P3 is a tricky
paper but it is doable. Bear in mind this is at masters level, it is not meant
to be easy and you only failed by about one question!
A common problem
with P3 questions is students can try and answer questions a just by rote
learning. Some of the questions are quite subtle in testing how you would apply
some of the issues in a particular situation rather than have you learned the
rules.
A good example is
this question:
Many students answer this by saying the audit-committee has not had enough meeting per year because if we read the rules:
So, "there
should be as many meetings as the audit committees roles and responsibilities
require" in this case, the 2 they are having, while below the
recommendation of 3, is enough.
The logic for a question like this is the examiner doesn't just want
candidates to rote learn, but to apply their knowledge.
The other issue
facing many students who do loads of questions is that sometimes the see a
similar question in the exam as they did before and miss the slight subtle
differences.
So do as many
questions as you can but take time to debrief yourself. Why is an option
correct or wrong? You should be taking as long debriefing as you do taking the
questions.
