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CIMA Updated P3 Exam Questions and Answers by elian

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CIMA P3 Exam Overview :

Exam Name: Risk Management
Exam Code: P3 Dumps
Vendor: CIMA Certification: CIMA Strategic level
Questions: 339 Q&A's Shared By: elian
Question 48

S Doc is an out-of-hours service provided by a country's government. The service allows members of the public to call and speak to a nurse who can advise on medical situations which are not obviously emergencies. Depending on the situation the caller can be referred to the full emergency services, or be advised to go to Accident and Emergency at the nearest hospital. Alternatively, a callout from a general practitioner (GP) can be organised; the caller can be advised of where GP services are available; advice can be given over the phone; or a decision can be taken that no further action is required at least until normal services resume on the next working day.

There has been a suggestion that the nurses who take these calls could be replaced by suitably trained operatives who have available to them a specially designed expert system.

Which of the following are advantages of using an expert system instead of nurses?

Options:

A.

The operatives would be too careful and therefore would recommend unnecessary treatments or interventions.

B.

Some callers may present with complicated scenarios that a non-medically trained operative or expert system would be unable to recognise (for example, psychological issues).

C.

Using an expert system would make operatives less inclined to feel sorry for the caller and ensure that only relevant facts were considered in coming to a decision.

D.

The use of an expert system would ensure that only relevant questions were asked of the caller and that operatives did not miss something vital due to distraction or fatigue.

E.

The expert system will always follow the same path whereas the nurses may have more knowledge about some health issues and very little about others.

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Question 49

A large, publicly funded university is considering introducing a new information system in order to enhance its ability to store and retrieve academic records for past and current students, including the registration and deregistration of students.

In conducting an evaluation of the system, which THREE features would the management of the college be most likely to consider as essential prerequisites to implementation?

Options:

A.

The system has the capacity to deal with all existing records and all new records to be created in the foreseeable future.

B.

The system is capable of being run in parallel with the current system so as to have the opportunity to examine and overcome any unforeseen difficulties that might arise.

C.

The system has been demonstrated to operate with a degree of accuracy at least as good as the existing system and as good as that used by similar universities.

D.

The system can link seamlessly with the system used by the university for processing financial transactions and producing financial statements.

E.

All information on the system can be accessed easily from outside the university through the internet.

Discussion
Question 50

The management of U is reviewing internal controls throughout the company. It has noted the following:-

   1. In the trade receivables section, journal adjustments are made by the clerks, without any reference to their supervisor. Journal adjustments may relate to sales returns, discounts allowed, or transfers between accounts.

   2. In the purchasing department, the purchasing manager selects and approves all suppliers, as they are the only person with sufficient experience to do so. They use a very limited number of suppliers because they can rely on these suppliers to provide goods of the quality required at a competitive price. They do not keep any documents in relation to negotiations with other potential suppliers or other quotes obtained.

In relation to the above, which of the following statements are valid?

Options:

A.

The fact that the purchasing manager uses a very small number of suppliers is, in itself, a sign of poor internal controls.

B.

It is acceptable for clerks in the trade receivables section to make journal adjustments without authorisation provided the amounts involved are not material to U's financial statements.

C.

It is acceptable for clerks in the trade receivable section to make journal adjustments without authorisation, provided they have no access to cash receipts.

D.

The fact that the purchasing manager does not keep documentation relating to negotiations with suppliers, or potential suppliers, is evidence that they are involved in fraudulent activity.

E.

Clerks making journal adjustments without reference to their supervisor is evidence of inadequate separation of duties.

F.

The way the role of purchasing manager is carried out in U increases the chance that the company will fall victim to fraudulent activity.

Discussion
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