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CIMA Risk Management Sample Questions (Q195-Q200):

NEW QUESTION # 195
Which of the following actions would breach CIMA's Code of Ethics for Professional Accountants?

  • A. An accountant has been asked to compile a list of all contacts at the company's bank so that they can be included in the mailing list for the calendar and coffee mug that are distributed as business gifts by the company in December of every year.
  • B. An accountant has been asked to select a new supplier and has decided to recommend a supplier based in country A because that will give the accountant an excuse to visit a family member who lives there.
  • C. An accountant has been asked to evaluate an investment opportunity that is open for a very short time.
    The accountant has recommended rejecting the opportunity without doing any evaluation because he was too busy to study the proposal properly.
  • D. An accountant has been asked to identify the two least profitable factories so that they can be closed down, with the loss of all jobs. All of the company's factories are located in areas of high unemployment.
  • E. An accountant has been asked to confirm that a complex financial instrument that has been recommended by the bank is suitable for the company. The accountant does not understand the instrument, but has confirmed its suitability because senior management wishes to use it.

Answer: B,C,E


NEW QUESTION # 196
D's Board has been advised by the auditors that D's control environment is weak and should be improved.
Which TWO of the following measures will help to improve the control environment?

  • A. The Board will appoint an additional accountant in the Finance Department.
  • B. The Board will put in place a fraud policy
  • C. The Board will meet annually to discuss the report from the external auditors.
  • D. The directors will have special rules for claiming expenses and will not have to follow the procedures in place for all staff
  • E. The sales managers will encourage the sales team to increase sales by 50% in the next six months.

Answer: B,C


NEW QUESTION # 197
Having carried out a full capital appraisal for a construction project, H Company has approved the project with initial outflows of $6,000,000 and a net present value of $1,200,000.
The implementation phase has been commenced with 25% of the costs already committed. However when the ground was opened, an underground waterway was revealed which will need to be diverted if the project is to proceed. Work to carry out this diversion has been estimated at $1,300,000.
Which of the following factors will define whether the project should go ahead or not?

  • A. There may be other unexpected costs to be met if the project continues.
  • B. Abandoning the project will have an adverse effect on shareholder confidence.
  • C. The project now has a negative NPV.
  • D. The project actually has a higher NPV than before.
  • E. There will be abandonment costs to restore the site.

Answer: D,E


NEW QUESTION # 198
The Committee of Sponsoring Organisations (COSO) outlined six key principles of Enterprise Risk Management (ERM).
Which of the following are COSO key principles?

  • A. Consideration of the main risk only which is financial risk.
  • B. Risk management is the responsibility of the risk committee.
  • C. Consideration of risk management in the context of business strategy.
  • D. A comprehensive and holistic approach to risk management.
  • E. The creation of a risk aware culture.

Answer: C,D,E


NEW QUESTION # 199
N, a large company in the food production industry, has grown over the years by the acquisition of several smaller rivals. The company 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 these would be most likely to improve the overall control system?

  • A. Purchase 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.
  • B. Establishing an Internal Audit department.
  • C. Excess 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.
  • D. A 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.
  • E. N has just opened a bank account in the currency in which the newly opened branch is now operating.

Answer: B,D


NEW QUESTION # 200
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