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　　Governance, Risk and

　　Ethics （P1） December

　　2014 & June 2015

　　This syllabus and study guide is designed to help

　　with planning study and to provide detailed

　　information on what could be assessed in

　　any examination session.

　　THE STRUCTURE OF THE SYLLABUS AND

　　STUDY GUIDE

　　Relational diagram of paper with other papers

　　This diagram shows direct and indirect links

　　between this paper and other papers preceding or

　　following it. Some papers are directly underpinned

　　by other papers such as Advanced Performance

　　Management by Performance Management. These

　　links are shown as solid line arrows. Other papers

　　only have indirect relationships with each other

　　such as links existing between the accounting and

　　auditing papers. The links between these are shown

　　as dotted line arrows. This diagram indicates where

　　you are expected to have underpinning knowledge

　　and where it would be useful to review previous

　　learning before undertaking study.

　　Overall aim of the syllabus

　　This explains briefly the overall objective of the

　　paper and indicates in the broadest sense the

　　capabilities to be developed within the paper.

　　Main capabilities

　　This paper’s aim is broken down into several main

　　capabilities which divide the syllabus and study

　　guide into discrete sections.

　　Relational diagram of the main capabilities

　　This diagram illustrates the flows and links between

　　the main capabilities （sections） of the syllabus and

　　should be used as an aid to planning teaching and

　　learning in a structured way.

　　Syllabus rationale

　　This is a narrative explaining how the syllabus is

　　structured and how the main capabilities are linked.

　　The rationale also explains in further detail what the

　　examination intends to assess and why.

　　Detailed syllabus

　　This shows the breakdown of the main capabilities

　?。╯ections） of the syllabus into subject areas. This is

　　the blueprint for the detailed study guide.

　　Approach to examining the syllabus

　　This section briefly explains the structure of the

　　examination and how it is assessed.

　　Study Guide

　　This is the main document that students, learning

　　and content providers should use as the basis of

　　their studies, instruction and materials.

　　Examinations will be based on the detail of the

　　study guide which comprehensively identifies what

　　could be assessed in any examination session.

　　The study guide is a precise reflection and

　　breakdown of the syllabus. It is divided into sections

　　based on the main capabilities identified in the

　　syllabus. These sections are divided into subject

　　areas which relate to the sub-capabilities included

　　in the detailed syllabus. Subject areas are broken

　　down into sub-headings which describe the detailed

　　outcomes that could be assessed in examinations.

　　These outcomes are described using verbs

　　indicating what exams may require students to

　　demonstrate, and the broad intellectual level at

　　which these may need to be demonstrated

　?。?see intellectual levels below）。

　　INTELLECTUAL LEVELS

　　The syllabus is designed to progressively broaden

　　and deepen the knowledge, skills and professional

　　values demonstrated by the student on their way

　　through the qualification.

　　The specific capabilities within the detailed

　　syllabuses and study guides are assessed at one of

　　three intellectual or cognitive levels:

　　LevelⅠ: Knowledge and comprehension

　　LevelⅡ: Application and analysis

　　LevelⅢ: Synthesis and *uation

　　Very broadly, these intellectual levels relate to the

　　three cognitive levels at which the Knowledge

　　module, the Skills module and the Professional level

　　are assessed.

　　Each subject area in the detailed study guide

　　included in this document is given a 1, 2, or

　　3 superscript, denoting intellectual level, marked at

　　the end of each relevant line. This gives an

　　indication of the intellectual depth at which an area

　　could be assessed within the examination. However,

　　while level 1 broadly equates with the Knowledge

　　module, level 2 equates to the Skills module and

　　level 3 to the Professional level, some lower level

　　skills can continue to be assessed as the student

　　progresses through each module and level. This

　　reflects that at each stage of study there will be a

　　requirement to broaden, as well as deepen

　　capabilities. It is also possible that occasionally

　　some higher level capabilities may be assessed at

　　lower levels.

　　LEARNING HOURS AND EDUCATION

　　RECOGNITION

　　The ACCA qualification does not prescribe or

　　recommend any particular number of learning hours

　　for examinations because study and learning

　　patterns and styles vary greatly between people and

　　organisations. This also recognises the wide

　　diversity of personal, professional and educational

　　circumstances in which ACCA students find

　　themselves.

　　As a member of the International Federation of

　　Accountants, ACCA seeks to enhance the education

　　recognition of its qualification on both national and

　　international education frameworks, and with

　　educational authorities and partners globally. In

　　doing so, ACCA aims to ensure that its qualifications

　　are recognized and valued by governments,

　　regulatory authorities and employers across all

　　sectors. To this end, ACCA qualifications are

　　currently recognized on the education frameworks in

　　several countries. Please refer to your national

　　education framework regulator for further

　　information.

　　Each syllabus contains between 23 and 35 main

　　subject area headings depending on the nature of

　　the subject and how these areas have been broken

　　down.

　　GUIDE TO EXAM STRUCTURE

　　The structure of examinations varies within and

　　between modules and levels.

　　The Fundamentals level examinations contain

　　100% compulsory questions to encourage

　　candidates to study across the breadth of each

　　syllabus.

　　The Knowledge module is assessed by equivalent

　　two-hour paper based and computer based

　　examinations.

　　The Skills module examinations F5-F9 are all paper

　　based

　　three-hour papers containing a mix of objective and

　　longer type questions. The Corporate and

　　Business

　　Law （F4） paper is a two- hour computer based

　　objective test examination which is also

　　available as a paper based version from the

　　December 2014 examination session.

　　The Professional level papers are all three-hour

　　paper based examinations, all containing two

　　sections. Section A is compulsory, but there will be

　　some choice offered in Section B.

　　For all three hour examination papers, ACCA has

　　introduced 15 minutes reading and planning time.

　　This additional time is allowed at the beginning of

　　each three-hour examination to allow candidates to

　　read the questions and to begin planning their

　　answers before they start writing in their answer

　　books. This time should be used to ensure that all

　　the information and exam requirements are properly

　　read and understood.

　　During reading and planning time candidates may

　　only annotate their question paper. They may not

　　write anything in their answer booklets until told to

　　do so by the invigilator.

　　The Essentials module papers all have a Section A

　　containing a major case study question with all

　　requirements totalling 50 marks relating to this

　　case. Section B gives students a choice of two from

　　three 25 mark questions.

　　Section A of both the P4 and P5 Options papers

　　contain one 50 mark compulsory question, and

　　Section B will offer a choice of two from three

　　questions each worth 25 marks each.

　　Section A of each of the P6 and P7 Options papers

　　contains 60 compulsory marks from two questions;

　　question 1 attracting 35 marks, and question 2

　　attracting 25 marks. Section B of both these

　　Options papers will offer a choice of two from three

　　questions, with each question attracting 20 marks.

　　All Professional level exams contain four

　　professional marks.

　　The pass mark for all ACCA Qualification

　　examination papers is 50%.

　　GUIDE TO EXAMINATION ASSESSMENT

　　ACCA reserves the right to examine anything

　　contained within the study guide at any examination

　　session. This includes knowledge, techniques,

　　principles, theories, and concepts as specified.

　　For the financial accounting, audit and assurance,

　　law and tax papers except where indicated

　　otherwise, ACCA will publish examinable

　　documents once a year to indicate exactly

　　what regulations and legislation could potentially be

　　assessed within identified examination sessions

　　For paper based examinations regulation issued or

　　legislation passed on or before 31st August annually,

　　will be examinable from 1st September of the

　　following year to 31st August t of the year after that.

　　Please refer to the examinable documents for the

　　paper （where relevant） for further information.

　　Regulation issued or legislation passed in

　　accordance with the above dates may be

　　examinable even if the effective date is in the future.

　　The term issued or passed relates to when

　　regulation or legislation has been formally approved.

　　The term effective relates to when regulation or

　　legislation must be applied to an entity transactions

　　and business practices.

　　The study guide offers more detailed guidance on

　　the depth and level at which the examinable

　　documents will be examined. The study guide

　　should therefore be read in conjunction with the

　　examinable documents list.

　　Syllabus

　　AIM

　　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.

　　MAIN CAPABILITIES

　　On successful completion of this paper, candidates

　　should be able to:

　　A Define governance and explain its function in

　　the effective management and control of

　　organisations and of the resources for which

　　they are accountable

　　B Evaluate the Professional Accountant’s

　　role in internal control, review and compliance

　　C Explain the role of the accountant in identifying

　　and assessing risk

　　D Explain and *uate the role of the accountant

　　in controlling and mitigating risk

　　E 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.

　　RELATIONAL DIAGRAM OF MAIN CAPABILITIES

　　AB （F1）

　　GRE

　?。≒1）

　　Professional

　　Ethics Module

　　Professional

　　papers

　　AA （F8）

　　Professional values, ethics and social responsibility （E）

　　Governance and responsibility （A）

　　Internal control and

　　review （B）

　　Identifying, assessing and

　　controlling risk （C and D）

　　RATIONALE

　　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 * and conduct in a variety of

　　situations.

　　DETAILED SYLLABUS

　　A Governance and responsibility

　　1. The scope of governance

　　2. Agency relationships and theories

　　3. The board of directors

　　4. Board committees

　　5. Directors’ remuneration

　　6. Different approaches to corporate governance

　　7. Corporate governance and corporate social

　　responsibility

　　8. Governance: reporting and disclosure

　　9. Public sector governance

　　B Internal control and review

　　1. Management control systems in corporate

　　governance

　　2. Internal control, audit and compliance in

　　corporate governance

　　3. Internal control and reporting

　　4. Management information in audit and internal

　　control

　　C Identifying and assessing risk

　　1. Risk and the risk management process

　　2. Categories of risk

　　3. Identification, assessment and measurement of

　　risk

　　D Controlling risk

　　1. Targeting and monitoring risk

　　2. Methods of controlling and reducing risk

　　3. Risk avoidance, retention and modelling

　　E Professional values, ethics and social

　　responsibility

　　1. Ethical theories

　　2. Different approaches to ethics and social

　　responsibility

　　3. Professions and the public interest

　　4. Professional practice and codes of ethics

　　5. Conflicts of interest and the consequences of

　　unethical *

　　6. Ethical characteristics of professionalism

　　7. Social and environmental issues in the conduct

　　of business and of ethical *

　　APPROACH TO EXAMINING THE SYLLABUS

　　The syllabus will be assessed by a three-hour paperbased

　　examination. The examination paper will be

　　structured in two sections. Section A will be based

　　on a case study style question comprising a

　　compulsory 50 mark question, with requirements

　　based on several parts with all parts relating to the

　　same case information. The case study will usually

　　assess a range of subject areas across the syllabus

　　and will require the candidate to demonstrate high

　　level capabilities to *uate, relate and apply the

　　information in the case study to several of the

　　requirements.

　　Section B comprises three questions of 25 marks

　　each, of which candidates must answer two. These

　　questions will be more likely to assess a range of

　　discrete subject areas from the main syllabus

　　section headings, but may require application,

　　*uation and the synthesis of information

　　contained within short scenarios in which some

　　requirements may need to be contextualised.

　　Study Guide

　　A GOVERNANCE AND RESPONSIBILITY

　　1. The scope of governance

　　a） Define and explain the meaning of corporate

　　governance.[2]

　　b） Explain, and analyse the issues raised by the

　　development of the joint stock company as the

　　dominant form of business organisation and

　　the separation of ownership and control over

　　business activity.[3]

　　c） Analyse the purposes and objectives of

　　corporate governance.[2]

　　d） Explain, and apply in context of corporate

　　governance, the key underpinning concepts

　　of: [3]

　　i） fairness

　　ii） openness/transparency

　　iii） innovation

　　iv） scepticism

　　iii） independence

　　iv） probity/honesty

　　v） responsibility

　　vi） accountability

　　vii） reputation

　　viii）judgment

　　ix） integrity

　　e） Explain and assess the major areas of

　　organisational life affected by issues in

　　corporate governance.[3]

　　i） duties of directors and functions of the

　　board （including setting a responsible ‘tone’

　　from the top and being accountable for the

　　performance and impacts of the

　　organisation）

　　ii） the composition and balance of the board

　?。╝nd board committees）

　　iii） relevance and reliabilityof corporate

　　reporting and external auditing

　　iv） directors’ remuneration and rewards

　　v） responsibility of the board for risk

　　management systems and internal control

　　vi） the rights and responsibilities of

　　shareholders, including institutional

　　investors

　　vii） corporate social responsibility and business

　　ethics.

　　f） Compare, and distinguish between public,

　　private and non-governmental organisations

　?。∟GO） sectors with regard to the issues raised

　　by, and scope of, governance.[3]

　　g） Explain and *uate the roles, interests and

　　claims of, the internal parties involved in

　　corporate governance.[3]

　　i） Directors

　　ii） Company secretaries

　　iii） Sub-board management

　　iv） Employee representatives （e.g. trade

　　unions）

　　h） Explain and *uate the roles, interests and

　　claims of, the external parties involved in

　　corporate governance.[3]

　　i） Shareholders （including shareholders’ rights

　　and responsibilities）

　　ii） Auditors

　　iii） Regulators

　　iv） Government

　　v） Stock exchanges

　　vi） Small investors （and minority rights）

　　vii） Institutional investors （see also next point）

　　i） Analyse and discuss the role and influence of

　　institutional investors in corporate governance

　　systems and structures, for example the

　　roles and influences of pension funds,

　　insurance companies and mutual funds.[2]

　　2. Agency relationships and theories

　　a） Define and explore agency theory.[2]

　　b） Define and explain the key concepts in agency

　　theory.[2]

　　i） Agents

　　ii） Principals

　　iii） Agency

　　iv） Agency costs

　　v） Accountability

　　vi） Fiduciary responsibilities

　　vii） Stakeholders

　　c） Explain and explore the nature of the principalagent

　　relationship in the context of corporate

　　governance.[3]

　　d） Analyse and critically *uate the nature of

　　agency accountability in agency relationships.[3]

　　e） Explain and analyse the following other

　　theories used to explain aspects of the agency

　　relationship.[2]

　　i） Transaction costs theory

　　ii） Stakeholder theory

　　3. The board of directors

　　a） Explain and *uate the roles and

　　responsibilities of boards of directors.[3]

　　b） Describe, distinguish between and *uate the

　　cases for and against, unitary and two-tier

　　board structures.[3]

　　c） Describe the characteristics, board composition

　　and types of, directors （including defining

　　executive and non-executive directors （NED）。[2]

　　d） Describe and assess the purposes, roles and

　　responsibilities of NEDs.[3]

　　e） Describe and analyse the general principles of

　　legal and regulatory frameworks within which

　　directors operate on corporate boards:[2]

　　i） legal rights and responsibilities,

　　ii） time-limited appointments

　　iii） retirement by rotation,

　　iv） service contracts,

　　v） removal,

　　vi） disqualification

　　vii） conflict and disclosure of interests

　　viii）insider dealing/trading

　　f） Define, explore and compare the roles of the

　　chief executive officer and company

　　chairman.[3]

　　g） Describe and assess the importance and

　　execution of, induction and continuing

　　professional development of directors on

　　boards of directors.[3]

　　h） Explain and analyse the frameworks for

　　assessing the performance of boards and

　　individual directors （including NEDs） on

　　boards.[2]

　　i） Explain the meanings of ‘diversity’ and

　　critically *uate issues of diversity on boards

　　of directors.[3]

　　4. Board committees

　　a） Explain and assess the importance, roles and

　　accountabilities of, board committees in

　　corporate governance.[3]

　　b） Explain and *uate the role and purpose of

　　the following committees in effective corporate

　　governance:[3]

　　i） Remuneration committees

　　ii） Nominations committees

　　iii） Risk committees.

　　iv） Audit committees

　　5. Directors’ remuneration

　　a） Describe and assess the general principles of

　　remuneration. [3]

　　i） purposes

　　ii） components

　　iii） links to strategy

　　iv） links to labour market conditions.

　　b） Explain and assess the effect of various

　　components of remuneration packages on

　　directors’ *. [3]

　　i） basic salary

　　ii） performance related

　　iii） shares and share options

　　iv） loyalty bonuses

　　v） benefits in kind

　　vi） pension benefits

　　c） Explain and analyse the legal, ethical,

　　competitive and regulatory issues associated

　　with directors’ remuneration.[3]

　　6. Different approaches to corporate governance

　　a） Describe and compare the essentials of ‘rules’

　　and ‘principles’ based approaches to corporate

　　governance. Includes discussion of ‘comply or

　　explain’。[3]

　　b） Describe and analyse the different models of

　　business ownership that influence different

　　governance regimes （e.g. family firms versus

　　joint stock company-based models）。[2]

　　c） Describe and critically *uate the reasons

　　behind the development and use of codes of

　　practice in corporate governance

　?。╝cknowledging national differences and

　　convergence）。[3]

　　d） Explain and briefly explore the development of

　　corporate governance codes in principles-based

　　jurisdictions.[2]

　　i） impetus and background

　　ii） major corporate governance codes

　　iii） effects of

　　e） Explain and explore the Sarbanes-Oxley Act

　?。?002） as an example of a rules-based

　　approach to corporate governance.[2]

　　i） impetus and background

　　ii） main provisions/contents

　　iii） effects of

　　f） Describe and explore the objectives, content

　　and limitations of, corporate governance codes

　　intended to apply to multiple national

　　jurisdictions.[2]

　　i） Organisation for economic cooperation and

　　development （OECD） Report （2004）

　　ii） International corporate governance network

　?。↖CGN） Report （2005）

　　7. Corporate governance and corporate social

　　responsibility

　　a） Explain and explore social responsibility in the

　　context of corporate governance.[2]

　　b） Discuss and critically assess the concept of

　　stakeholders and stakeholding in organisations

　　and how this can affect strategy and corporate

　　governance.[3]

　　c） Analyse and *uate issues of ‘ownership,’

　　‘property’ and the responsibilities of ownership

　　in the context of shareholding.[3]

　　d） Explain the concept of the organisation as a

　　corporate citizen of society with rights and

　　responsibilities.[3]

　　8. Governance: reporting and disclosure

　　a） Explain and assess the general principles of

　　disclosure and communication with

　　shareholders.[3]

　　b） Explain and analyse ‘best practice’ corporate

　　governance disclosure requirements.[2]

　　c） Define and distinguish between mandatory and

　　voluntary disclosure of corporate information in

　　the normal reporting cycle.[2]

　　d） Explain and explore the nature of, and reasons

　　and motivations for, voluntary disclosure in a

　　principles-based reporting environment

　?。╟ompared to, for example, the reporting

　　regime in the USA）。[3]

　　e） Explain and analyse the purposes of the annual

　　general meeting and extraordinary general

　　meetings for information exchange between

　　board and shareholders.[2]

　　f） Describe and assess the role of proxy voting in

　　corporate governance.[3].

　　9. Public sector governance

　　a） Describe, compare and contrast public sector,

　　private sector, charitable status and nongovernmental

　?。∟GO and quasi-NGOs） forms of

　　organisation, including purposes and

　　objectives, performance, ownership and

　　stakeholders （including lobby groups）[2]

　　b） Describe, compare and contrast the different

　　types of public sector organisations at

　　subnational, national and supranational level[2]

　　c） Assess and *uate the strategic objectives,

　　leadership and governance arrangements

　　specific to public sector organisations as

　　contrasted with private sector[3].

　　d） Discuss and assess the nature of democratic

　　control, political influence and policy

　　implementation in public sector organisations

　　including the contestable nature of public

　　sector policy[3].

　　B INTERNAL CONTROL AND REVIEW

　　1. Management control systems in corporate

　　governance

　　a） Define and explain internal management

　　control.[2]

　　b） Explain and explore the importance of internal

　　control and risk management in corporate

　　governance.[3]

　　c） Describe the objectives of internal control

　　systems.[2]

　　d） Identify, explain and *uate the corporate

　　governance and executive management roles in

　　risk management （in particular the separation

　　between responsibility for ensuring that

　　adequate risk management systems are in

　　place and the application of risk management

　　systems and practices in the organisation）。[3]

　　e） Identify and assess the importance of the

　　elements or components of internal control

　　systems.[3]

　　2. Internal control, audit and compliance in

　　corporate governance

　　a） Describe the function and importance of

　　internal audit.[1]

　　b） Explain, and discuss the importance of, auditor

　　independence in all client-auditor situations

　　（including internal audit）。[3]

　　c） Explain, and assess the nature and sources of

　　risks to, auditor independence. Assess the

　　hazard of auditor capture.[3]

　　d） Explain and *uate the importance of

　　compliance and the role of the internal audit

　　function in internal control.[3]

　　e） Explore and *uate the effectiveness of

　　internal control systems.[3]

　　f） Describe and analyse the work of the internal

　　audit committee in overseeing the internal

　　audit function.[2]

　　g） Explain and explore the importance and

　　characteristics of, the audit committee’s

　　relationship with external auditors.[2]

　　3. Internal control and reporting

　　a） Describe and assess the need to report on

　　internal controls to shareholders.[3]

　　b） Describe the content of a report on internal

　　control and audit.[2]

　　c） Explain and assess how internal controls

　　underpin and provide information for

　　accurate financial reporting.[3]

　　4. Management information in audit and internal

　　control

　　a） Explain and assess the need for adequate

　　information flows to management for the

　　purposes of the management of internal control

　　and risk.[3]

　　b） Evaluate the qualities and characteristics

　　of information required in internal control and

　　risk management and monitoring.[3]

　　C IDENTIFYING AND ASSESSING RISK

　　1. Risk and the risk management process

　　a） Define and explain risk in the context of

　　corporate governance.[2]

　　b） Define and describe management

　　responsibilities in risk management.[2]

　　c） Explain the dynamic nature of risk

　　assessment.[2]

　　d） Explain the importance and nature of

　　management responses to changing risk

　　assessments.[2]

　　e） Explain risk appetite and how this affects risk

　　policy.[2]

　　2. Categories of risk

　　a） Define and compare （distinguish between）

　　strategic and operational risks.[2]

　　b） Define and explain the sources and impacts of

　　common business risks.[2]

　　i） market

　　ii） credit

　　iii） liquidity

　　iv） technological

　　v） legal

　　vi） health, safety and environmental

　　vii） reputation

　　viii）business probity

　　ix） derivatives

　　c） Describe and *uate the nature and

　　importance of business and financial risks.[3]

　　d） Recognise and analyse the sector or industry

　　specific nature of many business risks.[2]

　　3. Identification, assessment and measurement

　　of risk

　　a） Identify, and assess the impact upon, the

　　stakeholders involved in business risk.[3]

　　b） Explain and analyse the concepts of assessing

　　the severity and probability of risk events.[2]

　　c） Describe and *uate a framework for board

　　level consideration of risk.[3]

　　d） Describe the process of and importance of,

　　externally reporting on internal control and

　　risk.[2]

　　e） Explain the sources, and assess the importance

　　of, accurate information for risk management.[3]

　　f） Explain and assess the ALARP （as low as

　　reasonably practicable） principle in risk

　　assessment and how this relates to severity

　　and probability.[3]

　　g） Evaluate the difficulties of risk perception

　　including the concepts of objective and

　　subjective risk perception.[3]

　　h） Explain and *uate the concepts of related

　　and correlated risk factors.[3]

　　D CONTROLLING AND MANAGING RISK

　　1. Targeting and monitoring of risk

　　a） Explain and assess the role of a risk manager

　　in identifying and monitoring risk.[3]

　　b） Explain and *uate the role of the risk

　　committee in identifying and monitoring risk.[3]

　　c） Describe and assess the role of internal or

　　external risk auditing in monitoring risk.[3]

　　2. Methods of controlling and reducing risk

　　a） Explain the importance of risk awareness at all

　　levels in an organisation.[2]

　　b） Describe and analyse the concept of

　　embedding risk in an organisation’s systems

　　and procedures.[3]

　　c） Describe and *uate the concept of

　　embedding risk in an organisation’s culture and

　　values.[3]

　　d） Explain and analyse the concepts of spreading

　　and diversifying risk and when this would be

　　appropriate.[2]

　　e） Identify and assess how business organisations

　　use policies and techniques to mitigate various

　　types of business and financial risks.[3]

　　3. Risk avoidance, retention and modelling

　　a） Explain, and assess the importance of, risk

　　transference, avoidance, reduction and

　　acceptance.[3]

　　b） Explain and *uate the different attitudes to

　　risk and how these can affect strategy.[3]

　　c） Explain and assess the necessity of incurring

　　risk as part of competitively managing a

　　business organisation.[3]

　　d） Explain and assess attitudes towards risk and

　　the ways in which risk varies in relation to the

　　size, structure and development of an

　　organisation [3]

　　E PROFESSIONAL VALUES, ETHICS AND

　　SOCIAL RESPONSIBILITY

　　1. Ethical theories

　　a） Explain and distinguish between the ethical

　　theories of relativism and absolutism.[2]

　　b） Explain, in an accounting and governance

　　context, Kohlberg’s stages of human moral

　　development.[3]

　　c） Describe and distinguish between deontological

　　and teleological/consequentialist approaches to

　　ethics.[2]

　　d） Apply commonly used ethical decision-making

　　models in accounting and professional

　　contexts [2]

　　i） American Accounting Association model

　　ii） Tucker’s 5-question model

　　2. Different approaches to ethics and social

　　responsibility.

　　a） Describe and *uate Gray, Owen & Adams

　?。?996） seven positions on social

　　responsibility.[2]

　　b） Describe and *uate other constructions of

　　corporate and personal ethical stance:[2]

　　i） short-term shareholder interests

　　ii） long-term shareholder interests

　　iii） multiple stakeholder obligations

　　iv） shaper of society

　　c） Describe and analyse the variables determining

　　the cultural context of ethics and corporate

　　social responsibility （CSR）。[2]

　　d） Explain and *uate the concepts of 'CSR

　　strategy' and 'strategic CSR' [2].

　　3. Professions and the public interest

　　a） Explain and explore the nature of a

　　‘profession’ and ‘professionalism’。[2]

　　b） Describe and assess what is meant by ‘the

　　public interest’。[2]

　　c） Describe the role of, and assess the

　　widespread influence of, accounting as a

　　profession in the organisational context.[3]

　　d） Analyse the role of accounting as a profession

　　in society.[2]

　　e） Recognise accounting’s role as a value-laden

　　profession capable of influencing the

　　distribution of power and wealth in society.[3]

　　f） Describe and critically *uate issues

　　surrounding accounting and acting against the

　　public interest.[3]

　　4. Professional practice and codes of ethics

　　a） Describe and explore the areas of *

　　covered by corporate codes of ethics.[3]

　　b） Describe and assess the content of, and

　　principles behind, professional codes

　　of ethics.[3]

　　c） Describe and assess the codes of ethics

　　relevant to accounting professionals such as

　　the IESBA （IFAC） or professional body codes.[3]

　　5. Conflicts of interest and the consequences of

　　unethical *

　　a） Describe and *uate issues associated with

　　conflicts of interest and ethical conflict

　　resolution.[3]

　　b） Explain and *uate the nature and impacts of

　　ethical threats and safeguards.[3]

　　c） Explain and explore how threats to

　　independence can affect ethical *.[3]

　　d） Explain and explore 'bribery' and 'corruption' in

　　the context of corporate governance, and

　　assess how these can undermine confidence

　　and trust. [3]

　　e） Describe and assess best practice measures for

　　reducing and combating bribery and

　　corruption, and the barriers to implementing

　　such measures.[3]

　　6. Ethical characteristics of professionalism

　　a） Explain and analyse the content and nature of

　　ethical decision-making using content from

　　Kohlberg’s framework as appropriate.[2]

　　b） Explain and analyse issues related to the

　　application of ethical * in a

　　professional context.[2]

　　c） Describe and discuss ‘rules based’ and

　　‘principles based’ approaches to resolving

　　ethical dilemmas encountered in professional

　　accounting.[2]

　　7. Integrated reporting and sustainability issues in

　　the conduct of business

　　a） Explain and assess the concept of integrated

　　reporting and *uate the issues

　　concerning accounting for sustainability

　?。╥ncluding the alternative definitions of

　　capital:.[3]

　?。╥） Financial

　?。╥i） Manufactured

　?。╥ii） Intellectual

　?。╥v） Human

　?。╲） Social and relationship

　?。╲i） Natural

　　b） Describe and assess the social and

　　environmental impacts that economic activity

　　can have （in terms of social and environmental

　　‘footprints’ and environmental reporting））。[3]

　　c） Describe the main features of internal

　　management systems for underpinning

　　environmental and sustainability accounting

　　such as EMAS and ISO 14000.[1]

　　d） Explain and assess the typical content

　　elements and guiding principles of an

　　integrated report, and discuss

　　the usefulness of this information to

　　stakeholders.[3]

　　e） Explain the nature of social and environmental

　　audit and *uate the contribution it can make

　　to the assurance of integrated reports .[3]

　　SUMMARY OF CHANGES TO P1

　　ACCA annually reviews its qualification so that they fully meet the needs of stakeholders including employers,

　　students, regulatory and advisory bodies and learning providers. These syllabus changes are effective from

　　December 2014 and thereafter will be updated with effect from 1st September each year, from September 2015

　　onwards.

　　The changes are introduced to the syllabus to reflect the latest business and educational developments affecting

　　this paper. These are summarised in the table below.

　　Section and subject area Syllabus content

　　A1d） Addition of new （iii） and （iv） Explain, and apply in context of corporate governance,

　　the key underpinning concepts

　　of: [3]

　　i） fairness

　　ii） openness/transparency

　　iii） innovation

　　iv） scepticism

　　iii） independence

　　iv） probity/honesty

　　v） responsibility

　　vi） accountability

　　vii） reputation

　　viii）judgment

　　ix） integrity

　　A1e） Amended to add references to integrated

　　reporting principles

　　Explain and assess the major areas of organisational life

　　affected by issues in corporate governance.[3]

　　i） duties of directors and functions of the board

　　（including setting a responsible ‘tone’ from the

　　top and being accountable for the performance

　　and impacts of the organisation）

　　ii） the composition and balance of the board

　?。╝nd board committees）

　　iii） relevance and reliability of corporate reporting

　　and external auditing

　　iv） directors’ remuneration and rewards

　　New A9 subject area added on public sector

　　governance.

　　9. Public sector governance

　　a） Describe, compare and contrast public sector,

　　private sector, charitable status and nongovernmental

　?。∟GO and quasi-NGOs） forms of

　　organisation, including purposes, ownership and

　　stakeholders （including lobby groups）[2]

　　b） Describe, compare and contrast the different

　　types of public sector organisations at

　　subnational, national and supranational level[2]

　　c） Assess and *uate the strategic objectives and

　　governance arrangements specific to public sector

　　organisations as contrasted with private sector[3].

　　d） Discuss and assess the nature of democratic

　　control, political influence and policy

　　implementation in public sector organisations

　　including the contestable nature of public sector

　　policy[3]

　　Section E title amended to specifically mention social

　　responsibility and to reflect greater emphasis on

　　integrated reporting principles in E7 of this section

　　see below:

　　E PROFESSIONAL VALUES, ETHICS AND SOCIAL

　　RESPONSIBILITY

　　E2d added to cover strategic aspects of CSR d） Explain and *uate the concepts of 'CSR

　　strategy' and 'strategic CSR' [2].

　　Heading of E7 changed to specifically refer to

　　integrated reporting

　　7. Integrated reporting and sustainability issues in

　　the conduct of business

　　Section and subject area b） Syllabus content

　　E7a added to reflect integrated reporting aspects of

　　sustainability

　　c） Explain and assess the concept of integrated

　　reporting and *uate the issues concerning

　　accounting for sustainability （including the

　　alternative definitions of capital:.[3]

　?。╲ii） Financial

　　（viii） Manufactured

　?。╥x） Intellectual

　?。▁） Human

　　（xi） Social and relationship

　?。▁ii） Natural

　　E7b） amended to refer to impacts of an organisation b） Describe and assess the social and

　　environmental impacts that economic activity can

　　have （in terms of social and environmental

　　‘footprints’ and environmental reporting））。[3]

　　Old E7b） Deleted b） Explain and assess the concept of sustainability

　　and *uate the issues concerning

　　accounting for sustainability （including the

　　contribution of ‘full cost’ accounting）。[3

　　New E7c） amended to include reference to

　　sustainability accounting

　　c） Describe the main features of internal

　　management systems for underpinning

　　environmental and sustainability accounting such

　　as EMAS and ISO 14000.[1]

　　New E7d） amended to include specific reference to

　　integrated reporting

　　d） Explain and assess the typical content elements

　　and guiding principles of an integrated report, and

　　discuss

　　the usefulness of this information to

　　stakeholders.[3]

　　New E7e） amended to include reference to integrated

　　reporting implications for audit

　　e） Explain the nature of social and environmental

　　audit and *uate the contribution it can make to

　　the assurance of integrated reports.

　　高頓網(wǎng)校溫馨提示：　通過ACCA考試實屬不易，首先要有執(zhí)著的精神，其次是不斷勤奮的學(xué)習(xí)，高頓網(wǎng)校為大家提供ACCA題庫免費做題，希望助大家一臂之力，查看詳情》

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