P1 Exam tips from BPP, Kaplan, First Intuition, Icount – Dec 2011 BPP In the long 50 mark scenario question you can expect to see all areas of the syllabus being tested. For this reason you should ensure that you have not neglected any of the broad syllabus areas of governance, risk and ethics. The topic of risk can be further subdivided between risk and control. Some good areas of governance to look at are agency, stakeholders and directors’ remuneration. Don’t neglect internal control reporting. Ethical theories get tested regularly, and professional codes of ethics are an important part of the syllabus. The examiner did not touch environmental issues in the June exam – you should ensure you brush up on these too. Kaplan tips •Corporate governance: external factors – stock exchanges & Company secretary •Normative / instrumental stakeholder views •Ethical Decision making – Tucker/AAA •Risk perception and ALARP •Directors Performance Evaluation First Intuition 50 mark scenario question, to include: TARA risk model, ethics, absolutist v relativism, chairman and CEO powers need to be separate, also corporate social responsibility, ISO 14001 Optional questions to include: importance of internal control, NEDs and remuneration committee, business risks, Grays Owens and adams Icount
•Transaction cost versus agency theories •Board committees •Risk management and the role of internal audit •Controlling organisational risks •Absolutist versus relativist ethical theories •Professional ethics source – PQ Magazine http://www.pqaccountant.com best of luck with exam!