ACCA P1 - Governance, Risk & Ethics - Mapit Revision Course Q.pdf · ACCA P1 - Governance, Risk & Ethics Revision Course Workbook . ... The notes should include a discussion of the

P1 ACCA Revision Course Workbook Q

ACCA P1 - Governance, Risk & Ethics

Revision Course Workbook

Scenario 1

Relevant to Videos 03, 04, 05 & 06

Video 03 - Social/Environmental Issues

Define ‘social footprint’ and describe, from the case, four potential social implications of Professor Kroll’s discovery about the health risks of X32.

(10 marks) Video 04 - Risk Management

Describe what ‘risk diversification’ means and explain why diversifying the risk related to the potential claims against the use of X32 would be very difficult for P&J.

(10 marks)

Video 05 - Ethics

As an accountant, Hannah Yin is bound by the IFAC fundamental principles of professionalism.

Required:

Criticise the professional and ethical behaviour of Hannah Yin, clearly identifying the fundamental principles of professionalism she has failed to meet.

(9 marks)

Video 06 - Risk & Controls

Writing as the journalist who discovered the story, draft a short article for the magazine Investors in Companies. You may assume the magazine has an educated readership. Your article should achieve the following:

(ii) Distinguish between strategic and operational risk and explain why Professor Kroll’s findings are a strategic risk to P&J.

(8 marks)

(ii) Discuss the board’s responsibilities for internal control in P&J and criticise Mr Ho’s decision to choose Plan B.

(9 marks)

Professional marks will be awarded in part (d) for the structure, logical flow, persuasiveness and tone of the article.

(4 marks)

Scenario 2

Relevant to Videos 07, 08, 09, 10 & 11

Video 07 More Risk

Explain ‘risk appetite’ and demonstrate how different risk appetites might affect the selection of investments between Jayland and Pealand.

(6 marks) Video 08 - Ethical Behaviour

Use the AAA seven-step model to examine the ethical decision whether to select the Jayland option or the Pealand option.

(14 marks)

Video 09 - Internal Controls

Describe the general purposes of an internal control system and, based on Emily Baa’s views, assess the main internal control challenges that Hayho might encounter if it chose the Jayland option.

(12 marks)

Video 10 - CSR & Stakeholders

Prepare briefing notes from Emily Baa to prepare chief executive of Hayho, Helen Duomo, for the board meeting as requested in the case.

The notes should include a discussion of the meaning of accountability at Hayho and of how the Mendelow framework can be used to predict the influence of the Watching Business pressure group

(7 marks)

Video 11 - Agency Theory

Prepare briefing notes from Emily Baa to prepare chief executive of Hayho, Helen Duomo, for the board meeting as requested in the case.

The notes should include a brief explanation of the agency relationship between the board of Hayho and Quark Investments, and advice on why the demands from Watching Business should be carefully considered.

(7 marks)

Scenario 3

Relevant to Videos 12, 13, & 14

Video 12 - More Ethical Behaviour

Describe the general purposes of a corporate code of ethics and evaluate Coastal Oil’s performance against its own stated ethical aims as set out in its code of ethics.

(10 marks)

Video 13 - Shareholder Relations

Explain, using examples, the difference between voluntary and mandatory disclosure, and assess Tanya Tun’s proposition that additional voluntary disclosure on environmental risk management would be material to the shareholders.

(10 marks)

Video 14 - Risk Management

In preparing to appear before the special committee of the Effland national legislature, CEO Mrs Ahmed has been informed that she will be asked to explain the causes of the accident and to establish whether she can give assurances that an accident of this type will not re-occur.

Required: Prepare a statement for Mrs Ahmed to present before the committee that explains the following:

(i) The internal control failures that gave rise to the accident;

(10 marks)

(ii) The difference between subjective and objective risk assessment (using examples). Argue against Senator Jones’s view that Mrs Ahmed ‘should have known this was going to happen’;

(8 marks)

(iii) ‘Health and safety’ risk and the factors that can increase this risk in an organisation;

(4 marks)

(iv) Why Coastal Oil cannot guarantee the prevention of further health and safety failures, using the ALARP (as low as reasonably practicable) principle;

(4 marks)

Professional marks will be awarded in part (c) for logical flow, persuasiveness, format and tone of the answers.

(4 marks)

Video 15 - Ethics and Directors

Video 16 - Corporate Governance

Video 17 - Directors & Committees

Video 18 - More Governance

Video 19 - Risk Committee

Video 20 - Corporate Governance

Video 21 - Governance & Audit Committee

Video 22 - Ethics & Stakeholders

Video 23 - Ethics & Directors

Video 24 - Sustainability & Behaviour

Video 25 - Ethics

Video 26 - Internal Controls

Video 27 - Directors

Video 28 - Directors Remuneration

Video 29 - Risk

Video 30 - More Exam Technique

Video 31 - Answer Planning

ACCA P1 - Governance, Risk & Ethics - Mapit Revision Course Q.pdf · ACCA P1 - Governance, Risk & Ethics Revision Course Workbook . ... The notes should include a discussion of the

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