P3練習問題集で検証済みで更新された268問題あります
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質問 139
GHJ makes large export sales to customers in Country A, whose currency fluctuates significantly against GHJ's home currency. GHJ also makes large purchases from suppliers in Country A.
All of these transactions are in Country A's currency.
GHJ's Treasurer does not actively hedge currency risks because there is a natural hedge in place due to the company making both sales and purchases in the same currency.
GHJ's Board has instructed the Treasurer to put active hedging measures in place because the Risk Report would otherwise have to disclose the fact that GHJ has a currency risk which is not actively hedged.
Which of the following statements are correct?
- A. The Board does not want to be blamed for ignoring a risk.
- B. Risk reports can change behaviour.
- C. The Board may be concerned it will be criticised if it does not hedge.
- D. Risk reporting drives the whole risk management process.
- E. Risk reporting is a bad thing.
正解: A,B,C
質問 140
JKL makes large export sales to customers in country X, whose currency fluctuates significantly against JKL's home currency JKL also makes large purchases from suppliers in countrrOC All of these transactions are in country X's currency JKL's treasurer does not actively hedge currency risks because there is a natural hedge in place due to the company making both sales and purchases in the same currency JKL's board has instructed the treasurer to put active hedging measures in place because the risk report would otherwise have to disclose the fact that JKL has a currency risk which is not actively hedged Which of the following statements are correct? Select ALL that apply.
- A. The board may be concerned it will be criticised if it does not hedge
- B. Risk reporting is a bad thing
- C. Risk reports can change behaviour
- D. The board does not want to be blamed for ignoring a risk.
- E. Risk reporting drives the whole risk management process
正解: A,C,D
質問 141
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.
正解:
解説:
質問 142
YHU manufactures flour from wheal (hat it purchases from wheat wholesalers who buy the gram in bulk from farmers around the world and import it to YHU's home country.
YHU sells its flour as "organic and free from genetically modified grain" It is difficult to test wheat to ensure that it is organic and impossible to prove that it has not been obtained from genetically modified crops YHU must trust its wholesalers to check the provenance of the wheat that they buy for resale to YHU.
Without YHU's knowledge, a consignment of wheat that it has used to make flour was purchased from a farmer who used genetically modified seed. The wholesaler made an error in tracking this consignment through its inventory system and sold it to YHU as organic and free from genetically modified gram Which TWO of the following are correct?
- A. YHU's total risk is affected by both the risk that the flour was incorrectly labelled and that the company was unaware of that fact
- B. If YHU admits to this error then there is a strong risk that customers will take legal action for being sold a dangerous product and that the courts will find in the customers' favors.
- C. YHU could easily eliminate the risks associated with such errors by putting a prominent warning on its flour bags that they may contain flour made from non-organic or genetically modified flour.
- D. The risk of YHU discovering this error is minimal because the wholesaler will both have to realise its mistake and be willing to admit to it.
- E. YHU should ignore the interaction between risk factors when considering its response to the possibility of mislabelled ingredients
正解: A,B
質問 143
You are in process of compiling a risk register for P, a company which maintains railway tracks. This helps prevent accidents and ensures the trains are not disrupted due to problems with the track.
Which of the following statements are valid?
- A. The risk register should specify the individual, or group of individuals, responsible for the management of each risk.
- B. A properly compiled risk register will identify all the risks to which P could possibly be exposed.
- C. A risk register should profile each risk in terms of probability and consequence.
- D. A risk register should concern itself with only the direct consequences of each risk such as injury to passengers and ignore indirect risks, such as re-routing trains due to an accident.
- E. The risk register for P should be updated frequently: for example, every two weeks.
正解: A,C
質問 144
MNB is a multinational IT company with headquarters in Asia and with operations in all continents.
MNB is attempting to expand its operations in Europe. This is seen as a major challenge as the European market is very well developed and highly competitive.
MNB develops and manufactures its own products. Parts and assemblies are sourced across Asia, America and Europe. These are sometimes purchased locally as a condition of a contract, but MNB aims to include as much of its own equipment as possible. Transfer prices between MNB's subsidiaries can be set in YEN, USD, EURO, GBP. Transfer prices are revised every month in line with production times as most goods are made on short order with sales cycles running at 3-4 months.
What types of risk are being presented here?
- A. Currency risk
- B. Fraud risk
- C. Economic risk
- D. Legal risk
- E. Political risk
- F. Environmental risk
正解: A,C,E
質問 145
Z is a multinational pharmaceuticals company with operations across Europe, America and Asia.
It is currently investigating the possibility of setting up a chemical and specialist production facility in South America. This would be a multi $billion investment. What steps should Z take to manage the following risks in this long term venture.
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解説:
質問 146
JC is a car manufacturing company in country C and manufactures diesel cars It is facing a number of serious risks Which TWO of the following risk factors are external?
- A. Country F, JC's main market, is threatening to impose tariffs on car imports
- B. JC's marketing director is considering an attractive job offer from one of J's main competitors
- C. Diesel cars are being criticised by experts because it is believed they cause more harmful pollution than petrol
- D. JC's production staff are complaining that their wages are too low compared to wages paid to other employees.
- E. JC is facing court action arising from injuries to customers caused by an alleged brake failure in one of its cars
正解: A,C
質問 147
SC is a professional football club which is currently listed on a recognised stock exchange. There is a proposal that it builds a new stadium at a location a considerable distance from its current stadium.
There is strong support within the club for the move as the current ground is now over 40 years old and has not been extensively modernised in that time.
However, there is a lot of opposition to the move in the area where it is proposed to locate the new stadium. Objectors claim that the new stadium will increase traffic and pollution in the area and will adversely affect the value of their properties.
Which of the following statements about the responsibility of the board of SC is correct?
- A. A football club needs to be part of the community in which it exists and so the board should consider the other stakeholders.
- B. The board should conclude that objectors to the new stadium have a legal course of action open to them and if they do not take legal action they should ignore them.
- C. SC is now a listed company and so the board should prioritise the interests of shareholders to the exclusion of other stakeholders.
- D. The board should share information about the new development with the local community only to the extent that it is legally obliged to do so.
- E. If the board of directors is seen as acknowledging its responsibility to stakeholders other than shareholders this will enhance the reputation of the club and it will be more likely that a compromise can be reached with objectors.
正解: A,E
質問 148
TYU is a retailer selling televisions. The company is financed wholly by equity.
Why might TYU be exposed to interest rate risk?
- A. TYU's competitors may have fixed rate borrowings.
- B. TYU's competitors may have variable rate borrowings.
- C. TYU's cost of capital will vary with interest rates.
- D. TYU's suppliers may have borrowings.
- E. Customers' disposable income may change.
正解: B,D,E
質問 149
Which THREE of the following are principles of good corporate governance according to the UK Corporate Governance Code?
- A. Reliability
- B. Remuneration
- C. Leadership
- D. Honesty
- E. Accountability
正解: B,C,E
質問 150
The list below has duties performed by risk managers and internal auditors. Show who would carry out the duties assuming the company has both risk managers and internal auditors.
正解:
解説:
質問 151
C Ltd is a private, family-owned company which is hoping to become listed on a recognised Stock Exchange within the next two years. At the moment, the Board of Directors comprises five directors; four of whom are from the founding family and all of whom are involved in the day-to-day running of the business. The remaining director obtained a seat on the Board three years ago as a condition of an investment by a venture capital fund.
The Board meets in half-day sessions once a fortnight and the Board meetings are reasonably well run. All decisions are taken by the Board as a whole. There are no sub-committees.
Which of the following steps would it be appropriate for C Ltd to take in the light of the proposed listing?
- A. Set up an "agenda setting" sub-committee consisting of the current executive directors to decide the agenda for each Board meeting.
- B. Ensure that the current executive directors are given 10 year contracts starting on the day the company is floated, to ensure consistency and continuity in the management of the company.
- C. Insist that the venture capital company director be removed as he is not necessarily motivated to act in the best interests of C Ltd.
- D. Set up at least three sub-committees namely remuneration, nomination, and audit committees.
- E. Appoint enough independent non-executive directors (NEDs) that they make up at least 50% of the Board.
- F. Appoint one of the NEDs as Chair of the Board.
正解: D,E,F
質問 152
Which TWO of the following are reasons for a company to comply with the Committee of Sponsoring Organisations of the Treadway Commission 2017 Enterprise Risk Management Framework (COSO Framework)?
- A. Complying with the COSO Framework will improve a company's reputation
- B. Complying with the COSO Framework will mean all employees of a company will comply with internal controls
- C. Complying with the COSO Framework will mean there is a good structure to a company's risk management system
- D. Complying with the COSO Framework will mean that all staff will understand a company's risk management system
- E. Complying with the COSO Framework will mean that a company's internal controls will work properly
正解: A,C
質問 153
M built a large factory last year and it has just been completed. The initial outflows on this project have a present value of $400 million and the entire project has a net present value of $30 million.
The initial phase of the project caused problems and there was an overspend of $35 million as there was unstable soil. The foundations had to be underpinned with large steel bars to ensure the building would be safe. There was no other suitable site for the project.
The construction could not be abandoned as the site would have had very little commercial value.
The Internal Audit department has been asked to carry out a post completion audit. What issues should it concentrate on?
- A. The audit should consider what lessons could be learned for future projects.
- B. The audit should look at documentation to ensure proper procedures were followed at all stages of the project.
- C. The audit should find out who was to blame for the project being over budget.
- D. The audit should consider whether it should have built the factory without underpinning and sold it on quickly.
- E. The audit should consider the initial survey report when the land was purchased to see if the survey mentioned the unstable soil.
正解: A,B,E
質問 154
Company A's gross profit percentage has fallen from 70% to 61 % Which of the following possible explanations would most concern the internal auditors?
- A. During the year direct wages had been misclassified as indirect manufacturing expenses
- B. There had been an omission of several items from the inventory records
- C. During the year the raw material price increased due to an international shortage of the material
- D. The sales director decided to reduce the selling price to increase the market share
正解: D
質問 155
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.
正解:
解説:
質問 156
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