P1 Governance, Risk and Ethics (GRE)
THE SECRET TO EXAM SUCCESS
P1 questions are based on case scenarios where planning and correct approach are the main instruments. It is extremely important to correctly study the information in the case and apply it suitably rather than just use bookwork type answers and reproduce remembered notes. Construct, analyze and assess are the verbs which should be obeyed and the answer should be applied to specific question. Planning your answer whenever you practice case scenario questions is a key.
To apply relevant knowledge, skills and exercise professional judgement in carrying out the role of the accountant relating to governance, internal control, compliance and the management of risk within an organisation, in the context of an overall ethical framework.
The syllabus for Paper P1, Governance, Risk and Ethics, acts as the gateway syllabus into the professional level. It sets the other Essentials and Options papers into a wider professional, organisational, and societal context. The syllabus assumes essential technical skills and knowledge acquired at the Fundamentals level where the core technical capabilities will have been acquired, and where ethics, corporate governance, internal audit, control, and risk will have been introduced in a subject-specific context.
The GRE syllabus begins by examining the whole area of governance within organisations in the broad context of the agency relationship. This aspect of the syllabus focuses on the respective roles and responsibilities of directors and officers to organisational stakeholders and of accounting and auditing as support and control functions. The syllabus then explores internal review, control, and feedback to implement and support effective governance, including compliance issues related to decision-making and decision-support functions. The syllabus also examines the whole area of identifying, assessing, and controlling risk as a key aspect of responsible management.
Finally, the syllabus covers personal and professional ethics, ethical frameworks – and professional values – as applied in the context of the accountant’s duties and as a guide to appropriate professional behaviour and conduct in a variety of situations.
On successful completion of this paper, candidates should be able to:
- Define governance and explain its function in the effective management and control of organizations and of the resources for which they are accountable
- Evaluate the Professional Accountant’s role in internal control, review and compliance
- Explain the role of the accountant in identifying and assessing risk
- Explain and evaluate the role of the accountant in controlling and mitigating risk
- Demonstrate the application of professional values and judgement through an ethical framework that is in the best interests of society and the profession, in compliance with relevant professional codes, laws and regulations
- Lectures 10
- Quizzes 2
- Duration 15-25 hrs
- Skill level All levels
- Language English
- Students 16
- Certificate Yes
- Assessments Self
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