Why has P1, Professional Accountant changed its name to ‘Governance, Risk and Ethics’ with effect from June 2011?
With effect from the June 2011 examination session P1, Professional Accountant is called ‘Governance Risk and Ethics’. This name change reflects the need for accountants to be fully trained in all aspects of governance, risk and ethics. The title of the paper now accurately reflects the content of the syllabus which deals in detail with the key areas of corporate governance, internal control, risk and professional ethics. Employers in the professional services sector have informed ACCA that finance employees must understand and be able to manage risk effectively, especially in the current economic climate. In light of their comments and feedback to us, the examination study guide now has an even greater emphasis on risk within the two main sections dealing with risk in syllabus. The new emphasis ensures that students will gain a greater insight into risk management, particularly in the areas of recognising, monitoring and mitigating risk.
