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Paper P1 Governance, Risk and Ethics EXAM KIT - Kaplankaplan- · PDF filePAPER P1 : GOVERNANCE, RISK AND ETHICS ii KAPLAN PUBLISHING British Library Cataloguing-in-Publication Data

Jun 18, 2018

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  • Professional Examinations Paper P1

    Governance, Risk and Ethics

    EXAM KIT

  • PAPER P1 : GOVERNANCE, R ISK AND ETHICS

    i i KAPLAN PUBLISHING

    British Library Cataloguing-in-Publication Data

    A catalogue record for this book is available from the British Library.

    Published by:

    Kaplan Publishing UK

    Unit 2 The Business Centre

    Molly Millars Lane

    Wokingham

    Berkshire

    RG41 2QZ

    ISBN: 978-1-78415-232-1

    Kaplan Financial Limited, 2015

    Printed and bound in Great Britain.

    The text in this material and any others made available by any Kaplan Group company does not amount to advice on a particular matter and should not be taken as such. No reliance should be placed on the content as the basis for any investment or other decision or in connection with any advice given to third parties. Please consult your appropriate professional adviser as necessary. Kaplan Publishing Limited and all other Kaplan group companies expressly disclaim all liability to any person in respect of any losses or other claims, whether direct, indirect, incidental, consequential or otherwise arising in relation to the use of such materials.

    All rights reserved. No part of this examination may be reproduced or transmitted in any form or by any means, electronic or mechanical, including photocopying, recording, or by any information storage and retrieval system, without prior permission from Kaplan Publishing.

    Acknowledgements

    The past ACCA examination questions are the copyright of the Association of Chartered Certified Accountants. The original answers to the questions from June 1994 onwards were produced by the examiners themselves and have been adapted by Kaplan Publishing.

    We are grateful to the Chartered Institute of Management Accountants and the Institute of Chartered Accountants in England and Wales for permission to reproduce past examination questions. The answers have been prepared by Kaplan Publishing.

  • KAPLAN PUBLISHING i i i

    CONTENTS Page

    Index to questions and answers v

    Analysis of past papers xi

    Exam technique xiii

    Paper specific information xv

    Kaplans recommended revision approach xix

    Kaplans detailed revision plan xxi

    Section

    1 Practice questions Section A 1

    2 Practice questions Section B 45

    3 Answers to practice questions Section A 111

    4 Answers to practice questions Section B 245

    In addition to providing a wide ranging bank of real past exam questions, we have also included in this edition: An analysis of all of the recent new syllabus examination papers. Paper specific information and advice on exam technique. Our recommended approach to make your revision for this particular subject as effective

    as possible. This includes step by step guidance on how best to use our Kaplan material (Complete

    text, pocket notes and exam kit) at this stage in your studies. Enhanced tutorial answers packed with specific key answer tips, technical tutorial notes

    and exam technique tips from our experienced tutors. Complementary online resources including full tutor debriefs and question assistance to

    point you in the right direction when you get stuck.

  • PAPER P1 : GOVERNANCE, R ISK AND ETHICS

    iv KAPLAN PUBLISHING

    You will find a wealth of other resources to help you with your studies on the following sites: www.mykaplan.co.uk www.accaglobal.com/students/

    Quality and accuracy are of the utmost importance to us so if you spot an error in any of our products, please send an email to [email protected] with full details, or follow the link to the feedback form in MyKaplan.

    Our Quality Co-ordinator will work with our technical team to verify the error and take action to ensure it is corrected in future editions.

  • KAPLAN PUBLISHING v

    INDEX TO QUESTIONS AND ANSWERS

    INTRODUCTION Paper P1: Governance, Risk and Ethics, was first tested in December 2007 under its previous name Professional Accountant. At that time it was a new paper, added to the syllabus to place ethics and governance prominently within the qualification.

    Recent research and feedback from employers on ACCA's 2010 syllabus indicates risk is an important issue, especially in the current economic climate. It is therefore essential that this topic is adequately covered by the syllabus.

    In the ACCA Qualification, introduced in 2007, ACCA increased the coverage of risk. However, based on employer feedback, ACCA has increased this even further in the revised syllabuses, first examined in June 2011.

    To reflect this increased coverage of risk, ACCA considered it appropriate to change the name of Paper P1 from Professional Accountant to Governance, Risk and Ethics. This is a more accurate description of the syllabus content and will give employers the assurance that risk is adequately covered by the ACCA Qualification.

    The paper name change came into effect June 2011.

    Note that this kit contains past ACCA exam questions for this paper, which are labelled as such in the index.

  • PAPER P1 : GOVERNANCE, R ISK AND ETHICS

    vi KAPLAN PUBLISHING

    KEY TO THE INDEX

    PAPER ENHANCEMENTS We have added the following enhancements to the answers in this exam kit:

    Key answer tips

    All answers include key answer tips to help your understanding of each question.

    Tutorial note

    All answers include more tutorial notes to explain some of the technical points in more detail.

    Tutors top tips

    For selected questions, we walk through the answer giving guidance on how to approach the questions with helpful tips from a top tutor, together with technical tutor notes.

    These answers are indicated with the footsteps icon in the index.

    ONLINE ENHANCEMENTS

    Timed question with Online tutor debrief

    For selected questions, we recommend that they are to be completed in full exam conditions (i.e. properly timed in a closed book environment).

    In addition to the examiners technical answer, enhanced with key answer tips and tutorial notes in this exam kit, online you can find an answer debrief by a top tutor that:

    works through the question in full

    points out how to approach the question

    how to ensure that the easy marks are obtained as quickly as possible, and

    emphasises how to tackle exam questions and exam technique.

    These questions are indicated with the clock icon in the index.

  • INDEX TO QUESTIONS AND ANSWERS

    KAPLAN PUBLISHING vi i

    Online question assistance

    Have you ever looked at a question and not know where to start, or got stuck part way through?

    For selected questions, we have produced Online question assistance offering different levels of guidance, such as:

    ensuring that you understand the question requirements fully, highlighting key terms and the meaning of the verbs used

    how to read the question proactively, with knowledge of the requirements, to identify the topic areas covered

    assessing the detail content of the question body, pointing out key information and explaining why it is important

    help in devising a plan of attack

    With this assistance, you should then be able to attempt your answer confident that you know what is expected of you.

    These questions are indicated with the signpost icon in the index.

    Online question enhancements and answer debriefs will be available on MyKaplan:

    www.mykaplan.co.uk

  • PAPER P1 : GOVERNANCE, R ISK AND ETHICS

    vi i i KAPLAN PUBLISHING

    PRACTICE QUESTIONS SECTION A Page number

    Question Answer Past exam (Adapted)

    1 Manage Ltd 1 111

    2 Worldwide Minerals 3 116 Dec 07 3 Hayho 5 124 Jun 12 4 Swan Hill Company 7 131 Dec 08 5 Coastal Oil 9 138 Dec 11 6 Fuel surcharges 12 146 7 AEI 13 151

    8 Global-bank 14 157 Jun 09 9 Rowlands & Medeleev 16 164 Jun 08 10 Chemco 18 172 Pilot 07 11 Mary Jane 20 178 Dec 09 12 Hesket Nuclear 22 186 Jun 10 13 ZPT 25 193 Dec 10 14 Bobo Car Company 28 200 Jun 11 15 P&J 30 207 Dec 12 16 Hoppo 33 214 Jun 13 17 Wyland 35 221 Dec 13 18 Xaxa 38 230 Jun 14 19 Cheapkit 40 238 Dec 14

    PRACTICE QUESTIONS SECTION B Page number

    Question Answer Past exam (Adapted)

    GOVERNANCE AND RESPONSIBILITY 20 Corporate governance guidelines 45 245 21 Geeland 46 248 Dec 11 22 KK 47 252 Dec 10 23 Multi-jurisdictional governance 48 255 Dec 07 24 Football club 48 260 Dec 07 25 Delcom 49 265

    26 Vestel 50 267

    27 Corporate governance 51 270

    28 Laland 51 274 Jun 11 29 Oland 52 278 Dec 12 30 Lum Co 53 282

  • INDEX TO QUESTIONS AND ANSWERS

    KAPLAN PUBLISHING ix

    Page number

    Question Answer Past exam (Adapted)

    31 Zogs 54 286 Jun 12 32 Rosh and Company 55 291 Jun 08 33 Corporate governance debate 56 294 Jun 08 34 Boom 57 297 35 Eastern Products 57 301 Pilot 07 36 TQ Company 58 304 Jun 09 37 Roles and relevance 59 307 38 Metto Mining 60 310 39 Sarbanes-Oxley 61 313 Dec 13 40 HWL 61 317 Dec 13 41 Badison 62 321 42 Chambon 63 323 Dec 14 43 NIC 64 326 Dec 14

    INTERNAL CONTROL AND REVIEW 44 Ding 65 329 Dec 09 45 Tomato Bank 66 332 Jun 10 46 ABC Co 67 335 Pilot 07 47 Yaya 68 339 Dec 12 48 SPQ 68 343 49 Gluck and Goodman 69 346 Dec 08 50 YAHTY 70 350

    51 Blup Co 71 355 Jun 13 52 FIS 72 359

    53 RG 73 360

    54 Supermarket 73 363 55 Treadway 74 366 Jun 10 56 FF Co 75 370 Pilot 07 57 Franks & Fisher 76 374 Pilot 07 58 CC & J 77 376 59 Loho 77 379 Dec 14