CIMA CIMAPRA19-P03-1-ENG P3 Risk Management (Online) Online Training
CIMA CIMAPRA19-P03-1-ENG Online Training
The questions for CIMAPRA19-P03-1-ENG were last updated at Nov 19,2024.
- Exam Code: CIMAPRA19-P03-1-ENG
- Exam Name: P3 Risk Management (Online)
- Certification Provider: CIMA
- Latest update: Nov 19,2024
M plc is an IT company that bids for large contracts to sell computer systems and also to service existing systems. M plc’s senior management has always set budgets which are hard to achieve and have made no allowances for the recession.
The economy has improved and M plc’s senior managers have made the budget even more optimistic. The budgeted sales target has been increased by 40%.
In the past, sales staff have not tried to achieve the budget sales because it was generally believed that the targets were impossible to reach.
M plc has recently appointed a new Sales Director who has decided that sales staff will be dismissed if they fail to meet sales targets for three successive months. He is also looking for higher sales margins than were achieved before.
What are the likely consequences of the new Sales Director’s policy?
- A . Sales staff will be happier in their jobs.
- B . Sales staff will tender for riskier contracts.
- C . Sales staff will encroach on other sales staff territories to get more work.
- D . Sales staff will look for new jobs.
- E . Sales staff will feel more settled and secure in their jobs.
DRAG DROP
The internal audit department should always give a report at the end of its audit. This report is intended to be useful and help the company going forward. The report should always include any recommendations for improvements.
Which of the following statements are true and which are false?
SDF is a quoted company.
Which of the following matters should normally be dealt with by SDF’s audit committee?
- A . The external auditor has requested a higher fee than normal for the forthcoming financial year because new legislation will require additional audit work.
- B . The Head of Internal Audit is concerned that a recent internal audit investigation may have revealed serious compliance failures.
- C . The external auditor is concerned that an accounting policy selected by the Finance Director does not comply with the spirit of the relevant accounting standard.
- D . The external auditor has identified a material error, due to a clear miscalculation, in the draft financial statements.
- E . The Finance Director will be retiring within the next year and a replacement will have to be found.
Risk management involves all parties in an organisation.
Which of the following describe the Board’s responsibilities for risk management?
- A . The Board is responsible for choosing the least risk products to promote.
- B . The Board is responsible for maintaining a robust system of internal controls.
- C . The Board is responsible for addressing any weaknesses in internal controls.
- D . The Board is responsible for considering whether weaknesses in internal controls need to be addressed.
- E . The Board is responsible for safeguarding the company’s assets.
You have just been appointed Financial Controller of Y, a marketing consultancy.
You are in a meeting with the Chief Executive Officer (CEO) of Y, and have been discussing the need for a major upgrade of all the information systems throughout Y, as they are all very old.
Knowing that major change should be managed effectively, you have suggested that Y should have a ‘systems steering committee’.
Advise the CEO which of the following should be included in the terms of reference of the steering committee.
- A . Plan for new systems
- B . Develop new systems
- C . Manage the project
- D . Consider the competitive issues raised by the new system
- E . Ensure the new system will meet the company’s goals
YGH has recently completed a post completion audit on a five year contract that has only recently come to a conclusion. The main finding was that the project delivered most of the expected benefits, but that it cost significantly more to implement than had been anticipated at the project appraisal stage. YGH would not have proceeded if the true cost had been known at that stage.
The project was the responsibility of the production department, which is presently managed by G.
When the project was proposed, the production department was managed by H. H is now YGH’s Director of Operations.
How should the finding from this post completion audit be interpreted?
- A . YGH should consider introducing more detailed checking of the assumptions underlying the costs of future projects.
- B . The production department should not be granted funding for future projects unless there are compelling reasons to proceed.
- C . G should be held accountable for the overspend on the project.
- D . H should be held accountable for the overspend on the project.
W plc is a large international supermarket chain. It has many thousands of suppliers and many thousands of others competing for "shelf space" in its supermarkets.
Which of the following would be appropriate provisions for W plc to include in its Ethical Code in relation to its suppliers?
- A . W plc shall not use its buying power unscrupulously.
- B . W plc shall endeavour to adhere to the terms of its contracts with its suppliers at all times.
- C . W plc shall keep confidential all information received from suppliers and potential suppliers.
- D . W plc shall continuously remind suppliers that it always has several alternative suppliers to choose from.
- E . W plc shall endeavour to take as high a percentage of each supplier’s output as possible.
- F . W plc shall insist on an exclusivity agreement with each supplier so that identical products are not available from other outlets.
Which TWO of the following are reasons for a company to comply with the Committee of Sponsoring Organisations of the Treadway Commission 2017 Enterprise Risk Management Framework (COSO Framework)?
- A . Complying with the COSO Framework will mean all employees of a company will comply with internal controls
- B . Complying with the COSO Framework will mean that a company’s internal controls will work properly
- C . Complying with the COSO Framework will mean there is a good structure to a company’s risk management system
- D . Complying with the COSO Framework will mean that all staff will understand a company’s risk management system
- E . Complying with the COSO Framework will improve a company’s reputation
A Firewall is an element of a company’s Information Technology infrastructure.
Which THREE of the following are characteristics of a Firewall?
- A . A Firewall determines the boundary of the "Trusted" components of the company’s Information Technology infrastructure.
- B . A Firewall protects sensitive data against accidental or malicious damage.
- C . A Firewall protects the computer suite against physical attack.
- D . A Firewall protects against unauthorised network access.
- E . A Firewall protects against viruses.
- F . A Firewall can screen every message coming into or out of the company network looking for key words, or attachments.
A Firewall is an element of a company’s Information Technology infrastructure.
Which THREE of the following are characteristics of a Firewall?
- A . A Firewall determines the boundary of the "Trusted" components of the company’s Information Technology infrastructure.
- B . A Firewall protects sensitive data against accidental or malicious damage.
- C . A Firewall protects the computer suite against physical attack.
- D . A Firewall protects against unauthorised network access.
- E . A Firewall protects against viruses.
- F . A Firewall can screen every message coming into or out of the company network looking for key words, or attachments.
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