"morality" exercise:Guidance for Standards I

来源: 正保会计网校编辑：小鞠橘桔 2020/12/16 10:28:24　字体：大小

学习是一个不断积累的过程，每天学习一点，每天进步一点！为了帮助大家更高效地备考2021年CFA考试，正保会计网校每日为大家上新CFA习题供大家练习。让网校与您一起高效备考2021年CFA考试，梦想成真！

Questions 1:

Oni Erobo, CFA, the General Partner in a real estate development project, is responsible for completing the project within an 18-month period and within budget. Erobo will receive an equity stake of 20% in the project if it comes within budget. Concerned that project costs could escalate, the Limited Partners require Erobo to cap expenses at 15% above budget. Costs were within expectation up until the last month of construction when imported lighting fixture costs (accounting for roughly 5% of total costs) escalated by more than 50%. As a result, the overall return declined below the partners expected 35% ROI. Erobo did not inform the Limited Partners about the increased costs. Did Erobo most likely violate the CFA Code of Ethics and Standards of Professional Conduct?

A 、No.

B 、Yes, because returns are lower than expected by the Partners.

C 、Yes, because he did not disclose the increased costs to his Partners.

Questions 2:

Danielle Deschutes, CFA, is a portfolio manager who is part of a 10-person team that manages equity portfolios for institutional clients. A competing firm, South West Managers, asks Deschutes to interview for a position within its firm and to bring her performance history to the interview. Deschutes receives written permission from her current employer to bring the performance history of the stock portfolio with her. At the interview, she discloses that the performance numbers represent the work of her team and describes the role of each member. To bolster her credibility, Deschutes also provides the names of institutional clients and related assets constituting the portfolio. During her interview Deschutes most likely violated the CFA Institute Standards of Professional Conduct with regards to:

A 、the stock portfolio’s performance history.

B、 her contribution to the portfolio’s returns.

C 、providing details of the institutional clients.

View answer resolution

【Answer to question 1】A

【analysis】

A is correct because no violation took place. Erobo was not required to inform the Limited Partners about the increase in lighting fixture cost as the increase would not cause the overall project cost to escalate higher than the 15% budget variance contingency agreed within the partnership.

B is incorrect because Erobo did not make any promises regarding the return of the project.

C is incorrect because Erobo was not required to inform the Limited Partners regarding the increase in lighting fixture cost since the increase would not cause the overall project cost to escalate higher than the 15% budget variance agreed within the partnership allowing Erobo a 20% equity stake.

【Answer to question 2】C

【analysis】

C is correct because Deschutes most likely violated Standard III(E)–Preservation of Confidentiality by failing to preserve the confidentiality of client records when she disclosed specific details about clients in the equity portfolio.

A is incorrect because Standard III(D)–Performance Presentation does not prohibit showing past performance of funds managed at a prior firm as part of a performance track record as long as showing that record is accompanied by appropriate disclosures about where the performance took place and the person’s specific role in achieving that performance, which has been done in this case.

B is incorrect because the specific role the portfolio manager played in achieving the performance and the portion of the return that she was directly responsible for should be disclosed as required by Standard III(D)–Performance Presentation. Deschutes explains that the performance was a team effort and there is no indication she tried to exaggerate her role in obtaining the performance nor did she specifically state a return she was directly responsible for which would be difficult to determine as a member of a team.

成功=时间+方法，自制力是这个等式的保障。世上无天才，高手都是来自刻苦的练习。而人们经常只看到“牛人”闪耀的成绩，其成绩背后无比寂寞的勤奋。小编相信，每天都在勤奋练习，即使是一点点的进步，大家一定可以成为人人称赞的“牛人”。

下一篇："morality" exercise:Standard IV(C)–Resp...