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hmmm, it was okay, not the easiest paper I’ve done, but nowhere near being one of the hardest.
Question 1 was nice and straightforward, wrote loads for it and think I gobbled up plenty of marks, hopefully I’ve done well enough on this question to not need loads of marks from the other 2 to pass. Ethics and NEDs are good areas for me, so glad these came up.
Question 2, saw loads of stuff on CSR which I hadn’t revised enough, and knew straight away this was the one to skip!
did Question 4 next, had revised Kohlberg hard the night before so part a) was a nice opportunity to trot it all out. part b) was a bit of a funny one, wrote a combination of the advantages of a website over a report (can be updated any time, ease of access to information etc) and the extra improvement that could be on there not confined in a group report, and benefits to the company’s reputation. Part c) dunno how well that went, wrote about what internal controls do, then about being able to monitor performance and preventing false information being published to appease pressure groups.
Then with time running out quickly hammered through Question 3. What was Question 3??? Forgotten already, seem to remember it being okay, but need someone to jog my memmory to I can remember it!
I think that was the one about type of risk on industry… something in those lines..
I saw (b) and didn”t know what to write and also had no time.I think that was the one about type of risk on industry… something in those lines..
I saw (b) and didn”t know what to write and also had no time.- Topics: 0
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@opentuition_team said:
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I wrote the same. There was a similar question and that was the stand point,
I some how liked that question 4.
but however the report i believe i did it to well.until the end i remember some content of a
environmental report.ah found the exam paper, so can give it a full going over:
Question 1
part a) – family business vs company….thought this went okay, not sure if I raised enough points though, mainly differences in terms of board structure, share ownership and committees. If company was listed Mr Mara would have been challenged more by NEDs, wouldn’t have been able to appoint an inexperienced FD, wouldn’t have been able to intimidate staff so much, and audit committee would have identified illegal products.
part b) – criticising Amy Tsang – lacking professional competence to be an FD, lacking integrity, letting undue bias influence her decisions, lack of professional behavior
part c) – risk varying from sector to sector due to nature of business and products supplied – i.e. construction having more of an effect on the environment. Legal risk especially concerning to Lysus as any problems with product can cause serious injury and likely legal claims.
part d) i) Non-executive chairman would stop Mr Mara having unfetted power, give independent views, challenge and scrutinise board decisions, appoint audit, risk committee, etc.
ii) embed risk by establishing culture of risk management, appoint risk committee, training employees and make employees aware of inherent risk to company, establish internal controls to prevent fraud and reduce probity risk.Question 3
part a) independent in terms of have no links to the company and no conflicts of interest, being able to give unbias external viewpoint and properly challenge company, etc.
part b) someone with proper financial knowledge required by corporate governance, and required because proper audit of financial statements and reports must be carried out, currently lack of professional competence.
part c) assumed this was about audit committees objectivity being compromised? Talked about familiarity, self-interest threats etc, and manager distance with committee.Question 4
part a) Mary Wong takes post-conventional absolute ethical viewpoint because she is not pressured by rules, and does not obey her clause not to publically disclose information.
part b) environmental information of sub may be burried under too much information in group report and not give extensive info. benefit of website being more easy to access, able to show more data, can be updated more regularly than report and website could improve relationship with pressure groups.
part c) definition of internal control, control system needed to accurately record information and ensure management not making false figures to please pressure groups.….well that’s what I put anyway!
regarding part c in question 3 the question in p1 was
“Explain the nature of an ‘appropriate relationship with the company’s external auditors’ and discuss how Hafnium Company’s audit committee should respond if it believes the relationship to be too close”
here the question is asking about what the audit committee should do if relationship of the company and its external auditor is too close.
I mentioned in that question, first part, professional relationship, separate, do not get involved with ext audit unless independent / ethical issues, also verify that no independence issue to begin with.
The 2nd part I mentioned, discuss with them first, analyse if persuasive, if not then stop the issue that was of concern to audit committee, if it was persuasive, recommend to the board to call an egm with a view to removing the external auditors.
yes i also mentioned that first safe guards should be applied and if situation is still not resolved and audit committee should escalate the matter to the board
however the answer to this question in part c of question 3 is highly subjective. there could be many different answers
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I am a bit pissed off this time on P1 exam.
The exam reading starts at 10:00 am and writing starts at 10:15 am in the UK.
I allocate 1 and half hours for question 1 (50 marks) and the same for optional questions.
My maths is very bad. It confused me this time that my first hour and half was finished at 11:45 am. I thought it would finish at 12:00. I know it is not right but it happened to me this time.
Therefore, I want ACCA simplify it.
How:
All exams in the UK reading should start at 9:45 am, writing should start at 10:00 am. That will ease my time calculation i.e. It is 10:30 am, stop question 1 and move to optional questions.We, the students are under huge pressure of exam and do not want to and cannot take any more pressure for time calculation.
I messed up 18 marks answer this time in P1 exam as I was under huge pressure as I overran question 1 till 12:00. Even I took a bit slow in question 1 as I thought I had time.
Guys, do you agree with me? Please back me and complain to ACCA. Who is going to simplify things, ease your burden and for the future generations unless WE do.
Thank you and kind regards
Firoz@nomanfiroz said:
I am a bit pissed off this time on P1 exam.The exam reading starts at 10:00 am and writing starts at 10:15 am in the UK.
I allocate 1 and half hours for question 1 (50 marks) and the same for optional questions.
My maths is very bad. It confused me this time that my first hour and half was finished at 11:45 am. I thought it would finish at 12:00. I know it is not right but it happened to me this time.
Therefore, I want ACCA simplify it.
How:
All exams in the UK reading should start at 9:45 am, writing should start at 10:00 am. That will ease my time calculation i.e. It is 10:30 am, stop question 1 and move to optional questions.We, the students are under huge pressure of exam and do not want to and cannot take any more pressure for time calculation.
I messed up 18 marks answer this time in P1 exam as I was under huge pressure as I overran question 1 till 12:00. Even I took a bit slow in question 1 as I thought I had time.
Guys, do you agree with me? Please back me and complain to ACCA. Who is going to simplify things, ease your burden and for the future generations unless WE do.
Thank you and kind regards
FirozHa! Yeah I’m sure ACCA will change the format of all their exams which have worked fine for the last few decades just because you are ‘bad at maths’! That’s just what they want- qualified accountants that can’t do primary school level time calculations!
That comment really made me laugh- good luck with P2, as someone who’s just sat that along with P1 you might get a shock with the maths- oh and P3 as well!- Topics: 0
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Hi I have a question, if I have passed this exam (p1) and I haven’t passed any other P exams yet, how many exams have I to pass at the P level ? I am a little bit confused 🙂
I agree with nomanfiroz.
It is much too complicated at the moment. But what would be much better is if they changed the clocks in the exam place and had 100 minutes to every hour. Then it would be so much easier for us.
What exactly is complicated about it? It’s not complicated it’s ridiculously simple!
It’s a 3 hour exam with 15 minutes at the start, the mark breakdown and structure of the paper is well known, so it’s up to organise your time management and how you approach the paper; if you’re spending too long on some questions that’s your own fault. This exam was not particularly time pressured, P3 and P5 are time pressured, P1 had nothing like the time pressure of them.
One has to wonder how you’ve managed to get as far as P1 if you can’t cope with the extremely simple structure and schedule of the exams?
@nomanfiroz said:
I am a bit pissed off this time on P1 exam.The exam reading starts at 10:00 am and writing starts at 10:15 am in the UK.
I allocate 1 and half hours for question 1 (50 marks) and the same for optional questions.
My maths is very bad. It confused me this time that my first hour and half was finished at 11:45 am. I thought it would finish at 12:00. I know it is not right but it happened to me this time.
Therefore, I want ACCA simplify it.
How:
All exams in the UK reading should start at 9:45 am, writing should start at 10:00 am. That will ease my time calculation i.e. It is 10:30 am, stop question 1 and move to optional questions.We, the students are under huge pressure of exam and do not want to and cannot take any more pressure for time calculation.
I messed up 18 marks answer this time in P1 exam as I was under huge pressure as I overran question 1 till 12:00. Even I took a bit slow in question 1 as I thought I had time.
Guys, do you agree with me? Please back me and complain to ACCA. Who is going to simplify things, ease your burden and for the future generations unless WE do.
Thank you and kind regards
FirozHave to say that’s ridiculous, surely you can see 1.5 hours from 10.15 is 11.45?? Fair play for getting to the professional levels if not. We know what time the exams start weeks before so just plan it beforehand.
How did everyone get on with question 2? I struggled with a) agency problems which might arise when an institutional shareholder holds money in funds on behalf of clients?
For b) how purchasing Natcon is an example of strategic CSR I just wrote about how it’s strategic in the sense of gaining long term profits from the sales of housing as well as improving reputation at the same time.Also does anyone know when ACCA publish the answers or is this not until after the results?
@kleapatra said:
Ha! Yeah I’m sure ACCA will change the format of all their exams which have worked fine for the last few decades just because you are ‘bad at maths’! That’s just what they want- qualified accountants that can’t do primary school level time calculations!
That comment really made me laugh- good luck with P2, as someone who’s just sat that along with P1 you might get a shock with the maths- oh and P3 as well!
@Kerry Hahahahhahahahah !!!Btw nerds,
Question paper is out..
the way i see it….I should have managed time a lot better and possible finished the whole paper, anyways, lets hope for the best
@klown said:
ah found the exam paper, so can give it a full going over:Question 1
part a) – family business vs company….thought this went okay, not sure if I raised enough points though, mainly differences in terms of board structure, share ownership and committees. If company was listed Mr Mara would have been challenged more by NEDs, wouldn’t have been able to appoint an inexperienced FD, wouldn’t have been able to intimidate staff so much, and audit committee would have identified illegal products.
part b) – criticising Amy Tsang – lacking professional competence to be an FD, lacking integrity, letting undue bias influence her decisions, lack of professional behavior
part c) – risk varying from sector to sector due to nature of business and products supplied – i.e. construction having more of an effect on the environment. Legal risk especially concerning to Lysus as any problems with product can cause serious injury and likely legal claims.
part d) i) Non-executive chairman would stop Mr Mara having unfetted power, give independent views, challenge and scrutinise board decisions, appoint audit, risk committee, etc.
ii) embed risk by establishing culture of risk management, appoint risk committee, training employees and make employees aware of inherent risk to company, establish internal controls to prevent fraud and reduce probity risk.Question 3
part a) independent in terms of have no links to the company and no conflicts of interest, being able to give unbias external viewpoint and properly challenge company, etc.
part b) someone with proper financial knowledge required by corporate governance, and required because proper audit of financial statements and reports must be carried out, currently lack of professional competence.
part c) assumed this was about audit committees objectivity being compromised? Talked about familiarity, self-interest threats etc, and manager distance with committee.Question 4
part a) Mary Wong takes post-conventional absolute ethical viewpoint because she is not pressured by rules, and does not obey her clause not to publically disclose information.
part b) environmental information of sub may be burried under too much information in group report and not give extensive info. benefit of website being more easy to access, able to show more data, can be updated more regularly than report and website could improve relationship with pressure groups.
part c) definition of internal control, control system needed to accurately record information and ensure management not making false figures to please pressure groups.….well that’s what I put anyway!
Regarding Q4 part B,
Construct the Case, I wrote both ‘against’ and ‘for’, it didnt specify for us to criticize or Explain etc etc…
In Against, it would have been a disadvantage for the Parent Co. if Environmental information of a subsidiary is different, because they would want to clear out disputes & in the process might report information which is not transparent, not that it is wrong, but that it is not in full fairness and openness to the users of the report, and a quick reaction to reply with a report on their own website without consulting with the parent co. would have created internal disputes etc etc…
Moreover, if Pulpo were to publish such information on environmental policy and their figures without ever having done b4, with no relevant experience and with Mary Wong no longer in the co., who had the relevant expertise with such reporting, then there is a high risk of reporting false information which does not comply with the regulatory standards on environmental waste or emissions etc etc bla bla…
“Construct the case for Pulpo to now publish an environmental report”
for this, the reasons are in technical article. advantages of environmental report.
reassuring stakeholders
showing accountability
risk profile
all from here
‘Construct the case for’ means positive arguments 95%, you can use a however if there are any negatives but the question did not ask for and against or critically assess…
For that question, I went with via the case and outlined using common sense
1) Keep parent company happy
2) Their targets were ambitious and above norms
3) They were not contravening law
4) They had only slipped against their voluntary high standards
5) Reassure shareholders
6) Reputation
7) Resources no longer an excuse because they were now potentially suffering financial damage.also enviournmental gives the organization information in terms of mearsures and data that the company could use to minimize wastage and for operational efficiency (cost minimization). this is from technical article on enviournmental report
@abbas7796 said:
“Construct the case for Pulpo to now publish an environmental report”for this, the reasons are in technical article. advantages of environmental report.
reassuring stakeholders
showing accountability
risk profile
all from here
yes, read the article & mentioned those in “For”, but the question did not state “advantages” or “purposes”, but construct the case, so I mentioned both ‘against’ and ‘For’..
@tallaghthoop said:
‘Construct the case for’ means positive arguments 95%, you can use a however if there are any negatives but the question did not ask for and against or critically assess…For that question, I went with via the case and outlined using common sense
1) Keep parent company happy
2) Their targets were ambitious and above norms
3) They were not contravening law
4) They had only slipped against their voluntary high standards
5) Reassure shareholders
6) Reputation
7) Resources no longer an excuse because they were now potentially suffering financial damage.I guess it does, anyways I mentioned both, in any case Hopefully i gain marks in “for” argument..
btw, when will ACCA release the answers, any idea?
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