Acca P1 Notes

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ACCA P1 Governance, Risk & Ethics

ExPress Notes

Chapter 1

Some Key Points to DO at Paper P1

START The Big Picture
• • • Use mnemonics to help recall lists of facts (but then apply them – see below!) Prioritise the three areas of the syllabus within your study: Give more time to studying corporate governance than the other two areas, since there is more detail in this area to be learned. But make sure that you know all three areas well before the exam. You will not pass with expert knowledge of one or two of the core syllabus areas. Use facts and names from the scenario in your answer to show that you have applied the knowledge that you have. The P1 syllabus learning outcomes are all at “level 3” knowledge. This means that you get few (if any) marks for repeating or listing knowledge – it has to be applied somehow to get decent marks. Resist the temptation to write things you know. If it’s not relevant to a scenario in the question, don’t use it.





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ACCA P1 Governance, Risk & Ethics

ExPress Notes



Be prepared to feel a little “cheated” by the exam itself, as you will not get the opportunity to show off everything you have learned. It’s very hard not to show off what you know, but it wastes time and annoys the marker, if it’s not relevant. Download the full text of the UK Corporate Governance Code (2010) from http://www.frc.org.uk/corporate/ukcgcode.cfm. It’s well written and brief. Reading the primary source document is less dull and academic than reading a text book. Illustrate the relevance of your knowledge by reference to recent real business events, where they are relevant. This shows that you understand that the subject matter of P1 is evolving and relevant to real business. Watch the requirements of each question very carefully. If the examiner asks you to “argue the case for...” you will not get good marks by presenting a balanced case of arguments for and arguments against. Write in full, but short, sentences. Avoid bullet point lists in the exam. Present answers in the required format (eg letter, briefing notes, etc). You will lose gift marks if you use a different format to the one that the examiner wants. Respect P1! It looks far less daunting than some other professional level papers, but it is worthy of time. Practice writing answers in full, under exam conditions and exam time pressure. Remember that you pass exams by what you write and how you write it. Reading past answers won’t help you practice this core skill. Consider taking a course in effective English if you feel that your business English isn’t good. A significant part of the professional marks are awarded for effective, businesslike communication. Get feedback on your sample answers. Possibly the most difficult part of passing P1 is knowing what the “target” is. It’s very hard to work this out without tutor feedback. Download all the past questions and answers from the ACCA website. Read them all through in full before the exam – it will help you think into the way the examiner thinks and writes and allow you to copy his style effectively in the exam room. Download and read all the examiner’s reports from previous sittings.







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© 2012 The ExP Group. Individuals may reproduce this material if it is for their own private study use only. Reproduction by any means for any other purpose is prohibited. These course materials are for educational purposes only and so...
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