Professional, Practical, Proven. Law & Ethics. Examiner: Sharon Sheehan

Transcription

1 Professional, Practical, Proven Law & Ethics Examiner: Sharon Sheehan Liaison i Day October 2012

2 (ROI) Statistics % Pass Rate May August Overall* % 55% 71% % 65% 76% % 51% 70% * Overall refers to the total percentage of students that passed the exam in the Academic Year (May and August combined) 2

3 Section 1: Ethics (20%) Section 2: Company Law (40%) Section 3: Introduction ti to Law (40%) 3

4 Exam: 1. Please note the manual represents the syllabus in its entirety t 2. All exam questions will use the syllabus as source material 3. Students will be absolutely prohibited from physically bringing i any extraneous material into the exam 4

5 Exam Format: Section 1: Ethics - One compulsory question (20 marks) Section 2: Company Law - Five questions complete any FOUR (all 10 marks) Section 3: Introduction to Law - Five questions complete any FOUR (all 10 marks) 5

6 Advice to Students when answering the paper: 1. Read the question carefully and only answer the question being asked no marks will be awarded for the discussioni of irrelevant issues. 2 Do only what you are asked list means only list and 2. Do only what you are asked list means only list and does not require any discussion, explain or discuss means that you must make some attempt to elaborate on the concept/rule.

7 3. Always define the legal concepts, and include explanatory case law, where appropriate. Even if the application is not correct students will still be awarded marks where they have explained the relevant concepts. Where they cannot remember the name of acase stateinapast case and explain the scenario. Where they cannot remember a case put in an example. 4. No marks will be awarded for citing legislation 4. No marks will be awarded for citing legislation verbatim where no attempt has been made to explain the application/contextual meaning of the provision.

8 Section 1: Ethics Obligations upon Directors Fraudulent Trading, Reckless Trading, Insider Trading Obligations upon Auditors Whistle blowing: CLEA 2001, Taxation etc Money Laundering elements of the offence, reporting obligations, penalties/sanctions

9 Section 1: Ethics Corporate Governance Sources of Corporate Governance Corporate Social Responsibility

10 Section 1: Ethics Accounting Technicians Ireland Code of Ethics Five fundamental principles Three stages of the disciplinary process Complaints Committee Composition, rights of a student/members, sanctions Disciplinary Committee Composition, rights of a student/members, sanctions Appeals Committee Composition, rights of a student/members, findings One exam question only/compulsory question

11 Section 1: Ethics Ehi All relevant material for Question 1 is contained in Chapters of the Manual Re exam questions: Still confusion between corporate offences Confused between the various disciplinary processes and sanctions of Accounting Technicians Ireland Combined Code on Corporate Governance was confused with either: (1) the Accounting Technicians Ireland Code of Ethics, or (2) the general rules on company law Discussion of imprisonment as a remedy???

12 Section 2: Company Law Types of business entities Partnerships Characteristics, ti Creation, Duties, Liability, Retirement, t Dissolution Limited companies Characteristics, distinction, formation procedure (content of constitutionaldocuments + alteration), certificate of incorporation One Exam Question only

13 Section 2: Company Law Company Formation Confusion in relation to the type of names refused registration A significant portion of students did not understand dthe meaning of a company limited i by guarantee

14 Section 2: Company Law Partnerships Inability to distinguish between partners statutory and fiduciary duties Lack of knowledge of the rules re retiring partners

15 Section 2: Company Law Company Finance Types of capital and classifications Types of shares Shares at a premium Shares at a discount Types of Debentures Fixed andfloating Charges Section 99 CA 63, as amended One Exam Question only

16 Section 2: Company Law Relatively well answered in both exam papers (Mayand and August) Some confusion regarding obligations to pay dividends d d in the context of preference shareholders

17 Section 2: Company Law Management of the Company Directors Types, appointment, t removal, qualifications/eligibility, ibilit duties fiduciary and statutory Auditors Appointment, removal, qualifications, rights and duties One/Two Exam Questions only

18 Section 2: Company Law Poor exam performance regarding directors duties with confusion between the fiduciary duties, statutory duties and thecommon law duty of care and skill Discussing partners not directors duties Still getting incorrect answers regarding ineligibility grounds and substantial property transactionsti

19 Section 2: Company Law Internal Management of the Company Accounts/Returns Content tof the Annual lrt Return, ARD Audit exemption Meetings Types, procedures When asked one exam question only

20 Section 2: Company Law Internal Management of the Company Lack of knowledge regarding the time periods for calling an AGM & the meaning of the ARD It was surprising that a large component of candidates could not list the accounting records that must be retained by a company

21 Section 2: Company Law Company Conclusion Receivership Qualifications, duties, effect of appointment t Liquidation Qualifications, duties of the liquidator, priority of payments, types of liquidation & procedures One Exam Question only

22 Section 2: Company Law Company Conclusion Still confusion regarding the role of Receivers, Examiners and Liquidators Confusion between compulsory and voluntary liquidationsid i Lack of knowledge regarding the grounds for an application for compulsory liquidation

23 Section 2: Company Law No massive disparity between the marks in Section 2 and 3 between the Summer and August exams Employment law and commercial law questions were generally better answered than other questions

24 Section 3: Introduction to Law Sources of Law Constitution Precedent Distinction between civil and criminal law Jurisdiction of the Courts Primary and Secondary Legislation Primary and secondary sources of EU law EU Institutions (ECJ) One exam question only

25 Section 3: Introduction to Law Sources of Law Unpopular question in both exam sessions Confusion between Regulations and Directives i Confusion between criminal and civil jurisdiction of the courts Lack of knowledge regarding gthe commercial court

26 Section 3: Introduction to Law Contract Law Formation offer, acceptance, consideration, intention & capacity Formalities i conditions, i warranties, innominate i terms, exclusion clauses Termination discharge (inc. frustration) and remedies One exam question only

27 Section 3: Introduction to Law Contract Law Weakest question on the Summer paper question referred to rules on contract formation yet students discussed frustration In August, confusion re methods of contractual discharge with methods of terminating an offer and in relation to the concept of foreseeable losses

28 Section 3: Introduction to Law Employment Law Contracts of service/for services Unfair dismissal Constructive dismissal Redundancy One exam question only

29 Section 3: Introduction to Law Employment Law Excellent answers in both papers Some confusion regarding misconduct outside the place of work

30 Section 3: Introduction ti to Law Tort Law/Negligence Duty of Care Standard of Care Causation Remoteness Damages Defences Professional lnegligence One exam question only

31 Section 3: Introduction to Law Tort Law/Negligence Abysmally answered in both the May and August exam sessions Confusion in relation to the meaning of an unqualified auditor s report Answers still being discussed from a common sense perspective without any legal theory

32 Section 3: Introduction to Law Consumer Law Agency Law Types/classifications, i creation, termination, i dut ies Consumer Law Sale of Goods Act, Consumer Protection Act the National Consumer Agency One exam question only

33 Section 3: Introduction to Law Consumer Law Well answered in both papers Some confusion between the Consumer Protection Act and the Sale of Goods Act Confusion between misleading, aggressive and prohibited practices Excellent answers regarding agency law