Why has ACCA changed the name of exam P1 from “Professional Accountant” to “Governance, Risk and Ethics”?
The name change, effective from June 2011, reflects the need for accountants to be fully trained in all aspects of governance, risk and ethics. We have received feedback from employers in the professional services sector that finance employees must understand and be able to manage risk effectively, especially in the current economic climate. In light of their comments, the examination study guide now has an even greater emphasis on risk, particularly recognising, monitoring and mitigating risk. The new title of the paper reflects this change in emphasis and highlights other areas of the syllabus that are dealt with in detail – corporate governance, internal control, and professional ethics.
