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質問 91
RFG is considering a major expansion that will result in a more diversified business model.
At present, RFG's market capitalisation is $240 million. This is based on a beta of 1.6. The risk free rate is 4% and the market rate of return is 9%. RFG is financed entirely by equity. The company generates an annual cash surplus of $28.8 million.
The expansion will cost $50 million and will generate future cash flows of $12 million in perpetuity. This new business will reduce RFG's beta to 1.4.
Calculate the adjusted present value of the expansion.
- A. $131 million
- B. $321 million
- C. $59 million
- D. $81 million
正解: D
質問 92
COM is a well established company in the construction industry The company was founded by the Mac family
30 years ago and several family members still serve on the Board The company obtained a listing five years ago The Board has an appropriate balance between executive and non-executive members It also has audit remuneration and nomination committees The average age of board members is 68 COM is profitable but profit margins have been falling steadily and this year's revenues are lower than it was achieved last year The Board recognis thai it does not have a long term strategy in place and has been losing business to newer, more aggressive competitors Which THREE of the following statements are correct?
- A. The nomination committee should have had a succession plan in place for directors.
- B. The remuneration committee should consider incentives such as share options to encourage the Board to focus on COM's long term strategy
- C. The nomination committee should be operating for the benefit of the directors.
- D. The audit committee should have alerted the Board to the impact of falling profit margins
- E. The non-executive directors should have challenged the lack of long term strategic planning
正解: A,B,E
質問 93
Which of the following are threats to the control environment?
- A. Internal auditors not following up on internal control problems.
- B. Regularly changing procedures to comply with legislation.
- C. Allowing staff to follow unwritten policies.
- D. Directors not producing receipts for their expenses.
- E. Directors ignoring unethical practices that increase sales.
正解: A,D,E
質問 94
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. There will be abandonment costs to restore the site.
- C. Abandoning the project will have an adverse effect on shareholder confidence.
- D. The project actually has a higher NPV than before.
- E. The project now has a negative NPV.
正解: B,D
質問 95
With regard to the internal audit department, which TWO of the following statements are correct?
- A. The internal audit department should make recommendations on how to improve the control systems within a department following any engagement within that department.
- B. The internal audit department should follow a planned work schedule which is reviewed at least annually.
- C. The internal audit department should make recommendations on actions to be taken following any engagement within a department.
- D. The internal audit department should report directly to the board of directors, especially if it suspects a director has circumvented any internal controls.
- E. The internal audit department should co-opt a manager from the department it is auditing onto the team in order to ensure it can follow the processes applied in that department.
正解: B,C
質問 96
Division A of X plc produced the following results in the last financial year.
Net profit $200,000 Gross capital employed $1,000,000
For evaluation purposes all divisional assets are valued at original cost.
The division is considering a project that has a positive NPV, will increase annual net profit by $15,000, but will require average inventory levels to increase by $50,000 and non-current assets to increase by $50,000.
X plc imposes a 16% capital charge on its divisions. Given these circumstances, will the evaluation criteria of return on investment (ROI) and residual income (RI) motivate division A managers to accept the project?
- A. ROI No RI Yes
- B. ROI No RI No
- C. ROI Yes RI Yes
- D. ROI Yes RI No
正解: B
質問 97
Z is a multinational pharmaceuticals company with operations across Europe, America and Asia.
It is currently investigating the possibility of setting up a chemical and specialist production facility in South America. This would be a multi $billion investment. What steps should Z take to manage the following risks in this long term venture.
正解:
解説:
質問 98
You are the Management Accountant for a company which supplies baked food to a string of retail outlets; biscuits, cakes, savoury snacks etc.
You discover that a trainee employee, who is responsible for cleaning out the delivery vans has been taking damaged goods and packets which have reached their sales expiry date and has been selling them to friends.
These products would otherwise have been discarded as waste.
The trainee in question is the nephew of one of the senior managers.
What is the correct course of action?
- A. Have a quiet word with the trainee and ask him to stop.
- B. Document the facts and escalate to the trainee's manager.
- C. Do nothing, the product was designated as waste anyway.
- D. Have a quiet word with the senior manager, the trainee's relative and ask them to deal with it.
正解: B
質問 99
Company X has been advised by its internal audit team that it should have a fraud response policy A is a new member in the internal audit team and he does not see why this would help to prevent fraud and has asked for an explanation Which TWO of the following would be included in this explanation? It would act as a deterrent and help prevent staff from committing fraud
- A. It would lay down processes and procedures that internal audit should follow if they suspect fraud
- B. It would clarify the role of various staff in detecting fraud
- C. It would show that the company is taking the risk of fraud seriously.
- D. It would be part of the internal control system of the company
正解: A,D
質問 100
BCD has set up a number of functions within its security operations centre (SOC) One of these is a Hunt team.
Which of the following is the primary function of a Hunt team?
- A. To look for solutions in response to threats.
- B. To look for weaknesses in other peoples' systems
- C. To look for signs that BCD's system has been breached
- D. To look for weaknesses in BCD's cyber security system.
正解: D
質問 101
Match the descriptions shown in the boxes below with the method of quantifying risk exposure it best describes.
正解:
解説:
質問 102
R is a company running gas-fired power stations in Western Europe. The Risk Committee has just received a report that a power station built to the same design and specification in a developing country has recently collapsed. The causes of the collapse are unclear, but if something similiar were to happen in Europe the consequences for R could be catastrophic.
Which of the following actions being considered by the Risk Committee are ethical?
- A. Decide that the information available to date is too uncertain to take any action for now.
- B. Send experts employed by R to the site of the collapse so that they can gather information first hand on what happened.
- C. Draw up contingency plans in case some of R's power stations need to be shut down.
- D. Issue a press release confirming that all R's power stations are "entirely safe".
- E.
- F. Attempt to increase the level of insurance cover against this type of eventuality.
- G. Commission a reputable firm of structural engineers to carry out a review of all power stations owned by
正解: B,C,G
質問 103
A large department store has just discovered that the staff in the store coffee shop have been defrauding the company for the past three years. The six employees who work in the coffee shop have been keeping a proportion of the cash takings, concealing the theft by not recording all sales up in the till They shared the proceeds of this fraud between them The fraud was only uncovered when one of the employees left and his replacement reported the theft to management rather than becoming involved in the crime Which of the following best describes the role of the store's internal controls in the context of this fraud?
- A. The coffee shop should be closed down because it is impossible to control its revenues.
- B. The store's board of directors should face disciplinary action for failing to prevent this fraud
- C. This fraud indicates that there are serious shortcomings in the store's system of internal controls
- D. Even a well-designed system can be overridden by collusion between employees
正解: D
質問 104
V buys vegetables and fruit from three farms located in a different part of V's country and sells them to large supermarket chains.
A recent newspaper magazine had an article on these farms showing that the farms employ illegal immigrants whose status was used by the factory's owners to force them to work for low wages and in unpleasant conditions. They are forced to live in small overcrowded caravans with no running water. They are also given meals which are cold and poor quality. These farms are located in a developed country with strong labour laws.
Classify each of the following statements as true or false.
正解:
解説:
質問 105
H sells machinery and also associated services, such as advice and repairs. H's industry is going through considerable transformation.
Classify each of the examples of information available to H's management as strategic, operational or of having little value.
正解:
解説:
質問 106
The Head of IT Security has been asked to conduct a detailed forensic analysis of a suspected data breach that ted to customer credit card details being intercepted.
Which TWO of the following would be suitable objectives for such a forensic analysis?
- A. Developing an understanding of the vulnerabilities that led to the breach
- B. Identifying customers whose details have been stolen
- C. Preventing the credit card companies from blaming the entity for fraudulent charges
- D. The collection of evidence that can be used to convict the perpetrators of the breach.
- E. Recovering the stolen credit card details before they can be abused by criminals
正解: A,B
質問 107
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?
- A. M should be disciplined for exceeding his authority
- B. GDD's directors are ultimately responsible for M's error
- C. The investigation of this matter was a waste of time because the pellets were urgently required
- D. GDD's Internal Audit Department should have cancelled the order.
- E. should have made certain that M knew and understood the limits of his responsibility
正解: A,C
質問 108
DFR is an online retailer that sells picture frames The software running on DFR's website enables customers to log in and make purchases by inputting an email address as a user name and a password that must contain at least eight characters, including upper and lower case letters, numbers and punctuation marks (e.g. £, $ or!) Once logged in, customers can check previous orders that they have placed.
Customers can also use DFR's website to change personal details, including credit card numbers and delivery addresses Whenever they wish to use those facilities, the software sends a text message containing a six-digit number to their mobile phones They must input that number before the system will accept changes to their personal details Which TWO of the following statements are correct?
- A. Customers should be able to update the mobile phone numbers in their DFR accounts using only their email addresses and passwords for access
- B. The arrangement with the text message will have no effect on the security associated with changing personal details
- C. The software should never show the whole of a customer's credit card number on screen, even if the customer has logged in and input the six-digit number.
- D. It is illogical to have different security measures in place for orders and for access to personal details.
- E. The software treats customers' personal details as being more sensitive than their ordering histories
正解: B,C
質問 109
Which of the following represents the greatest risk associated with introducing a system of post-completion audit for investment projects?
- A. The entity will realise that its approach to project appraisal is flawed.
- B. The entity may withdraw from a project without good cause.
- C. The audit itself will waste time.
- D. Decision makers may be deterred from taking responsible risks.
正解: D
質問 110
You have been assigned the role of lead internal auditor. Your task is to carry out the annual assessment of the production line maintenance department.
When planning for this audit, which of the following must be completed?
- A. Learn all about the systems and controls in the department.
- B. Decide how the controls will be tested.
- C. Carefully consider any control weaknesses that are reported.
- D. Establish whether the controls are adequate or not.
- E. Prepare the report.
- F. Review previous audit findings for the department.
正解: A,B,F
質問 111
The list below has duties performed by risk managers and internal auditors. Show who would carry out the duties assuming the company has both risk managers and internal auditors.
正解:
解説:
質問 112
JNH is a major corporation that stores its customer database in the Cloud JNH has suffered a data breach that has led to customer credit card details being made available for sale on the internet JNH's Head of Security wishes to analyse network traffic at the cloud-based server in order to gain a better understanding of the manner in which the data was intercepted, but has been refused access.
Which of the following is the most likely explanation for the third-party owner's refusal to assist JNH's Head of Security?
- A. The Cloud is impregnable and so the breach must have been elsewhere
- B. Admitting the breach would harm the reputation of the Cloud
- C. The server will contain data belonging to other clients
- D. The network data will not have been stored by the server's owner
正解: C
質問 113
Identify, from the list provided, which category of business risk most accurately describes the events detailed below.
正解:
解説:
質問 114
NLC, a retail chain, is considering moving its information systems which support its point of sale infrastructure into the cloud.
Which TWO factors should it consider in choosing its supplier?
- A. Robust service level agreement
- B. Cheapest option offered
- C. Certified security
- D. Proximity of facilities to head office
正解: A,C
質問 115
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