General ACCAACCA Paper P1 Mnemonics Lounge

I have merged topic "Share your P1 mnemonics here!!!!!!" with this one and stickied it as I found both topics very useful when I was studying P1 so it makes sense to have them both in the same place.

Internal Control Objectives PESTA P-Prevent and detect fraud E-Efficient and orderly conduct of business S-Safeguard of Company assets T-Timely preparation of financial information A- Accuracy and completeness of accounting records

Role of the Board-(CSR) C-Controlling the activities within the organisation and managing risk correctly S-Strategic direction(Making) and providing entrepreneurial leadership R- Relationship with shareholder(Managed)

Role of NEDs-PRSS P-People role: appoint & remove EDs, remuneration, sits on Nomination committee & remuneration committee R-Risk role: assess risk mgt. process & ensure risk are identified, ensure IC system are strong S-Strategy role: challenge and evaluate directors strategies and offer advice. S-Scrutiny role: scrutinize EDs performance, hold them accountable if strategic objectives not realized.

Advantages of NEDs -DROP D-demonstrate decisions are made in shareholders best interest R-represent s/h and other stakeholder on the board O-operate in monitoring capacity to curb excessive behaviour of EDs P-provide specific expertise to the company NEDs independence- 4NB N- not an employee within the last 5 years N-no material business relationship within the last 3 years N-no cross-directorship N-no close family relationship at the company B-balance board 50/50 with the chairman as the head

I have a few odd ones. Role of Audit Committee (Rap Mamas) R - Review Audit effectiveness A - Appoint external auditors P - Provide disclouse M - Monitor internal audit A - Advise the board M - Monitor integrity of financial statements A - Agree Audit Fee S - Scrutinize Auditor Independance Role of Remuneration Committee (DAD AS APE) D - Develop a remuneration framework A - Agree Comensation D - Decide Remuneration package A - Advise the board S - Set employment conditions A - Assure Shareholders P - Provide disclosue E - Ensure fair and just rewards Role of Nomination Committee (PRESS AIR) P - Provide Disclouse R - Reappointments E - Evaluate Skills and knowledge of the board S - Structure of the board S - Succession plan A - Advise the board I - Identify conditions R - Review role definitions Role of Risk Committee - PIE RAP P - Provide disclosures I - Internal controls policy and influence E - Embed risk awarness R - Review internal control A - Advise the board P - Promote a risk based approach to internal audit Role of Risk Manager (HR REP) H - Help departments manage risk R - Receive risk reports from each department R - Report to the risk committee E - Ensure laws and codes are complied with P - Put risk management policies into place

hi all I just received an email from acca saying june is the last session to rebook P1 and i wrote the P1 paper in march this year. Did everyone get this email or is it just for people who haven’t passed ?