P1 exam tips – December 2012 sitting

Opentuition

Governance:
Directors
Board sub-committees ( Audit and Nominations )
Statutory duties
Quality of information
Early indicators of at-risk companies
When should institutional investors get involved
Need for corporate governance

Risk
Identification, assessment, measurement and management
Internal auditors / external auditors comparison of roles in the context of corporate governance
Business risks
How to ensure that all employees are aware of company strategy and why is it important

Ethics
Kohlberg scenario
Deontology and teleology
Environmental footprint and accounting
CSR

Any of the questions could possibly include a computational element – so
TAKE YOUR CALCULATOR INTO THE EXAM ROOM

Kaplan Financial

• Corporate governance: stock exchanges.
• Ethical theories – Absolutism.
• Internal control failures.
• Transaction cost theory.
• Sustainability – Social and environmental footprints.

BPP

The format of this paper is quite straightforward – one compulsory 50 mark question and a choice of two from three 25 mark questions. Often, the compulsory question is set within a scenario based on real-life events allowing all three parts of the syllabus to be tested: you should therefore consider organisations with governance issues and how they control their exposure to risk and any resultant ethical dilemmas.
Optional questions tend to focus on governance, risk and ethics more discretely, but we could still see some cross-over, for example, internal audit is the subject of an article recently published by the ACCA and could quite easily fall into a governance-related question or one more specifically testing internal controls and risks.
Candidates should ensure they are familiar with all the various theories introduced within the learning materials as they are frequently examined – good exposure to past papers will illustrate the kind of test most likely to be faced in December.

Becker

Corporate governance concepts – the underlying fundamentals.
CG in other organisations – NGOs, public sector.
CG types and forms – rules v principles, insider/outsider, UK codes, SoX.
Agency theory – stakeholders, Mendelow.
Board structure.
Internal control and business risk – Tunrbull
Ethical theories and business codes.
Professionals and public interest.
Corporate citizen, footprints and sustainability.
Social and environmental auditing.

LSBF

Role of the chairman.
Nomination committee.
Stakeholder classifications.
Audit committee and internal audit.
TARA.
Tucker’s model.

best of luck with exam!
ansi