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Oh, just a word of thanks to Open Tuition for their tips. You recommended the Aug 2009 Article on Internal & External Actors in Governance. Read it last night and a question came up today on Trade Unions which I wouldn’t have been prepared for otherwise!!
Thanks Again!
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@ Damien,
I thought question 3 was pretty straight-forward. Part A was basically about explaining rules-based approach and priniciples-based approach, and advantages of principles-based approach. In part 2, we had to talk about the benefits of internal controls and how the lack of monitoring of the controls decreases their effectiveness and efficiency. And part 3 was about internal audit testing on controls and the roles of internal audit function regarding internal controls. I prepared these topics well, and that’s why I didn’t find much difficulty in this question. But it was lengthy. It took me one hour to answer this question. Cheers mate!
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I also used AAA model to answer question 4. Question 1 was too long and i did it last. I hope for 50%
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I chose Q4, not much time left for this question. And of course didn’t think of AAA for (b)…probably you are right. I just answered with own words, at least you have theoryto support, and apply the knowledge to the case!!
this is very important … please do tell who did you classify as the VOLUNTARY AND INVOLUNTARY stakeholders? specially the 3 INVOLUNTARY stakeholders and their clams?
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hi
i did Q3 & Q2. I found Q3 part b & c a bit hard.
for part B i wrote about the objectives in internal control eg safeguading of assets, accurate info etc.
for part C i wrote about COSO;s internal control systems (crime).
Did anyone else write something similar.1. Pressure Group : Claim – > ensure proper risk assessment and no radioactive leakage as happend before in 1970s to save rear seals
2. Government of Beeland : Claim : clossure and decommisioned of HN
3: Government of Ceeland : Claim : Samemake sure involuntary stakeholders are those involved involuntarily means as Nuclear plant have some negative affect on Govt of Beeland and pressure group . if their is no HN nuclear thing means no pressure group ( NNN )
and voluntary means : employess who choose the org as per choicehope now voluntary or involantary stakeholders r clear to u fellows
rizy u and all ppl write the same thing
bcuz purpose objectives and advantages of internal controls will not change 🙂
i wrote same as
Int controls .. helps in identifying weakness ,, reduce fraud and error , better and accurate info so therefore good assessment and decisons ….voluntary are stake holders that choose to affect the organisation. involuntary are those groups who have been affected by the nuclear plant (not their choice).
i said involuntary were , govt of beeland, govt of ceeland and NNN group.
the beeland govt and NNN had legitimate claims (and i explained why). other govt that was 500 km away had v little if any claim…what did ppl say for role of internal audit in inter control effectiveness?
i said:help in design of controls
testing controls on regular basis
assessing controls to ensure they are relevant
discussing with mgt any weaknesses and possible solutions
reporting internal control failures to audit committee so they can be focused ondo these sound ok???
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Thank you muneebnawaz. i feel much better now.
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for invol stakeholders i put the seals as they had no choice but to be in the waters by the plant and the 2 neighbouring countries
@emmanuel_taf said:
Question 4 – last part. I used the AAA framework to help Mr Shreen decide on a course of action. I am worried coz the question said ‘discuss’ and ‘advise’.Did anyone else answer question 4 ? The AAA model was just perfect for that scenario but im not sure thats what the examiner wanted ?? Help anyone ??
I used AAA model too. Phew, I was worried as it usually asks you to use a specific model. Do you think it was right to use AAA/ Tucker to advise and discuss the ethical issues in question 4d??
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I agree thaqt it was a fair paper – no theorists!! However, it was quite time constrained – lots to write and we’ll have to wait and see exactly what the examiner wanted!!
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OMG I used the arguement that Mr Shreen should consider his Professional code and the principles of Integrity and how he as a professional person had a duty of care to society and public interest! I feel so down. I have been studying for 11 years and this is my very last exam!
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@nguyan said:
OMG I used the arguement that Mr Shreen should consider his Professional code and the principles of Integrity and how he as a professional person had a duty of care to society and public interest! I feel so down. I have been studying for 11 years and this is my very last exam!Thats exactly what i did. I didn’t mention any models for decision making. I thought the focus of the question was more on the ethical conflict than the process used to come to a decision.
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@muneebnawaz90 said:
1. Pressure Group : Claim – > ensure proper risk assessment and no radioactive leakage as happend before in 1970s to save rear seals
2. Government of Beeland : Claim : clossure and decommisioned of HN
3: Government of Ceeland : Claim : Samemake sure involuntary stakeholders are those involved involuntarily means as Nuclear plant have some negative affect on Govt of Beeland and pressure group . if their is no HN nuclear thing means no pressure group ( NNN )
and voluntary means : employess who choose the org as per choicehope now voluntary or involantary stakeholders r clear to u fellows
I also had the pressure group down as an involuntary stakeholder but was concerned for the rest of the paper that they were actually voluntary as they made a conscious decision to lobby. So, at the end i switched them to the seals themselves. This left me with the three involuntary as:
Beeland
Ceeland
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@boscobosco said:
Thats exactly what i did. I didn’t mention any models for decision making. I thought the focus of the question was more on the ethical conflict than the process used to come to a decision.Oh well we will both be doing it again in December, unless we are correct and the AAA anwers are not what the examiner had in mind! Fingers crossed!
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The text in Q1 was extreemly long … I was confused a little bit … but managed to attempt all the questions. In Q4 you should apply standard analysis of a case as it is written in Text Book Chapter 10 Summary. You could add that such stuff like AAA and Tucker`s 5Q could be used alternatively.
What about family owned/managed systems? What did you write?
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@sicily said:
The text in Q1 was extreemly long … I was confused a little bit … but managed to attempt all the questions. In Q4 you should apply standard analysis of a case as it is written in Text Book Chapter 10 Summary. You could add that such stuff like AAA and Tucker`s 5Q could be used alternatively.What about family owned/managed systems? What did you write?
I agree! I think using AAA still makes you consider the ethical and prof concepts etc. and you still advise at the end.
Family co’s I wrote that there are sometimes minority shareholders who may be treated unfairly, also the family could take higher salries etc as no remuneration committee in place to protect minority. I meant to add that families don’t usually involve much corp gov as they run the business so don’t have to worry about shareholders interest as they are the shareholders too. but ran out of time 🙁
muneeb mate…
i am sure all who appeared for P1 exam are pretty clear on who voluntary and involuntary stakeholders….
the issue here is a bit complicated thats why i asked…..
With the pressure group….its upto THEM to be a part of the organisation or BE AFFECTEd……if u know wat i am trying to say. If they decided not to engage in and butt in HN…they didnt had to. was entirely upto them. This is why i say i dont think they were stake holders.
I guess the reason why most of the people mentioned NNN as an involuntary stakeholder is because the question mentioned about their CLAIMS too. Now clearly in the questions BEELAND, CEELAND and NNN were they only were ‘ CLAIMING’ something …. u know wat i mean.
Anyway, the biggest issue here is that because i couldnt find any CLAIMS as such and instead of not writing down any, i wrote NNN too….which i am pretty sure is wrong.
All in all, it sucked!!!!
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overall , dont have enough time to finished this paper eventhough have 15 minutes reading time. Question are not straight forward , bit tricky , need to spend time read twice before really write out the answer . Hope to pass this round … pray hard ..
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Hmmm…. totally time restricted the part 2 qus were pretty long winded, they took a bit of reading! (compared to past papers!) not to confident, as some of the qus were a bit wide open, so i wasnt quite sure what he was getting at!!….. heyho tho….. went back to q1 d…. that nuclear co only has half a statement on its website :0)
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did anyone attempt Q3 ? )) I think very theoretical and deep knowledges of COSO need to answer.
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