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ACCA APPROVED CONTENT PROVIDER ACCA Approved Practice & Revision Kit Free access to our Exam Paper P1 Success site Governance, Risk and Ethics Look inside Practice & Revision Kit for exams up to June 2015ThiNganHang.com ThiNganHang.com
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P R A C T I C PAPER P1 E GOVERNANCE, RISK AND ETHICS & R E V I BPP Learning Media is an ACCA Approved Learning Partner – content for the ACCA qualification. This means we work closely with ACCA to ensure our products fully S prepare you for your ACCA exams. In this Practice and Revision Kit, which has been reviewed by the ACCA examination I team, we: O Discuss the best strategies for revising and taking your ACCA exams Ensure you are well prepared for your exam N ThiNganHang.comProvide you with lots of great guidance on tackling questionsProvide you with three mock exams K Provide the ACCA exam answers as well as our own for selected questions Our Passcard and i-pass products also support this paper. I T FOR EXAMS UP TO JUNE 2015 ThiNganHang.com
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First edition 2007 Eighth edition June 2014 ISBN 9781 4727 1107 6 (previous ISBN 9781 4453 8000 1) e-ISBN 9781 4727 1171 7 British Library Cataloguing-in-Publication Data A catalogue record for this book All rights reserved. No part of this publication may be is available from the British Library reproduced, stored in a retrieval system or transmitted, in any form or by any means, electronic, mechanical, photocopying, recording or otherwise, without the prior Published by written permission of BPP Learning Media Ltd. BPP Learning Media Ltd BPP House, Aldine Place We are grateful to the Association of Chartered Certified London W12 8AA Accountants for permission to reproduce past examination questions. The suggested solutions in the www.bpp.com/learningmedia practice answer bank have been prepared by BPP Learning Media Ltd, except where otherwise stated. Printed in the United Kingdom by Ricoh UK Limited Unit 2ThiNganHang.com Wells Place Merstham RH1 3LG © BPP Learning Media Ltd 2014 Your learning materials, published by BPP Learning Media Ltd, are printed on paper obtained from traceable, sustainable sources. ii ThiNganHang.com
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Contents Page Finding questions Question index .................................................................................................................................................................. v Topic index ..................................................................................................................................................................... vii Helping you with your revision...................................................................................................................... x Revising P1 Topics to revise................................................................................................................................................................ xi Reading articles................................................................................................................................................................ xi Question practice ............................................................................................................................................................. xi Passing the P1 exam....................................................................................................................................................... xii Exam information ........................................................................................................................................................... xix Useful websites ..........................................................................................................................................................xxviii Questions and answers Questions..........................................................................................................................................................................3 Answers ..........................................................................................................................................................................71 Exam practice Mock exam 1 Questions ............................................................................................................................................................307 Plan of attack .......................................................................................................................................................313 Answers...............................................................................................................................................................315 Mock exam 2 Questions ............................................................................................................................................................333 Plan of attack .......................................................................................................................................................339 Answers...............................................................................................................................................................341 Mock exam 3 (December 2013) Questions ............................................................................................................................................................357 Plan of attack .......................................................................................................................................................365 Answers...............................................................................................................................................................367 ACCA's exam answers June 2013............................................................................................................................................................383 December 2013 ...................................................................................................................................................393 Review formThiNganHang.com iii ThiNganHang.com
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A note about copyright Dear Customer What does the little © mean and why does it matter? Your market-leading BPP books, course materials and e-learning materials do not write and update themselves. People write them: on their own behalf or as employees of an organisation that invests in this activity. Copyright law protects their livelihoods. It does so by creating rights over the use of the content. Breach of copyright is a form of theft – as well as being a criminal offence in some jurisdictions, it is potentially a serious breach of professional ethics. With current technology, things might seem a bit hazy but, basically, without the express permission of BPP Learning Media: Photocopying our materials is a breach of copyright Scanning, ripcasting or conversion of our digital materials into different file formats, uploading them to facebook or emailing them to your friends is a breach of copyright You can, of course, sell your books, in the form in which you have bought them – once you have finished with them. (Is this fair to your fellow students? We update for a reason.) Please note the e-products are sold on a single user licence basis: we do not supply 'unlock' codes to people who have bought them second-hand. And what about outside the UK? BPP Learning Media strives to make our materials available at prices students can afford by local printing arrangements, pricing policies and partnerships which are clearly listed on our website. A tiny minority ignore this and indulge in criminal activity by illegally photocopying our material or supporting organisations that do. If they act illegally and unethically in one area, can you really trust them? ThiNganHang.com iv ThiNganHang.com
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Question index The headings in this checklist/index indicate the main topics of questions, but questions are expected to cover several different topics. Ins Time Page number Marks allocation Question Answer Mins Part A: Governance and responsibility 1 Taraton Area Council 25 45 3 71 2 MegaMart 25 45 4 73 3 PKG High School 25 45 5 76 4 LL 25 45 6 79 5 Sentosa House (Examiner question) 25 45 6 81 6 Frank Finn (Pilot paper) 25 45 7 84 7 Seamus O'Brien (12/07) 25 45 7 87 8 West vs Leroi (6/08) 25 45 8 91 9 TQ (6/09) 25 45 9 93 10 Sam Mesentery (12/09) 25 45 9 97 11 Tomato Bank (6/10) 25 45 10 100 12 KK (12/10) 25 45 11 103 13 HHO (6/11) 25 45 12 106 14 Geeland (12/11) 25 45 13 109 15 Dale Gas (12/11) 25 45 13 112 16 Lum (6/12) 25 45 14 115 17 Oland (12/12) 25 45 15 118 18 Boom (6/13) 25 45 16 121 Part B: Internal control and risk 19 Gogone 25 45 17 124 20 Doctors' practice 25 45 17 126 21 Ceedee 25 45 18 129 22 Cerberus 25 45 19 131 23 B Bank 25 45 19 133 24 Southern Continents (12/07 amended) 25 45 20 136 25 H & Z (6/09) 25 45 21 139 26 YGT (6/11) 25 45 21 143 27 Zogs (6/12)28 Dubland (6/13)29 PNYThiNganHang.com252525 454545 222323 146149152 30 Franks & Fisher (Examiner question) 25 45 24 155 31 Gluck and Goodman (12/08) 25 45 25 158 32 Saltoc (12/09) 25 45 26 161 33 COSO (6/10) 25 45 26 164 34 Yaya (12/12) 25 45 27 166 35 Blup (6/13) 25 45 28 169 v ThiNganHang.com
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Ins Time Page number Marks allocation Question Answer Mins Part C: Professional values and ethics 36 Crawley Gossop 25 45 29 172 37 Environmental and social issues 25 45 29 174 38 Edted 25 45 30 177 39 CDC 25 45 30 179 40 Practice question: David Hunter 25 45 31 182 41 Penrice 25 45 32 184 42 JH Graphics (Examiner question) 25 45 32 186 43 Football club (12/07) 25 45 33 189 44 Anne Hayes (6/08) 25 45 34 192 45 Hogg Products (12/08) 25 45 35 195 46 Policy speech (6/09) 25 45 35 199 47 John Wang (12/09) 25 45 36 201 48 Happy and healthy (6/10) 25 45 37 204 49 JGP (12/10) 25 45 37 207 50 Ann Koo (6/11) 25 45 38 209 51 Biggo (12/11) 25 45 39 212 52 Jojo (6/12) 25 45 40 215 53 RDC (12/12) 25 45 40 218 Section A questions 54 Wilberforce Humphries 50 90 42 221 55 Integrated Broadcasting Organisation 50 90 44 225 56 Chemco (Pilot paper) 50 90 45 230 57 Worldwide Minerals (12/07) 50 90 46 236 58 Rowlands and Medeleev (6/08) 50 90 48 242 59 Swan Hill (12/08) 50 90 49 247 60 Global-bank (6/09) 50 90 50 253 61 Mary Jane (12/09) 50 90 52 258 62 Hesket Nuclear (6/10) 50 90 54 263 63 ZPT (12/10) 50 90 56 268 64 Bobo (6/11) 50 90 58 274 65 Coastal Oil (12/11) 50 90 60 279 66 Hayho (6/12)67 P & J (12/12)68 Hoppo (6/13)ThiNganHang.com505050 909090 626466 286291296 Mock exam 1 Mock exam 2 Mock exam 3 (December 2013) vi ThiNganHang.com
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Topic index Listed below are the key Paper P1 syllabus topics and the numbers of the questions in this Kit covering those topics. If you need to concentrate your practice and revision on certain topics or if you want to attempt all available questions that refer to a particular subject, you will find this index useful. Syllabus topic Question numbers Absolutist approach 44(c), 63(b) Accountability 1(c), 7(b), 17(c), 59(d), 66(d) Accountancy as a profession Mock 1 Q2(c) Agency 2, 3(d), 5(a), 60(c), 62(c), 66(d), Mock 2 Q2(a), Mock 3 Q2(b) ALARP 19(b), 21(b), 65(c) American Accounting Association model 40(a), 61(a), 66(b) Audit committee 1(a), 13(c), 31(c), 35(b), Mock 1 Q4(b) Board of directors 2, 3, 4(c), 7, 10(b), 16, 17(c), 22, 55(b), 56, 61, 67(d), Mock 1 Q4, Mock 3 Q4(b) Bribery and corruption 39 Chairman 7, 9, 10(c), 14(b) Charities 13 Chief executive 7, 9(a), 14(b), 15(a), 60(e), 64(d) Conflicts of interest 6, 12(a), 54(a) Confidentiality 58(d), 59, 61(a) Continuing professional development 16(b) Control environment Mock 2 Q1(a) Corporate citizen 38(a), 54(c) Corporate ethical codes 42, 45, 55(d), 65(a) Corporate governance 1-18, 22, 48(a), 55-57, 63, Mock 1 Q1, Mock 1 Q4, Mock 2 Q1, Mock 2 Q2 Corporate governance codes 5(d), 7(c), 18(a) Corporate governance concepts 17(c), 54(b) Deontological approach 45(c), 55(c), 68(d), Mock 2 Q3(c) Directors' remuneration 2, 6, 9(c), 11, 15(a), 18(b), 23(a), 24(c), Mock 1 ThiNganHang.comQ1(d), Mock 3 Q1(c) Directors' vacation of office 9(a), Mock 3 Q4(a) Diversity 54(e), Mock 3 Q3(b) Employee responsibilities 44, Mock 1 Q2(c) Entrepreneurial risk 25(c) Environmental auditing 41(b), 49(b) Environmental issues 36-39, 41, 49, 56(e), 58(d), 62(d), 65, Mock 1 Q1, Mock 3 Q1 Environmental management systems 36(a), 38(b) vii ThiNganHang.com
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Syllabus topic Question numbers Environmental reporting 36, 37, 39(c), 41(a), 56(e), 65(b), 68(b), Mock 1 Q1(c) Ethics 11(c), 36-53, 55-57, 59-61, 63-66, 68(d), Mock 1 Q1, Mock 1 Q2, Mock 2 Q1(d), Mock 2 Q3, Mock 3 Q4(c) Ethical theories 38, 42, 44(c), 45(c), 54(d), 55(c), Mock 2 Q3 External auditors 32(c), 41(b) Fiduciary duty 28(b), 43(c) Financial risks 23(b), 28(c), 63(c),Mock 2 Q4(a) Full cost accounting 41(a) General meetings 64(c) Gray, Owen, Adams approaches on social responsibility 43(b), 46(c), 51, 59(c), 64(d), Mock 1 Q1(b) Independence 27(a), 30, 44 Induction programme 10(a), 16(b) Information provision 3(b), 22(b), 34(c), 37(c), 61(d) Insider dealing 50(c) Insider-dominated businesses 48(a) Institutional investors 5(b), 63(a) Integrated reporting 36(c), 37(d) Integrity 47(a), 68(d), Mock 2 Q3(b) Internal audit 20(c), 29-31, 33(c), 35, 54(b), Mock 3 Q1(d) Internal control 3(c),8, 22, 29, 31, 33-35, 39(b), 57(d), 58(e), 60(b), 61, 63-68, Mock 1 Q2, Mock 1 Q4, Mock 3 Q1(d), Mock 3 Q2(b) Kohlberg's theories 42(b), 55(c), 57(b), 60(a), 64(b) Market risk 15(b), 31(c) Nomination committee Mock 2 Q2(b), Mock 3 Q3(a) Non-executive directors 2, 6, 12, 16(b), 18(c), 27(a), 56(d), 57(c), 61(c), Mock 1 Q3(c) Objectivity 30(d) Operational risks 49(c), 54(a), 59(b), 67(d), Mock 2 Q1(c) Principles-based approach 5(d), 8(a), 14, 17(b), 33(a), Mock 2 Q1(b), Mock 3 ThiNganHang.comQ2(a) Professional ethics codes Mock 2 Q3 Professional responsibilities 44, 47, 48, 50, 67(c), Mock 1 Q2(c) Proxy voting 15(c) Public interest 36(b), 46, 50(b), Mock 3 Q4(c) Public sector 1,3 Relativist approach 44(c), 63(b) Remuneration committee 6(a), 11(a) Reporting 4, 8, 12(c), 14(c), 36, 37, 39(c), 41(a), 59(d), 63(c), 65(b), Mock 1 Q4(c) viii ThiNganHang.com
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Syllabus topic Question numbers Reputation risk 19(a), Mock 1 Q2(b) Retirement by rotation Mock 2 Q2(c) Risk appetite 20(b), 23(c), 66(a) Risk assessment 19-28, 55, 56(b), 58, 62(d), 65(c), 67(d), Mock 1 Q2(b), Mock 1 Q3, Mock 3 Q1(b) Risk audit 32(c) Risk committee 5(c), 27, Mock 1 Q3 Risk correlation 26(c), 68(a) Risk culture 24(b), 26(d), 32, Mock 2 Q4 Risk management 15(b),19-29, 54(a), 65(c), 67(b), Mock 1 Q3, Mock 1 Q4, Mock 3 Q1(b) Risk manager 25(a) Risk monitoring Mock 1 Q4 Risk perception 21(c), 65(c) Rules-based approaches 8(a), 14(a), 17(b), 33(a), Mock 3 Q2 Sarbanes-Oxley 4(a), 8(a), Mock 3 Q2 Social issues 37, 62(d), 67(a) Social responsibility 37, 51, 54(c), 59(c), Mock 1 Q1, Mock 2 Q4(d), Mock 3 Q3(c) Stakeholders 1(a), 37(c), 42, 43, 53, 58-60, 62(a), 66(d), Mock 1 Q1(a) Strategic risks 49(c), 54(a), 55(a), 59(b), 67(d), Mock 2 Q1(c) Sustainability 49(a), 58(d), Mock 1 Q1(c), Mock 3 Q1(a) Technological risk Mock 3 Q4(b) Teleological approach 45(c), 68(d), Mock 2 Q3(c) Trade unions 62(b) Transaction cost theory 41(c) Transparency 13(b), 57(a), 59(c), 68(d) Tucker's 5 question model 40(b), 53(a), 59(a) Utilitarianism 54(d), 55(c) ThiNganHang.com ix ThiNganHang.com
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Helping you with your revision BPP Learning Media – Approved Learning Partner – content As ACCA's Approved Learning Partner – content, BPP Learning Media gives you the opportunity to use exam team reviewed revision materials. By incorporating the examination team's comments and suggestions regarding syllabus coverage, the BPP Learning Media Practice and Revision Kit provides excellent, ACCA-approved support for your revision. Tackling revision and the exam Using feedback obtained from the ACCA exam team review: We look at the dos and don'ts of revising for, and taking, ACCA exams We focus on Paper P1; we discuss revising the syllabus, what to do (and what not to do) in the exam, how to approach different types of question and ways of obtaining easy marks Selecting questions We provide signposts to help you plan your revision. A full question index A topic index listing all the questions that cover key topics, so that you can locate the questions that provide practice on these topics, and see the different ways in which they might be examined Making the most of question practice At BPP Learning Media we realise that you need more than just questions and model answers to get the most from your question practice. Our Top tips included for certain questions provide essential advice on tackling questions, presenting answers and the key points that answers need to include We show you how you can pick up Easy marks on some questions, as we know that picking up all readily available marks often can make the difference between passing and failing We include marking guides to show you what the examiner rewards We include comments from the examiners to show you where students struggled or performed well in the actual exam We refer to the 2014 BPP Study Text (for exams up to June 2015) for detailed coverage of the topics covered in questions ThiNganHang.compapers. Used in conjunction with our answers they provide an indication of all possible points that could bemade, issues that could be covered and approaches to adopt.In a bank at the end of this Kit we include the official ACCA answers to the June and December 2013 Attempting mock exams There are three mock exams that provide practice at coping with the pressures of the exam day. We strongly recommend that you attempt them under exam conditions. Mock exams 1 and 2 reflect the question styles and syllabus coverage of the exam; Mock exam 3 is the December 2013 paper. x Using your BPP Learning Media Practice and Revision Kit ThiNganHang.com
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Revising P1 Topics to revise Firstly we must emphasise that you will need a good knowledge of the whole syllabus. Any part of the syllabus could be tested within compulsory Question 1. Having to choose two out of three optional questions does not really represent much choice if there are areas of the syllabus you are keen to avoid. Although (like all syllabuses) this syllabus may have seemed a lot when you were studying, we actually believe that it is not as large as some of the syllabuses you have previously studied. That said, there are certain topics that are stressed in the syllabus and by the examiner, and therefore are core: Concepts underpinning corporate governance, in particular integrity, accountability and transparency Stakeholders in organisations and in decisions The agency problem Features of, and arguments for and against, principles vs rules based approaches Sarbanes-Oxley Corporate governance best practice in relation to the board, board committees, remuneration and reporting Elements of control environment The main control procedures Risk assessment framework The main strategies for dealing with risks The key ethical positions Kohlberg’s framework Methods of ethical decision-making Gray, Owen, Adams seven positions on corporate social responsibility Meaning of sustainability Your knowledge of other topic areas needs to demonstrate breadth. You need to have a good idea of: The different types of risks (not just financial) that it can face The elements of control and risk management systems The impact of culture The main elements of corporate and professional codes The main areas discussed in corporate social responsibility debates Reading articles The examiner has stressed the importance of reading the technical articles published in Student Accountant that relate to P1. Articles relating to P1 are available on ACCA's website. Some of the articles are written by the examiner and all are reviewed by him. It’s also useful to keep reading the business pages during your revision period and not just narrowly focus on the syllabus. Remember that the examiner has stressed that this paper is about how organisations respond to real-ThiNganHang.com world issues, so the more you read, the more practical examples you will have of how organisations have tackled real-life situations. Question practice You should use the Passcards and any brief notes you have to revise these topics, but you mustn't spend all your revision time passively reading. Question practice is vital; doing as many questions as you can in full will help develop your ability to analyse scenarios and produce relevant discussion and recommendations. Make sure you leave enough time in your revision schedule to practise the longer Section A questions, as such questions are compulsory in the exam. The scenarios and requirements of Section A questions are more complex and will integrate several parts of the syllabus, therefore practice is essential. Also ensure that you attempt all three mock exams under exam conditions. Revising P1 xi ThiNganHang.com
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Passing the P1 exam Displaying the right qualities The examiner will expect you to display the following qualities. Qualities required Fulfilling the higher level question This means that when you are asked to show higher level skills such as requirements assessment or evaluation, you will only score well if you demonstrate them. Merely describing something when you are asked to evaluate it will not earn you the marks you need. Identifying the most important You must use your technical knowledge and business awareness to features of the organisation and its identify the key features of the scenario. environment Sorting the information in the You will get a lot of information, particularly in the Section A scenario, scenario and will be expected to evaluate how useful it is and use it to support answers such as comparisons and discussions. Over 50% of marks in most questions are likely to be available for direct application of knowledge to the scenario. Selecting relevant real-life You may gain credit for using good examples, providing you use the examples examples to illustrate your understanding of the points in the scenario. Using the governance and ethical Remember that the examiner has emphasised the importance of frameworks accountants showing awareness of their responsibilities. You may be expected to apply the frameworks to determine what the problem is (for example which stakeholders should be considered) and to identify appropriate solutions. Criticising the approaches you use You may be expected not only to apply guidance such as corporate governance codes or principles-based ethical guidance, but also criticise the approaches you use. Arguing well You may be expected to discuss both sides of a case, or present an argument in favour or against something. You will gain marks for the quality and logical flow of your arguments. Making reasonable The measures you recommend must be appropriate for the organisation; recommendations you may need to discuss their strengths and weaknesses, as there may be costs of adopting them. The recommendations should clearly state what has to be done. Avoiding weaknessesOur experience of, and examiner feedback from, other higher level exams enables us to predict a number ofThiNganHang.com weaknesses that are likely to occur in many students' answers. You will enhance your chances significantly if you ensure you avoid these mistakes: Failing to provide what the question verbs require (discussion, evaluation, recommendation) or to write about the topics specified in the question requirements Repeating the same material in different parts of answers Stating theories and concepts rather than applying them Quoting chunks of detail from the question that don't add any value xii Revising P1 ThiNganHang.com
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Forcing irrelevancies into answers, for example irrelevant definitions or theories, or examples that don't relate to the scenario Giving long lists or writing down all that's known about a broad subject area, and not caring whether it's relevant or not Focusing too narrowly on one area – for example only covering financial risks when other risks are also important Letting your personal views prevent you from answering the question – the question may require you to construct an argument with which you personally don't agree Unrealistic or impractical recommendations Vague recommendations – instead of just saying improve risk management procedures, you should discuss precisely how you would improve them Failing to answer sufficient questions, or all parts of a question, because of poor time management Using the reading time We recommend that you spend the first part of the 15 minutes reading time choosing the Section B questions you will do, on the basis of your knowledge of the syllabus areas being tested and whether you can fulfil all the question requirements. Remember that Section B questions can cover different parts of the syllabus, and you should be happy with all the areas that the questions you choose cover. We suggest that you should note on the paper any ideas that come to you about these questions. However don't spend all the reading time going through and analysing the Section B question requirements in detail; leave that until the three hours' writing time. Instead you should be looking to spend as much of the reading time as possible looking at the Section A scenario, as this will be longer and more complex than the Section B scenarios and cover more of the syllabus. You should highlight and annotate the key points of the scenario on the question paper. Choosing which questions to answer first Spending most of your reading time on the compulsory Section A question will mean that you can get underway with planning and writing your answer to the Section A question as soon as the three hours start. It will give you more actual writing time during the one and a half hours you should allocate to it and it's writing time that you'll need. Comments from examiners of other syllabuses that have similar exam formats suggest that students appear less time-pressured if they do the big compulsory questions first. During the second half of the exam, you can put Section A aside and concentrate on the two Section B questions you’ve chosen. However our recommendations are not inflexible. If you really think the Section A question looks a lot harder than the Section B questions you’ve chosen, then do those first, butThiNganHang.comDON'T run over time on them. You must leave yourself at least one hour and 30 minutes to tackle the Section A question. When you come back to it, having had initial thoughts during the reading time, you should be able to generate more ideas and find the question is not as bad as it looks. Remember also that small overruns of time during the first half of the exam can add up to your being very short of time towards the end. Revising P1 xiii ThiNganHang.com
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Tackling questions Scenario questions You'll improve your chances by following a step-by-step approach to Section A scenarios along the following lines. Step 1 Read the background Usually the first couple of paragraphs will give some background on the company and what it is aiming to achieve. By reading this carefully you will be better equipped to relate your answers to the company as much as possible. Step 2 Read the requirements There is no point reading the detailed information in the question until you know what it is going to be used for. Don't panic if some of the requirements look challenging – identify the elements you are able to do and look for links between requirements, as well as possible indications of the syllabus areas the question is covering. Step 3 Identify the action verbs These convey the level of skill you need to exhibit and also the structure your answer should have. A lower level verb such as define will require a more descriptive answer; a higher level verb such as evaluate will require a more applied, critical answer. It should be stressed that higher level requirements and verbs are likely to be most significant in this paper. Action verbs that are likely to be frequently used in this exam are listed below, together with their intellectual levels and guidance on their meaning. Intellectual level 1 Define Give the meaning of 1 Explain Make clear 1 Identify Recognise or select 1 Describe Give the key features 2 Distinguish Define two different terms, viewpoints or concepts on the basis of the differences between them 2 Compare and Explain the similarities and differences between contrast two different terms, viewpoints or concepts 2 Contrast Explain the differences between two different terms, viewpoints or concepts ThiNganHang.com23 AssessAnalyse Give reasons for the current situation or what hashappenedDetermine the strengths/weaknesses/ importance/ significance/ability to contribute 3 Examine Critically review in detail 3 Discuss Examine by using arguments for and against 3 Explore Examine or discuss in a wide-ranging manner 3 Criticise Present the weaknesses of/problems with the actions taken or viewpoint expressed, supported by evidence xiv Revising P1 ThiNganHang.com
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Intellectual level 3 Evaluate/critically Determine the value of in the light of the evaluate arguments for and against (critically evaluate means weighting the answer towards criticisms/arguments against). 3 Construct the case Present the arguments in favour or against, supported by evidence 3 Recommend Advise the appropriate actions to pursue in terms the recipient will understand Also make sure you identify all the action verbs; some question parts may have more than one. Step 4 Identify what each part of the question requires Think about what frameworks or theories you could choose if the question doesn't specify which one to use. When planning, you will need to make sure that you aren't reproducing the same material in more than one part of the question. Also you're likely to come across part questions with two requirements that may be at different levels; a part question may for example ask you to explain X and discuss Y. You must ensure that you fulfill both requirements and that your discussion of Y shows greater depth than your explanation of X (for example by identifying problems with Y or putting the case for and against Y). Step 5 Check the mark allocation to each part This shows you the depth anticipated and helps allocate time. Step 6 Read the whole scenario through, highlighting key data Put points under headings related to requirements (eg by noting in the margin to what part of the question the scenario detail relates). Step 7 Consider the consequences of the points you’ve identified Remember that you will often have to provide recommendations based on the information you've been given. Consider that you may have to criticise the code, framework or model that you’ve been told to use. You may also have to bring in wider issues or viewpoints, for example the views of different stakeholders. Step 8 Write a brief plan You may be able to do this on the question paper as often there will be at least one blank page in the question booklet. However any plan you make should be reproduced in the answer booklet when ThiNganHang.comwriting time begins.Make sure you identify all the requirements of the question in your plan – each requirement may havesub-requirements that must also be addressed. If there are professional marks available, highlight in your plan where these may be gained (such as preparing a report). Revising P1 xv ThiNganHang.com
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Step 9 Write the answer Make every effort to present your answer clearly. The pilot paper and exam papers so far indicate that the examiner will be looking for you to make a number of clear points. The best way to demonstrate what you’re doing is to put points into separate paragraphs with clear headers. Discussion questions Remember that depth of discussion will be important. Discussions will often consist of paragraphs containing 2-3 sentences. Each paragraph should: Make a point Explain the point (you must demonstrate why the point is important) Illustrate the point (with material or analysis from the scenario, perhaps an example from real-life) In this exam a number of requirement verbs will expect you to express a viewpoint or opinion, for example construct an argument, criticise, evaluate. When expressing an opinion, you need to provide: What the question wants. For instance, if you are asked to criticise something, don't spend time discussing its advantages. In addition if a scenario provides a lot of information about a situation, and you are (say) asked to assess that situation in the light of good practice, your assessment is unlikely to be favourable. Evidence from theory or the scenario – again we stress that the majority of marks in most questions will be given for applying your knowledge to the scenario. Gaining the easy marks Knowledge of the core topics that we list under topics to revise should present you with some easy marks. The pilot paper suggests that there will be some marks available on certain part questions for definitions, explanations or descriptions that don’t have to be related to the scenario. However don’t assume that you can ignore all the scenarios and still pass! As P1 is a Professional level paper, 4 or 5 professional level marks will be awarded in the compulsory question. Some of these should be easy to obtain. The examiner has stated that some marks may be available for presenting your answer in the form of formal business letters, briefing notes, memos, presentations, press releases, narratives in an annual report and so on. You may also be able to obtain marks for the format, layout, logical flow and persuasiveness of your answer. What you write should always sound professional, and you will be awarded marks for good introductions and conclusions. You must use the format the question requires. You must also lay your answer out so that somebody could actually read it and use it. A good way to end all documents is to invite further communication. How you make the document persuasive will depend on who you are and who the recipients are. If you are writing to shareholders you should consider how much information you need to provide. If you are trying to convince theThiNganHang.com reader that a decision is right, you should focus on the benefits. If you are apologising for something that has gone wrong, you need to reassure the reader and ensure they are happy with the information you provide. Reports A report should have the following formal elements at the top: Title Report writer Report recipient Date xvi Revising P1 ThiNganHang.com
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It should include: An introduction summarising its scope, terms of reference and the information used Findings/points made, in sections with headings. The points should be specific and factual Recommendations/conclusions at the end It should be written in the first person. (I) Memorandum A memorandum should have the same formal elements at the top as a report. Its recipient should be referred to as you. A memo should finish with a conclusion or recommendation – you should not end it with yours faithfully. Letter A letter should include: The address of the sender The date it is written If to a single recipient, the recipient's name and address at the top. It should have: An introductory paragraph, setting out the reasons why the letter is written A clear and logical flow of content A personal element, using the first person (I, our company) and referring to the recipients and their interests A concluding paragraph, re-emphasising the purpose of the letter and, if appropriate, inviting further action by the recipient(s) (eg please get in touch if you would like further information) If it is a business letter, addressed formally (Dear Sir), it should be signed Yours faithfully. If the addressee is named, it should be signed Yours sincerely. Speech or statement at meeting A speech should: Be easy to read out. If you answer any questions requiring speeches during your revision you should read your answer to yourself to see whether you say it easily (Do NOT however, read your answer aloud in the actual exam!) Begin with a formal introduction, for example Welcome Ladies and Gentlemen Provide an overview of what will be covered Connect each section with narrative designed to make the speech sound convincing, logical and persuasive Not contain bullet points (how would you deliver them) End with an invitation to respond: ‘Thank you for listening. I now open the floor to questions’. Briefing notes These may be required for use at a board meeting or to inform external stakeholders such as institutionalshareholders. They should: ThiNganHang.comStart with the key points, with background information later on or in appendices Be written in the third person, referring to the directors or the company Press or website statement The statement should have: A first paragraph that emphasises the key points Background information later in the statement or in appendices A third person narrator Revising P1 xvii ThiNganHang.com
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Management narratives in annual report The narrative should have: A first paragraph that clearly introduces the purpose of the statement A narrative that clearly supports this purpose A clear structure, with separate points being distinguished A third person narrator Article in newspaper or magazine The article should be clearly focussed on the issues to be discussed and designed to attract the reader’s attention by the use of paragraph ‘headlines’. The article must be tailored to the readership of the publication, explaining (or maybe better not using) terms they are unlikely to know. Generally articles should have short sentences and avoid the use of the passive. The article may not necessarily be unbiased. The question requirements may ask you to use the article to promote an argument or viewpoint, and the article would then have to be slanted in that direction. ThiNganHang.com xviii Revising P1 ThiNganHang.com
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Exam information Format of the exam Number of marks Section A: 1 compulsory case study 50 Section B: Choice of 2 from 3 questions (25 marks each) 50 100 Time: 3 hours plus 15 minutes reading time Section A will be a compulsory case study question with typically four or five sub-requirements relating to the same scenario information. The question will usually assess and link a range of subject areas across the syllabus. It will require students to demonstrate high-level capabilities to understand the complexities of the case and evaluate, relate and apply the information in the case study to the requirements. The examiner has stressed the importance of reading the case in detail, taking notes as appropriate and getting a feel for what the issues are. Scenarios may be drawn from any situation involving aspects of governance; this is likely to be, but need not be, in an organisational setting. Professional marks will be available in Section A for presentation, logical flow of argument and quality of argument. Section B questions are more likely to assess a range of discrete subject areas from the main syllabus section headings; they may require evaluation and synthesis of information contained within short scenarios and application of this information to the question requirements. Although one subject area is likely to be emphasised in each Section B question, students should not assume that questions will be solely about content from that area. Each question will be based on a shorter case scenario to contextualise the question. The paper will have a global focus. Additional information The Study Guide provides more detailed guidance on the syllabus. December 2013 Section A 1 Sustainability; risk management; executive remuneration; internal controls and audit Section B 2 Rules and principles-based approaches; agency; small companies 34 Nomination committee; diversity; corporate social responsibilityDirector departure from board; technological risk; ethics and public interestThiNganHang.com The December 2013 exam is Mock exam 3 in this kit. Revising P1 xix ThiNganHang.com
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