CIMAPRO19-P03-1 Exam Questions - Real Practice Questions for Guaranteed Success

Question 1

DRF is a manufacturing company

The internal auditor is conducting an investigation into the operation of the payroll system and has discovered a compliance error

The Head of Human Resources (HR) is required to add any new names to the payroll, using a specific computer password The Head of HR was absent for a month because of ill health During that period a senior member of the Wages Office, who is normally responsible only for organising wage payments, was issued a temporary password in order to add new names to the payroll The password was cancelled when the Head of HR returned to work

Which TWO of the following statements are correct?

AThe senior member of the Wages Office should be disciplined for being in breach of the rules

BThe senior member of the Wages Office could have committed fraud

CThe compliance error should be overlooked because it was as a result of staff absence

DThe internal auditor should ignore the error because it only lasted for one month

EThe payroll should be checked thoroughly to ensure that only authorised staff are present

Correct : A, E

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AThe senior member of the Wages Office should be disciplined for being in breach of the rules

BThe senior member of the Wages Office could have committed fraud

CThe compliance error should be overlooked because it was as a result of staff absence

DThe internal auditor should ignore the error because it only lasted for one month

EThe payroll should be checked thoroughly to ensure that only authorised staff are present

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Question 2

The senior manager in the accounts department is going on annual leave for three weeks and Jo, a supervisor is being put in charge of the department for that time

Which TWO of the following statements are correct?

AAuthorisation of exceptional overtime due to the year end which takes place while the senior manager is on leave should be postponed until the senior manager returns

BThe annual staff appraisals should be postponed until the senior manager returns

CAuthorisation of expenses should wait until the senior manager returns.

DJo should not have all of the same authority as the senior manager

EJob interviews for an office junior should be cancelled until the senior manager returns.

Correct : A, B

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AAuthorisation of exceptional overtime due to the year end which takes place while the senior manager is on leave should be postponed until the senior manager returns

BThe annual staff appraisals should be postponed until the senior manager returns

CAuthorisation of expenses should wait until the senior manager returns.

DJo should not have all of the same authority as the senior manager

EJob interviews for an office junior should be cancelled until the senior manager returns.

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Question 3

Which method of quantifying risk exposure can be used to calculate the maximum loss on a portfolio occurring within a period of time with a given probability?

AValue at Risk

BRegression analysis

CSimulation

DExpected value

Correct : D

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AValue at Risk

BRegression analysis

CSimulation

DExpected value

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Question 4

Which TWO of the following scenarios should be considered in strategic scenario planning by a publishing company that specialises in academic textbooks?

AThere could be a change in the technology used by consumers, such as smaller mobile phones with smaller screens

BBudget changes could have an impact on the funding available to college and university libraries

CThe terms offered by media companies for film rights for books could change

DThe quality of output from printing presses might improve

EEnvironmental concerns could lead to a decrease in the availability of trees to make paper

Correct : B, C

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AThere could be a change in the technology used by consumers, such as smaller mobile phones with smaller screens

BBudget changes could have an impact on the funding available to college and university libraries

CThe terms offered by media companies for film rights for books could change

DThe quality of output from printing presses might improve

EEnvironmental concerns could lead to a decrease in the availability of trees to make paper

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Question 5

CW is a large company in the food production industry. It has grown over the years by the acquisition of several smaller rivals CW has ten branches located in its home country and has just opened a foreign branch for the first time It has recently made some changes to the structure and implementation of its control system.

Which TWO of the following changes would be most likely to improve the overall control system?

ACW has just opened a bank account in the currency in which the newly opened branch is now operating

BEstablishing an internal audit department

CExcess funds are now invested, by the finance director, in short-term securities The finance director initiates buy and sell transactions and she also receives and retains all correspondence relating to the investments

DPurchase invoices are now approved for payment at branches and a list of approved invoices are sent to head office for payment The invoices, supporting documentation and suppliers' statements are retained at the branches

EA policy has been initiated to complete a physical inventory of all non-current assets at least annually This is then reconciled with the non-current asset register

Correct : B, D

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ACW has just opened a bank account in the currency in which the newly opened branch is now operating

BEstablishing an internal audit department

EA policy has been initiated to complete a physical inventory of all non-current assets at least annually This is then reconciled with the non-current asset register

0 / 1500

Master CIMAPRO19-P03-1 Exam with Reliable Practice Questions

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