by ACCA student blogger Pantelis Fouli
How does one pass P1 Governance, Risk and Ethics paper? I was fortunate this last sitting to have passed this paper first go and I am sure that what I will share below will “add value” to your question paper.
Our lecturer told us the obvious:
- Study the whole syllabus
- Practice questions
- Sit at least 3 Mocks under examination conditions
BUT: What “added that extra value” to all the above was the following.
He set up an intranet site on the college server, he then took REAL LIFE examples for each chapter and scenarios we had in the syllabus and posted it there. His material that he uploaded spanned from previous ACCA technical articles, to annual reports, newspaper clippings from the financial newspapers and ANYTHING that we could link with the syllabus.
For e.g. when we covered the annual report of a PLC and all its inclusions (Chairman’s report, various disclosures and so forth) we had real life examples to go and read and study.
The secret apart from the obvious stated above was to understand the topic broadly and then apply it to real life instances, be able to say whilst reading your P3 Text book from the approved ACCA Text Books that “I can relate what is been written here to such and such story which was reported in the news last week” for example.
The best way to conceptualise the above point is to see an ACCA video on YouTube:
It talks about the very principles I spoke of above. At one point of the video the speaker said, “The fundamental principles of Corporate Governance are valid for all organisations” It very easy to understand and provides great relevant and recent examples that can be used by you, the aspiring ACCA accountant in your P1 Exam.
My personal opinion is that in the exam, if you write down, relevant, real life reported cases and link it to your question it will for sure “add value” to your paper.
I am a firm believer and I have no proof of this next statement but I am sure this is what helped me pass P1, understanding the syllabus but been able to link it to real life scenarios.