acca p1 - governance, risk and...

ACCA P1 - Governance, Risk and Ethics Exam technique Radka Nedvědová, PwC’s Academy

www.pwc.com

PwC's Academy

Topics

Syllabus and exam structure Exam technique tips

§  Planning your answer §  Understanding the verbs §  Professional marks §  Examiner’s feedback

Preparation tips

Slide 2 ACCA P1 - Governance, Risk and Ethics

PwC's Academy

Syllabus and exam structure

Where does it fit Syllabus areas Exam structure

Worldwide pass rates


PwC's Academy

Introduction of the paper Where does it fit


PwC's Academy

Introduction of the paper Syllabus areas


A - Governance and

responsibility

B - Internal control and

review

C - Identifying and assessing

risk D - Controlling

risk

E - Professional values and

ethics

PwC's Academy

Introduction of the paper Exam structure

Section A •  1 compulsory question •  50 marks •  case study style, professional marks •  broad range of subject areas across the syllabus

Section B •  choice of 2 from 3 questions •  25 marks each •  discrete subject areas


A

15 minutes +

3 hours

PwC's Academy

Introduction of the paper Worldwide pass rates

ACCA P1

http://www.accaglobal.com/gb/en/student/exam-support-resources/pass-rates-for-acca-qualifications.html

48% 49% 52% 52% 48% 49% 50% 53% 51% 52% 51% 53%

49% 48% 53%

49% 53%

0%

20%

40%

60%

80%

100%

S15 J15 D14 J14 D13 J13 D12 J12 D11 J11 D10 J10 D09 J09 D08 J08 D07


PwC's Academy

Exam technique tips

Planning your answer Understanding the verbs Professional marks Examiner’s feedback


PwC's Academy

Exam technique tips Keys to success

Coverage

Prof. marks

Verbs


PwC's Academy

Exam technique tips Making your point

WHAT?

SO WHAT?

•  facts identified in the scenario •  theoretical knowledge •  limited marks only

•  explanation, analysis •  application to scenario •  more marks available


PwC's Academy

Planning your answer

•  requirement verbs •  marks allocation •  compound

requirements

How many ideas? How much to write? Broad or deep?

Analyze the requirements


PwC's Academy



requirements


•  annotate the question paper

•  relate text to requirements

•  monitor number of points identified

Can any model(s) help to find more?


Read scenario actively


PwC's Academy



requirements


•  annotate the question paper •  relate text to requirements •  monitor number of points identified

Can any model(s) help to find more?

•  prioritize ideas •  gain the maximum

from each idea •  focus on

presentation

Will the markers find and understand your ideas?


Present your answer

Read scenario actively


PwC's Academy

Understanding the verbs Intellectual levels – requirement verbs

Level 1 – Knowledge and comprehension list, define, identify, calculate – not frequently used in P1 Level 2– Application and analysis contrast, explain, discuss Level 3 – Synthesis and evaluation construct, evaluate, assess, criticise, formulate, advise


PwC's Academy

Understanding the verbs Requirement verbs – intellectual level 3


Verb What you need to do

construct (the case) / synthesise

prepare arguments in favour of (or against, as required) particular position or course of action – even if you do not personally agree (no marks for justifying the opposite position).

assess (the importance of..., the advantages of...)

say how important something is and why, how it would represent a challenge

evaluate, critically evaluate

give arguments for and against - both perspectives have to be discussed (critically evaluate may be more biased towards the negative side); conclude where appropriate

criticise

show how something falls short of the expected or best practice (you need to know what good and bad practice is); carefully scrutinise the case, identify the behaviour which is wrong or inappropriate, and discuss why.

PwC's Academy

Understanding the requirements


Hayho (Jun12 Q1)

PwC's Academy



Hayho (Jun12 Q1)

PwC's Academy



Rowlands and Medeleev (Jun08 Q1)

PwC's Academy



Chemco (pilot 07)

PwC's Academy



Hoppo (Jun13 Q1)

PwC's Academy



Bobo Car Company (Jun11 Q1)

PwC's Academy



ZPT (Dec10)

PwC's Academy

Professional marks

Fact: professional marks can turn a fail into a pass Many scripts are marginal fails (47 – 49 marks) Only few candidates score more than 2 of the 4 marks


PwC's Academy

Professional marks

•  usually 4 marks in compulsory Q1 •  awarded for:

›  clarity, logical flow, persuasiveness, tone of the answer

•  allocate time ›  4 marks = 6-7 minutes ›  think, prioritize, structure,

connect, present •  technical articles

http://www.accaglobal.com/content/dam/acca/global/PDF-students/2012s/sa_junjul09_condon.pdf


PwC's Academy

Professional marks

Formats examined in past exams


Type of communication Name of question Exam session memorandum Chemco pilot

Mary Jane Dec09 letter Worldwide Minerals Dec07

Global-bank Jun09 Hiaka Energy Dec13

statement / speech: •  to read at AGM Rowlands & Medeleev Jun08 •  at national legislative assembly ZPT Dec10 •  to present before committee Coastal Oil Dec11 •  to read at EGM Bobo Co Jun11 annual report narrative Swan Hill Company Dec08 website statement Hesket Nuclear Jun10 notes: •  briefing notes (CEO for board

meeting) Hayho Jun12

•  notes from consultants to board World Justice (Xaxa) Jun14 •  article for investors magazine P&J Dec12

Lysus Jun15 press release / press statement Hoppo Jun13

Cheapkit Dec14

PwC's Academy

Examiner’s feedback

•  time management – Q1 v. section B •  order of attempting questions

-  Q1 first -  requirements in order,

all have to be answered •  limit use of bullet points

-  explain and apply ideas to gain marks •  understand the verbs •  know who is your audience •  avoid question spotting – cover the whole syllabus •  read technical articles


PwC's Academy

Preparation tips

Approach to home study and revision Resources


PwC's Academy

Approach to home study / revision

Study syllabus topics •  from study text or online resources •  from technical articles or podcasts

Practice past exam questions •  analyze the requirements •  plan the answers on your own •  assess quantity / quality

•  check suggested solution and marking scheme •  read examiner’s comments


PwC's Academy

ACCA resources


Exam resources finder http://www.accaglobal.com/gb/en/student/exam-support-resources.html

•  Past exams questions and answers

•  Examiner’s reports

•  Technical articles

Self study guides http://www.accaglobal.com/gb/en/student/your-study-options/choosing-to-self-study.html

ACCA Learning community https://www.accalearningcommunity.com/

PwC's Academy

Complete Professional Ethics Module

•  access via myACCA •  useful addition to syllabus on Ethics •  required before transfer to membership •  e-learning units to be completed at your convenience •  framework + application


Good luck with your exams...

This publication has been prepared for general guidance on matters of interest only, and does not constitute professional advice. You should not act upon the information contained in this publication without obtaining specific professional advice. No representation or warranty (express or implied) is given as to the accuracy or completeness of the information contained in this publication, and, to the extent permitted by law, PricewaterhouseCoopers Česká republika, s.r.o., its members, employees and agents do not accept or assume any liability, responsibility or duty of care for any consequences of you or anyone else acting, or refraining to act, in reliance on the information contained in this publication or for any decision based on it. © 2015 PricewaterhouseCoopers Česká republika, s.r.o. All rights reserved. “PwC” is the brand under which member firms of PricewaterhouseCoopers International Limited (PwCIL) operate and provide services. Together, these firms form the PwC network. Each firm in the network is a separate legal entity and does not act as agent of PwCIL or any other member firm. PwCIL does not provide any services to clients. PwCIL is not responsible or liable for the acts or omissions of any of its member firms nor can it control the exercise of their professional judgment or bind them in any way.

Radka Nedvědová PwC’s Academy the. [email protected]

acca p1 - governance, risk and...

Documents