Discuss CIMA CIMAPRO19-P03-1 Exam Topic 4 Question 22

With regard to the rote of the audit committee which of the following statements are correct? Select ALL that apply

AThe audit committee should design the system of internal controls

BThe audit committee should decide annually whether it needs an internal audit function

CThe audit committee should decide annually whether it needs an external audit function

DThe audit committee should review and monitor the effectiveness of the company's internal audit function

EThe audit committee should provide arrangements for whistle blowing

FThe audit committee should engage consultants to carry out business reviews

Suggested Answer: D, E, F

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11 comments · newest first

Glennis 12 months ago

Not sure about engaging consultants for business reviews, feels unnecessary.

Blythe 1 year ago

Totally agree, they should provide whistleblowing arrangements!

Jamal 1 year ago

Wait, can the audit committee really design internal controls? Seems off.

Delsie 1 year ago

I think they should also decide on the need for an internal audit function.

Audrie 1 year ago

The audit committee definitely reviews internal audit effectiveness.

Tasia 1 year ago

Hmm, I'm a bit unsure about this one. Increasing the logging level to get more detailed trace information sounds useful, but I'm not sure which property file would be the right one to update. I'll have to think this through carefully.

Malika 1 year ago

I think I remember something about bias being reduced with more complex models, so maybe option C makes sense, but I'm not completely confident.

Sarina 1 year ago

I'm a little confused by this question. There are a lot of different Salesforce tools and features mentioned, and I'm not sure how they all fit together. I think I'll need to review the material on automated campaigns and customer re-engagement before I feel confident answering this.

Janae 1 year ago

This question feels familiar. I think there was a similar practice one about exporting configs, but I can't recall the specific format. Might be JSON or XML?

Sherman 1 year ago

I can't recall if low bandwidth cost is a direct factor in this context. I feel like I'd need to review the practical impacts of BGP access more thoroughly.

Jacquline 1 year ago

Okay, let me think this through step-by-step. The key details are that Honor establishes a fund at the beginning of the period, and any remaining funds are paid out to the providers at the end. So it seems like this is some kind of risk-sharing arrangement, where the providers are taking on some of the risk. I'm leaning towards either B or D as the correct answer.

CIMAPRO19-P03-1 Exam - Topic 4 Question 22 Discussion