[2022年03月]更新のP3問題集PDFでP3リアル試験問題解答
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質問 62
The internal audit department should always give a report at the end of its audit. This report is intended to be useful and help the company going forward. The report should always include any recommendations for improvements. Which of the following statements are true and which are false?
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質問 63
Y plc, a pharmaceutical company, has dealt with a number of risks in the manner indicated below.
Use the TARA framework to classify each of Y plc's responses.
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質問 64
You are the Management Accountant for P, a food manufacturing company with an annual sales revenue of $5 million.
You discover that the Production Manager's records are inconsistent. Raw materials purchased do not agree to the total recorded for transfers to production plus wastage. There is an average shortfall of 2% of purchases.
You investigated and discovered that there are often mistakes made during manufacturing that results in food that is safe to eat, but cannot be sold because of visual flaws. The Production Manager is supposed to scrap all such damaged product and write all such losses off as waste, but you discovered that he has been giving the damaged food to a charity that assists homeless people. No records are made of such gifts in order to conceal the losses due to manufacturing errors.
What should you do?
- A. Instigate disciplinary action, this is both theft and poor management.
- B. Do nothing, this is a good cause and the amount is insignificant.
- C. Instigate a confidential, but documented, review with the Production Manager and tell him to stop.
- D. Instigate a process whereby edible but unsellable items can be given to the charity officially.
- E. Instigate a review of the production process to potentially reduce the amount of wastage.
正解: C,D,E
質問 65
B is a company with a strong risk appetite. Which of the following are benefits of using the certainty equivalent method of capital investment appraisal in B's case?
- A. A high level of subjective judgment is required from the decision maker.
- B. By building a risk adjustment into the discount rate, it takes greater account of risk in later time periods.
- C. The method produces the most appropriate results in cases where project cash flows do not increase in risk over time.
- D. More risky projects are more likely to be accepted using this method of appraisal.
- E. It avoids the need for the investor to estimate an appropriate discount rate which reflects the risk of the project cash flows.
正解: B,E
質問 66
A UK manufacturing company has simultaneously:
* purchased a put option to sell USD 1million at an exercise price of GBP1.00 = USD1.65
* sold a call option that grants the option holder the right to buy USD 1million at a price of GBP1.00 = USD1.61 (this option has the same maturity date as the put).
Which of the following is a valid explanation for entering into these option positions?
- A. The company expects to pay USD 1million to a supplier and wishes to obtain additional protection against the USD strengthening beyond GBP 1.00 = USD 1.65.
- B. The company expects to receive USD 1million from a customer and wishes to obtain an additional benefit if the USD strengthens beyond GBP 1.00 = USD 1.61.
- C. The company expects to receive USD 1million from a customer and wishes to offset the cost of the put option by the premium on the call option.
- D. The company expects to pay USD 1million to a supplier and wishes to offset the premium from the call option against the cost of the put option.
正解: C
質問 67
Match the descriptions shown in the boxes below with the method of quantifying risk exposure it best describes.
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質問 68
When a new computer system is being implemented there are several possible methods for managing the changeover from the old system to the new system.
Which THREE of the following are true?
- A. Parallel running involves keeping the old system running, normally until certain data retention criteria are met or confidence is gained, while the new system deals with the new workload. Data input is usually carried out on both systems.
- B. Direct changeover, or Big Bang is only used when the systems are significantly different such that comparing the outputs of the two systems is largely irrelevant.
- C. Pilot changeover moves the simplest part of the business to the new system first.
- D. Phased changeover moves individual portions of the business to the new system one at a time.
- E. All methods of changeover carry high risk and it is the preparation, consideration of data compatibility and data cleansing before the changeover which has the biggest impact on the smoothness of the transition.
- F. Phased changeover is the safest and slowest method of changeover.
正解: A,D,E
質問 69
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.
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質問 70
J plc is a wholesale building supply business. It has a large warehouse where some of its materials are stored.
Last month three accidents occurred where employees were slightly injured whilst moving items from the 5th shelf. The 5th shelf is located 15 metres up from the ground.
This is a health and safety risk and could also be a reputation risk in the longer term.
Which of the following risk mitigations should the company employ?
- A. Reduce by storing some items on the first three shelves and storing other items outside.
- B. Transfer by insuring against this risk.
- C. Avoid by sending the employees on a training course on Health and Safety.
- D. Accept by just accepting this is a risk the company has to take and some employees may get injured.
正解: A
質問 71
An internal auditor has just completed an investigation into human resource (HR) procedures in the Springtown branch of IUY The Springtown branch is too small to have its own full-time HR staff All HR work is undertaken by the Branch Manager, assisted by the Branch Administrator The internal auditor has discovered a number of problems with branch HR records. These are due to a misunderstanding of the regulations by the Branch Manager and the Branch Administrator, neither of whom has any specific HR training The Branch Manager has asked that the problems be omitted from the internal audit report because they were due to a lack of training and will be rectified immediately Which TWO of the following actions should the internal auditor take with regard to the audit report on the Springtown Branch?
- A. Describe the problems encountered at the branch in detail and recommend that disciplinary action be taken against the Branch Manager.
- B. Include the Branch Manager's claim that the HR problems are due to a lack of HR training in the report
- C. Expand the report to develop it into a description of lUY's HR procedures, but tailored to the needs of the Springtown Branch.
- D. Document the changes that are required at the branch in the audit report and set a time for a return visit to review the changes
- E. Omit the problems from the report, but recommend that the Branch Manager and Branch Administrator should both receive HR training
正解: B,D
質問 72
Which TWO of the following scenarios should be considered in strategic scenario planning by a publishing company that specialises in academic textbooks?
- A. Environmental concerns could lead to a decrease in the availability of trees to make paper
- B. The quality of output from printing presses might improve
- C. The terms offered by media companies for film rights for books could change
- D. Budget changes could have an impact on the funding available to college and university libraries
- E. There could be a change in the technology used by consumers, such as smaller mobile phones with smaller screens
正解: C,D
質問 73
CVB is a consulting firm that occupies a large office with many individual staff offices Staff access the corporate network through a wired network AM work files and company emails are accessed through this network CVB is upgrading its office heating system At present, each room in the building has a simple, mechanical thermostat that can be used to regulate the heating CVB plans to install smart thermostats in each room These will make it possible to reduce heating costs by monitoring room temperatures centrally, using software that will be installed on the corporate network It would be expensive to connect the thermostats to CVB's existing wired network but it would be possible to connect a wireless router to the network so that CVB could install wireless smart thermostats instead The software on the network's server could then monitor and control the thermostats via the Wi-Fi connection that would be created by the wireless router.
Which TWO of the following statements are correct?
- A. The wireless thermostats could enable a breach of CVB's data
- B. Cyber criminals could not identify and exploit vulnerabilities in the heating system
- C. Wired network connections are outdated and should not be used
- D. Security concerns should not prevent CVB from upgrading its heating system
- E. The wireless thermostats will be designed to be secure
正解: A,D
質問 74
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. Financial risk
- C. Economic risk
- D. Political risk
正解: C,D
質問 75
A's directors do not believe that they always get value for money from their investment in capital projects.
Over the past decade the company has invested in 55 projects that have cost more than $1m. They are considering introducing a system of post completion audit to see if this will help them to understand any problems they have had with projects in the past. They hope to use the results of the post completion audits to significantly improve the results of their capital investments State whether you agree or disagree with the points raised by A's directors.
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質問 76
P has decided to invest in a new warehouse at a cost of $2,000,000. The discount rate of the project is 18% and the present value of the tax shield is £26,000.
What is the minimum acceptable Internal Rate of Return of the project?
- A. 17.77%
- B. 18.23%
- C. 18%
- D. 16.50%
正解: A
質問 77
Under the COSO Enterprise Risk Management Framework, who is responsible for risk management?
- A. Managers and directors only.
- B. Every member of the entity.
- C. The board of directors only.
- D. The shareholders.
正解: B
質問 78
A consultancy firm has many overseas clients The firm's staff are responsible for booking travel and accommodation through an independent travel agent who invoices the firm. There are strict rules governing bookings Staff at all levels must book economy class airfares unless the scheduled flight time is greater than eight hours, in which case they can book a business class seat Hotel accommodation should cost less than $300 per night One of the firm's directors is visiting the consultancy team responsible for a large overseas project The director flew business class, even though the flight took only five hours The director is booked into an executive suite at an expensive hotel at a cost of $900 per night Which TWO of the following statements concerning the director's behavior are correct?
- A. Staff may be encouraged to book more expensive flights and accommodation in the future
- B. The travel agent's invoice should be queried by the consultancy's administrative staff.
- C. Only the staff engaged on this project will be aware of the director's behavior
- D. In future, all staff should be permitted to fly business class and use more luxunous hotels
- E. Directors are not required to adhere to company policies in the same manner as more junior staff
正解: B
質問 79
S, a qualified and experienced professional accountant, has been appointed as a non-executive member of the Audit Committee of X X has recently obtained a listing on the second tier of a reputable Stock Exchange B, the Finance Director, is only worried about the maintenance of proper financial controls and is less concerned with operational controls S has asked A.
The Production Director, to produce regular reports for the Audit Committee on production specification compliance and related issues A is concerned that this means S does not think he is doing his job properly and doubts his integrity In relation to this scenario, which of the following statements are valid?
Select ALL that apply.
- A. The appointment of an independent professionally qualified and experienced accountant will help strengthen the Audit Committee.
- B. A is correct in believing that being asked to report to the Audit Committee in the manner described above suggests a lack of trust in his ability or integrity
- C. The Audit Committee should plan for the receipt of regular reports on production specification compliance and related issues
- D. There is no benefit for X of A producing reports for the Audit Committee unless there are some members on the Audit Committee who have expertise in the production area
- E. B is correct to be more concerned about the maintenance of financial controls because they are inevitably more important than operational controls.
- F. If X is not seen to have an effective Audit Committee it will be exposed to increased market risk
正解: C,E
質問 80
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?
- A. The compliance error should be overlooked because it was as a result of staff absence
- B. The senior member of the Wages Office should be disciplined for being in breach of the rules
- C. The senior member of the Wages Office could have committed fraud
- D. The internal auditor should ignore the error because it only lasted for one month
- E. The payroll should be checked thoroughly to ensure that only authorised staff are present
正解: B,E
質問 81
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.
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質問 82
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 keep a log of all the facts that the manager has requested, including the dates on which those requests were made.
- 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 stop being impertinent and obtain the details as instructed.
- E. You should try to find out what the manager wishes to use the details for.
正解: A,B
質問 83
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