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q1 was government sector stakeholders, the Co was half government owned, place to the Mendelow matrix (the Co, the library users of the new facility built, the community), write a statement on the website on transparency and …
q4was on risk: related risks and correlated risks negat and posit. the Co in Asia was called Sunshine Coop consisted of small farmer growers who depended heavily on the harvest. if the weather was good in Asia supply increased and the price dropped. If the weather was good in South America (competitor), the price dropped again. it asked to describe negative correlation of liquidity and environmental risk. ALAP. How to reduce the risks in the sector.
Q2 was on professional ethics of an experienced (15 y) and self motivated accountant, who has sent to the seminar, but signed the attendance docket and left to go to the library to prepare for the new assignment he had at work. he believed that the seminar did not provide new knowledge to him. Q asked which principles he breached and why. How the CPD seminar would have benefited him. What makes CPD seminars effective.
it was ok, but I badly planned my time for answering and hadn’t enough time to complete exam.
it wasn’t complicated, but in my opinion the volume was too much.
Didn’t have time to complete everything.
I got Q 2 and Q 3.The CDP was a pain in the a**, as haven’t much focused on that during the study.
Hopefully 50 marks…
Will see..Sit for the 7th 🙂 The last paper before qualifying. But this time, I feel better. Hope end !!!
Exam was quite a lot volume wise. Only just managed to finish the paper. Also found it strange how we hardly had to use any models. The 3Es confused me at first but worked out it was economy, efficiency and effectiveness. Went for question 3 and 4 also. Didn’t study CPD much so question 2 wasn’t much use.
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CPD was a bit hard for me as well as practically ignored when revising however still have chosen q2 as q4 looked harder to me, not in terms of knowledge but application. Finished the whole paper with 5 minutes to spare. Hopefully passed…
this is my first time doing a p paper.
my p3 tutor told me that i should write a page for each 10 marks.
in p1 exam i wrote 6 pages in total.
is that too little for 100 marks ?AAA, ”Gray, Owen and adams”, Tucker, CSR, ICS, Integrated Report, Sustainability, Environmental Footprint, corporate code of ethics, Absolutism, Relativism, TARA framework, and most of CG’s topics was not there!!!!!!!!!!
I think the exam was lack of most of the key areas in the syllabus. I was so ready for most of the above topics. I am not saying I did bad in exam I think i did just fine but not like what I was expecting. 🙂
I did Q2 and 4. and I managed to cover all the 3 questions.@mohabdelaal said:
AAA, ”Gray, Owen and adams”, Tucker, CSR, ICS, Integrated Report, Sustainability, Environmental Footprint, corporate code of ethics, Absolutism, Relativism, TARA framework, and most of CG’s topics was not there!!!!!!!!!!
I think the exam was lack of most of the key areas in the syllabus. I was so ready for most of the above topics. I am not saying I did bad in exam I think i did just fine but not like what I was expecting. 🙂
I did Q2 and 3. and I managed to cover all the 3 questions.Agreed. I was starting to doubt myself when I never used any models, ethical theories. Very strange exam indeed.
@abdurahman said:
this is my first time doing a p paper.
my p3 tutor told me that i should write a page for each 10 marks.
in p1 exam i wrote 6 pages in total.
is that too little for 100 marks ?I guess it depends on the quality of your answers. I like to add various subheadings and leave a space between points so use more pages. I wrote around 18 or 19 pages in total.
Compared to all the past exam papers I tried during my revision I found this one soo blahh and uninspiring…
In addition, this time, as this was my first p paper, I thought I should pay attention to proper time and marks allocation.
In all my previous exams I never cared about planning my answer based on the requirement verbs or the marks allocated to it.
Almost always I ended up with having to skip one question because of poor time management. Nonetheless, I passed all of them first attempt with marks ranging from 80 to 57.
This time I answered all the questions and all requirements and still have a feeling I messed it up and performed poorly in all the questions… Disappoining.Just to add to this Q3 looked at independence and threats to independence for internal auditor in the scenario. Usual issues came up such as working for company for 10 years before joining IA (familiarity), was well like so may be scared to upset and had a close friend who was under scrutiny for theft. All of these affected his objectivity and may be complacent in his job. Also gave other side of argument where he will have good knowledge of company processes etc.
Second part was looking at his role as a NED and effectiveness.
Lastly we had to describe the roles of audit committee and the relationship with internal audit. First part was usual financial audit, internal control review, reviewing external audit independence, fees paid and provision of non audit services etc. Relationship with internal audit was that they monitor the effectiveness of their work. Mentioned scope of work etc.
Hoping I was on the right lines for this one.
P1 was not so hard.. but the application was very difficult as if when answering there was a lack of arguments depending on the scenario itself. What say?
The paper questions were fairly ok but weight/requirement of the question is very high….i couldn’t be able to manage time……ACCA should consider this time related issues
@abdurahman said:
this is my first time doing a p paper.
my p3 tutor told me that i should write a page for each 10 marks.
in p1 exam i wrote 6 pages in total.
is that too little for 100 marks ?Probably not enough for 100 marks maybe enough for 50 though if you write well 🙂
I’d say 10-12 pages is around the sweet spot. Any more you are just waffling and will infuriate the examiner. Depends on writing size though.
I found I had a lot to write on Q1 and ended up overrunning for 15 minutes or so. I think I did a lot better on this Q then my other ones though
Q3 was ok I struggled with the last part with criticizing the head of audit committees role as a NED and role as head of audit committee separately.
Q4 seemed ok for the first two parts. The final part about embedding risk awareness thoughout the organisation though… How to you teach uneducated coffee farmers about liquidity risk and cash flow hedges…? I wrote two sentences for this part as I ran out of time.
@chris165 said:
I found I had a lot to write on Q1 and ended up overrunning for 15 minutes or so. I think I did a lot better on this Q then my other ones thoughQ3 was ok I struggled with the last part with criticizing the head of audit committees role as a NED and role as head of audit committee separately.
Q4 seemed ok for the first two parts. The final part about embedding risk awareness thoughout the organisation though… How to you teach uneducated coffee farmers about liquidity risk and cash flow hedges…? I wrote two sentences for this part as I ran out of time.
With you on the NED and head of audit committee part. Was quite difficult to think of points.
With regards to embedding risk management into culture/system I discussed a few things.
– Specific training
– Posters around work space to educate, email possible if access to computers also
– Tone from the top important – Sets group culture
– Financial incentives for spotting risks
– Sign risk management code to stress culture of risk and encourage people to participate
– Create various procedures to deal with risks so people know what to do when they ariseLooked up at the clock having finishe Q’s 2 nd 3 and there was an hour to go for the 50 marker, still just about got it done, agree that the cases didn’t have much ‘meat’ in them to develop your answers.. hope everyone got thru it ok
I am totally gutted about this exam. Spent months revising, only to find literally everything I had learnt didn’t come
up. I did questions 2&3. I felt the professional ethical principles kept cropping up between 1,2&3.I got a little confused about the NED and the chairman of audit committee question at the end. Was there a conflict of interest?
The 3 e’s question threw me back a little. Got p3 and p5 in September- motivation and confidence is 0 now as this was my first p exam :'(
this exam made me cynical and i let the examiner know this in question 1. it was ok exam but i didnt know where to reference any of the material i have learnt. i just answered it with ethics and morals mainly in line with acca. doing professional ethics module helped to know that my thinking was in line with acca eithcs guidelines or close to it somewhat.
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