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Internal control

Professionalism

Risk

Accountability

Corporateethics

Governance

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REVIEW OF

PAST EXAMS

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WHAT WAS

DONE WELL?

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Q1 on Global Bank: (b) on internal control failures, (c) onagency theory.

Q3(a)(i) on ways a director can leave service and (c) oncriticise the CEOs reward package.

Q4(a)(i) on roles of risk manager.

June 2009

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Q1 was about the Mary Jane. (a) on AAA 7-step model, (b) oninternal control failures.

Q2 (Ding Co) (a) on content of a directors induction

programme.

Q3 (a) on integrity.

Q4 (a) on risk embeddedness (although not on application toSaltoc)

December 2009

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Q1 was on Hesket Nuclear. (b) on trade unions (after anarticle I wrote in Student Accountant), (c) on agency, (d)(i) onsocial and environmental footprint (but not on construct acase).

Q2 (a) on criticising the remuneration committee, (b)components of rewards package. Less well on alignment withshareholders interests.

Q3 (c) define internal audit testing.

June 2010

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Q1(a)(i) on why institutional investors might intervene incompany management.

Q2(c) on strategic and operational risk.

Q3(a) on conflict of interest and John Soria taking up a NEDpost at KK Limited.

Q4(a) on liquidity risk.

December 2010

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Core CG themes done better than some other areas

Knowledge marks and level 1 verbs

Timekeeping little evidence of struggling for time

Most organise material well in answer preparation

Questions similar to those asked previously (such asdescribing internal control failures in a case)

Overall, things well done

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WHAT WASNT

DONE WELL?

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Q1(a) about the rogue trader at Global Bank: candidates hadquestion spotted that Kohlberg wouldnt come up in thispaper. (d) about narrow and wide stakeholders. (e) about the

roles of the CEO in internal control.

Q2 on assess the ethical threats and (d) on deep greenperspective.

Q3: (d) criticise the chairmans performance.

June 2009

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Q1 on the Mary Jane. (c) on NEDs, (d)(i) on information oncontrols and risks and (d)(ii) on the qualities of information.

Q2 (c) on Arif Zamans understanding of the role of chairman.

Q3 (b) Criticise Potto Sinters ethical behaviour. Answerswere too descriptive.

December 2009

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Q1 (a) on voluntary and involuntary stakeholders.

Q2 (c) on voluntary reduction in pension value

Q4 on Happy and healthy mostly done poorly.

June 2010

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Q1(c) all three parts.- (i) confusion over sound corporate governance- (iii) often not attempted

Q2(b) despite a technical article on it in 2009.

Q3(c) on best practice CG report.

Q4(d) on SR and the voluntary supplier payment policy

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Explain the importance of sound corporate governance byassessing the consequences of the corporate governancefailures at ZPT.

Corporate governance is the system by which organisationsare controlled

Sound corporate governance includes having a committee

structure such as remunerations committee

It is important to split the roles of CEO and Chairman.

ZPT should form an audit committee

There is no mention in the case of a nominations committeeso ZPT should set one up

Example of Q1(c)(i)

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The second parts of two-task requirements (after the and)

Questions using higher level verbs like evaluate, construct

and assess

Ethical reasoning tasks

Professional marks in Q1

Overall, things that werent donewell

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LESSONS

LEARNED

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WHERE CANTUITION

PROVIDERSHELP?

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Work through all past papers.

Rehearse use of common P1 verbs and question types.

Continually emphasise the necessity of properly reading each

question and the case itself.

Rehearse presentation of answers for professional marks inQ1.

Study real life situations in which governance, risk and ethicsare prominent as part of placing the main themes in context.

My thoughts after seven live P1exams

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FOCUS ON

FUTURE

EXAMS

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WHATS NEW?

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C1c on dynamic nature of risk assessment

C1d management responses to changing risk assessment

C1e risk appetite

C3f on ALARP

C3g objective and subjective risk perception

C3h related and correlated risk

New content on risk in studyguide section C

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P1, Professional Accountant

Is now known as:

P1, Governance, Risk

and Ethics

New name

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Dont question spot revise the whole study guide andexpect anything.

Work through all previous papers.

Concentrate on exam technique for level 2 and 3 verbs.

Answer all tasks in a question (before and after the and)

Read and study the case and each question before startingthe answer.

EXAMINERS TOP TIPS

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