session plan and syllabus induction briefing file for p1

8/13/2019 Session Plan and Syllabus Induction Briefing File for P1

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Governance, Risk and Ethics (P1) June 2013 to June 2014

As u might now the structure of the paper

SEC A = 50 marks question comprising of two page scenario

SEC B = 2 out of 3 question comprising of 25 marks = 50 marks

The papers is a very interesting one given you attend all my class and feel it from practical

perspective. Remember that solving exam kit can ensure passing in exam , but to be distinct

u need to be enriched by the knowledge that p1 has in offer for you. So lets have a look at

what we are going to cover in the five sections as per ACCA syllabus

This is the biggest section of all and knowledge of this section is required to answer each

and every question of the paper. In practical context you are going to learn a lot about

directors here, hence knowledge from F4 would be pretty useful. Here One need to realize

and demonstrate that they understand all the guidelines given in Uk Corporate governance

code which unlocks the secrets of achieving business objectives i.e. knowing all the ideal

guideline regarding " NED/Chairman/CEO/ Diff committees/ Stakeholder and so on"


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Explain the problems companies have suffered, that have resulted in the need forcorporate governance regulations.

Explain the agency problem and agency cost. Who sets corporate governance regulations? What are the that underpin corporate governance?key concepts For a given situation, identify the key corporate governance principles or concepts

that are / are not being followed.

Explain the business argument for and against corporate governance? Explain the in a company? What is meant by fiduciary duty?role of directors What are the main roles of NEDs? Explain the importance of the independence of

, and circumstances where their independence could be threatened?NEDs

Explain the importance of succession planning for a ?Nomination Committee Explain the meaning of and critically evaluate issues of diversity ondiversityboard of directors? ( Syllabus Addition) Suggest some content of an for a new company director?induction programme Explain the importance of for boards of directors, andannual performance reviews

how such a review could take place effectively?

Discuss the main components of a , and how todirector remuneration packageensure it is aligned with company interests?

Explain the and the circumstances inimportance of institutional shareholders,which they may intervene in a company?

Explain the links between agency theory and transaction cost theory? Explain the differences between legal systems of CG and codes of best practice? Explain how and why between different countries and cultures?governance differs Explain the extent to which governance principles may apply to organizations other

than large listed companies?

For the above company identify the different and discussgroups of stakeholdersthe extent to which the company may choose to deal with them?

Discuss the extent to which stakeholders could be held responsible for the behaviorof an organization?


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This is the smallest section of all and knowledge of this section is mostly applicable in

scenario based question. In practical context internal control is what that would ensure you

are not being deterred to achieve your objectives. In specific you aregoing to learn about

"""what is sound internal control"" as well as getting the idea on designing, implementing

and monitoring internal control. Despite of all this new things knowledge from F8 could be

utilized while writing answers.In scenario based exam question you would probably need to analyze possible reasons of

internal control failures. So using common sense as well as an in depth understanding of

corporate governance principle from SEC A would be helpful. Memorizing wont help much

and hence the question checklist would be small but as substitute we have to learn to

analyze scenario based question.

Explain what is required for an effective system of internal controls, asrecommended by COSO and Turnbull.

Explain how the control system at the above company differs from a sound systemas described in the Turnbull guidance.

Explain the role of Internal Audit in good corporate governance. Explain the role and benefits of an Audit Committee.


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To achieve your business objectives, you need to know what are the possible risk that may

arise, that story is defined in SEC C after knowing your risk you must decide which risk tomanage ( SEC D) by implementing set of internal control ( SEC B). You see the inter-

connection of these two section to the whole syllabus. Hence these can be examined in SEC

A as well as in SEC B. I would suggest to be informed on the three aspects mentioned below

bit precisely

Learning about at-least and how to mitigate those20 types of possible risk Peoples involved in risk management including committees Justify the action of in a given scenariorisk manager As well as being familiar with TARA and ALARP

Explain the importance of good risk management as part of good corporategovernance.

Explain how the Board, possibly through a , is central to good riskRisk Committeemanagement.

Explain the concepts of .risk appetite, risk capacity, and risk attitude Describe how a typical risk management process works. For a given organization, suggest the that could be used whenrisk categories

assessing risks.

Describe different ways in which risk can be .measured and assessed Describe the different ways in which risk can be addressed.


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An area i like to lecture on but yet disliked by students in general since this section

comprise of infinite viewpoints of intellect ppl who lived in past. Students score very less

here because "" Say exam Qn ask to assess a particular situation from the perspective of xyz

theory", but yet at the end the student turns up giving his own opinion""___ Alerting u guys"" Listen examiner doesn't want to know what u feel rather want to see whether u

understand the intellects view or ethical theories and apply in a scenario as the examiner

wants u to do so""

Should codes of ethics be based on rules or principles? Explain the fundamental principles of the ACCA Code of Ethics Highlight the issues with conflicts of interest Discuss the need for when dealing with client affairsconfidentiality

Describe different frameworks that exist for helping accountants to come to makeethical decisions (including Tuckers 5 Questions, and the American Accounting

Association 7 Step Model)

Explain and apply them to a scenarioKohlbergs stages of moral development Explain different models of ethics, including deontological v teleological,

relativism v absolutism, and personal ethics v corporate ethics

Explain the concepts of sustainability, environmental footprint, and social footprint Explain the concepts of a profession, and professional behavior Discuss the responsibilities an accountant has to their employer, and highlight how

these may conflict with professional responsibilities

Describe the influence that a professional accountant can have on society, andwhether they should behave reactively or proactively

Describe and assess the social and environmental effects that economic activity canhave (in terms of and environmentalsocial and environmental footprints

reporting)? (Syllabus Addition)

Explain and assess the typical , andcontents of a social and environmental reportdiscuss the usefulness of this information to stakeholders? (Syllabus Addition)


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ACCA Syllabus Section Estimated Duration

Define governance and explain its function

in the effective management and control of

Organizations and of the resources for

which they are accountable

4 class for notes with 2 classes for discussingrelevant question i.e. 6 Class

We would have 2 class everyday which

means by we would be done i.e.

Evaluate the Professional Accountants role

in internal control, review and compliance

2 class for notes with 1 for discussing

relevant question i.e. 3 Class

After C&D this would be next to be done byi.e. the 14thclass

Explain the role of the accountant in

identifying and assessing risk

Explain and evaluate the role of the

accountant in controlling and mitigatingrisk

3 class for notes with 1 for discussing


After finishing SEC A this would be taken on

and we hope to be done

Demonstrate the application of professional

values and judgment through an ethical

framework that is in the best interests of

society and the profession, in compliance

with relevant professional codes, laws and

regulations.

3 Class for notes with 2 for discussing


Our last two days would focus on getting

done with Ethics i.e. By 9thdayor the 18th

class we can expect to cut the chase of ending

the syllabus

session plan and syllabus induction briefing file for p1

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