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P1 Magdalene

ACCA P1 Governance, Risk & Ethics Description

Course Module – 3 modules

Three (3) 65 mark tests and One (1) Mock 100 marks

54 hours course modules

18 hours revision module

Focus exam notes


The major cause of exam failure in P1is poor time management, poor exam techniques such as understanding the requirement of the questions, obtaining professional marks in Question 1 and writing well-developed points to obtain relevant marks to pass the exam








Module 1


18 hours teaching



Test 1


2 hours

65 marks


Section A – Governance and Responsibility

·         Aspect of Corporate Governance: What is CG and Why CG and it is related to Agency Theory

·         Other theories of Agency Theory– Focus on Stakeholder Theory , Pristine capitalist vs Social contractarian position

·         Principles-based vs Rules-based approach to CG

·         Role of the board leadership and effectiveness – cover areas such as role of independent NEDs, separation between CEO & Chairman  board committees, remuneration of directors, diversity in the board


Section B – Internal control and review

·         Role of the board, including the CEO, in implementing and maintaining a sound system of internal controls and risk management to safeguard shareholders’ investments to show more accountability to shareholders

·         What incorporates a sound system of internal controls – discuss good models of internal control systems e.g COSO model

·         Role of internal audit and audit committee in the aspect of internal controls


Module 2


18 hours teaching



Test 2


2 hours

65 marks


Section C & D – Identifying  and assessing risks, controlling and managing risks

·         Risk appetites

·         Risk management in CG

·         Models of risk management

·         Embedding risk in culture

·         Identification and categorisation of risks

·         Risk assessment & measurement of risk -dynamic nature of risk assessment

·         Controlling and Managing risk – TARA framework and the ALARP principle


Module 3


18 hours teaching



Test 3


2 hours

65 marks


Section E – Ethics and Corporate social responsibility

·         Ethical theories – Focus on Kohlberg’s theory, deontological vs teleological, absolutist vs relativist

·         Professional Ethics

·         Corporate Code of Ethics

·         Corporate Social responsibility – theories, sustainability and social & environmental footprints


Revision Module


18 hours teaching


Mock exam



3 hours

100 marks


 Student will be examined from Section A-E of the syllabus

·         Governance and responsibility

·         Internal control and review

·         Identify and assessing risk

·         Controlling risk

·         Professional values and ethics and CSR



The Test Based Module

Three (3) 65 mark tests

Focus exam notes


This module is specifically designed to deal with this problem and is of particular value to:


a)   students who are resitting this paper due to lack of practising questions and do not know how to gain easy marks.  


b)students who wish to complement their existing courses with a heavily exam focused and test based module approach


c)   the test based module does NOT duplicate the questions and cases used in the Advanced Learning Centre (ALC) revision course.


The main elements in the module are:


The tests component.

1. Three (3) 65 mark tests sat under time constraints in ALC.  As the emphasis is on technique rather than knowledge these are open book assessments- having notes open is of little help in tackling a 50 marks case. You will be assessed on your ability to obtain professional marks in the exam.

Your answers will be marked by Mdm Magdalene Chia and detailed comments will be provided to advice you on how to improve case study performance. These cases have been specifically written for the course and are NOT past exam questions.


2. On completion of the case you will receive a highly detailed commentary that takes you through the case question by question and line by line and explains how the case should have been tackled. You will also receive a model answer to the case.


The materials component.

The knowledge needed to pass this exam is relatively basic.  You will receive Lecture Notes and slides for your own reading and for the open book exams. These notes will be sufficient for the exam diet.


The e-mail component.

From the moment of enrolment you have direct email contact with Mdm Magdalene and are encouraged to make use of it. It is also an opportunity for her to constantly communicate with you if you have any queries about specific topics or areas that you do not understand. As such this is more of a distance learning programme than simply a set of tests.


The information is correct at the time of uploading