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I answered the main questions and three following so he will ignore one of the three question which I attempted?
Paper was fair i believe, but question one was more challenging than i thought. not complex but very challenging.
This is my second attempt at P1 but I must confess I thought June 13 paper was easier even though I failed it – at least question 1 anyway! I felt as if I waffled my way through the first part of question 1 so will probably lose a lot of marks. I used Tara model but as some others have mentioned found it difficult to allocate the risks, and went for an insurance approach for some of them.
As for the rest of the exam I attempted questions 2 & 3. I thought question 2 was pretty fair, and I went with question 3 because I could relate to it more as I have had a lot of experience preparing accounts in real life for NFP’s and charities and just hope that experience gains me a few marks here and there.
Anyway that said – my study materials are all packed away now and I don’t want to see them again until January!!
Best of luck everyone and have a good Christmas.Are you meant to start every part to every question on a new page. I didnt and am worried I ll get penalised?
I thought the exam was relatively easy… Compared to some of the past years. But I wasn’t sure about the tensions between economic and environmental sustainability. Was that talking about stakeholder claims? Did anyone else apply mendelows power x Interest?
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disaster…………………..sure to take again!
and not enough time to finish
Can some please remind me what q3 part a was? Was it a nomination or remuneration committee?
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Risk strategy is somewhat connected to internal controls. read the turn-bull report
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paper was tricky. and number 1 was so unnecessarily long. hard to follow and understand. but we pray God intervenes.
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Amen
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The way that I approached the tension between economically and environmentally sustainability is:
1. Restriction of location: Only few locations are selected and Heikiland is the only selected area where the wildlife animals are around
2. Renewal of resource: I presumed the oil that mentioned is petroleum, and it is unlikely such resource will be renewal which against the concept of sustainability: without compromising the ability of future generation to enjoy
3. Legal enforcement: The term of supply is legal enforcement between HEC to Exland and so Wyland to Exland. Breach of contact will create significant dispute between both country and the Heikiland with HEC (since the economy is highly dependent)
4.Economy issue: The concern of the SOW is on the wildlife whereas the Heikiland is concerning the improvement of the Heikiland’s economy , in order to safeguard for next government election.Hopefully the marker and examiner will regard my answer as reasonably well-establised, although there are no connection to the P1 knowledge XDDD
Found Q1 to have too much information and all names where confusing when you were trying to remember which country was which and who was who. I didn’t think the TARA framework applied and went to talk about Pure and fundamental risks but now reading everyone’s opinions I realise I should have used the %’s that were there 🙁
@Jana, as I understand it, (I may be wrong) if you have answered all of the questions the examiner will only mark the first two, so I expect he will only mark your questions 2 & 3 and ignore 4.
As I say I may be wrong – please dont accept my word as final!!Out of interest – how on earth did you find the time to answer all 3??? lol
Question one risk was more of assessment than response. Likely hood and Consequence been the risk manager was subjective
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Q1 b) was about risk assessment, not risk control. So using TARA in isolation seems limited. I used hazard x probability matrix, placed the 4 risks in it. Also suggested some controls and so used dynamic nature of risk, esp. risk 4 if they aggregated, hazard would increase.
C) the critical evaluation of the rum understood package: wrote both for and against. Anybody discussed the labour market conditions? I wrote generally about that. Was it in text?
D) the letter was fine but part (i) required response about implementation of internal control. At first I kept reading to find any substantial information about weaknesses in control. Couldn’t find much. Then realized examiner wanted to know why it’s difficult to implement in business like EMC. Only wrote 4 points max.
Q2) was great! Esp the statement for exemption of smaller entities was fun.
Q3) was easy but I had not studied about nominations committee :/ so wrote whatever I generally knew.
Hoping to pass
P1 December 2013 Questions can be found here…
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lzyjzy said,
I thought the exam was relatively easy… Compared to some of the past years. But I wasn’t sure about the tensions between economic and environmental sustainability. Was that talking about stakeholder claims? Did anyone else apply mendelows power x Interest?
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@lzyjzy
I thought the tension between economic and enviromental sustainability wanted us to analyse weak and strong sustainability approaches.
The weak focus on sustaining the human race and one of the way is through economic growth using resources.
The strong stresses the need for harmony with the natural world.
I hope I didot go off truckRe the sustainable and economic sustainable I put down stuff like .. The campaign group has different needs and the gov of eans have different needs.. So this is a clash wher hec need to balance the 2.
Re the CEO being paid excessive I argued in favour of him as rem should be according to industry norms
Re the internal control flaws… I put down language barriers.. Employee morale etc..
Internal audit …review fin. N operation controls… Assist with risks.. Special investigations .. Review economies etc..
Letter Was yours faithfully..Option questions
I did q3 and 4…
Any thoughts ?
Am I the only one who thinks P1 is hard and that P2 is better? Sigh
I have the knowledge, I know how to answer, i just don’t have the time to write the right answer.
I wasted my time trying to think of the right answer and then not able to finish all the questions.
If they give me 1 day I could probably do it. 🙁Are you meant to start every part to every question on a new page. I didnt and am worried I ll get penalised? I did put the q part at side when I moved on to each part ?
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Hi, me too I applied TARA. For Q3 I tried to put in words about Gray, Owen and Adams, qualifying one stance as closer to pristine capitalist and the other more likely to be social contractor.
Didn’t like 50 mark question. It was, I don’t know, quite messy. Hope managed to scratch enough marks.
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