Acca Paper P1 Governance, Risk and Ethics June 2011
ACCA Paper P1 Governance, Risk and Ethics June 2011
Final Assessment – Answers
To gain maximum benefit, do not refer to these answers until you have completed the final assessment questions and submitted them for marking.
ACCA P1 : GOVERNANCE, RISK AND ETHICS
© Kaplan Financial Limited, 2011 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.
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KAPLAN PUBLISHING
FINAL ASSESSMENT ANSWERS
ANSWER 1
Key answer tips (a) (b) This requirement has two parts, to discuss both the responsibilities for an employee and as accountant. The definition of ‘reputation risk’ used to this answer, was taken from the examiners definition used in the 2007 pilot paper. When asked to Evaluate remember to discuss both the positives and negatives. This requirement asked you to describe ‘sound’ this should indicate the three features of a sound system of internal control described in the Turnbull guidance. It is important for this requirement that you ensure your tone and language is appropriate for a Chairman to use in speaking to the shareholders of M & A Consulting. Ethical responsibilities of a
Final Assessment – Answers
To gain maximum benefit, do not refer to these answers until you have completed the final assessment questions and submitted them for marking.
ACCA P1 : GOVERNANCE, RISK AND ETHICS
© Kaplan Financial Limited, 2011 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.
2
KAPLAN PUBLISHING
FINAL ASSESSMENT ANSWERS
ANSWER 1
Key answer tips (a) (b) This requirement has two parts, to discuss both the responsibilities for an employee and as accountant. The definition of ‘reputation risk’ used to this answer, was taken from the examiners definition used in the 2007 pilot paper. When asked to Evaluate remember to discuss both the positives and negatives. This requirement asked you to describe ‘sound’ this should indicate the three features of a sound system of internal control described in the Turnbull guidance. It is important for this requirement that you ensure your tone and language is appropriate for a Chairman to use in speaking to the shareholders of M & A Consulting. Ethical responsibilities of a