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Free CIMAPRO19-P03-1 Exam Braindumps
P3 Risk Management Questions 101–105 (page: 22)

Updated On: 9-Feb-2026
Page 22 of 56
PDF with 276 Questions

Which of the following statements concerning the role of the Audit Committee is correct?

  1. The Audit Committee should provide arrangements for whistle blowing.
  2. The Audit Committee should design the system of internal controls.
  3. The Audit Committee should engage consultants to carry out business reviews.
  4. The Audit Committee should review and monitor the effectiveness of the company's internal audit function.
  5. The Audit Committee should decide annually whether it needs an internal audit function.
  6. The Audit Committee should decide annually whether it needs an external audit function.

Answer(s): A,D,E



N, a large company in the food production industry, has grown over the years by the acquisition of several smaller rivals. The company has ten branches located in its home country and has just opened a foreign branch for the first time. It has recently made some changes to the structure and implementation of its control system.
Which TWO of these would be most likely to improve the overall control system?

  1. Establishing an Internal Audit department.
  2. Purchase invoices are now approved for payment at branches and a list of approved invoices are sent to head office for payment. The invoices, supporting documentation and suppliers' statements are retained at the branches.
  3. Excess funds are now invested, by the Finance Director, in short-term securities. The Finance Director initiates buy and sell transactions and she also receives and retains all correspondence relating to the investments.
  4. A policy has been initiated to complete a physical inventory of all non-current assets at least annually. This is then reconciled with the non-current asset register.
  5. N has just opened a bank account in the currency in which the newly opened branch is now operating.

Answer(s): A,D



A Firewall is an element of a company's Information Technology infrastructure. Which THREE of the following are characteristics of a Firewall?

  1. A Firewall determines the boundary of the "Trusted" components of the company's Information Technology infrastructure.
  2. A Firewall protects sensitive data against accidental or malicious damage.
  3. A Firewall protects the computer suite against physical attack.
  4. A Firewall protects against unauthorised network access.
  5. A Firewall protects against viruses.
  6. A Firewall can screen every message coming into or out of the company network looking for key words, or attachments.

Answer(s): A,D,F



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?

  1. Phased changeover is the safest and slowest method of changeover.
  2. Phased changeover moves individual portions of the business to the new system one at a time.
  3. Pilot changeover moves the simplest part of the business to the new system first.
  4. 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.
  5. 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.
  6. 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.

Answer(s): B,D,F



Systems Development Lifecycle (SDLC) is used to manage risk within the development of new computer systems.
Which THREE of the following are appropriate controls to manage risk within the SDLC Process?

  1. When planning the new system, a clear business case must be approved specifying functionality, data transformation, expected costs and benefits.
  2. When designing the new system, controls must be put in place to ensure that all the functionalities of the old system are replicated.
  3. When developing the new system, the developers must follow defined programming standards and carry out component test to specified test harness outputs.
  4. When doing the analysis for the new system particular care should be taken over the data specification, transformation and manipulation, ensuring that expected outputs are defined and that such output meets the needs and expectations of the business users.
  5. When the implementation of the new system is taking place, parallel running must be undertaken to ensure the output for the new system exactly matches that from the old system.
  6. The Post Completion Review should take place immediately after the implementation while all the facts are still fresh in everyone's minds.

Answer(s): A,C,D



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