Nature of the ACCA P1 paper
ACCA P1 Paper – Governance, Risk and Ethics – aims to develop a student’s knowledge and the skills to be able to exercise professional judgement and ethics in practical situations which they will inevitably face as qualified accountants.
Add in the elements of a thorough knowledge and appreciation of internal controls, corporate responsibility and the management of risk and there you have a summary of the nature of the (relatively new, 2007) paper P1.
Structure of the ACCA P1 paper
Question 1 is a compulsory 50 mark question – between 500 and 700 words of information! It has always been the case that question 1 is sub-divided into multiple parts ( typically 5 or 6 ) and always includes an element of ethics
The remaining 50 marks is allocated to a choice of 2 from 3 questions worth 25 marks each.
Emphasis of the ACCA P1 exam
A clue about the emphasis of the exam is in the title! The emphasis in the exam is on corporate governance, the recognition and management of risk, and the application of ethical mores in the process of decision making.
How to pass ACCA P1 exam
Use the OpenTuition ACCA P1 lectures together with the P1 course notes. Try to read a study text, at least once, but don’t try to continue in any one session once your mind has started wandering. Do something else!
Practice as many past exam questions as you can.
The P1 examiner has, last year, suggested that he could well ask a question which involves simple arithmetic calculations so don’t forget to take your calculator into the exam room.
See also:
P1 Governance, Risk & Ethics Forums post your questions to get help from other students
Is Non executive director allowed to shares and received fees ?
@simonadejo, Yes, strangely a ned is allowed to have shares and options. The justification is that it gives them an incentive to ensure the long term viability / success of the company and that in itself is in everyone’s interests
Receiving fees? Why would they wish to give up their time for no compensation? These people are, almost by definition, successful business people and they almost certainly did not achieve that success by freely giving their skills away.
They’re not like the tutors at OT who DO give their skills away!
OT team are not just successful but they are legends, innovators, trendsetters and business guru.