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Phew I was worried then. Was yours still about the packaging company though? I take it you didn’t have a question about change of organisational structure on 5) and the market and sales strategy on 4)?
I didn’t realise they did different variants!
Well I added up what I think the marks on offer were and I am short 12 so maybe there was a (ii) within one the questions? Can anyone remember?
I mentioned adding probability of risk, embedding risk into culture, formalising risk approaches, adding risk ownership
laurentatnellx wrote:Phew I was worried then. Was yours still about the packaging company though? I take it you didn’t have a question about change of organisational structure on 5) and the market and sales strategy on 4)?
Don’t know how they come up with the variants- just random 🙂
Yes there’s just not enough time to really think of good strong points. And personally I thought it was hard to come up with points with the company itself as wasn’t a great deal going on other than technology and environment I thought! It’s so hard to get good points in short time so you just write down as much as you can, even when some you know are a bit too general..
And the marketing question I was so confused as they gave you the presentation with so much on already, I thought it was almost like taking that info and adapting it slightly… but they gave so much info already so i thought it felt too easy to just copy and adapt.. Who knows!!
Couldn’t tell how I’ve done either.
First question I just calculated as many ratios as I could and explained the results.
Struggled with some ideas on the marketing strategy front but as it’s a highly competitive market, I just talked about focusing on product differentiation and where they’ve added/can add value.
There were a few points in their proposals of what they want to achieve such as using biodegradable materials. Talked about how they should highlight that in marketing, as well as that they’ve simplified the design so it shows they’ve added value to the product.. and also market how it would benefit the consumer as compared with competitors..also talked about how that could use data analytics as well for current and future marketing purposes like keeping an eye on what price point consumers may be willing to co sided other products, using the internet, finding out what their main priorities are, extra services they would like.
First attempt, 2nd to last paper and I’m not holding my breath.
amaniel wrote:I also dont remember seeing outsourcing or press release questions.
Just hope the markers know which questions they are marking as they are all mismatches! haha
I had:
1a) evaluation of financial and operational performance
b) evaluation of the proposed strategies; market penetration, diversification
2) risks for the diversification strategy
3) response to auditors management letter that highlighted 3 issues
4) development of marketing and sales strategy
5) changes to the organisational structureFelt the exam was too straightforward for a strategic paper as they had given the results of the PESTEL analysis, and slides with info on marketing mix which was handy. Couldn’t really write much for the risk question. Not sure if my answers were enough for a pass, i think they werent up to the level of SBL. Anyway, it could always be much worse than this i guess
Agree 100%. I was sitting the December SBl, and I can compare. Even taking into account that I was prepared better, today even the scenario was twice shorter. I spent on the reading just 30 minutes against 70 minutes in December. Fingers crossed, but the feeling is much better today.
I also had review the performance via 1a. financial statements, 1b. analyse the market penetration/diversification, 2) Risk register, 3)manufacturing process improvements, 3b)internal controls for that process, 4)outsourcing slides and finally 5) press release
1a. Too many calculation and explanations but run out of time about liquidity ratios which was important
1b. Suitability, Feasibility, Acceptability. Again run out of time towards the feasibility and acceptability. I mentioned that printing not environmental friendly affecting reputation of main business, economic of scale, need NPV and further details about cost / benefit analysis. Also said that diversification can offer a more balanced portfolio but bot of them have the same input as raw material which is paper.
2. Risk register and how to improve risk. I mentioned COSO and some of its benefits, appoint risk manager and the benefits, external risk audit and the benefits, update current risk register as it does not include mitigation of risk. Run out of time about rest COSO benefits (communication etc.)
3. (a) I mentioned CAM, CAD and 3d printing for exhibit 5 or 6 and online platform for ordering.
I used them to restate the full process.
(b) Controls with explanation of them Supervision of automated process, quality control, daily report of production process (inventory, work in progress, finished goods, scrap and waste created etc.) and inspection of finish goods.
4. Outsourcing one slide per activity, HR routine not offering comp advantage but not too complex can reduce some overhead cost. The IT support complex and competitive advantage but outsourcing can offer expertise, low cost and make cost variable, cons was 3rd party involved and expertise not in house.
5. Corporate Social responsibility, corporate citizen, assurance to investigate what the article said and some more but again i run out of time.It was my first time, time management very important if i had half an hour more it would have been a pass.
Good luck to all of you
Does anyone remember if any of the directors had a financial experience, i touched on this a few times but my page also froze at the end so couldn’t go back and check it all. I also suggested NED on the board, would we this be a suitable recommendation ?
I really felt that info in this paper was really lacking. Exhibit one and 2 should be swapped around. It didn’t give you no where enough information on the company so could barely Answer press release question. Also, q3 just felt it was there to trick us, especially when asking about the production process.
In q3 i think that they gave the answer in one of the two last exhibits where they said about automation, Computed aided design, computer aided manufactured, 3d printing and e-platform to order products.
i agree info about the company was not available. Too small exhibits, it took me less that 20 minutes to read them.
Yeah they did mention cad, cam and I mentioned tqm and how it would help to reduce inventory and need improved supplier relations but wasn’t much more to write
Last 15 mins my computer froze so should hopefully get few marks for that.
Thought presentation was fine which was pros and cons and first question was like accounting dream question
arm2250 wrote:I really felt that info in this paper was really lacking. Exhibit one and 2 should be swapped around. It didn’t give you no where enough information on the company so could barely Answer press release question. Also, q3 just felt it was there to trick us, especially when asking about the production process.
Yes, NED to be appointed to scrutinise the management decisions, etc.
Re the risks- it seems they didt ask about the mitigation actions, just to explain the risks and why they will occure. I listed strategic, operation, legacy risk, workforce, and something else
I think that i remember risk management and something about to improve it, and i read three times the question, it seems that i got it wrong.
pfostiras wrote:I think that i remember risk management and something about to improve it, and i read three times the question, it seems that i got it wrong.
It could be a different question for different countries. I didn’t have “outsourcing slides and press release” for sure
I have the same issue, what kind of computer did you use? I used a macbook, i don’t know if it only happened to macbook. it was so frustrating, ACCA should take those system issues seriously, we spent whole lot of time on preparing exams. They should use software has minimum issues, it looks like a lot of students have issues with Onvue. The last 15 mins is very important for us.
cherine wrote:My exam froze in the last 15 mins too, the 15 min pop came in and that was it, I couldn’t close it to continue.
Exactly the same for me and I lost 5 minutes down to it. They definitely need to change that
Anyone has also find the financial & operations performance question weird whereas the F/S for 20X1 & 20X2 has such a small difference?
I only wrote like small increase in debtors and creditors which should be monitored and the gearing ratio which the amount of the loan is relatively too high compared with the share capital but somehow the gearing ratio is maintained but at a risky level so I suggested directors inject more capital or find a venture capitalist since LEP is a limited company?(Hope I am not wrong on this.)
Kinda felt this paper was somehow weird as the exhibits have given a lot of information to us but needed some time to think whether the information can help us on answering the requirements. Spent too much time on Q1 as well and left with 1.5 hours for the last 3 questions and luckily managed to finish them but wrote lesser points in the last question.
Fingers crossed and hoping can pass this paper. Good luck everyone!
Yes question 1 about the performance took up a lot of my time but I managed to write about the customer order per employee dropping and the usual ratios as well. I included that the trade payable days are less than the receivable days and spoke a bit about the liquidity issues too.
But could anyone let me know what controls you suggested for the issues identified by the auditors?
I had no technical issues thank fully.
Thought the paper was off giving lots of info I had learnt to use and apply to scenarios but this was to make you think in everyday business circumstances.
I noted the finance director had no experience or that none was given, but then never used it anywhere in the answers?Q1 I calc order per employee too, Rec days and pay days for operational. I did roce, interest cover and net profit compared to cost of sales for the financial.
For 1b is was to evaluate but not recommends on the the two strategies based on Ansoffs matrix – diversification and market penetration, one low risk one high risk etc fitted with company strategy amd the other no guarantee of financial reward etc
Then just regurgitated the information given on them both with comments and effects on company.For the internal controls question I took it as after the automation they would need H&S training, PPE, security controls getting into production area I can’t remember what else.
The risk question I put about the need for a risk register and listed the components to it.
There’s wasn’t very company specific it was rather vague I though.
More specific risks identified, measured, design controls, implement and monitored.
Risks occur everywhere due to changing environment and can only reduce ALARP as low as reasonable practicible.
Issues that auditors detected were poor attitude towards risk and they only responded once something happened.. here I put about the company culture, tone at the top and attitude to risk.. needed to change attitude at the top to lessen the risk of fraud theft etc lower down in the company.
Should have suggested NED here I guess and noted lack of experience in the finance director possibly?
Some other bits but can’t remember.The question on production process was pretty vague and I just commented about 5 stages that could be automated and a few reasons why, suggested CAD and CAM as they had mentioned it in another exhibit. Was a random question but maybe just one that was obvious? Didnt need too much thought to it?? Idk!
Slides – I did positive and negative, scrutinised the positive as requested and asked for figures to prove the money saving side of outsourcing?
Negatives lack of control, not having in house services on demand etcFelt it went ok for a first attempt so fingers crossed for a pass for me ??
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