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CIMA P3 Exam With Confidence Using Practice Dumps

Exam Code:
P3
Exam Name:
Risk Management
Certification:
Vendor:
Questions:
339
Last Updated:
Apr 4, 2025
Exam Status:
Stable
CIMA P3

P3: CIMA Strategic level Exam 2025 Study Guide Pdf and Test Engine

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Risk Management Questions and Answers

Question 1

J is a manager in charge of a section in GDD's Buying department. J has eight staff who report to her. Including M, who has worked for GDD for seven months.

One afternoon, while J was absent on sick leave, M was asked to place an urgent order for plastic pellets that are vital for GDD's production process. The usual supplier could not supply the pellets on time to avoid a shortage and so M telephoned a new supplier and placed an order. When the supplier invoiced for the delivery, GDD's Accounts Payable Department rejected the invoice because the supplier did not have a valid account.

On investigation, it was revealed that M did not have the authority to place an order with a new supplier. Only J can authorise new accounts. M claimed that he had been unaware of the need to seek approval because he had never found it necessary to place an order with a new supplier before

Which TWO of the following statements ate correct?

Options:

A.

GDD's Internal Audit Department should have cancelled the order.

B.

GDD's directors are ultimately responsible for M's error

C.

M should be disciplined for exceeding his authority

D.

should have made certain that M knew and understood the limits of his responsibility

E.

The investigation of this matter was a waste of time because the pellets were urgently required

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Question 2

Which of the following are objectives of the audit planning procedure?

Options:

A.

To work out the time and resources required for the audit.

B.

To perform substantive tests.

C.

To work out how audit evidence will be obtained.

D.

To perform analytical review to identify possible areas for investigation.

E.

To set out how audit objectives will be achieved.

Question 3

GHY is a listed company. Tom is GHY's CEO and Peter is its non-executive Chair of the Board. Tom and Peter both have substantial relevant business and industrial experience and both are believed to have considerable integrity. Tom and Peter quickly developed a good working relationship after Peter's appointment. They have become close friends.

Tom briefs Peter on every aspect of the business. Tom and Peter jointly agree the agenda for every board meeting and both agree on the manner in which matters will be presented to the board.

Taking account of the principles of good corporate governance, which of the following statements is correct?

Options:

A.

It is entirely appropriate that Tom and Peter have this kind of relationship and both are acting in the best interests of the company.

B.

Non-contentious board meetings show how well Tom and Peter are running the company and shows that the management is cohesive.

C.

The relationship between Peter and Tom may have a detrimental effect on company decision making as the Board is not always being informed about matters in an unbiased manner.

D.

Since the non-executive chair clearly has a significant role within this company there is little danger that any individual will become excessively dominant.