*** P1 June 2012 Exam was … Comments and Instant Poll ***

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    admin
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    Post your comments about June 2012 P1 exam.

    ?How did you do? What came up? How did this paper compare to previous exams?

    Vote in our Instant Poll


    Profile photo of ddnguyen
    ddnguyen
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    What a nightmare, i attempt only Q1, this is fourth time, …………………..


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    bhowmikacca
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    you need to wait for another 2 hour


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    at3li3r
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    Q1: Rist Appetite, AAA model, Independence, Accountability, Mendelow and
    Q2: Independence, risk committee and (forget)
    Q3: Ethics
    Q4: insider(family) and outsider(listed), Induction programme and unitary v two-tier


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    faizan
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    It wasnt that bad I just gotta say Kaplan exam tips rock. They were very accurate. anyways Q2 was independence of NED, risk committee and risk mitigation difference for large and small companies.

    I have a question in Q1 part C where they asked to asses internal controls you had to mention COSO framework right? and would i not get marks in Q4 part a as i didn’t mention insider and outsider but explained corporate governance pretty well.


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    jaysuey51
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    It was okay, It was my least prepared for exam so I wasn’t planning on a pass but you never know so fingers crossed.


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    mayubx
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    good paper but facing time management problem little bit


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    glebks
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    exam was OK. I don’t know how reach prof marks in “breafing notes”.. but just 4 marks… Maybe It could be necessary for my 46 ))

    So, the end of summer exam session! Happy summer days! :)


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    rhymenoceros
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    @faizan said:
    It wasnt that bad I just gotta say Kaplan exam tips rock. They were very accurate. anyways Q2 was independence of NED, risk committee and risk mitigation difference for large and small companies.

    I have a question in Q1 part C where they asked to asses internal controls you had to mention COSO framework right? and would i not get marks in Q4 part a as i didn’t mention insider and outsider but explained corporate governance pretty well.

    Not sure if Q1 C was COSO or not. I cant remember the phrasing of the question but I described the objectives of an internal control system and then pointed out with examples for the study the risks that these objectives were under threat…underskilled staff etc…could very easily be wrong though


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    faizan
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    @rhymenoceros said:
    Not sure if Q1 C was COSO or not. I cant remember the phrasing of the question but I described the objectives of an internal control system and then pointed out with examples for the study the risks that these objectives were under threat…underskilled staff etc…could very easily be wrong though

    I am confused about it too but before going to exam i was reading the revision kit in it the tutorial note said whenever you read a question which has “assess” or “review” internal control.. use the COSO framework to answer.


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    ahoatran
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    It was a good paper. Requirements were clear, scenarios were easy to follow and understand. I wished the P5 paper was written this well.


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    mizsj
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    Revision lectures + Revised for two days before the exam, and it went well.. Just wait till exam results. Didn’t attempt AAA model completely forgot but answered all the questions. Q1 Q2 and Q4 :)

    Hope we all pass!


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    rhymenoceros
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    @faizan said:
    I am confused about it too but before going to exam i was reading the revision kit in it the tutorial note said whenever you read a question which has “assess” or “review” internal control.. use the COSO framework to answer.

    Good point but I think that’s moreso if they have an internal control system in place already and you have to assess it and see if it’s good. In this one I think you had to point out reasons why establishing internal controls would be difficult..which meant you needed the objectives of an internal control system and then to point out the reason from the narrative why this couldnt be met..ie assess the risks.


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    glebks
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    @ahoatran said:
    It was a good paper. Requirements were clear, scenarios were easy to follow and understand. I wished the P5 paper was written this well.

    also taken P1 and P5 like heaven and hell )


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    faizan
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    @rhymenoceros said:
    Good point but I think that’s moreso if they have an internal control system in place already and you have to assess it and see if it’s good. In this one I think you had to point out reasons why establishing internal controls would be difficult..which meant you needed the objectives of an internal control system and then to point out the reason from the narrative why this couldnt be met..ie assess the risks.

    Hmm you could be right because i’m 50/50 on this as they did mention stuff related to control environment, risk assessment, control activities, information system and monitoring in the case study but you could be right.. thinkin about it. the note did say if the system is working well not about why its difficult to have internal controls. Maybe i’ll lose marks in this :(

    Did anyone write like this in Q1 part C about internal controls? COSO or what rhymenoceros used?


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    05008967
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    Wow, that was the easiest exam I have ever sat!

    The SA article on internal controls & turnbull was really useful.

    Hoping for really high marks on this one. Going to have a great summer now.


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    shellrfc
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    This was my first ACCA exam as I did a degree and got the exemptions. Not sure how I did, think I might be a marginal fail. The time restraints on the exams are really difficult. I answered everything but not to the depth I know I needed to due to time.

    Hope COSO was not the system I should have used on Q1 or I will have lost that whole section of marks in C. A lot of the stuff I knew like the back of my hand didn’t come up so I was a bit gutted but it could have gone worse. I think I did ok, but now reading all the comments getting a bit worried. Not much I can do now though but it’s hard not to think about it.


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    05008967
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    I spoke about coso in question 2 during the role of the risk committee and its promotion of enterprise management risk


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    glebks
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    Q1. what about pressure group in Mendelow matrix? it’s “keep satisfied” or “key player”?

    high level of interest, but how fairly evaluate influence? I wrote that it’s “keep satisfied” that can accumulate power and transfer to “key player”


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    rbwn
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    RE COSO I think it depoends what people consider COSO to be.

    The question asked about the purpose of internal controls I took this to mean
    – Safeguard shareholders investments
    – Ensure compliance with laws and regs
    – Ensure efficiency and effectiveness of operations
    – Ensure reliable internal and external reporting
    – Manage risk not eliminate it
    – Form basis of risk management framework.

    I think the other COSO framework is the COSO cube which is a framework for risk management and only part of internal control.

    Does anyone agree/disagree?

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