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Wasn’t too happy to be honest with Q1 nothing like I have seen in the Kaplan exam kit where there is a meaty question on the internal control system or goverance failures for a good 20-25 marks as opposed to 5 x 8-12 marks.
Totally ballsed up the question on the internal/external risk audit question- 8 marks dropped.
Q2 was ok though I think my definitions of business/finance risk were sketchy at best, hope my reasons made up for it though.
Q4 seemed ok on the Kohlberg and ethical decision making, had to blag the rules based principles bit though…
Overall I am very disappointed- no real work on reviewing internal control systems, stakeholders, sub committees or decision making models like AAA/Tucker and lack of Gray Adams Owen which was tipped by majority of providers. I thought this was a much more technical paper on defining terms than the usual application of models/theory.
Interested to hear thoughts of others, but feeling downhearted after all the effort put in.
Q1 was not too dissimilar to a mock exam provided by Kaplan with different questions. I used the AAA model in q1 for the decision on their choice of strategy and also mentioned truckers model. I commented that they were acting in a pristine capitalist manner. Found q2 and q4 ok also struggled to come up with the part you mentioned above but tried to write what I thought was relevant. Found it ok but I did have to stop and think about a few parts but hopefully enough done to pass
Struggled for time took nearly 1 hr 45 for question 1. Dont think my questions had enough depth for all the marks. Here is hoping for a pass!
Did anyone mention nestle in question 1 answer??
I was expecting a harder exam – many of the questions were on other papers. This is not to say I’m passing with flying colours, far from it, but this diet was manageable for me, so I’m hopeful I managed to scrape through.
This paper clearly proved the examiner likes to test us on the material contained in his technical articles, such as:
– Q1(d)(i) and (ii) on internal and external risk audit
– Q2(b) on business risk and financial risk (this is from the first part of the article ‘Changes to the P1 Study Guide for June 2011’ – https://www.accaglobal.com/content/dam/acca/global/pdf/sa_May2010_p1_studyguide.pdf
– Q3(b) on environmental audit
which part did you use that on mate, if I can recall correctly
a) was defining transparency, judgement and reputation
bi) was why do institutional SH get involved in governance issues
bii) should they get involved in the question
c) why they should adopt a code of ethics and how it would effect decision
di) risk audit process
dii) interval v external with benefits of externalI saw potential use in part c) but had the feeling it didn’t fit the question well enough, as usually they would ask you to use a model don’t they? I talked about responsibility to their stakeholders and CSR stuff etc.
Could be well wide of the money though….
@emmamc – For which part did you use AAA? :O If it’s for the code of ethics part, I don’t think we had to use the AAA, at least I didn’t 😛
I totally agree with you. I didn’t see the need to mention any models. I did mention CSR and responsibility to stakeholder like you did. The rest was to apply theory to the case given but no models.
I think AAA model could of been used in Q4 for ‘constructing an ethical case for Mahmood’. This only occurred to me after the exam though
The paper didn’t look anything like any of the past papers. I messed up on the internal/external risk audit question as well.
The examiner has been trying to make P1 tougher since the last paper coming up with questions that off the beaten bush. Look at Q2 from the Dec 2013 paper on audit of a highly regulated industry. It’s getting tough to prepare for the P1 exam.
I was a bit time pressed, may be I over shot on those topics I was prepared for,
Lets hope and for the best
I wish every1 all the bestI didnt use AAA model for Q1 as well. It just used a conflict resolution method provided in kaplan text. Its like gathering the facts of the ethical issues, then highlighting the issues to the lower level, then middle level, then the board etc. Hopefully i get it correct.
Overall this paper was tough to me
I used AAA in Q4 although Im not sure if this correct approach. Im afraid i havent provided required depth in discussion in overall….
If this was F level i would say rather pass… but it can be a marginal fail since this is P.
I used tuckers in question 4. for Mahmood to see if he should report the case to external sources by asking himself is it fair, profitable, legal and ethical.. does this makes sense ?
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i dont think AAA was relevant to q1 cos AAA is used when u have several option to choose from. anyway goodluck
I think for 4 I mentioned the reasons why he should report it because he is level 3.2 on Kohlberg, he tried escalating but got told to keep quiet, there was no mention of a industry regulator, the public has a duty to know etc. but then I said he needed to consider people may lose their jobs including his own and the SH may lose value….I don’t know it’s so subjective I could have got 80 marks could have got 20 haha…
@dani88 i was struggling whether to use TUCKER or AAA. I started to writing Tucker but then crossed and stated AAA 🙂
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i disagree with you. for q4 regarding mammod u could have refered to mamood as an employee and a professional and you need to bring the ethical issues involved such being obedient and loyal to be your employee but u need to observe the professional codes such as integrity or being honest
I used it in q1 for the ethical decision bit to be honest if I hadn’t of used it think I would have struggled to structure an answer for it, just thought it’s an ethical decision making model so can’t go to far wrong.
he is not a professional to follow the professional rules. it’s all about ethics and his dilemma whether to report or not considering that he loses his job if he reports it. It’s very subjective true!!! I hope our reasoning is all good 🙂
I found the exam easy, i didnt know anything about risk audit but totally nailed it with a bit of common sense 😀 and overall it was easy. Q4 a) Conventional-should not disclose, unclear if strict laws were in place. Q4 b) Effect on customers, Guilty of deceiving and effect on employees.
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for me, this diet is better than dec diet. This is my second attempt to this paper. q1 was not that bad even though i struggled with id on internal and external risk audit, q2 was ok and q4 was not bad as well. i used tucker 5 question to justify why mahmood should go public in q4.
goodluck guys, see u all smile come august 8.
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