*** P1 December 2014 Exam was.. Instant Poll and comments ***

@salmiak said:
that was also the direction of my answer. Just to clarify: it was asked from Cornflower’s stakeholders’ view… and stakeholder of it is Cheapkit, the firm selling the cheap products to Western countries… or am I wrong?

That is correct. Cheapkit is essentially the customer I used as the example.

Forget to tick the questions I answered on the face of the answer booklet. Would that affect me?

I am so happy: I think it was a peace of cake exam.
If I ever score 100 marks, it will be on this exam today.
My gratitude to open tuition and the ACCA web site – in my humble opinion these two resources are sufficient to pass for any prospect finance analyst (chartered accountant).

It was a fair paper. Q1 was based on the Rana Plaza incident in Bangladesh and Cheapkit is actually Primark!. The background knowledge of the case helped. Q1(a) stakeholders were employees of Cornflower who wanted decent wages and safe working environment which has a cost and customer i.e Cheapkit who wanted low prices, both conflict as low prices cannot be achieved if high costs of labour.
Risk was straight forward. Exchange rate risk definition from F9, affects shareholders due to risk of loss from adverse exchange rate movements, Supply risk = risk of not being able to secure adequate supplies as 65% supplies from same country, loss of revenue and potential profits which affects shareholder wealth; political risk = being associated with corrupt government who practice bribery = reputation risk, affecting consumer demand who may take ethical stance and not shop from Cheapkit. Failures that led to collapse and loss of lives were all straightforward and in the question, Corporate citizen just guessed, couldn’t remember exact definition. Corporate citizen = one that takes into views of all stakeholders and not just shareholders, waffled on benefits of integrated reporting, identified the different capitals which integrated reporting highlights.

One of the questions is to explain why professional needs to fulfil cdp hours…

Wrote only one point that is to keep professionals updated on changes in the industry.

I wrote riots and boycotts for politic risk..ship capsize and increase freight charges for supply risk

Hope for 50…

There was power outage at the examination hall during the exams Lighting & aircondition as well. There was one guy next to me keep hitting the desk like every 15 mins. But most annoying was another guy just behind continuously making grunting sounds only to send u crazy .maybe he had a throat problem

I did the same. Question 2 was common sense. I was also surprised to see that most of other students attempted q4 instead.

The paper was bit lengthy…………but P3 was very much lengthy and tough….

I also picked q2 itfound it better than q4 i know nothing for the cpd

Stakeholders claim think I got that right. Cheapkit wants quality at low prices and employees want decent wages, health and safety to be adequate, not to work too many hours per week. Respect deadline means working long hours. Cheap means low wages and poor health and safety measures such as Cornflower providing gloves or goggles for workers in contact with hazardous chemicals. Corruption means officials were paid so that inspection was lax, permitting Corn to use inferior building materials, not enough exits.

Did not link risks (supply etc) with scenario.

IC failures are collusion, management override, non routine transactions, not enough training? Hope that what examiner was looking for.

The researcher was not suitable to be CEO as she preferred to work alone and she did not see the big picture enough but she knew the ins and outs of research and she was hones in her assessment of her capabilities to be Ceo. Gave reasons against and for.

NED’S could provide shareholders with some explanations of work carried out by researchers as the work was highly specialised, and avoid researchers going into areas which are not well viewed by society such as genetically modified organisms.

agree?P3 is just too out of truck

What had u written in q4 hassan ?

Roles of CEO are as follows
1. CEO will take lead in developing strategy and objectives having regard to the organisation stakeholder he will also be responsible to board for ensuring that organisation achieves its objectives and optimising use of resources.
2. Ceo will examine major investment capital expenditures ‘ disposal and identifying for new initiatives.
3. The ceo will be responsible for managing risks in line with appetite accepted by the organisation. He will also be responsible for appropriate planning operational and control and internal controls are in place and operate effectively.
4.he will provide nomination committee with his views in the future roles required of director and will give recommendation about the recruitment of individual director.