Don't understand what you mean internal and external papers?

Perhaps, the question could be rephrased as

" Should I go for ACCA by way of the degree route?"

This depends on a lot of factors - money, affinity towards economics and accounting based subjects, standard of English etc. Let's face it. ACCA is a difficult course to pass. Many students are frankly, too young to decide which route to take. Often they follow the CAT route which means after form 5. Perhaps, parents decide for them especially when  the CAT/ACCA route is relatively cheap as compared to an overseas degree. The problem for many ACCA students is when they hit the Professional stage. They have 5 papers to sit, some of the subjects like P3 are MBA level and almost all of the P papers requires you to have a good command of English to understand the syllabus, questions and provide answers like a professional accountant.

Therefore, many students do not pass ACCA. To avoid the possibility of failing at the final hurdle, pursue a degree route first as a backup. The pass rates for the June'08 sitting should give you an indication how difficult it is to pass ACCA.

I do not know if my contribution answers the question of internal/external papers.