P1 Exam Recap

Emperor1989

Hi folks,

Just wondering how everyone else got on

Q1 was realitively straightforward if you knew your stuff. I went through the Case Study with a fine tooth comb and made it much easier to answer the questions.

Quick question on purposes of internal control?? Was that like safeguarding of assets and then you need to show the accounting trouble aswell when they asked the 2nd part of it(2 marks)??. Sorry bit vague as i forget it. 12 marker tho.

q2 on risk was okay, part b was my best answered. Answered the independance part and part c but thats really up to the quality of discussion.

Did q4 not the best answered but still should pick up 10 or so marks.


How did everyone else do and if anyone can help me with that 12 marker in part c in question one i be much obliged. 12 crucial marks!

masoodsarwar

To be honest, I have a strong feeling that I have nailed exam.
Thinking to put my books on sale

I did section B first and withing time limit
just 5 mins above.

However couldnt finish question 1. left around 10 marks on AAA model.
Wrote 5,6 steps and explained one with the scenerio.

U r asking about Q1, c?

u need to tell the the benifts of internal control. like function of IC.

and what controls would be most challenging in the given case.

means if the wayho Co. if i am remembering correct. decide to invest in jayland, what IC would need more emphasis and why.

thats my understanding.

Hope everybody got on well.

Best of luck everyone.

Emperor1989

People have been saying Coso, Erm all sorts of stuff. This is my take on it.

If I remember correctly it said the purposes of Internal Control and then find a area which Jayland would struggle(12 marks)

According notes from Class they say the 5 purposes

1 Ordely conduct of business
2 Safeguarding assets
3 preventention detection fraud etc
4 Complete accounting info
5 Timely Financial statements

5x2 give you 10 marks and then 2 marks for the discussion with revelance to Jayland and it did state lack of skills in account which would be 4 and 5 and then also internal control with would be 1 and 3.

I got this pointed out to my by my mate after the exam and was kicking myself as i am pretty sure i don't have that down.

Think the rest of the paper was okay but that 12 marker seems to nudging away at me.:eek:

masoodsarwar

Emperor1989 wrote: »

People have been saying Coso, Erm all sorts of stuff. This is my take on it.

If I remember correctly it said the purposes of Internal Control and then find a area which Jayland would struggle(12 marks)

According notes from Class they say the 5 purposes

1 Ordely conduct of business
2 Safeguarding assets
3 preventention detection fraud etc
4 Complete accounting info
5 Timely Financial statements

5x2 give you 10 marks and then 2 marks for the discussion with revelance to Jayland and it did state lack of skills in account which would be 4 and 5 and then also internal control with would be 1 and 3.

I got this pointed out to my by my mate after the exam and was kicking myself as i am pretty sure i don't have that down.

Think the rest of the paper was okay but that 12 marker seems to nudging away at me.:eek:

it was general question with many problematic areas.
so I almost have the same points with different headings may be. I didnt point out financial reporsting part.
so u just need to point out the problematic areas and tell that wat kind of conrols would be challenged there. (difficulty in operations)
I said
compliance control, supervision and monitoring control, financial controls, Human resource management control etc and linked them to scenerio.

I undertand where u coming from, and I think u are right as well.

but lets not make it a debate cuz i have seen people who did nothing in exam are more keen to prove others wrong so celebrate till results.

and I have a feeling that we both will celebrate after results as well.
(insha ALLAH)

cheers.

Emperor1989

Ah yeah there it is its so kinda vague the marking scheme that you can write anything and get marks.

I have a few points from the above but jesus they were easy marks once you knew what they were asking. Might get a pass on that question.

Just wait and see....

Lucyx

Emperor1989 wrote: »

People have been saying Coso, Erm all sorts of stuff. This is my take on it.

If I remember correctly it said the purposes of Internal Control and then find a area which Jayland would struggle(12 marks)

According notes from Class they say the 5 purposes

1 Ordely conduct of business
2 Safeguarding assets
3 preventention detection fraud etc
4 Complete accounting info
5 Timely Financial statements

5x2 give you 10 marks and then 2 marks for the discussion with revelance to Jayland and it did state lack of skills in account which would be 4 and 5 and then also internal control with would be 1 and 3.

I got this pointed out to my by my mate after the exam and was kicking myself as i am pretty sure i don't have that down.

Think the rest of the paper was okay but that 12 marker seems to nudging away at me.:eek:

Yes thats it exactly as they did mention about security issues for Jayland as far as the assets were concerned so thats where the safeguarding of assets came in.

I'm praying I did well in that Q as I didn't go fantastically well in the rest.
Wasn't as bad as expected though with all the reading.

Do they mark this paper hard like F9? hope they don't

masoodsarwar

Hope both of u passed

I passed with 61 marks. Alhamdulilla.

So happy