CIMA P3 Dumps PDF

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Sample Questions

Question 1

Accpro is a leading tuition provider for professional accountancy qualifications. It has decided to replace its old accountancy software (tuition fee records only) and with a new one. The new system will maintain student records, tuition providers’ fees, exam fee payments, and analysis of information. The new system was purchased from the market and has only been live for just over a week. It was not run in parallel with the old system because Accpro’s finance director deemed that a parallel run would have been too expensive and disruptive to its operations. The head of Accpro’s internal audit department offered to conduct a post-implementation review of the system to confirm that user needs are being satisfied, but Accpro’s finance director declined this offer. He argued that any problems with the new system will quickly become apparent after it goes live. Classify which of the following are limitations of conducting a post-completion audit. Select ALL that apply:

A. Sufficient resources may not be allocated to the task of completing PCA.
B. PCA can be time-consuming and costly to complete.
C. If undertaken by the managers of the project, they may claim credit for all that went well and blame external factors for everything that didn’t.
D. It can be used to blame the directors rather than learn from past mistakes.

Answer: A,B,C,D

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Question 2

Accpro is a leading tuition provider for professional accountancy qualifications. It has decided to replace its old accountancy software (tuition fee records only) with a new one. The new system will maintain student records, tuition providers’ fee, exam fee payments and analysis of information. The new system was purchased from the market and has only been live for just over a week. It was not run in parallel with the old system because Accpro’s finance director deemed that a parallel run would have been too expensive and disruptive to its operations. The head of Accpro’s internal audit department offered to conduct a post-implementation review of the system to confirm that user needs are being satisfied, but Accpro’s finance director declined this offer. He argued that any problems with the new system will quickly become apparent after it goes live. Evaluate the argument put forward by Accpro’s finance director for refusing to have a post-implementation review and identify the statements that support his point of view. Select ALL that apply:

A. This system is too important to the efficient running of Accpro to dispense with a postimplementation review.
B. It is possible that many of the results that would have been obtained from a formal review will come to light if users are dissatisfied.
C. The system is extremely important to Accpro’s operations and its control over cash.
D. The system is a standard package, which reduces the risks of not conducting a review.

Answer: D

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Question 3

Mills and Kennedy classified the benefits of Post-Completion Auditing into three types: Type A: Those that relate to the performance of the current project. Type B: Those that relate to the investment system itself. Type C: Those that relate to the choice and performance of future projects. Categorize the following advantages as per the categories mentioned above:

Answer: .

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Question 4

Identify which of the following are ADVANTAGES of Post-Completion Audit (PCA). Select ALL that apply:

A. It decreases the frequency of project termination for ‘bad projects’.
B. It improves the quality of decision-making.
C. It abandons all under-performing projects by identifying the reasons for the under-performance.
D. It highlights the reasons for successful projects.
E. It provides a means of improving control mechanisms.

Answer: B,D,E

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Question 5

Please fill in the blanks using words from below the text:A post-completion _______ can be defined as an "objective ________ assessment of the success of a capital project in relation to a _______. It covers the whole life of a project and provides feedback to managers to aid the ________ and control of future projects."1: implementation2: control3: completion4: independent5: autonomous6: feasibility7: Plan8: audit

Answer: .

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