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I thought this paper had a lot of questions suurounding Internal Controls and Internal Audit, Audit committee…….
I also thought the legal and reputation risks could have been both positively and negatively correlated, i.e. going up and down together or one going up while the other declines….. I think I spent too much time writing on this to try and gain the full 10 marks, with the result of running out of time on other questions….
I did not do well on the code of corporate governance, much as I would have liked. All I said was they were guidelines and are issued to follow the spirit rather than the letter of the law?? Not sure about this.
And rewards for exec directors, well I mentioned pension scheme, benefits in kind, share option schemes. But not for NEDS who get basic fee only in view of their capacity of not being really involved in the day to day running and performance of the company…..
As for Audit Committee well I wrote there should be one with financial experience + to be independent they should not have had material relationship with the companyy for 3 years (which they did as the case said they recently retired from the board…..).
Did anyone share/write the same views as mine?
Fingers crossed but not very hopeful……..
Im just glad its over, paper was very do-able, Im getting the feeling they will mark really hard for this. …waiting patiently for results
This was my second attempt also and I felt that the exam was a better exam on the whole than the Dec2012 sitting. However, time management was still an underlying weakness. I did not like the question on how internal controls are similar to Strategy in nature, especially for the amount of marks given. I defined both but found it difficult to find the right words to tie the two together, how did everyone else find this question?
The paper was quite focussed on Corporate Governance Code and Internal Controls, but not much on my favourite area: Ethics.
I think the paper was expected but I an never tell with theory papers if I am waffling on too much and missing the point of the question. I answered question 4, but was torn between 2 or 3. In the end I went for q2. Hopefully done enough to pass.
Best of luck to everyone – enjoy the break. My baby daughter is due in a few weeks so ive got enough to keep me occupied for a while! 🙂- Topics: 0
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P 1 was manageable and it will not be difficult to make the pass mark or most students
“Don’t remember seeing anything in the OT notes about related and correlated risks??”
Hmm Kevinmck, it’s in the audios and it’s also in the notes – specifically the nonsense of diversifying currency risk where currencies are closely related.
Have you seen the size of a reputable study text? The OT lectures have never been claimed as being complete – they are there as support. And from reading the posts on the reaction to the P1 exam, I’m pretty satisfied that most of the exam was covered in both the notes and the audios / videos.
Sorry if they don’t reach your expectations … you can always rely on the study texts in futureIn all honesty I’m expecting a resit on this one. I messed up on time and had to rush through question 4. Regarding question one part c what was the Cnx between internal controls and strategy…. I don’t even remember what the whole question was about. I messed big time on question 1 part c and d where most of the marks were. It’s definitely a resit for me.
<cite> @caribcraig said:</cite>
This was my second attempt also and I felt that the exam was a better exam on the whole than the Dec2012 sitting. However, time management was still an underlying weakness. I did not like the question on how internal controls are similar to Strategy in nature, especially for the amount of marks given. I defined both but found it difficult to find the right words to tie the two together, how did everyone else find this question?The paper was quite focussed on Corporate Governance Code and Internal Controls, but not much on my favourite area: Ethics.
I had the same problem connecting the internal controls o strategy… I barely wrote anything on it apart from the definition and one or two random points that I myself could make no sense of.
<cite> @azshahke said:</cite>
I had the same problem connecting the internal controls o strategy… I barely wrote anything on it apart from the definition and one or two random points that I myself could make no sense of.I found that hard as well. Question 1 was tough. I also found it hard to argue the consequentionalist approach about the bribe, as surely this would imply that the bribe could be justified if there was an end benefit?? As it was part of a press release I found that bit hard.
Hopefully I can scrape through as I found question 4 pretty straightforward
I THINK IT WAS OK FOR THE PART B .BUT HEY THE PART A WAS DIFFICULT TO ANALYSE. I OVERRUN MY TIME IN A.
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Apologies if the subject of correlated risk was discussed in the notes, I don’t recall coming across it. I know OT is not designed to cover every last detail anyway. I just find OT so much more effective and enjoyable than reading a study text. Not to worry, I am confident that I have passed anyway!
I made the same mistake. Forgot to mark the questions being attempted on the front of the answer booklet. Has it happened to anyone? What should I do? Please help!!
Forgot to mark the questions being attempted on the front of the answer booklet. Has it happened to anyone? Will my paper be marked?
<cite> @saj09 said:</cite>
did anyone run out of things to say or was it just me on some questionsIt’s not just you. I ran out of things to say in some questions.
I forgot some important points as well, like mentioning at least one member of an audit committee should have financial expertise. That was annoying
I got carried away with the press release and forgot to write about the ethical approaches :((
<cite> @bahram said:</cite>
I got carried away with the press release and forgot to write about the ethical approaches :((I didn’t know what you could write about the consequentionalist approach.
How could you justify paying a bribe in a press release?!
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It was gud and quite easy
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RE the question on the bribe… Did it not ask you to argue AGAINST paying the bribe, as opposed to paying it as some people have said?
<cite> @ukstudent said:</cite>
I didn’t know what you could write about the consequentionalist approach.How could you justify paying a bribe in a press release?!
For the press release i basically used the american association model as a guide to construct my press release, but towards the end when considering appropriate actions, i considered the view from deontelogical and consequentialist. I basically said from deo the bribe would fail kants first maxim, consequentialist could be seen to provide a benefit for the local community from a utilitarist perspective, or the preferred site from the egoist perspective from which the company could operate
I felt really gud coming out of the hall after this paper
Generallg ok I say. Expecting 70+ but just don’t undertand how ACCA marksGud gud! Gud luck everyone!
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does any one know importance of effective internal controls in financial reporting? it cant be COSO i am sure as those are five element that help to review the effectiveness of internal controls?
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<cite>@kevinmck14 said:</cite>
Don’t remember seeing anything in the OT notes about related and correlated risks??It was covered in the online lectures.
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