P3問題一発合格させる問題集はCIMA Strategic Level Case Study Exam認定で！
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質問 # 66
GHJ makes large export sales to customers in Country A, whose currency fluctuates significantly against GHJ's home currency. GHJ also makes large purchases from suppliers in Country A.
All of these transactions are in Country A's currency.
GHJ's Treasurer does not actively hedge currency risks because there is a natural hedge in place due to the company making both sales and purchases in the same currency.
GHJ's Board has instructed the Treasurer to put active hedging measures in place because the Risk Report would otherwise have to disclose the fact that GHJ has a currency risk which is not actively hedged.
Which of the following statements are correct?
- A. The Board does not want to be blamed for ignoring a risk.
- B. The Board may be concerned it will be criticised if it does not hedge.
- C. Risk reporting is a bad thing.
- D. Risk reporting drives the whole risk management process.
- E. Risk reports can change behaviour.
正解：A、B、E
質問 # 67
M is a listed company. It is hoping to invest in a risky new venture. M has a substantial amount of cash to invest in the venture. M would have found it difficult to raise new finance as it has a high level of gearing.
Which of the following statements about stakeholders' conflicting interests are true?
- A. The directors would only be exposed to the systematic risk from the investment in the new venture.
- B. M's diversification will mean less risk for the shareholders.
- C. M's credit rating is likely to fall as a result of this new venture.
- D. M's shareholders would only be exposed to the systematic risk from the investment in the new venture.
正解：C、D
質問 # 68
Match the descriptions shown in the boxes below with the method of quantifying risk exposure it best describes.
正解：
解説：
質問 # 69
HJK is a retailer, with more than 40 shops around the country. The directors suspect that a serious fraud has occurred at one of the branches and a team of internal auditors has been sent to investigate.
An analytical review investigation shows that sales revenue is in line with budget, but overtime payments to shop staff exceed budget by 20%.
How should the internal audit team proceed?
- A. Conduct additional detailed testing of all figures.
- B. Increase the evaluation of control risk.
- C. Increase the evaluation of inherent risk.
- D. Conduct additional detailed testing on overtime payments.
正解：D
質問 # 70
D has decided to invest in a new factory at a cost of $6,000,000. The discount rate of the project is 22% and the PV of tax shield is $80,000.
What is the IRR?
Give your answer to two decimal places.
正解：
解説：
21.71%
質問 # 71
FBK produces motorbikes for the high end sports market. The company has recently developed a bike that uses a powerful electric motor instead of a petrol engine.
Which of the following are product risks?
Select ALL that apply.
- A. The risk that the silent running of the bike will create a hazard to pedestrians.
- B. The risk that a bike powered by a quiet electric motor will not create the thrilling engine noise that is prized by traditional riders.
- C. The risk that the different characteristics of an electric engine will make the bike difficult to control
- D. The risk that FBK cannot afford to finance the working capital associated with the launch
- E. The risk that demand for the bike will exceed production capacity
正解：A、D
質問 # 72
B uses a balanced scorecard to monitor the performance of its divisions.
Classify each of the following decisions taken by a division's management team as either commercially sound or dysfunctional.
正解：
解説：
質問 # 73
Which of the following are objectives of the audit planning procedure?
- A. To set out how audit objectives will be achieved.
- B. To work out how audit evidence will be obtained.
- C. To perform analytical review to identify possible areas for investigation.
- D. To work out the time and resources required for the audit.
- E. To perform substantive tests.
正解：A、B、D
質問 # 74
You are a junior accountant in a local accountancy firm with many clients in various businesses.
Your immediate manager has asked you to collect certain personal details about clients' staff from the firm's records. You suspect that his intentions are malicious.
You asked your manager to explain why he required these details and he told you it is none of your business.
What should you do? Select TWO responses.
- A. You should try to find out what the manager wishes to use the details for.
- B. You should seek to have a confidential discussion with the manager's superior and express your concerns.
- C. You should raise the matter with the firm's external auditors.
- D. You should keep a log of all the facts that the manager has requested, including the dates on which those requests were made.
- E. You should stop being impertinent and obtain the details as instructed.
正解：B、D
質問 # 75
R plc is considering an investment of $1,100,000 in a new machine which is expected to have substantial cash inflows over the next five years.
The annual cash flows from this investment and their probability are shown below:
Annual cash flow ($) Probability
200,000 0.4
280,000 0.5
350,000 0.1
At the end of its five-year life, the asset is expected to sell for $100,000. The cost of capital is 5%.
What is the Expected Net Present Value?
Give your answer to the nearest whole $.
正解：
解説：
$82295, $82550
質問 # 76
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?
- A. Simulation
- B. Expected value
- C. Value at Risk
- D. Regression analysis
正解：B
質問 # 77
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 Yes RI Yes
- C. ROI Yes RI No
- D. ROI No RI No
正解：D
質問 # 78
C Ltd is a private, family-owned company which is hoping to become listed on a recognised Stock Exchange within the next two years. At the moment, the Board of Directors comprises five directors; four of whom are from the founding family and all of whom are involved in the day-to-day running of the business. The remaining director obtained a seat on the Board three years ago as a condition of an investment by a venture capital fund.
The Board meets in half-day sessions once a fortnight and the Board meetings are reasonably well run. All decisions are taken by the Board as a whole. There are no sub-committees.
Which of the following steps would it be appropriate for C Ltd to take in the light of the proposed listing?
- A. Insist that the venture capital company director be removed as he is not necessarily motivated to act in the best interests of C Ltd.
- B. Appoint enough independent non-executive directors (NEDs) that they make up at least 50% of the Board.
- C. Ensure that the current executive directors are given 10 year contracts starting on the day the company is floated, to ensure consistency and continuity in the management of the company.
- D. Appoint one of the NEDs as Chair of the Board.
- E. Set up at least three sub-committees namely remuneration, nomination, and audit committees.
- F. Set up an "agenda setting" sub-committee consisting of the current executive directors to decide the agenda for each Board meeting.
正解：B、D、E
質問 # 79
W is a construction company which undertakes large projects for governments and other clients worldwide.
Following extensive tendering processes, contracts are issued for successful tenders, and projects typically take three to five years to complete. Contracts are normally fixed-price and many have considerable penalty clauses.
Which of the following would be appropriate policies and controls for W to implement?
- A. Ensuring a consistent separation of duties between those involved in the preparation of tenders and those involved in the planning of projects.
- B. Ensuring that the minimum legal wage is paid to all workers on the construction sites.
- C. The project steering committee and project board should receive regular project status reports.
- D. Contract terms should be worded precisely so that additional work is not deemed to form part of the contract.
- E. In order to ensure the maximum chance of winning the contract, tenders always commit W to completing the work at the lowest possible price and in the shortest possible time.
- F. Unsuccessful tenders should be analysed to establish the cause of them failing to be awarded the work and help to avoid future failures.
正解：C、D、F
質問 # 80
M built a large factory last year and it has just been completed. The initial outflows on this project have a present value of $400 million and the entire project has a net present value of $30 million.
The initial phase of the project caused problems and there was an overspend of $35 million as there was unstable soil. The foundations had to be underpinned with large steel bars to ensure the building would be safe. There was no other suitable site for the project.
The construction could not be abandoned as the site would have had very little commercial value.
The Internal Audit department has been asked to carry out a post completion audit. What issues should it concentrate on?
- A. The audit should consider what lessons could be learned for future projects.
- B. The audit should consider whether it should have built the factory without underpinning and sold it on quickly.
- C. The audit should look at documentation to ensure proper procedures were followed at all stages of the project.
- D. The audit should consider the initial survey report when the land was purchased to see if the survey mentioned the unstable soil.
- E. The audit should find out who was to blame for the project being over budget.
正解：A、C、D
質問 # 81
ABC is a large supermarket chain which also has online shopping and home deliveries It has a 24/7 service which runs on a central server allowing all customers to enter new orders at any time This is a business critical service which, if not available, may lead to customers turning to alternative supermarket chains offering similar services, resulting in immediate turnover loss and possible long term customer loss.
ABC is contemplating the implementation of a hot standby facility, not only to cover for emergency disaster recovery, but also to allow for business continuity, allowing necessary maintenance and updates without service interruption.
Which of the following cybersecurity objectives is ABC concerned about in this scenario?
- A. Integrity of data
- B. Confidentiality
- C. Integrity of processing
- D. Availability
正解：D
質問 # 82
M, a manufacturing company, has had some problems with defects in one of the main products it produces.
This product has been made by the company for many years and is very profitable. Last month it had over 300 defects reported by customers which is more than 15% of products sold. This is a reputation risk for M and is also affecting profitability.
Which of the following controls could M introduce to reduce defects and also increase profitability?
- A. M could introduce a procedure where quality control staff sign a form at the end of each day to say they have examined 1 in 10 products for defects and they are satisfied with the quality.
- B. The production director could examine one in every 10 products and sign a form to say they are satisfactory.
- C. M could increase the number of quality control staff.
- D. M could check all employees qualifications to ensure they are qualified for their jobs.
- E. M could service machinery at least once a month as recommended by the machinery supplier.
正解：A、D、E
質問 # 83
JC is a car manufacturing company in country C and manufactures diesel cars It is facing a number of serious risks Which TWO of the following nsk factors are external?
- A. JC is facing court action arising from injuries to customers caused by an alleged brake failure in one of its cars
- B. Diesel cars are being criticised by experts because it is believed they cause more harmful pollution than petrol
- C. JC's marketing director is considering an attractive job offer from one of J's main competitors
- D. JC's production staff are complaining that their wages are too low compared to wages paid to other employees.
- E. Country F, JC's main market, is threatening to impose tariffs on car imports
正解：B、E
質問 # 84
JHG manufactures inexpensive cars that compete largely on price Its cars have very basic equipment and small but economical engines JHG's Board is considering launching a luxury brand of cars that will be far better equipped, more comfortable and have much better performance Which THREE of the following would be relevant factors to incorporate into the stress testing of this new strategy to create a luxury brand?
- A. Increased tax on vehicle emissions
- B. Potential changes in interest rates.
- C. Sales of JHG's existing range of cars
- D. The need for consumer research
- E. The cost of designing new cars.
- F. Reductions m motorway speed limits
正解：A、C、E
質問 # 85
Z plc has recently undertaken a SWOT analysis. The SWOT analysis identified two main threats to Z plc:
* The threat that the currency of Z plc's main overseas competitor weakens compared to Z plc's home currency.
* The threat that there will be a military coup which will overthrow the government in the country that Z plc purchases most of its raw materials from.
Which TWO of the following categories of risk correspond most closely to the above threats?
- A. Business risk
- B. Economic risk
- C. Financial risk
- D. Political risk
正解：B、D
質問 # 86
Which THREE of the following are principles of good corporate governance according to the UK Corporate Governance Code?
- A. Honesty
- B. Leadership
- C. Remuneration
- D. Accountability
- E. Reliability
正解：B、C、D
質問 # 87
Company C wishes to recruit an employee who will have responsibility for, among other things, the receipt and handling of cash. Which THREE of the following would be most likely to provide useful information about the candidate from the point of view of the Internal Auditor?
- A. The candidate's membership of a professional body.
- B. Confirmation that the candidate does not have a criminal record.
- C. The candidate's academic qualifications.
- D. The candidate's personal referees.
- E. References from previous employers of the candidate.
正解：A、B、E
質問 # 88
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 that a company's internal controls will work properly
- B. Complying with the COSO Framework will improve a company's reputation
- C. Complying with the COSO Framework will mean all employees of a company will comply with internal controls
- D. Complying with the COSO Framework will mean there is a good structure to a company's risk management system
- E. Complying with the COSO Framework will mean that all staff will understand a company's risk management system
正解：B、D
質問 # 89
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