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CIMA P3 Exam Dumps - Actual Questions Answers


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Risk Management

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P3 Questions and Answers

Question # 1

An internal audit investigation involved conducting compliance tests on the processing of purchase invoices.

The purchase ledger clerk compares invoices against purchase orders and passes them for payment The invoices are then input into a computerised purchase ledger system The system checks that the supplier has a valid purchase ledger account, as authorised by the chief buyer, before crediting the supplier's account with the value of the invoice.

The internal auditor checked a sample of recorded purchase invoices against their corresponding purchase orders The internal auditor found four cases where invoices could not be agreed to corresponding purchase orders.

What is the potential significance of this compliance error?

A.

Payments could be made to non-existent suppliers

B.

The purchase ledger clerk could make fraudulent payments to herself.

C.

The purchase ledger clerk could have ordered goods for her own personal use.

D.

The discrepancy is a minor one and should be ignored

Question # 2

Which of the following represents the greatest risk associated with introducing a system of post-completion audit for investment projects?

A.

Decision makers may be deterred from taking responsible risks.

B.

The entity will realise that its approach to project appraisal is flawed.

C.

The audit itself will waste time.

D.

The entity may withdraw from a project without good cause.

Question # 3

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.

3

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CIMA P3 Exam Dumps FAQs

1. What is the CIMA P3 Risk Management Exam?

The CIMA P3 exam focuses on risk management within organizations. It assesses your ability to analyze risks, develop strategies, and implement effective risk management practices. As an MA degree-level paper, it challenges candidates to apply their knowledge to practical scenarios.

2. What topics are covered in the CIMA P3 Exam?

The CIMA P3 exam syllabus covers a wide range of topics, including:

  • Identification, classification, and evaluation of risks
  • Responses to strategic risk
  • Internal controls to manage risk
  • Managing risks associated with cash flows
  • Managing risks associated with capital investment decisions

3. How many questions are there in the CIMA P3 Exam?

The CIMA P3 exam typically consists of 60 questions.

4. What is the duration of the CIMA P3 Exam?

The CIMA P3 exam has a duration of 3 hours.

5. What is the passing score for the CIMA P3 Exam?

The passing score for the CIMA P3 exam is 50%.

6. How difficult is the CIMA P3 Exam?

The CIMA P3 exam is considered tricky but manageable. Don’t worry if you find it challenging; it’s designed to test your understanding at an advanced level. Avoid relying solely on rote learning; instead, practice applying your knowledge to real-world situations.

7. What is the difference between the CIMA P3 and CIMA E3 Certification Exams?

Both the CIMA P3 and CIMA E3 exams are part of the CIMA Professional Qualification program, but they assess different areas of expertise:

  • CIMA P3 (Risk Management): The CIMA P3 Exam focuses on developing your skills in identifying, assessing, and managing risks within an organization. It delves into various risk categories like strategic, operational, and financial risks, and equips you with the knowledge to implement effective risk management frameworks.
  • CIMA E3 (Strategic Management): The CIMA E3 Exam focuses on your understanding of formulating and implementing successful business strategies. It covers topics like strategic analysis, competitive advantage, and corporate governance, equipping you with the ability to make informed strategic decisions and contribute to organizational growth.

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