本文是会计专业的Essay范例，题目是“Chartered Financial Analyst Code of Ethics（特许金融分析师道德守则）”，作为一名特许金融分析师，Harry Markham的职业和指定要求他与他的雇主投资咨询协会(ICA)一起为国家养老金的受托人和管理者提供良好的投资咨询服务。Markham是CFA协会的成员之一，该协会衡量其成员的能力和诚信。为了在投资分析领域获得这一备受尊敬的称号。CFA考生必须通过3门考试，以确保他们具备所需的知识。这一考试难度很大，通过率为40-50%，需要300多个小时的学习，其中包括一个标准化的、行业范围内的框架和道德规范和标准。(CFA协会)。CFA的称号要求所有会员每年都遵守并遵守CFA严格的道德规范和标准。如果不遵守这些标准，会员可能会被吊销CFA执照和资格(Investopedia)。本案例将描述Harry Markham等金融专业人士在职业忠诚和道德责任不一致时所面临的挑战。
Abstract摘要
As a CFA, a Chartered Financial Analyst, Harry Markham’s profession and designation requires he provide sound investment consulting services to trustees and administrators of a state pension, in conjunction with his employer, Investment Consulting Associates (ICA). The CFA Institute which Harry Markham is a member of, measures the competence and integrity of its members. In order to attain this well-respected designation in the field of investment analysis. CFA candidates must pass 3 exams to ensure they have the knowledge required. This grueling exam has a 40-50% pass rate and requires more than 300 hours of study, which includes a standardized, industry-wide framework and code of ethics and standards . (CFA Institute). The CFA designation requires that all members follow and adhere annually that they are following the CFA’s strict code of ethics and standards. Failure to follow standards can cause a member to forfeit their CFA charter and designation (Investopedia). This case will describe the challenges faced by financial professionals such as Harry Markham when professional loyalties and ethical responsiblities disagree.
Problem Statement问题陈述
The problem and concern of this case study, as stated by Minahan and Reavis (2012), is the valuation of the fund’s liabilities reported directly by the fund’s actuaries. Harry Markham’s firm was very clear when discussing the sensitive nature of the client’s investments. They advised Markham that they did not want the board of the state pension funds, or their valuations questioned (Minahan, & Reavis, 2012). The firm’s only concern was to keep the funds in their portfolio and trustees’ content and oblivious of issues. Markham’s dilemma was an ethical one as he knew based on his educational background and pledge to his CFA designation that he had an ethical responsibility to the pensioners as well, who were depending on his expert knowledge and experience to provide the pension administrators with the most sound, ethical and profitable advice possible. This creates a dilemma for Markham between his professional, and ethical responsibility to adhere to the guidelines and standards of the CFA designation, and to that of his company ICA and their desire to keep their client’s business by not questioning the valuation methods of the funds and raising red flags of concern as to the liability valuation issue.
正如Minahan和Reavis(2012)所述，本案例研究的问题和关注是基金精算师直接报告的基金负债的估值。哈里·马卡姆的律所在讨论客户投资的敏感性时态度非常明确。他们告诉Markham，他们不希望国家养老基金董事会或他们的估值受到质疑(Minahan， & Reavis, 2012)。该公司唯一关心的是保持基金在他们的投资组合和受托人的内容，而忽略问题。马卡姆的困境是一个道德他知道基于他的教育背景,并承诺他的成绩单,他退休人员的道德责任,他是根据专家知识和经验为养老金管理员提供最健全,道德和盈利的建议。这使得马卡姆在他的专业和道德责任之间进退两难，他必须遵守CFA认证的指导方针和标准，以及他的公司ICA，他们希望通过不质疑基金的估值方法，并在负债估值问题上发出警告，来保持客户的业务。
As the messenger with an ethical responsibility and designation of CFA , Harry Markham must advise the board of the fundamental differences between public and government valuations. He must ensure that they are aware of the varying valuation methods and how they are based on the different standards according to the environment or situation of the entity.
作为一名有道德责任并被指定为CFA的信使，哈里•马卡姆必须就公共估值和政府估值之间的根本区别向董事会提出建议。他必须确保他们了解各种不同的估价方法，以及这些方法是如何根据实体的环境或情况而根据不同的标准制定的。
This case study will further discuss the ethical guidelines that Harry Markham should follow to establish how he can proceed in a manner that follows morale compass as well as meets the requirements of his CFA designation and also, allows his employer and clients the knowledge and comfort of knowing he is looking out for their best interest.
Statement of Cause声明的原因
“The prevalence of public services and goods in government, combined with viewing the benefits and costs of those services and goods from a societal perspective, results in a somewhat different approach to measurement in governmental financial reports”. (GASB, 2017, p.18).
“政府中普遍存在公共服务和商品，再加上从社会角度看待这些服务和商品的利益和成本，导致在政府财务报告中采用一种略有不同的衡量方法”。(2017年GASB p.18)。
As discussed by Minahan & Reavis (2012), The Government Accounting Standards Board (GASB), discounting liabilities was reasonable for pension funds due to the long-term investments. The battle between the economist, analysts and the pension plan and GASB, was that the discount percentage being used to discount the liabilities was not in line with earning potential of the assets in a reasonably safe investing environment. The GASB (2017), states that due to the fact that the primary goal of government is not financial return, other measures are used. Therefore, it is with this premise that the GASB has a long-term view and emphasize allocation of resources and future trends and not short-term fluctuations (GASB, 2017).
正如Minahan & Reavis(2012)，政府会计准则委员会(GASB)所讨论的，由于长期投资，对养老基金来说，债务贴现是合理的。这位经济学家、分析师与养老金计划和GASB之间的争论在于，用于对债务进行贴现的贴现率，与资产在一个合理安全的投资环境下的盈利潜力不相符。GASB(2017)指出，由于政府的主要目标不是财政回报，因此使用了其他措施。因此，在这个前提下，GASB要着眼长远，强调资源配置和未来趋势，而不是短期波动(GASB, 2017)。
The discount rate being used that is the point of contention and debate for Markham has been discussed in length by GASB and so have the differences between the Financial Accounting Standard Board (FASB), which most importantly involves a measurement or valuation for the pension plans that in contrast to those in the public sector. Although, risk, contributions and projected returns should be similar, these investments are projected and valued according to the plan’s resources, postemployment government obligations and overall government liabilties. It is the responsibility of the Markham to provide sound and accurate investment advice, including the risks associated with certain funds, including valuations.
所使用的折现率,是点的争论和辩论马卡姆一直在讨论GASB和长度之间的差异也有财务会计标准委员会(FASB),最重要的是涉及到测量或评估的养老金计划,与那些在公共部门。尽管风险、贡献和预期回报应该相似，但这些投资是根据计划的资源、离职后的政府义务和总体政府债务进行预测和估值的。马卡姆的责任是提供健全和准确的投资建议，包括与特定基金相关的风险，包括估值。
Conflicts of Interest. There are various opinions and solutions proposed to address the issue of conflicts of interest in various industries, including the financial and accounting industry. As discussed in Disclosing Conflicts of Interest by Cain and Moore, the study and experiment methods with regard to disclosures show that the impact that disclosures which negatively affect the personal gains of the advisor. If the disclosure benefited the advisor financially or was in their best interest, it was disclosed, otherwise it was not. The results showed that disclosures in financial advisory industry created less compensation for the advisors and therefore, this creates the ultimate conflict of interest (2005).
的利益冲突。对于包括财务会计行业在内的各个行业的利益冲突问题，人们提出了各种各样的意见和解决方案。正如Cain和Moore在《披露利益冲突》中所讨论的，关于披露的研究和实验方法表明，披露会对顾问的个人收益产生负面影响。如果披露在财务上对顾问有利或符合他们的最佳利益，则予以披露，否则不予披露。结果表明，财务咨询行业的披露为顾问创造了较少的薪酬，因此，这产生了最终的利益冲突(2005)。
As the messenger with an ethical responsibility and designation of CFA , Harry Markham must advise the board of the fundamental differences between public and government valuations. He must ensure that they are aware of the varying valuation methods and how they are based on the different standards according to the environment or situation of the entity. This case study will further discuss the ethical guidelines that Harry Markham should follow to establish how he can proceed in a manner that follows morale compass as well as meets the requirements of his CFA designation and also, allows his employer and clients the knowledge and comfort of knowing he is looking out for their best interest.
作为一名有道德责任并被指定为CFA的信使，哈里•马卡姆必须就公共估值和政府估值之间的根本区别向董事会提出建议。他必须确保他们了解各种不同的估价方法，以及这些方法是如何根据实体的环境或情况而根据不同的标准制定的。这个案例研究将进一步讨论哈利马卡姆应该遵循的道德准则建立他可以如何进行的方式遵循士气指南针以及满足他的需求CFA指定,允许他的雇主和客户知道他的知识和安慰是寻找他们的最佳利益。
Code of Ethics. As discussed in GASB (2017), The American Accounting 22 Association’s (AAA) Committee on Concepts of Accounting Applicable to the Public Sector divided what entities are accountable for into four parts:
a. Financial resources.
b. Faithful compliance or adherence to legal requirements and administrative policies.
c. Efficiency and economy in operations.
d. The results of government programs and activities, as reflected in accomplishments, benefits, and effectiveness. (GASB, 2017, p.21)
In addition to the differences and ethical dilemma in presenting the true value of the liabilities of these funds and the differences between the public and government accounting methods, is also the accumulated and future pension obligations for the general tax payer.
The effect of government accounting valuation methods for government pensions and possible losses are also a detriment to the tax payer for accumulated pension obligations, new funds that become underfunded or lose value. The harm to the general tax payer is the government’s pension debt that in 2008 was valued at $3.23 trillion in pension underfunding, according to the Journal of Economic Perspectives (Novy-Marx & Rauh, J. (2009).
政府会计评估方法对政府养老金的影响和可能的损失也对纳税人累积的养老金义务、资金不足或失去价值的新基金造成损害。根据《经济展望杂志》(Novy-Marx & Rauh, J.(2009))，政府的养老金债务在2008年因养老金资金不足而价值3.23万亿美元。
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