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Free CIMAPRO19-P03-1 Exam Braindumps (page: 26)

Page 25 of 69
PDF with 276 Questions

Which of the following actions would breach CIMA's Code of Ethics for Professional Accountants?

  1. An accountant has been asked to evaluate an investment opportunity that is open for a very short time. The accountant has recommended rejecting the opportunity without doing any evaluation because he was too busy to study the proposal properly.
  2. An accountant has been asked to select a new supplier and has decided to recommend a supplier based in country A because that will give the accountant an excuse to visit a family member who lives there.
  3. An accountant has been asked to confirm that a complex financial instrument that has been recommended by the bank is suitable for the company. The accountant does not understand the instrument, but has confirmed its suitability because senior management wishes to use it.
  4. An accountant has been asked to compile a list of all contacts at the company's bank so that they can be included in the mailing list for the calendar and coffee mug that are distributed as business gifts by the company in December of every year.
  5. An accountant has been asked to identify the two least profitable factories so that they can be closed down, with the loss of all jobs. All of the company's factories are located in areas of high unemployment.

Answer(s): A,B,C



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.

  1. You should stop being impertinent and obtain the details as instructed.
  2. You should try to find out what the manager wishes to use the details for.
  3. You should keep a log of all the facts that the manager has requested, including the dates on which those requests were made.
  4. You should seek to have a confidential discussion with the manager's superior and express your concerns.
  5. You should raise the matter with the firm's external auditors.

Answer(s): C,D



DRAG DROP
Select the correct ethical principle that corresponds to each ethical dilemma described.

  1. See Explanation section for answer.

Answer(s): A

Explanation:



SDF is a quoted company. Which of the following matters should normally be dealt with by SDF's audit committee?

  1. The external auditor has requested a higher fee than normal for the forthcoming financial year because new legislation will require additional audit work.
  2. The Head of Internal Audit is concerned that a recent internal audit investigation may have revealed serious compliance failures.
  3. The external auditor is concerned that an accounting policy selected by the Finance Director does not comply with the spirit of the relevant accounting standard.
  4. The external auditor has identified a material error, due to a clear miscalculation, in the draft financial statements.
  5. The Finance Director will be retiring within the next year and a replacement will have to be found.

Answer(s): A,B,C






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