P1 exam tips – June 2013 (Bpp, Kaplan, LSBF, First Intution, Becker)

Exam tips are out! Enjoy but do not rely on them.

Kaplan

Here are some suggestions of key areas which may be tested in June 2013
• TARA
• teleological and deontological approaches to ethics
• Kohlberg’s moral development
• Gray, Owen and Adams
• contents of a corporate code of ethics
• insider trading
• audit committees
• internal control statements
• internal controls – systems
• separation of roles of Chairman and CEO
• ‘transparency’ in the context of corporate governance
• directors’ remuneration
• influence of and intervention by institutional investors
• normative and instrumental view of stakeholders
• direct and indirect environmental reporting

BPP

The P1 exam consists of one compulsory case study in section A for 50 marks. Within section B there is a choice of 2 from 3 questions (25 marks each)
The section A case study will test a wide range of topics with typically four or five requirements relating to the scenario information. This question will assess and link a range of subject areas across the syllabus.
It is vital that students read the case in detail, taking notes as appropriate and getting a feel for what the issues are. Professional marks are also awarded for presentation, logical flow of argument and quality of argument.
Scenarios may be drawn from any situation involving governance, internal controls, risk management, reporting. In addition students may be required to prepare a report applying Kohlberg’s theory, methods of ethical decision making using either the Tucker or AAA model or TARA or ALARP for risk management based questions.
Stakeholders in organisations and in decisions, Gray, Owen, Adams seven positions on corporate social responsibility, professional duties of accountants and appropriate safeguards are possible topics in both Section A and B.
The examiner has stressed the importance of reading technical articles. It is a pre-condition that all P1 students have read the examiner’s most recent article on Environmental accounting and reporting 2012.

Opentuition

Question 1

Dominant director who fails to comply with corporate governance ( in many ways ). Advise what changes are necessary to bring company into compliance. Role of an internal auditor and importance of internal controls. How may the appointment of non-executives help the company – what role could they play?

Question 2

Identification of business risks facing a company and how they could be managed

Question 3

Importance of “The management commentary” and what matters could be included. Construct an argument why such a commentary should be mandatory.

Question 4

Apply Kohlberg ( or Gray, Owen and Adams ) to a situation

Possible – the role of one of the board sub-committees – any one of remuneration, nomination, risk, audit or ethics

Be prepared to need to use a calculator in the exam.

First Intuition

* 50 mark scenario question, to include: TARA risk model, ethics, absolutist v relativism, chairman and CEO powers need to be separate, also corporate social responsibility, ISO 14001
* Optional questions to include: Importance of internal control, NEDs and remuneration committee, business risks, Gray Owens and Adams.
* Bribery Act.

Becker

• Corporate governance concepts, underlying fundamentals and arrangements.
• CG in organisations such as public services and NGOs.
• Types and forms of CG.
• Agency theory.
• Board structures.
• Internal control and business risk, Turnbull.
• Ethical theories and business codes – Koihlberg, Gray, Owen and Adams, Tucker, AAA.
• Public interest.
• Corporate social responsibility – corporate citizen, footprints.
• Environmental and social ausiting.

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Source: https://www.pqaccountant.com/
https://www.kaplan-exam-tips.com/acca/

Very best of luck with your exams!
ansi