twice per year.

6.   Evaluation

     Case Presentation       20%
    ...
114


              o Wyatt, Arthur R. “Efficient Market Theory: Its Impact on
                Accounting.” Journal of Acc...
115


financial accountability to managers’ disclosure of financial statement items
including assets, liabilities, investm...
116


                                       MEMORANDUM
                           Peter F. Bronfman Business Library

SUB...
117

Canadian Business and Current Affairs (CBCA Complete, Factiva, Proquest Asian Business,
Proquest European Business, S...
118


1.   Course Number and Title:
     FACC 6220 3.00 Corporate Governance and Financial Accountability

2.   Effective ...
119


     to an Atkinson scholarship fund.) Excerpts from other texts will be used as
     appropriate. There will also b...
120


Bakan, J. The Corporation: The Pathological Pursuit of Profit and Power. Toronto:
Viking Canada, 2004.

Bebchuk, L.,...
121


Committee on Corporate Laws, ABA Section of Business Law. “Corporate
Director’s Guidebook, Fourth Edition.” The Busi...
122



Hazard, Jr., G. C., and E. B. Rock. “A New Player in the Boardroom: The
Emergence of the Independent Directors’ Cou...
123



Lechem, B. Chairman of the Board: A Practical Guide. Toronto: Wiley, 2002.

Lorsch, J. W., A. S. Zelke, and K. Pick...
124


Newquist, S. C., with M. B. Russell. Putting Investors First: Real Solutions for
Better Corporate Governance. Prince...
Appendix F: New Course Proposals
Appendix F: New Course Proposals
Appendix F: New Course Proposals
Appendix F: New Course Proposals
Appendix F: New Course Proposals
Appendix F: New Course Proposals
Appendix F: New Course Proposals
Appendix F: New Course Proposals
Appendix F: New Course Proposals
Appendix F: New Course Proposals
Appendix F: New Course Proposals
Appendix F: New Course Proposals
Appendix F: New Course Proposals
Appendix F: New Course Proposals
Appendix F: New Course Proposals
Appendix F: New Course Proposals
Appendix F: New Course Proposals
Appendix F: New Course Proposals
Appendix F: New Course Proposals
Appendix F: New Course Proposals
Appendix F: New Course Proposals
Appendix F: New Course Proposals
Appendix F: New Course Proposals
Appendix F: New Course Proposals
Appendix F: New Course Proposals
Appendix F: New Course Proposals
Appendix F: New Course Proposals
Appendix F: New Course Proposals
Appendix F: New Course Proposals
Appendix F: New Course Proposals
Appendix F: New Course Proposals
Appendix F: New Course Proposals
Appendix F: New Course Proposals
Appendix F: New Course Proposals
Appendix F: New Course Proposals
Appendix F: New Course Proposals
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Appendix F: New Course Proposals

  1. 1. 81 Appendix F: New Course Proposals FACC 6100 3.00 Advanced Financial Statement Analysis FACC 6120 3.00 Corporate Accountability and Ethics FACC 6140 3.00 Performance Measurement Systems FACC 6160 3.00 Controls and Risk Management FACC 6180 3.00 Research Methods FACC 6200 3.00 Advanced Theory for Financial Accountability FACC 6220 3.00 Corporate Governance and Financial Accountability FACC 6240 3.00 Information Technology Governance and Monitoring Strategies FACC 6400 3.00 Earnings Management and Forensic Accounting FACC 6440 3.00 Management and Control of E-commerce Systems FACC 6460 3.00 Accountability Issues in the Government and Not-For-Profit Sectors FACC 6620 3.00 Accounting and Finance Issues in Pensions and Benefits FACC 6840 3.00 Experiencing Financial Accountability 81
  2. 2. 82 1. Course Number and Title: FACC 6100 3.00 Advanced Financial Statement Analysis 2. Effective Date and Term: 2009-10 3. Calendar Course Description In addition to exploring advanced techniques of financial statement analysis, including how to understand and use the information that appears in annual reports inside and outside audited financial statements, students will explore two topics not commonly found in courses dealing with financial statements: 1) advanced techniques of cash flow analysis; and 2) distribution sustainability and governance of income trusts. The course is also unique in exploring how companies manage their image using non-financial disclosures in their public documents, and how non- financial information is essential to using the financial data properly. 4. Expanded Course Description The annual report is a critical part of the public face of the company as it is used to justify the company to its stakeholders, who include not just the shareholders but also creditors, employees, customers, neighbours of the company’s operations, regulators and the ecosystem. Stakeholders, in turn, depend upon the annual report to hold managers and directors accountable for performance along many dimensions. From the variety of historical and current cases used in the course, students will learn a more general framework for identifying potential or likely accounting abuses and problems, and how to go about investigating them. The instructor will discuss some of the largest frauds and financial misstatements from the past and show the lessons learned from them. Assignments will be open-ended investigations of the current disclosures of Canadian companies listed on a stock exchange. Students will work entirely with cases; however, they will predominantly use unbounded data from the real world rather than cases summarized and prepared by professional authors. Learning Objectives Students are expected to: 1. Develop critical skills in assessing the validity of annual reports, and particularly the financial disclosures within them. 2. Learn to identify the situations where mis-statements are most likely to occur, and how to quantify their effect on financial statements. 3. Learn how to revise financial statements in order to meet the objectives of the user, particularly with respect to reversing the effect of accounting 82
  3. 3. 83 choices that are questionable, inappropriate for the user, or actually in violation of accounting standards. 4. Learn advanced cash flow analysis techniques and other analytical methods not found in standard financial statement analysis textbooks. 5. Learn how accounting choices affect the long-run financial picture of a company from the point of view of a financial analyst. 6. Learn how to use the non-financial material in the annual report as part of financial statement analysis with particular attention being paid to reporting on ‘Corporate Social Responsibility,’ especially environmental performance. Basic Course Outline Week Topics 1 Introduction: Accountability, Accounting and Stakeholders “Cash is King” Introduction to non-financial disclosure questions W. T. Grant case Castor Holdings Inc. case 2 Cash flow analyses: valuation format and cash variance Continuing case studyA company to be chosen 3 Arbitrary and incorrigible allocations The effect of allocations on the case study company More on non-financial disclosure 4–6 Specific accounting issues and cases Special industry practice examples Air Canada Enbridge 7 Restating financial statements Showing the effect on financial analysis The case study company 8 Comprehensive case: Financial Trustco Capital Inc. 9 Corporate Social Responsibility reporting 10 Sustainability of income trust distributions and the accounting issues in this sector 11 – 12 Student presentations of case studies. 5. Faculty Resources Chris Robinson, Stella Peng Frequency: This course will be offered twice per year. 6. Evaluation Four case study assignments (20% each): 80% Class participation: 10% 83
  4. 4. 84 Class presentation: 10% 7. Bibliography Canadian Institute of Chartered Accountants Handbook, on-line version Charles Mulford and Eugene Comiskey, The Financial Numbers Game, Wiley, 2002. Charles Mulford and Eugene Comiskey, Creative Cash Flow Reporting: Uncovering Sustainable Financial Performance, Wiley, 2005. Howard Schilit, Financial Shenanigans 2e, McGraw-Hill, 2002. The course director will provide detailed lecture notes on many of the topics. The course director will provide current readings or direct students to their on-line locations as appropriate during the course, including all the corporate disclosures required by securities legislation, which are posted on www.sedar.com. There is no standard textbook for a course like this. 8. Resources (library/physical/other) Standard classroom with computer projection equipment and internet hook-up. Students will access virtually all material from the internet or the course website. See attached library statement. 9. Integrated Courses N/A 10. Crosslisted Courses N/A 11. Rationale This course is a required core course in the Masters of Financial Accountability program. The scandals in corporate financial reporting, corporate governance and outright theft of corporate resources that have rocked the financial community make this a critical topic for anyone doing advanced studies related to accountability. Likewise, issues involving the social responsibility of organizations are becoming part of the regular environment of business. Much of the public policy response is directed to auditing and accountability programs, and formal governance mechanisms; however, this course considers both the technical accounting aspects of financial reporting, users’ analysis of financial reports, and other sorts of disclosures. Accountants in public practice and corporate management must understand the nature of the sort of misreporting that has so damaged the credibility 84
  5. 5. 85 of the entire accounting profession. Professional investment managers and financial analysts need to know how to deal with this increasingly complex and dangerous part of their daily work. The pedagogy is entirely case-based – students will work in depth in real situations. 85
  6. 6. 86 MEMORANDUM Peter F. Bronfman Business Library SUBJECT: Library Statement for FACC 6100 Advanced Financial Statement Analysis FROM: Sophie Bury Business Librarian DATE: August 1st 2008 FACC 6100: Advanced Financial Statement Analysis York University Libraries will be able to support the course FACC 6100 with a good collection of books, periodical literature and databases in subject areas of relevance to this course where students will learn advanced techniques of financial statement investigation and analysis. It is noted that the course will largely be supported through historical and current cases. However, the bibliography identifies some specific recommended readings all of which are available at the Bronfman Business Library. Two are e-resources. This includes the current online version of the CICA Handbook, available on and off-campus, as well as Financial Shenanigans (2nd ed.) by Howard Schilit, one of the core texts, available as an e-book via Books 24/7. It is recommended that the course instructor place required or highly recommended readings on reserve at the Bronfman Business Library to serve the research needs of students registered in this course. Keyword searching of the YUL catalogue reveals additional monographs of relevance (both circulating and reference items), e.g., books which cover topics such as financial statement analysis, and financial reporting practices and standards. A number of e-books are also available on topics of relevance especially via Books 24/7. Emphasis will be placed on building up the monograph collection further in support of this course. Reference and full-text databases, which can be used to identify journal articles of relevance to topics taught in this course e.g. financial statement analysis, improper or creative accounting etc. are available around the clock. Relevant databases include ABI/INFORM Global, ABI/INFORM Trade & Industry, Business Source Premier, Canadian Business and Current Affairs (CBCA) Complete, Canadian Newsstand, Expanded Academic ASAP, Factiva, Proquest Asian Business, Proquest European Business, Scholar’s Portal, and ISI’s Web of Science. The Libraries also offer a number of databases which provide access to financial statements, ratios, and other key financials for publicly traded companies. This includes Financial Post Advisor with Canadian coverage and Mergent Online with international coverage of publicly traded companies including fifteen years of financial statements (including as reported, generated, and restated statements). Company accounts are also provided within Factiva, Bloomberg, and Datastream (the latter two are only available from terminals in the Bronfman Business Library). 86
  7. 7. 87 Course Number and Title: FACC 6120 3.00 Corporate Accountability and Ethics 2. Effective Date and Term: 2009-10 3. Calendar Course Description This course provides students with the basic knowledge necessary for an understanding of corporate accountability and ethics, including: ethical governance and accountability frameworks, corporate reporting responsibilities, professional and managerial ethical codes and obligations, business ethics and stakeholder management relationships, and ethical decision-making analyses and frameworks. 4. Expanded Course Description Learning Objectives Students are expected to: 1. Explore the ethical trends affecting business and the professions (e.g., law, accounting, consulting) and the new social contract paradigm these are creating to govern the behaviour of managers and professionals; 2. Investigate the concepts of trust, reputation, conflicts of interests and the management of risk and to view business ethics as a component of strategic management; 3. Identify and use frameworks for ethical analysis and decision-making; 4. Consider some of the ethical issues faced by managers, officers and directors; and 5. Begin to consider how to develop an ethical corporate culture to guide employee behaviour. This course is about practical reality and the hard decisions facing today’s financial managers, directors, and their professional advisors. Business ethics is about trust, reputation, conflicts of interest and the management of risk. As an integral component of financial management, its subject matter is neither confined exclusively to the theoretical nor to the philosophical. This course in particular is designed to equip students with the tools and analytical frameworks needed in their day to day professional and managerial decision-making. As stated, the focus of the course will be on the practice of governance, financial management and rendering professional advisory services, rather than on normative ethical theory exclusively. It is expected that students will participate and add value to the classroom to facilitate cross-learning. The focus of the course will be on lectures and in-class discussion with the instructor and with colleagues. Cutting-edge ideas and concepts from across a range of texts and 87
  8. 8. 88 articles will be introduced by the instructor during the lectures. Lecture attendance is therefore essential and attendance will form part of the participation grade for this course. The primary texts we will use are the following: Brooks, L. J., Business & Professional Ethics For Directors, Executives & Accountants, 3e, Mason, OH: South-Western College Publishing Company, Division of Thomson Learning, 2004; and Sabia, M.J. and Goodfellow, J.L., Integrity in the Spotlight: Audit Committees in a High Risk World, 2 e, Toronto: Canadian Institute of Chartered Accountants, 2005. There will be no course kit; however, students will receive handouts throughout the term when appropriate. 5. Faculty Resources Brian Gaber, Joanne Jones, Richard Leblanc Frequency: This course will be offered twice per year. 6. Evaluation Class Participation 10% Ethical Dilemma* 25% Current Issues Case/Project 25% Final Exam 40% *Students will be required to submit a 750-word write-up of an ethical dilemma that either they or someone they know has encountered in a work or business setting. The write-up will include two parts: • Part A - a brief description of the situation, the central issue or dilemma, and the possible options (clearly identified); • Part B - how the dilemma was resolved, including any remaining issues. Dilemmas will be selected for possible discussion throughout the course but will not be returned to students. Students should be prepared to acknowledge that they were the author of the dilemma and to discuss it in class. However, to respect privacy and confidentiality, students are not required to identify individuals or organizations involved. 7. Bibliography Case: “Phantom Expenses,” Arthur Andersen Business Ethics Case Materials, MKTG -14, 1992, p.1. Case: “Independence,” Arthur Andersen Business Ethics Case Materials, ACCT - 20, 1992, p.1. Bakan, J. The Corporation: The Pathological Pursuit of Profit and Power. Toronto: Viking Canada, 2004. 88
  9. 9. 89 “Product Liability,” in Boatright, John R., Ethics and the Conduct of Business (4th ed.), Upper Saddle River, NJ: Prentice Hall, 2003. Brooks, L. J., Business & Professional Ethics For Directors, Executives & Accountants, 3e, Mason, OH: South-Western College Publishing Company, Division of Thomson Learning, 2004. “Business Ethics Fundamentals” (ch.6) in Carroll, Archie, Business and Society: Ethics and Stakeholder Management (5th Ed), Cincinnati, Ohio: South-Western College Publishing, 2003, pp.163-179; 190-193. “Personal and Organizational Ethics” (ch.7) in Carroll, Archie, Business and Society: Ethics and Stakeholder Management (5th Ed), Cincinnati, Ohio: South- Western College Publishing, 2000, pp.203-224. “Values in Tension: Ethics Away from Home,” Donaldson, Tom, Harvard Business Review, September-October, 1996, pp.5-12. “Gaining the Ethical Edge: Procedures for Delivering Values-driven Management,” Driscoll, Dawn-Marie and Hoffman, W.M., Long Range Planning, 32(2), 1999, pp.179-189. Ericson, R. N. Pay to Prosper: Using Value Rules to Reinvent Executive Incentives. Scottsdale, AZ: WorldatWork, 2004. “The Social Responsibility of Business is to Increase its Profits,” Friedman, Milton, New York Times Magazine, Sept. 13, 1970, pp.239-244. Case: “Union Carbide and Bhopal,” in Jennings, Marianne, Case Studies in Business Ethics (2nd Ed.), Minneapolis/St. Paul: West Publishing, 1996, pp.113-116. Case: “Heinz’ Dilemma” from Kohlberg, Lawrence, The Psychology of Moral Development, San Francisco: Harper & Row, 1984, p.186. Case: “The Parable of the Sadhu,” in McCoy, Bowen, Harvard Business Review, May/June, 1997, pp.2-7. Mintz, S. and R. Morris. 2008. Ethical Obligations and Decision Making in Accounting. Boston” McGraw Hill. Moeller, R. R. Sarbanes-Oxley and the New Internal Auditing Rules. Hoboken, NJ: Wiley,2004. Nofsinger, J., and K. Kim. Infectious Greed: Restoring Confidence in America’s Companies. Upper Saddle River, NJ: Financial Times Prentice Hall, 2003. 89
  10. 10. 90 Sabia, M.J. and Goodfellow, J.L., Integrity in the Spotlight: Audit Committees in a High Risk World, 2 e, Toronto: Canadian Institute of Chartered Accountants, 2005. Case: “Hot Coffee at McDonald’s,” in Shaw, William, from Business Ethics (3rd Ed.), Belmont, CA: Wadsworth Publishing, pp.386-387. Case: “Not a Fool, Not a Saint,” Teal, Thomas, Fortune, November 11, 1996, pp.201-204. Case: Merck & Co. Inc (A), The Business Enterprise Trust, Harvard Business School Publishing, 1991. “Advertising Ethics” (ch.6), in Velasquez, Manuel, Business Ethics Concepts and Cases (5th Ed.), Upper Saddle River, NJ: Prentice Hall, 2002, pp.332-373. “The Employee’s Obligations to the Firm,” in Velasquez, Manuel, Business Ethics: Concepts and Cases (5th Ed.), Upper Saddle River, NJ: Prentice Hall, 2002, pp.443-484. Case: “The Ford Motor Car,” in Velasquez, Manuel, Business Ethics Concepts and Cases (3rd Ed.), Upper Saddle River, NJ: Prentice Hall, 1992, pp.110-114. 8. Resources (library/physical/other) See attached library statement. 10. Integrated Courses N/A 10. Crosslisted Courses N/A 11. Rationale Ethics education is a lifelong process. Continually changing public expectations result in changes in ethical standards. This course provides financial managers with an opportunity to review and revise their current knowledge and capabilities. Given the importance of understanding and employing ethical principles in respect of the oversight of financial reporting and accountability, a course of this nature is essential for the MFAcc. There are areas in business (including financial accounting) where judgment, estimation, uncertainty and ambiguity are involved, and where rules or clear guidelines may not provide for all situations, or may simply be inadequate. These situations, if not handled in an ethical and fair manner, have the capacity to cause reputational and financial harm to an organisation, decision-makers and other 90
  11. 11. 91 stakeholders. This course provides the financial manager with tools, techniques and frameworks of analysis which may be used when facing situations involving principles of transparency, disclosure and accountability. This course is in-line with the specific learning objectives of the MFAcc program and complements the other required MFAcc courses. MEMORANDUM 91
  12. 12. 92 Peter F. Bronfman Business Library SUBJECT: Library Statement for FACC 6120 3.0 Corporate Accountability and Ethics FROM: Sophie Bury Business Librarian DATE: August 6th 2008 FACC 6120: Corporate Accountability and Ethics York University Libraries will be able to support the course Corporate Accountability and Ethics to form part of the Masters of Financial Accountability (MFAcc). Two text books form required reading for this course. Both of them are available at the Bronfman Business Library. The instructor may wish to consider placing core texts and/or other recommended readings on reserve for student use at the Business Library. In addition to the required readings, a list of suggested additional readings including books, chapters in books, and articles in support of this course is provided. The Bronfman Business Library owns practically all these resources, and any materials not at the Libraries currently will be ordered (subject to availability) for addition to the library’s collection. Note that the majority of articles on this reading list are available in online format and thus can be accessed by students from off-campus locations. The professor also has the option of placing such online readings on e-reserve at the Bronfman Business Library. In addition to the above materials, the libraries own other books (mainly hardcopy but also some e-books) of relevance. Keyword searching of the YUL catalogue reveals a strong collection in general areas of business ethics and corporate social responsibility, as well as a good collection in the related area of corporate governance. Business ethics has been taught at the undergraduate level at the School of Administrative Studies in recent years, while both business ethics and corporate social responsibility have been taught at Schulich at undergraduate and graduate level for quite some time. As a result the Business Library holdings are strong in these areas. A smaller collection of monographs is available on the topic of ethics in the specific context of the profession of accounting, and efforts will be made in the future to develop this collection further. Note that some materials of relevance to this course are located beyond the Business Library. For example, materials relating to legal aspects of business ethics and corporate social responsibility are available at the Osgoode Law Library, while, for example, philosophical treatments of ethical issues are based at the Scott Library. The York University Libraries also have access to an extensive business periodical collection, both print and electronic, which provides considerable additional support for the content of this course through journal, magazine and newspaper articles. Many relevant business ethics and corporate social responsibility periodicals are available. Examples of relevant periodical titles available at the Libraries include Business & Professional Ethics Journal, Business Ethics: A European Review, Business Ethics Quarterly, Business Strategy & the Environment, Journal of Business Ethics, and The Journal of Corporate Citizenship. In addition the Libraries’ holdings of accounting periodical titles is impressive, and many of these periodicals will be relevant in this course for topics such as professional accounting in the public interest, ethical issues facing the accounting profession etc. Additionally some journals in the field of corporate governance held by the Libraries, as well as some legal periodicals will also be of relevance in supporting this course. 92
  13. 13. 93 Reference and full-text databases, which can be used to identify journal and news articles of relevance, are similarly available. Relevant databases include ABI/INFORM Global, Business Source Premier, Canadian Business and Current Affairs (CBCA) Complete, Canadian Newsstand, Canadian Periodical Index, Expanded Academic ASAP, Factiva ,Lexis Nexis, Philosopher’s Index, Proquest Asian Business, Proquest European Business, Scholar’s Portal, and ISI’s Web of Science. Some of the legal periodical databases will also be of relevance to this course. 93
  14. 14. 94 1. Course Number and Title FACC 6140 3.00 Performance Measurement Systems 2. Effective Date and Term 2009-10 3. Calendar Course Description This course provides an overview of performance measurement and incentive systems (PMIS) used by companies; improves students’ understanding of management behaviour related to PMIS; presents examples of financial and non-financial PMIS; and provides students with opportunities to develop a PMIS. The course will ensure students understand that any accountability, oversight and governance mechanism is based on a set of performance measures designed by managers and directors. 4. Expanded Course Description Learning Objectives: This course will introduce students to the fundamental theories and concepts behind performance measurement and will make extensive use of appropriate case studies to highlight lessons learned and best practices. Students are expected to: 1. Describe the elements to consider when evaluating or designing performance measures, incentives and compensation packages (analysis); 2. List a set of PMIS comprised of financial and/or non-financial measures (analysis and synthesis). 3. Asses the impact on human behavior of different performance measurement and incentive mechanisms (evaluation). 4. Explain the process of implementing PMIS, attending to the existing organizational structure, strategy, culture, and external environment (analysis, synthesis and evaluation). Over a given period of time, managers execute a program or part of a program for which they are responsible and also report on what has happened in the course of fulfilling that responsibility. Managers take steps to ensure that employees do what is best for the organization. This is a crucial function because in the end it is people in the organization who make things happen. Ideally reports are structured so that they provide information for evaluation as a process of comparing actual performance with the results that should have been achieved under specified circumstances. Normally companies talk about the analysis and evaluation of financial or accounting performance measures; however, as the quote below indicates, contemporary focus has expanded to include the discussion of non-financial measures. “The leading indicators of business performance cannot be found in financial data alone. Quality, customer satisfaction, innovation, market share - metrics like 94
  15. 15. 95 these often reflect a company’s economic condition and growth prospects better than its reported earnings do. Depending on an accounting department to reveal a company’s future will leave it hopelessly mired in the past” Robert Eccles, “The performance measurement manifesto”, Harvard Business Review, Jan-Feb 1991. The learning objectives of this course are modeled on the last three steps of Bloom’s taxonomy.1 Based on their previous education and work experience, each student brings into the course a base of practical knowledge and a capacity for comprehension and application. The first part of the course will build on this base, improving the student’s capacity to analyze and synthesize by introducing theories from other disciplines such as sociology and economics. The second part of the course, as well as the final report, leads the student into the evaluation stage. 5. Faculty Resources John Parkinson, Marcela Porporato, Gary Spraakman, Nelson Waweru. Frequency: This course will be offered twice per year. 6. Evaluation Grading Scheme 3 out of 5 Theoretical Assignments: critical review of papers 30 % 2 out of 3 Applied Assignments: case reports 30 % Research Project (Final Report) 25 % Class Contribution / Participation 15 % Total 100% Theoretical Assignments (individual - 10% each) Each student is responsible for a critical review of several readings covered in the course. Each student can write up to 5 reviews and the 3 best will count towards the final grade. The first part of the critical review will provide a short summary of the reading. The second part will provide some (well-reasoned) comments and suggestions. The third part of the review will evaluate the relevance of the reading for practitioners, assessing its relevance to day-to-day business situations (eg., through the use of examples). The critical review provides students the opportunity to delve more deeply into a topic that interests them. This review will not be more than three pages (2.54 cm margins, Times New Roman 12-point font, and 1.5 line spacing). Applied Assignments (in groups of 2 or 3 - 10% each) 1 The pedagogical concepts mentioned above are taken from: Bloom, Benjamin et al. Taxonomy of Educational Objectives: The Classification of Educational Goals. McKay, New York: 1956. 95
  16. 16. 96 Teams must be formed and the names communicated to the instructor no later than session 6. Each group can write up to 3 cases. Only the 2 best grades will count towards the students’ final grades. Each case is worth 10% and a print copy is due at the beginning of the class when the case will be discussed. The analysis should be no more than 5 pages (2.54 cm margins, 12 point times new roman font, and 1.5 line spacing). Each case will discuss the following in clearly identified sections: • Essential facts of the case and identification of the problem faced by the company or its management team (it could be a trade-off, a ‘how’ type question, a design or implementation issue, etc.) • Performance measurement issues contained in the case (you can build on an industry or SWOT analyses of the whole company or of the specific strategic business unit); • A decision with an explanation of why it is the best alternative to recommend; • Separate responses to each of the case questions detailed in the class assignment section of this syllabus (it is not necessary to follow the same order). Final report (done in groups of 2 or 3 – 25%) The teams must be formed and the names communicated to the instructor before the last day of classes. The aim is to develop a performance measurement and incentive system (PMIS) of a real company and to design the fundamental measures to be used by the managers, justifying properly the use of each measure included in the proposal. The report should be devised as a report prepared by an external consultant directed to the top managers of the corporation or to the managers of the strategic business unit. The report should be no more than 15 pages in length (2.54 cm margins, 12 point times new roman font, and 1.5 line spacing). The report will discuss the following clearly identified items: • Explain your motivation in recommending the implementation of the PMIS; • Identify the manager who will work with the consultant’s facilitating the process of development and implementation of the PMIS; • A plan of concrete actions for the next 6 months (including dates and milestones); • Identification of the strategy of the business (in a phrase); • Identification of the fundamental objectives of the business; • A PMIS summary of one page with no more than 20 measures of performance on the whole; • Explain the selection and importance of the measures according to the mission and strategy of the business; • Relate more specific objectives with measures of performance and initiatives to achieve them; • The measures selected should be explained how they are built (data used) 96
  17. 17. 97 • For each measure of performance show the ideal result and that achieved in previous years (if you do not have it, you can use the specific estimations for the industry, but it should be indicated in the report). • Explain other measures that would be included, if data were available. Participation / Contribution (Individual - 15%) Discussion of articles and cases is a major part of this course. All materials should be read in advance. Ideally, contributions to discussion should be voluntary; however, students will be called upon to contribute when necessary. Except for week 1, each week has a maximum of 1.5 points. If students do not contribute to class discussions, they will not receive any portion of participation points of the week. To earn a higher score students must contribute to the class’s learning experience through one or more of the following activities: • Class Discussion: Participating in the in-class exercises, asking and answering questions, discussing thoughts related to the topic covered in the class, and bringing up examples of real life companies that fit the theory being discussed. • Case Discussion: Actively contributing thoughts, ideas and experiences where they relate to pushing knowledge of management control systems further. • E-mail Comments: Students may e-mail the instructor if they are unable to get comments across during class time. • Web Links: Students may e-mail the instructor with a working link and one paragraph of how the link adds to the understanding of management control systems. • Real Business Example: Students may provide an example of a situation occurring in a real business that illustrates the topic of the week and explain in one paragraph how it relates to management planning and control. 7. Bibliography The course package will include articles and cases. Note: the articles and cases selected to be discussed might change to reflect new trends in literature or new released cases that better fit with the course objectives and topics. 1.1 Birnberg, Turopolec and Young (1983). “The Organizational Context of Accounting.” Accounting, Organizations and Society, vol. 8, nº 2/3, pp 111-129. 1.2. Boritz, J. (1988). “Management Accounting: a Discipline in Transition.” CA Magazine, Jan/Feb, pp 75-85. 1.3. Ouchi, William (1979). “A Conceptual Framework for the Design of Organizational Control Mechanisms.” Management Science, vol. 25, nº 9, September, pp 833-848. 2.1. Eric Flamholtz, 1983. “Accounting, Budgeting and Control Systems in their Organizational Context: Theoretical and Empirical Perspectives”. Accounting, Organizations and Society, vol. 8, nº 2/3, pp 153-169. 2.2. Tiessen, P. and J.H. Waterhouse (1983). “Towards a Descriptive Theory of Management Accounting.” Accounting, Organizations and Society, vol. 8, nº 2/3, pp 251-267. 97
  18. 18. 98 2.3. P.Powell (1997). “Human Information Processing”, chapter 5 in “Advanced Management Accounting - An organizational emphasis” by M. Ezzamel and H. Hart (editors). Cassell Educational Limited, 1987 (second print 1989) 2.4. Chapman, Christopher (1997). “Reflections on a Contingent View of Accounting.” Accounting, Organizations and Society, vol. 22, n 2, February, pp 189-205. 3.1. Baiman, Stanley (1990). “Agency Research in Managerial Accounting: A Second Look.” Accounting Organizations and Society, vol.15, 4, pp 341-371. 3.2. Holstrom, Holmstrom, B. (1979). “Moral Hazard and Observability.” The Bell Journal of Economics, pp 74-91. 3.3. Rogerson, W. (1985). “Repeated Moral Hazard.” Econometrica, vol. 53, 1, January, pp 69-76. 3.4. Antle, R. and Demski (1988). “The Controllability Principle in Responsibility Accounting.” The Accounting Review, vol. 63, 4, October, pp 700-718. 4.1. Kren, Leslie and Woody Liao (1988). “The Role of Accounting Information in the Control of Organizations: a Review of the Evidence.” Journal of Accounting Literature, vol. 7, pp 280-309. 4.2. J. Luft, S. Haka and B. Ballou (1998). “Information and bargaining strategy: bargaining in a hall of mirrors.” Behavioral Research in Accounting 10 (1998) Supplement: 111-140. 4.3. J. Luft (1997). “Fairness, ethics, and the effect of management accounting on transaction costs.” Journal of Management Accounting Research 9: 199-216. 5.1. American Accounting Association (1971). “Report of the committee on non- financial measures of effectiveness.” The Accounting Review, 46. 5.2. American Accounting Association, Financial Accounting Standards Committee (2002). “Recommendations on disclosure of non-financial performance measures.” Accounting Horizons, 16 (4):353-362. 5.3. Ittner C. D., and D. F. Larcker (1998). “Are Non-financial Measures Leading Indicators of Financial Performance? An Analysis of Customer Satisfaction.” Journal of Accounting Research, 36: 1-35. 6.1. Amir, E., and B. Lev (1996). “Value-relevance of non-financial information: The wireless communications industry.” Journal of Accounting and Economics, 22 (1-3): 3-30. 6.2. Behn, B. K., and R. A. Riley (1999). “Using non-financial information to predict financial performance: The case of the US airline industry”. Journal of Accounting, Auditing & Finance, 14 (1): 29-56. 7.1. Feltham, G. E., and J. Xie (1994). “Performance measure congruity and diversity in multi-task principal agent relations”. The Accounting Review, 69(3): 429-453. 7.2. Bushman, R. M., R. J. Indjejikian, and A. Smith (1996). “CEO compensation: The role of individual performance evaluation”. Journal of Accounting and Economics, 21 (April):161-193. 7.3. Ittner, C. D., D. F. Larcker, and M. V. Rajan (1997). “The Choice of Performance Measures in Annual Bonus Contracts”. The Accounting Review, 72(2): 231-255. 8.1. Rappaport, A. (1999). ‘New thinking on how to link executive pay to performance’. Harvard Business Review, (March-April): 91-101. 98
  19. 19. 99 8.2. R Alan Webb (2004) “Managers' Commitment to the Goals Contained in a Strategic Performance Measurement System”. Contemporary Accounting Research, Vol.21, Iss. 4; pp. 925-959. 8.3. Luft, J. (2004). ‘Discussion of “Managers’ Commitment to the Goals Contained in a Strategic Performance Measurement System”’. Contemporary Accounting Research, 21 (4): 959-965. 9.1. Kaplan, R. S., and D. P. Norton (2001a). “Transforming the Balanced Scorecard from performance Measurement to Strategic Management: Part I”. Accounting Horizons, 15(1): 87-104. 9.2. Kaplan, R. S., and D. P. Norton (2001b). “Transforming the Balanced Scorecard from performance Measurement to Strategic Management: Part II”. Accounting Horizons, 15(2): 147-160. 9.3. Lipe, M. G., and S. Salterio (2000). “The judgmental effects or the balanced scorecard’s information organization and diversity”. The Accounting Review, 75(3): 283-298. 9.4. Malina, M. A., and F. H. Selto (2001). “Communicating and controlling strategy: An empirical study of the effectiveness of the balanced scorecard”. Journal of Management Accounting Research, (13): 47-90. 10.1. Bourguignon, A., V. Malleret and H. Norreklit (2004). “The American Balanced Scorecard versus the French Tableau de Bord: the Ideological Dimension”. Management Accounting Research, 15, 107-134. 10.2. Epstein, M., and J. F. Manzoni (1998). “Implementing corporate strategy: From tableau de bord to balanced scorecards”. European Management Journal, (April). 10.3. Spell, Chester (2001). “Management Fashions: Where do they come from, and are they old wine in new bottles?”. Journal of Management Inquiry, vol. 10, Issue 4 (Dec), pp 358-372 10.4. Cotton, Bill (1993). “Old Wine in New Bottles – Management Accounting Developments”. The Accountants’ Journal, Vol 72 (Sep), Issue 8, pp 54-58. 11.1. Rumelt, R. (1991). “How Much Industry Matter?”. Strategic Management Journal, 12, (March): 167-185. 11.2. Sureshchandar, G.S. and Rainer Leisten (2005). “Holistic scorecard: strategic performance measurement and management in the software industry”. Measuring Business Excellence, Vol.9, Iss. 2; pp 12-30 11.3. Schmitz, J and K W Platts (2004). “Supplier logistics performance measurement: Indications from a study in the automotive industry”. International Journal of Production Economics, Vol.89 (May), Is. 2; pg. 231. 11.4. Md Mostaque Hussain (2204). “Organizational Strategic Orientation and Its Impact on Non-Financial Performance Measurement in the Financial Services Industry”. Management Research News, Vol.27, Iss. 11/12; pp 115-134. 12.1. DiMagio, P.J., and W. W. Powell (1983). “The iron cage revisited: Institutional isomorphism and collective rationality in organizational fields”. American Sociological Review, 48 (April): 147-160. 12.2. Hoque, Z., and M. Alan (1999). “TQM adoption, institutionalism and changes in management accounting systems: A case study”. Accounting and Business Research, 29 (3): 199-210. 99
  20. 20. 100 12.3. Meyer, J. W., and B. Rowen (1997). “Institutional organizations: Formal structure as myth and ceremony”. American Journal of Sociology, 83 (2): 340-363. 8. Resources (library/physical/other) See attached library statement 9. Integrated Courses N/A 10. Cross listed Courses N/A 11. Rationale This course is necessary for the Masters of Financial Accountability program because it will integrate ideas from other functional courses in the program to design a PMIS- a critical building block in an organization’s financial accountability system. This course provides the student the opportunity to have a more detailed exposure to performance measurement systems based on financial and non-financial measures; moreover, it makes students aware that any accountability, oversight and governance mechanism is based on a set of performance measures designed by managers and directors. Particularly, the course is designed to equip students with the tools and analytical frameworks needed to understand the meaning of each measure of performance and their interplay in a more complex system that impacts directly on manager’s and director’s accountability. 100
  21. 21. 101 MEMORANDUM Peter F. Bronfman Business Library SUBJECT: Library Statement for FACC 6140 Performance Measurement Systems FROM: Sophie Bury Business Librarian DATE: Aug. 6th 2008 FACC 6140: Performance Measurement Systems York University Libraries offers a collection of books, print and electronic periodicals, and databases in subject areas of relevance to this new course FACC 6140 Performance Measurement Systems. It is noted that students will be supplied with a course kit to contain articles and cases and will be expected to rely predominantly on this kit in support of their studies in this course. The majority of these course readings (mainly journal articles) are also available (primarily in online format) via the Libraries. Instructors may wish to make arrangements to place these articles on e-reserve at the Libraries thereby facilitating access for students on and off-campus 24/7. The Libraries’ monograph collection (including e-books) offers some additional materials of relevance to key areas taught in the course such as management control systems, and performance measurement or management in both a financial and non-financial context including specific systems or tools such as pay for performance, the balanced scorecard etc. Emphasis will be placed on ensuring that the monograph collection is strengthened further, especially in specific subject areas where materials are fewer in number. The York University Libraries also have access to a large business periodical collection, both print and electronic. York University Libraries subscribe to a good number of periodicals covering topics of relevance in this course including but not limited to: Accounting, Organizations & Society, Accounting Horizons, The Accounting Review, CA Magazine, Contemporary Accounting Research, Journal of Accounting, Auditing & Finance, Management Accounting Research, Strategic Finance. Reference and full-text databases, which can be used to identify journal and news articles of relevance, are similarly available. Relevant databases include ABI/INFORM Global, Business Source Premier, Canadian Business and Current Affairs (CBCA) Complete, Canadian Newsstand, Canadian Periodical Index, Expanded Academic ASAP, Factiva, Lexis Nexis, Proquest Asian Business, Proquest European Business, Scholar’s Portal, and ISI’s Web of Science. 101
  22. 22. 102 1. Course Number and Title: FACC 6160 3.00 Controls and Risk Management 2. Effective Date and Term: 2009-10 3. Calendar Course Description This course presents the framework of risk management in organizations, analyzes risks that can be controlled and explains the control policies and procedures available to reduce risks. Risks include the likelihood that financial information could be misstated and so controls over financial information will be a component of this course. 4. Expanded Course Description This course presents the framework of risk management in various types of organizations, including categories of risks and methods of ranking them. Financial risks and financial implications of operating risks are the main focus. Various control criteria and techniques are explained in the form of a control framework. Case studies are used to develop a systematic approach to matching control risks with effective procedures for addressing them, taking cost-benefit considerations into account. Processes for evaluating internal control effectiveness and reporting to external parties, as well as independent assurance engagements related to internal controls effectiveness, are explained. Learning Objectives Students are expected to: 1. Identify the sources of risk in an organization 2. Analyze risks and explain risk management systems in general 3. Identify risks and controls that are relevant to financial reporting 4. Understand the overall framework of control and the components it encompasses: the control environment; the organization's risk assessment process; the information systems (including business processes and communication); monitoring of controls; and control activities 5. Apply the control framework components in designing control systems that address identified risks in various types of organization 6. Evaluate the effectiveness of the design of internal controls and prepare a report 7. Understand the process of providing an independent assurance report on internal controls relating to financial reporting 5. Faculty Resources Ingrid Splettstoesser, Cristobal Sanchez-Rodriquez, Kate Bewley Frequency: This course will be offered twice per year. 102
  23. 23. 103 6. Evaluation *Current event report: 15% Case analysis 15% Group research project 30% Group project presentation 10% Final Exam 30% *Students will select from a list of current event topics relevant to the course, research these events and present their findings to the class. 7. Bibliography Risk and control cases/articles: - Finex Papers Inc. Journal of Accounting Case Research. Vol 8 No 2, Summer 2005, - The Case Analysis on Failures of Enterprise Internal Control in Mainland China. Ta-Ming Liu. Journal of American Academy of Business, Cambridge. Sep 2005. Vol. 7, Iss. 1; p. 92 - Tero-Seppo Tuomela. The interplay of different levers of control: A case study of introducing a new performance measurement system. Management Accounting Research. Sep 2005.Vol.16, Iss. 3; pg. 293 - Alan Levinsohn. A Cautionary Tale of Corporate Crime. Strategic Finance. Sep 2005.Vol.87, Iss. 3; pg. 59, 2 pgs - Max Messmer.Avoiding Today's Top Hiring Mistakes . Strategic Finance.: Aug 2005.Vol.87, Iss. 2; pg. 12. - Helen Shaw. Material-Weakness Reports Skyrocket . CFO.com. Boston: Jul 18, 2005. pg. 1 - Laurie Brannen, John Cummings. PCAOB Issues Audit Guidance. Business Finance.: Jul 2005.Vol.11, Iss. 7; pg. 7 - Michael D Harkness, Brian Patrick Green. E-Commerce's Impact On Audit Practices. Internal Auditing. Mar/Apr 2004.Vol.19, Iss. 2; pg. 28 Books: Simons, R., Performance Measurement and Control Systems for Implementing Strategy, Prentice Hall, 2000. Simons, R Levers of Control: How Managers Use Innovative Control Systems to Drive Strategic Renewal. Harvard Business School Press., 1995. Michael Frenkel, Ulrich Hommel, Markus Rudolf (editors). Risk management : challenge and opportunity. 2nd ed. Springer, 2005. H. Felix Kloman, Essays on Risk Management , Seawrack Press, Inc., 2005. 8. Resources (library/physical/other) See attached library statement. 103
  24. 24. 104 11. Integrated Courses N/A 10. Crosslisted Courses N/A 11. Rationale This course is necessary for the Masters of Financial Accountability program. This course will develop the skills necessary for identifying risks in the development and disclosure of financial systems, assessing risk/reward trade-offs, and designing systems, policies and procedures that support appropriate actions to manage risks and increase financial accountability. 104
  25. 25. 105 MEMORANDUM Peter F. Bronfman Business Library SUBJECT: Library Statement for FACC 6160 Controls and Risk Management FROM: Sophie Bury Business Librarian DATE: Aug. 8th 2008 FACC 6160: Controls and Risk Management York University Libraries offers a good collection of books, periodicals and databases in subject areas of relevance to FACC 6160 Controls and Risk Management. The Libraries are well placed to support this course which presents the framework of risk management in organizations, analyzes risks that can be controlled, and explains the control policies and procedures available to reduce risks. Four texts are recommended to support this course. The Bronfman Business Library owns all of them. The course instructor may wish to avail of the opportunity to place these on reserve at the Peter F. Bronfman Business Library. In addition a bibliography of articles is also included in this course proposal. Searches of the YUL catalogue and the database of e-periodicals reveal that all but one of these articles are available at the Libraries. In addition to the above materials, the libraries own other books of relevance which will be important in supporting this course. Keyword searching of the YUL catalogue finds many materials on the topic of risk management and related topics such as internal auditing. Note that quite a few books on the subject of risk management are also available through the Libraries’ new e-books collection via Books 24/7. Note links to all these e-books available on and off-campus are provided in the YUL catalogue. The periodical collection available to support this course is also in place. In addition to recommended articles, students will benefit from access to many other articles through an extensive collection of relevant periodical literature. Examples of some key periodical titles available at the Libraries include but are not limited to: Internal Auditing, Internal Auditor, Management Accounting Research, Risk Management, and Strategic Finance. Reference and full-text databases, which can be used to identify journal and news articles of relevance, are similarly available. Relevant databases include ABI/INFORM Global, Business Source Premier, Canadian Business and Current Affairs (CBCA) Complete, Canadian Newsstand, Canadian Periodical Index, Expanded Academic ASAP, Factiva, Lexis Nexis, Proquest Asian Business, Proquest European Business, Scholar’s Portal, and ISI’s Web of Science. Information about risk management systems or software can also be found in the form of reports in several business databases including Gartner Intraweb and Business Insights. 105
  26. 26. 106 1. Course Number and Title: FACC 6180 3.00 Research Methods 2. Effective Date and Term: 2009-10 3. Calendar Course Description The purpose of this course is to help students develop research knowledge and skills specific to each of the advanced core areas of financial accountability, including research methodologies and analytical techniques in the financial and management accounting fields. The course emphasizes examining existing empirical research methodologies while encouraging students to cultivate their own research methods and plans. 4. Expanded Course Description The purpose of this course is to help students develop research knowledge and skills which are specific to each of the advanced core areas of financial accountability. Students will gain an understanding of how theories are used to develop research questions and how research methods are used to test those questions. Students will obtain first-hand experience with actual examples of various methods and, in developing an appreciation of the possible range of research methods, develop the ability to critically analyze the research of others. The lectures will be taught by two or more faculty members to expose students to a range of theoretical and methodological expertise. In addition, the course exposes students pursuing the major research paper option to a range of faculty research approaches and areas of expertise, ideally helping students in locating a suitable supervisor. Theories include: agency, agency-network, contingency, critical, efficient market, institutional, positive accounting, and transaction costs. Topics in statistical methodologies include: basics of regression analysis, serial correlation and heteroscedasticity, instrumental variables and model specification, and models of qualitative choice. Topics in empirical research include: capital asset pricing and market models, Jones, modified Jones, and performance-matched models, Ohlson’s Clean Surplus model, Measures of Financial Analysts’ Forecast accuracy and dispersion, and Logit and Probit models. Other research methods include: archival, case, event, experimental, historical, interview, non-experimental, and survey. Learning Objectives Students are expected to: 1. Understand various research methodologies and analytical procedures related to financial accountability; 106
  27. 27. 107 2. Appreciate the various methodological issues that must be dealt with in understanding the results of research published in areas related to financial accountability; 3. Provide students with an opportunity to design their own research methodology; 4. Provide a coordination mechanism for research methods across the other courses in the program and for major research papers. 5. Faculty Resources Sung Kwon, Gary Spraakman, Marcela Porporato Frequency: This course will be offered twice per year. 6. Evaluation Research Proposal 50% Class Participation 20% Final Exam 30% 100% Research Proposal: Students will pick a research topic of interest and will thoroughly review a broad range of current literature on their topic. Through the course of their research, students will clarify their topic and will develop a preliminary hypothesis based on their research findings. Students will determine how to test their hypothesis using existing methods or, in some instances, by developing innovative methods. Students must explain why the method(s) they have chosen are best suited for their proposed research project. Research proposals are expected to be approximately 30 pages in length. Class Participation will be based following criteria: Description Value out of 20% Attends class 4/20 Attends and participates 8/20 Attends, participates and makes some 12/20 contributions Attends, participates and makes many 16/20 contributions Attends, participates and makes insightful, 20/20 meaningful contributions 7. Bibliography Required texts and others: 107
  28. 28. 108 • Econometric Models and Economic Forecasts, Pindyck and Rubinfeld, Irwin/ McGraw-Hill. • Foundations of Behavioural Research, Kerlinger and Lee, Harcourt. • Course kit that contains copies of additional readings o Ball and Brown. “An Empirical Evaluation of Accounting Income Numbers.” Journal of Accounting Research (Autumn 1968), pp. 159-178. o Kwon and Wild. “Informativeness of Annual Reports for Firms in Financial Distress.” Contemporary Accounting Research, Vol. 11, No.1-II (Fall 1994), pp. 331-351. o Feltham and Ohlson. “Valuation and Clean Surplus Accounting for Operating and Financial Activities.” Contemporary Accounting Research (Spring 1995), pp. 689-731. o Lee, “Measuring Wealth.” C.A. Magazine (April 1996), pp. 32-37. o Kwon. “Financial Analysts’ Forecast Accuracy and Dispersion: High- Tech versus Low-Tech Stocks.” Review of Quantitative Finance and Accounting, Vol. 19, No. 1(2002), pp. 65-91 o Kwon, Yin and Han. “Predominance of Conservative Accounting over Aggressive Accounting for High-Tech Firms in Comparison to Low- Tech Firms.” Review of Quantitative Finance and Accounting, Vol. 27, No. 2, 2006). o Kwon and Yin. “Executive Compensation, Investment Opportunities and Earnings Management: High-Tech versus Low-Tech Firms.” Journal of Accounting, Auditing & Finance21 (2) (Spring 2006): pp.119-148. o Watts and Zimmerman. “Toward a Positive Theory of the Determination of Accounting Standards.” The Accounting Review (January 1978), 112-134 o John Roberts, The Modern Firm: Organizational Design for Performance and Growth, New York: Oxford University Press. o Cohen and Holder-Webb, “Rethinking the Influence of Agency Theory in the Accounting Academy,” Issues in Accounting Education, February 2006, pp. 17-30. o Smith and Wright, “Determinants of Customer Loyalty and Financial Performance,” Journal of Management Accounting Research, 2004, pp. 183-205. o Naranjo-Gil and Hartman, “How Top Management Teams use management Accounting Systems to Implement Strategy, Journal of management Accounting Research, 2006, pp. 21-33. o Bryant and Widener, “Managing Value Creation within the Firm: An Examination of Multiple Performance Measures,” Journal of Management Accounting Research, 2004, pp. 107-131. o Spraakman. “Examining Milgrom and Roberts’ Treatment of 108
  29. 29. 109 Incentives Versus Bureaucratic Controls in the British North American Fur Trade,” Journal of Management Accounting Research, Fall 2002, pp. 135-151. o Spraakman, “The Use of Signs and Referents with Management Accounting,” Working paper, School of Administrative Studies, York University, 2007. o Spraakman and Margret, “The Transfer of Management Accounting Practices From London Counting Houses to the British North American Fur Trade,” Accounting, Business and Financial History, 15, July 2005, pp. 101-119. o Burns, J., and Scapens, R. W., (2000), “Conceptualizing management accounting change: an institutional framework,” Management Accounting Research, 11 (1), 3-25. o Spraakman, “The Impact of Institutions on Management Accounting Changes at the Hudson’s Bay Company, 1670 to 2005,” Journal of Accounting & Organizational Change, No. 2, 2006, pp. 101-122. o Spraakman, “An Assessment of the Use of High-Power Incentives in the Death of Royal Trust,” Critical Perspectives on Accounting, August 2003, pp. 681-704. Recommended Data Base: • Wharton Research Data Services 8. Resources (library/physical/other) See attached library statement. 12. Integrated Courses N/A 10. Crosslisted Courses N/A 11. Rationale This course is necessary for the Masters of Financial Accountability program and also serves to coordinate the research focus of the program. In this course, students are given an opportunity to learn and evaluate various methodologies related to financial accountability. This course must be completed prior to the selection of a topic and a supervisor for students pursuing the MRP option. 109
  30. 30. 110 MEMORANDUM Peter F. Bronfman Business Library SUBJECT: Library Statement for FACC 6180 Research Methods FROM: Sophie Bury Business Librarian DATE: Aug. 8th 2008 FACC 6180: Research Methods York University Libraries can support the course FACC 6180 Research Methods designed to help students in the Masters of Financial Accountability program to develop research knowledge and skills in core areas embraced by financial accountability, including research methodologies and analytical techniques in the financial and management accounting fields. The Libraries can help both through the provision of relevant collections of books and articles, but also through its information literacy programming. These points are expanded upon below. Two specific texts are recommended in support of this course. The Libraries own both of these texts. Students will also receive a course kit comprising primarily journal articles. It is noted that the Libraries own the vast majority of these materials, and so professors may wish to consider placing these materials on e-reserve rather than offering access through a course kit. In this way students have online access 24/7 both on and off campus. In addition, the Libraries own books and articles relating to both theoretical and methodological approaches to developing research questions and methods in the area of financial accountability. Most of the monographs pertaining to the topic of statistical and quantitative research methodologies are housed at the Steacie Science & Engineering Library, while monographs on other research methods including qualitative research methodologies, for the most part, are housed at the Scott Library. The journal collection will lend support for this course. Tiles of relevance in learning about theoretical and empirical research approaches in the field of financial accountability, include but are not limited to: Contemporary Accounting Research, Issues in Accounting Education, Journal of Accounting Research, Journal of Management Accounting Research, and Review of Quantitative Finance and Accounting. Many other accounting, corporate governance, information systems and other journal titles will be relevant to students conducting literature reviews as part of the development of their respective research proposals. Reference and full-text databases, which can be used to identify journal and news articles of relevance, are similarly available. Relevant databases include ABI/INFORM Global, Business Source Premier, Canadian Business and Current Affairs (CBCA) Complete, Canadian Newsstand, Canadian Periodical Index, Expanded Academic ASAP, Factiva, Lexis Nexis, Proquest Asian Business, Proquest European Business, Scholar’s Portal, and ISI’s Web of Science. Depending on their research topics students may also need to use the legal or information technology periodical databases. 110
  31. 31. 111 Students in this course are also expected to develop their own research skills and abilities. The Libraries, through their information literacy programming, can play an important role in teaching students about engaging in effective research. As students in this course will pick a research topic of interest, develop a research proposal, and engage in a literature review, offering a tailored information literacy session is especially recommended as students will benefit from receiving guidance on relevant library resources and services and have an immediate need to apply what they have learned. Such sessions can focus on the range of relevant information resources available at the Libraries to support research on financial accountability topics, as well as strategies for effective searching and retrieval of research sources, criteria for evaluating information sources, and tools the Libraries offer for effective management and citation of resources (e.g. RefWorks). 111
  32. 32. 112 1. Course Number and Title: FACC 6200 3.00 Advanced Theory for Financial Accountability 2. Effective Date and Term: 2009-10 3. Calendar Course Description and Learning Objectives This course provides the basis for theoretical analysis of many fundamental problems in the area of financial accountability. The readings and case assignments provide an appreciation for the development of theories in financial accountability and current financial reporting techniques. 4. Expanded Course Description This course provides students with an opportunity to clearly identify the elements of theory for financial accountability and to relate these elements to significant problem areas in the field. The course integrates the theoretical and conceptual aspects of financial accountability, exploring their relationship to the politics and economics of the standard-setting process. This course emphasizes the development of communication, critical thinking, team problem solving and other key skills which will equip students with the capacity to successfully navigate financial accountability in a globalized economy. Topics include: the development of theory related to financial accountability; the pursuit of the conceptual framework; international accounting; informativeness of accounting information; positive accounting theory; earnings management; and market efficiency. Learning Objectives Students are expected to: 1. Understand the current financial and reporting environment, focusing on the diverse interests of both internal and external information users; 2. Appreciate the broader perspective of recent research that incorporates balance sheet as well as earning variables; 3. Identify the components of theory and then relate these components to significant problem areas related to financial accountability; 4. Compare and contrast a measurement perspective with an informational perspective in financial reporting; 5. Analyze ethical conflict of interests between internal and external users; and 6. Investigate economic and political issues related to the standard setting process. 5. Faculty Resources Sung Kwon, Paul Wayne, Stella Peng 112
  33. 33. 113 Frequency: This course will be offered twice per year. 6. Evaluation Case Presentation 20% Case & Paper Analyses 20% (4 @ 5%) Midterm Exam 20% Final Exam 30% Class Participation & Attendance (10/12 are required) 10% 7. Bibliography Required texts and others: • William R. Scott, Financial Accounting Theory, 4th Edition • Beaver, W., Financial Reporting: An Accounting Revolution, 3rd Edition • Course kit that contains copies of additional readings o Healy, P. and K. Palepu. “The Effects of Firms’ Financial Disclosure Strategies on Stock Price.” Accounting Horizons (March 1993), 137-164. o Francis, J., D. Philbrick, and K. Schipper. “Shareholder Litigation and Corporate Disclosures.” Journal of Accounting Research (Autumn 1994), 137-164. o Sterling, Robert R. “Toward a Science of Accounting,” Financial Analysts Journal (September-October 1975), 28-36. o Ryan, S. “A Model of Accrual Measurement with Implications for the Evolution of the Book-to-Market Ratio. “ Journal of Accounting Research (Spring 1995), 95-112 o Givoly, Dan and C. Hayn. “The Changing Time-Series Properties of Earnings, Cash Flows and Accruals: Has Financial Reporting Become More Conservative?” The Journal of Accounting and Economics, (Vol. 29, No. 3), 287-320. o Kwon, Sung S. “Financial Analysts’ Forecast Accuracy and Dispersion: High-Tech versus Low-Tech Stocks.” Review of Quantitative Finance and Accounting, Vol. 19, No. 1(2002), pp. 65-91. o Kwon, Sung S., and John J. Wild. "Informativeness of Annual Reports for Firms in Financial Distress." Contemporary Accounting Research, Vol. 11, No.1-II (Fall 1994), pp. 331-351. o Ball, R., and P. Brown. “An Empirical Evaluation of Accounting Income Numbers.” Journal of Accounting Research (Autumn 1968), 159-178. o Hayn, C. “The Information Content of Losses.” Journal of Accounting and Economics (September 1995), 125-153. 113
  34. 34. 114 o Wyatt, Arthur R. “Efficient Market Theory: Its Impact on Accounting.” Journal of Accountancy (February 1983), 56-65. o Watts, Ross L., and Jerold L. Zimmerman. “Toward a Positive Theory of the Determination of Accounting Standards.” The Accounting Review (January 1978), 112-134. o Dye, Ronald A. “Mandatory Versus Voluntary Disclosures: The Cases of Financial and Real Externalities.” The Accounting Review (January 1990), 1-24. o Heflin, Frank L., Sung S. Kwon, and John J. Wild. "Accounting Choices: Variation in Managerial Opportunism." Journal of Business Finance and Accounting, Vol. 29(7) & (8), September/October 2002, pp. 1047-1078. o Kwon, Sung S., and Jennifer Yin. “Executive Compensation, Investment Opportunities and Earnings Management: High-Tech versus Low-Tech Firms.” Journal of Accounting, Auditing & Finance (Forthcoming 2005). o Kwon, Sung S., Jennifer Yin, and Jongsoo Han. “Predominance of Conservative Accounting over Aggressive Accounting for High-Tech Firms in comparison to Low-Tech Firms.” Working Paper, York University o Zambon, Stefano and L. Zan. “Accounting Relativism: The Unstable Relationship Between Income Measurement and Theories of the Firm.” Accounting, Organizations and Society (Vol. 25, No. 4), 799-822. Recommended References • CICA Handbook 8. Resources (library/physical/other) See attached library statement. 13. Integrated Courses N/A 10. Crosslisted Courses N/A 14. Rationale This course is necessary for the Masters of Financial Accountability program. This course focuses on theory in those areas directly relevant to financial accountability and explores how applying theories of financial accountability may help professionals effectively serve society. The course focuses on theories that are directly and indirectly related to managers’ financial accountability in financial reporting. The course also emphasizes the practical application of theories of 114
  35. 35. 115 financial accountability to managers’ disclosure of financial statement items including assets, liabilities, investments, pensions, leases, intangible assets, earnings per share, financial instruments, income taxes, derivative securities, and cash flows. The course will provide students with an opportunity to delve into recent research publications for more in-depth understanding of critical financial reporting issues. 115
  36. 36. 116 MEMORANDUM Peter F. Bronfman Business Library SUBJECT: Library Statement for FACC 6200 Advanced Theory for Financial Accountability FROM: Sophie Bury Business Librarian DATE: Aug. 11th 2008 FACC 6200: Advanced Theory for Financial Accountability York University Libraries offers a good collection of books, periodicals (both print and online), and databases in subject areas of relevance to FACC 6200 Advanced Theory for Financial Accountability. The Libraries are well placed to support this course which aims to provide a basis for the theoretical analysis of many fundamental problems in the area of financial accountability. The course proposal outlines two required texts, both of which are available at the Peter F. Bronfman Business Library. It is recommended that the course instructor consider placing required texts on reserve at the Business Library to accommodate easier and fairer access to high demand materials by the students. The CICA Handbook (online), which is recommended reading for this course is also available as an online database both on and off campus. It is also noted that international accounting forms a focus in this course. Recently the Libraries acquired the International Financial Reporting Standards (IFRS) online. They are searchable and browsable on and off campus for all registered York University faculty and students. The course proposal also contains a bibliography of recommended reading materials (primarily journal articles), which will be given to students in the form of a course kit. Searching of the Libraries’ collections reveals availability of all articles online from on and off-campus locations. The course instructor may also wish to consider placing these articles on e-reserve with the Libraries such that all articles are linked to the relevant course code/instructor name within the reserves component of the Libraries’ catalogue. Keyword searching of the YUL catalogue reveals additional circulating monographs of relevance, e.g., books which cover the topic of accounting theory in general as well as relevant specific sub- fields to be addressed including theories related to earnings management, international accounting etc. Emphasis will be placed on building the monograph collection further in support of this graduate level course. The book collection is supplemented by an expansive collection of accounting periodicals, many of which are available full-text online. Core titles with coverage of advanced theory for financial accountability topics include but are not limited too: Accounting, Auditing & Accountability Journal, Accounting, Organisations & Society, The Accounting Review, Contemporary Accounting Research, Journal of Accounting, Auditing & Finance, Journal of Accounting Research. Reference and full-text databases, which can be used to identify relevant journal articles through keyword searching are also available around the clock from off-campus locations. Key databases include ABI/INFORM Global, ABI/INFORM Trade & Industry, Business Source Premier, 116
  37. 37. 117 Canadian Business and Current Affairs (CBCA Complete, Factiva, Proquest Asian Business, Proquest European Business, Scholar’s Portal, and ISI’s Web of Science. The Libraries also offer a number of databases which provide access to company financials including financial statements, e.g., Financial Post Advisor and Mergent Online. 117
  38. 38. 118 1. Course Number and Title: FACC 6220 3.00 Corporate Governance and Financial Accountability 2. Effective Date and Term: 2009-10 3. Calendar Course Description Effective corporate governance is crucial to a successful and sustainable corporate enterprise. This course explores corporate governance in relation to financial accountability, including boards of directors; board structures, processes, legal and ethical environment; evaluation of board performance; financial reporting and internal control oversight; performance and compensation oversight; strategic planning and risk oversight; assessing individual director performance; and shareholder accountability. 4. Expanded Course Description Effective corporate governance is crucial to a successful and sustainable corporate enterprise. A corporation’s Board of Directors has both the legal duty and structural role of exercising this governance, but it is only recently that Canadian, American, British and other boards and regulatory authorities have begun to define this role explicitly. Why is corporate governance important? What is the quality and style of the relationship between a board of directors and management? What do boards of directors actually do? What should they do? How are a board’s and management’s accountabilities – financial, compensation, risk, strategic, non- financial and otherwise – manifested? This course is intended to shed light on these fundamental questions. In short, this course is about practical reality and the hard decisions facing today’s directors, officers, boards and professional advisors to boards. It is specifically designed to equip students with the tools and analytical frameworks needed to understand the roles, responsibilities and liabilities of boards of directors and directors individually. The focus of the course will be on the practice of corporate governance as well as its theory. It is expected that students will participate and add value to the class in order that cross-learning occurs. The course will draw on the text, course kit and readings, lectures and class discussions. Cutting-edge ideas and concepts in this field – many of which simply are not confined to any one particular text, article or speaker – will be introduced during the lectures. Lecture attendance is therefore essential, will be taken, and will form part of the participation grade for this course. The required text that will be used for this course is Leblanc and Gillies Inside the Boardroom: How Boards Really Work and the Coming Revolution in Corporate Governance (Toronto: Wiley, 2005). (Professor Leblanc’s royalties will be donated 118
  39. 39. 119 to an Atkinson scholarship fund.) Excerpts from other texts will be used as appropriate. There will also be a course package with readings and cases and you will receive handouts throughout the term from time to time. Learning Objectives There is growing opinion by practitioners and academic researchers that a relationship exists between board effectiveness and corporate financial performance. More precisely, it is now well understood that corporations depend upon the support of their primary stakeholders – customers, employees, suppliers and local communities, together with shareholders – to reach this optimal performance on a sustained basis. This stakeholder support in turn is based on the level of trust and ethical culture prevalent in an organization. Accordingly, the employment of ethical principles and stakeholder management models are essential to the development of improved governance models and practices. The learning objectives of this course are to provide students with an appreciation of improved governance models, standards and practices through an investigation of the literature, lectures, case discussion, and exposure to expert opinion. These governance standards and practices are within the following areas: • the legal and ethical environment of corporate governance; • audit committees, financial accountability and risk management oversight; • human resource, compensation oversight and accountability; • strategic planning accountability and contribution by the board of directors; and • assessment of the effectiveness of the board, committees and individual directors. 5. Faculty Resources Richard Leblanc, Nelson Waweru, Joanne Jones, Chris Robinson, Stella Peng Frequency: This course will be offered twice per year. 6. Evaluation Class Participation: 10% Mid-term: 25% Major Research Paper: 65% 7. Bibliography Anderson, B., and B. H. Kleiner. “How to Evaluate the Performance of Chief Executive Officers Effectively.” Management Research News 26:2-4 (2003): 3-11. Australian Stock Exchange Corporate Governance Council. Principles of Good Corporate Governance and Best Practice Recommendations. Sydney: March, 2003. 119
  40. 40. 120 Bakan, J. The Corporation: The Pathological Pursuit of Profit and Power. Toronto: Viking Canada, 2004. Bebchuk, L., and J. Fried. Pay Without Performance: The Unfulfilled Promise of Executive Compensation. Cambridge, MA: Harvard University Press, 2004. Bhagat, S., and B. Black. “The Non-Correlation Between Board Independence and Long-Term Firm Performance.” Journal of Corporation Law 27:2 (Winter 2002): 231-273. Brooks, L. J., Business & Professional Ethics For Directors, Executives & Accountants, 3e, Mason, OH: South-Western College Publishing Company, Division of Thomson Learning, 2004. Brountas, P. P. Boardroom Excellence: A Commonsense Perspective on Corporate Governance. San Francisco: Jossey-Bass, 2004. Cadbury, A. Corporate Governance and Chairmanship: A Personal View. Oxford: Oxford University Press, 2002. Carey, D. C., and D. Ogden. CEO Succession: A Window on How Boards Can Get It Right When Choosing a New Chief Executive. New York: Oxford University Press, 2000. Carter, C. B., and J. W. Lorsch. Back to the Drawing Board: Designing Corporate Boards for a Complex World. Boston: Harvard Business School Press, 2004. Carver, J. On Board Leadership. San Francisco: Jossey-Bass, 2002. ——. and C. Oliver. Corporate Boards That Create Value: Governing Company Performance from the Boardroom. San Francisco: Jossey-Bass, 2002. ——. and M. M. Carver. Reinventing Your Board: A Step-by-Step Guide to Implementing Policy Governance. San Francisco: Jossey-Bass, 1997. Chingos, P. T. Responsible Executive Compensation for a New Era of Accountability. Hoboken, NJ: Wiley, 2004. Clarke, T., ed. Theories of Corporate Governance: The Philosophical Foundation of Corporate Governance. London: Routledge, 2004. Colley, Jr., J. L., J. L. Doyle, G. W. Logan, and W. Stettinius. Corporate Governance. New York: McGraw-Hill, 2003. ——. What Is Corporate Governance? New York: McGraw-Hill, 2005. 120
  41. 41. 121 Committee on Corporate Laws, ABA Section of Business Law. “Corporate Director’s Guidebook, Fourth Edition.” The Business Lawyer 59:3 (May 2004): 1057-1120. Council on Corporate Disclosure and Governance. “Consultation Paper on Proposed Revisions to the Code of Corporate Governance.” Singapore: December, 2004. Dallas, G. S., ed. Governance and Risk: An Analytical Handbook for Investors, Managers, Directors & Stakeholders. New York: McGraw-Hill, 2004. Denis, D. K. “Twenty-Five Years of Corporate Governance Research… and Counting.” Review of Financial Economics 10 (2001): 191-212. Elson, C. M., and C. J. Gyves. “The Enron Failure and Corporate Governance Reform.” Wake Forest Law Review 38 (2003): 855-884. ——. “What’s Wrong with Executive Compensation?: A Roundtable Moderated by Charles Elson.” Harvard Business Review (January 2003): 68-77. Epstein, M. J., and M. J. Roy. “Improving the Performance of Corporate Boards: Identifying and Measuring the Key Drivers of Success.” Journal of General Management 29:3 (Spring 2004) 1-23. Ericson, R. N. Pay to Prosper: Using Value Rules to Reinvent Executive Incentives. Scottsdale, AZ: WorldatWork, 2004. Fay, C. H., M. A. Thompson, and D. Knight, eds. The Executive Handbook on Compensation: Linking Strategic Rewards to Business Performance. New York: The Free Press, 2001. Financial Reporting Council. The Combined Code on Corporate Governance. London: July, 2003. ——. Audit Committees Combined Code Guidance. A Report and Proposed Guidance by an FRC-Appointed Group, Chaired by Sir R. Smith. London: January, 2003. Finkelstein, Sydney and Mooney, Ann C., “Not the Usual Suspects: How to Use Board Process to Make Boards Better,” Academy of Management Executive, 17:2, 2003: 101. Gandossy, R., and J. A. Sonnenfeld, eds. Leadership and Governance from the Inside Out. Hoboken, NJ: Wiley, 2004. Hansell, Carol, What Directors Need to Know: Corporate Governance (Thomson- Carswell: Toronto, ON, 2003). 121
  42. 42. 122 Hazard, Jr., G. C., and E. B. Rock. “A New Player in the Boardroom: The Emergence of the Independent Directors’ Counsel.” The Business Lawyer 59:4 (August 2004): 1389-1412. Higgs, D. Review of the Role and Effectiveness of Non-Executive Directors. Department of Trade and Industry. London: January, 2003. Institute of Chartered Accountants in England & Wales, Internal Control Working Party, Chaired by Nigel Turnbull. Internal Control: Guidance for Directors on the Combined Code. London: September, 1999. Institute of Corporate Directors and the Toronto Stock Exchange, Report on Corporate Governance, 1999 “Five Years to the Dey,” Joint Committee on Corporate Governance. Report: Beyond Compliance: Building a Governance Structure. Toronto, 2001 (The Saucier Committee) Kiel, G. C., G. J. Nicholson and M. A. Barclay. Board, Director and CEO Evaluation. Sydney: McGraw-Hill, 2005. Kiel, G. C., and G. J. Nicholson. Boards That Work: A New Guide for Directors. Sydney: McGraw-Hill, 2003. Koehnen, M. Oppression and Related Remedies. Toronto: Carswell, 2004. Korac-Kakabadse, N., A. K. Kakabadse, and A. Kouzmin. “Board Governance and Company Performance: Any Correlations?” Corporate Governance 1:1 (2001): 24. Lawler, Edward E. III and. Finegold David L, “The Changing Face of Corporate Boards,” MIT Sloan Management Review, Winter 2005: 70. Leblanc, Richard, “Assessing Board Leadership,” Corporate Governance: An International Review, 13:5, 2005: 654-666. Leblanc, Richard, 20 Questions Directors Should Ask About Governance Assessments. Canadian Institute of Chartered Accountants. Toronto: 2005. Leblanc, Richard and Gillies, James, ——. Inside the Boardroom: How Boards Really Work and the Coming Revolution in Governance, John Wiley & Sons, 2005. ——. “The Coming Revolution in Corporate Governance,” Ivey Business Journal September/October 2003: 9. Lepsinger, Richard & Lucia, Anntoinette D., The Art and Science of 360° Feedback (Jossey-Bass/Pfeiffer: San Francisco, CA, 1997). 122
  43. 43. 123 Lechem, B. Chairman of the Board: A Practical Guide. Toronto: Wiley, 2002. Lorsch, J. W., A. S. Zelke, and K. Pick, “Unbalanced Boards.” Harvard Business Review (February, 2001). Madura, J. What Every Investor Needs to Know About Accounting Fraud. New York: McGraw-Hill, 2004. McCarthy, M. P., and T. P. Flynn. Risk: From the CEO and Board Perspective. New York: McGraw-Hill, 2004. McLean, B., and P. Elkind. The Smartest Guys in the Room: The Amazing Rise and Scandalous Fall of Enron. New York: Portfolio, 2004. Moeller, R. R. Sarbanes-Oxley and the New Internal Auditing Rules. Hoboken, NJ: Wiley, 2004. Monks, R. A. G., and N. Minow. Corporate Governance (3rd ed.). Malden, MA: Blackwell Publishing, 2004. Nadler, D. A. “What’s the Board’s Role in Strategy Development? ‘Engaging the Board in Corporate Strategy.’” Strategy and Leadership 32:5 (2004): 25-33. Nadler, D. A. “Building Better Boards.” Harvard Business Review 82:5 (2004): 102. National Association of Corporate Directors, ——. Audit Committees – A Practical Guide – 2004 Edition, Washington (2004). ——. Report of the NACD Blue Ribbon Commission on The Role of the Board in Corporate Strategy, Washington (2000). ——. Report of the NACD Blue Ribbon Commission on Board Evaluation: Improving Director Effectiveness, Washington (2001): 5. ——. Report of the NACD Blue Ribbon Commission on Executive Compensation and the Role of the Compensation Committee, Washington (2003). ——. Report of the NACD Blue Ribbon Commission on Board Leadership, Washington (2004): 5. ——. Report of the NACD Blue Ribbon Commission on Director Professionalism – 2005 Edition, Washington (2005): 18. New York Stock Exchange, Final NYSE Corporate Governance Rules, codified in Section 303A of the NYSE’s Listed Company Manual. New Zealand Securities Commission. Corporate Governance in New Zealand: Principles and Guidelines. Wellington: February 16, 2004. 123
  44. 44. 124 Newquist, S. C., with M. B. Russell. Putting Investors First: Real Solutions for Better Corporate Governance. Princeton, NJ: Bloomberg Press, 2003. Nofsinger, J., and K. Kim. Infectious Greed: Restoring Confidence in America’s Companies. Upper Saddle River, NJ: Financial Times Prentice Hall, 2003. Organisation for Economic Co-operation and Development, OECD Steering Group on Corporate Governance. OECD Principles of Corporate Governance. 2004. Ontario Securities Commission. Proposed National Policy 58-201 Corporate Governance Guidelines, and Proposed National Instrument 58-101 Disclosure of Corporate Governance Practices, Forms 58-101F1 and 58-101F2, Notice, Request for Comments. (2004) 27 OSCB 8825-8858. Patrick O’Callaghan & Associates, in partnership with Korn/Ferry International, Corporate Board Governance and Director Compensation in Canada, A Review of 2004 Vancouver: Patrick O’Callaghan & Associates, December 2004. Pierce, C., ed. The Effective Director: The Essential Guide to Director & Board Development. London: Kogan Page Limited, 2001. Plender, John, “Managing the Board, Part II: Evaluating Performance: How to Bring the Board to Book,” in The Financial Times, January 20, 2005: 8. Ramos, Michael J., The Sarbanes-Oxley Section 404 Implementation Toolkit: Practice Aids for Managers and Auditors (John Wiley & Sons, Inc.: Hoboken, NJ, 2005). Rhoades, D. L., P. L. Rechner, and C. Sundaramurthy. “Board Composition And Financial Performance: A Meta-Analysis Of The Influence Of Outside Directors.” Journal of Management Issues 12:1 (Spring 2000): 76-91. Robinson, M. K. Nonprofit Boards that Work: The End of One-Size-Fits-All Governance. New York: Wiley, 2001. Sabia, M. J., and J. L. Goodfellow. Integrity in the Spotlight: Opportunities for Audit Committees. Toronto: Deloitte & Touche, 2002. Saloman, W. J., J. W. Lorsch et al. Harvard Business Review on Corporate Governance. Boston, MA: Harvard Business School Press, 2000. Sarbanes-Oxley Act of 2002 (short title), H.R. 3763, One Hundred Seventh Congress of the United States of America, Second Session. Shaw, J. C. Corporate Governance & Risk: A Systems Approach. Hoboken, NJ: Wiley, 2003. 124

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