Cima P3 Dumps

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Summer 2015

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What is CIMA?

The Chartered Institute of Management Accountants (CIMA) is a UK professional accountancy body whose focus is on the training and qualifying of accountants in business. It represents financial managers and accountants who work in industry, commerce, not-for-profit and public sector organizations.

CIMA Certifications Cima Divided into 3 Levels

Operational Level

Management Level

Strategic Level

Operational Level: Cima P1 Management Accounting Cima E1 Organizational Management Cima F1 Financial Reporting and Taxation

Management Level: Cima P2 Advanced Management Accounting Cima E2 Project and Relationship Management Cima F1 Financial Reporting and Taxation

Strategic Level: Cima P3 Risk Management Cima E3 Strategic Management Cima F3 Financial Strategy

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Tutor Of The Year 2014 Announced Terence Lawless, CIMA P3 Lecturer at Dublin Business School has been awarded the CIMA Tutor of the Year for 2014.The accolade follows the results of the combined March/May and September/November 2014 sittings in which Paul Cunningham, who sat the CIMA Risk Management (P3) at the November 2014 sitting achieved a global ranking of 3rd in the world.This is the highest global ranking achieved by any Irish student last year. Pictured at the presentation of the announcement of the award were Fiona Arnold, Student Progression Manager, CIMA;Terence Lawless, CIMA P23Lecturer, Dublin Business School and CIMA Tutor of the Year and Darren Brien, Academic Faculty Manager, Dublin Business School.

CIMA 2015 Graduation Cermony The graduation ceremony for newly admitted CIMA members took place on Friday 8 May 2015 at Trinity College Dublin. The graduation ceremony was addressed by guest of honour Trinity Provost, Dr Patrick Prendergast with members of the current CIMA Ireland board also in attendance. Forty nine newly qualified members attended the CIMA annual graduation ceremony in the prestigious Dining Hall of Trinity College Dublin. The ceremony was a celebration in recognition for the hard work and commitment leading to the newly qualified members receiving the designation ACMA, CGMA. In addition a number of CDIF graduates were also recognised at the event with Niall Hennessy, FCMA, CGMA acting as Master of Ceremonies.

T he graduation event for newly qualified CIMA members was held at trinity College Dublin where keynote speaker was Dr. Patrick Prendergast, Provost and President,trinity College pictured second from left with Professor Andrew Burke, Dean of the Business School and Chair of Business Studies, Sheila Lewis, Deputy Chair,CIMA Ireland and Denis McCarthy, CIMA Ireland Director.

Net w o r k New S| SUMMer 2015

Strategic Level:  Cima P1 Management Accounting  Cima P2 Advanced Management Accounting  Cima P3 Risk Management  Cima E1 Organizational Management  Cima E2 Project and Relationship Management  Cima E3 Strategic Management  Cima F1 Financial Reporting and Taxation  Cima F2 Advanced Financial Reporting  Cima F3 Financial Strategy  Cima G1 Management Accountant Gateway  Cima C01 Fundamentals of Management Accounting  Cima C02 Fundamentals of Financial Accounting  Cima C03 Fundamentals of Business Mathematics  Cima C04 Fundamentals of Business Economics  Cima C05 Fundamentals of Ethics, Corporate Governance and Business Law

What Is Risk Management?

A process of

understanding and managing the risks that the entity is inevitably subject to in attempting to achieve its corporate objectives. For management purposes, risks are usually divided into categories such as operational, financial, legal compliance, information and personnel. One example of an integrated solution to risk management is enterprise risk management.

Under Graduated Cima Achievers By The Help Of Exams4sure Academic Year 2013-2014 University of Ulster kevin Gormley,Ian Shannon prize winner BSc Hons Business Studies and Christine w ightman,Associate Lecturer in Marketing

Limerick Institute of Technology Mary Dullaghan,w estern Area Chair with Ms Hoi Yin Chan prize winner BB Hons in Accounting and Finance, LIt President Dr. Maria Hinfelaar and Ms Mary Jackman, Assistant Chairperson,Governing Body, LIt

Institute of Technology Blanchardstown Student Derek Coyle, Bachelor of Business Accounting Degree with Mr. Colm Murphy CIMA

Limerick Institute of Technology Mary Dullaghan w estern Area Chair with Ms kelly Dalton prize winner Higher Certificate in Business Accounting and Finance along with LIt President Dr. Maria Hinfelaar and Ms Mary Jackman, Assistant Chairperson,Governing Body, LIt

Institute of Technology Tallaght Mr. Colm Murphy and Marcus w ade prize winner BB Degree in Accounting

Dublin City University Mr. Colm Murphy, Laura Mary kelly Prize winner BA Accounting and Finance and CIMA Advocate Dr r uth Mattimoe Athlone Institute of Technology Mr Brendan Doyle, Head of Department of Accounting and Business Computing,Mr. Colm Murphy, Ms Chu Han Ng prize winner BA in Accounting and Mr Eoin Langan, Head of School

Athlone Institute of Technology Mr Eoin Langan, Head of School,Mr. Colm Murphy, Ms Patricia Jurkowska prize winner,MA in Accounting and Mr Brendan Doyle, Head of Department of Accounting and Business Computing

Athlone Institute of Technology Mr Eoin r oss, Head of Department of Business, Mr. Colm Murphy, Ms Aoife r igney prize winner Bachelor Business Studies (ab-initio) and Mr Eoin Langan, Head of School

Athlone Institute of Technology Mr Eoin r oss, Head of Department of Business, Mr. Colm Murphy, Ms Ava Ananica prize winner,Bachelor Business Studies (add on) and Mr Eoin Langan, Head of School

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Question No 1: What is Risks Definition? Risk is when the actual outcome differs to the expected outcome Risks can be "pure" - risks that will only have a chance of a bad or harmful outcome. They do not have any chance of having a good or beneficial outcome, for example this risk of flooding or a natural disaster. Speculative risks - have the possibility of a gain as well as possibility of a loss

Question No 2: What is Risks Examples of different types of risk? . General business risks / Economical risk · Financial risk · Trading risks · Cultural risk · Country risk · Political, legal, regulatory, economic and environmental risk · Technological risk · Fraud risk · Currency risk · Interest rate risk

Question No 3: What is General controls System controls? System controls (examples) Ø Good project manager. Ø Experienced project team. Ø Good planning, monitoring and control over system development. Ø Standards using methodologies like SSADM. Ø Proper documentation of systems and programs. Ø Approval of end user before implementation.

Question No 4: IS Risks Computer fraud? · Segregation of duties. · Access restriction e.g. user ID and password. · Passwords should be regularly changed, not divulged to colleagues and should not be written down. · Access logging e.g. automatic list of any attempts made by unauthorised users. · Audit trail e.g. history of transactions and audit trail to detect fraud and errors. · Internal audit function e.g. computer audit software and skills.

Question No 5: IS Risks Software Risks? Hackers This is the unauthorized access of systems by individuals to corrupt or steal information from an organization. Viruses This is a piece of software that is designed to infect a system. The main aim is to avoid detection, replicate and cause damage. Unlicensed use of software Software sold to individuals or companies allows them to use the software for their own purposes as purchasers are allowed an authorized license and have not bought the software rights.

Question No 6: What is Fraud risk Types of fraud? · Teeming and lading · Non-existing employees · Other payroll · Stealing cheques · Expense claims · Stealing assets · Collusion with external parties

Question No 7: What is Fraud risk Fraud risk can be managed by ensuring? · The company has a clear fraud policy and it is communicated to the staff. · Effective recruitment policy (obtaining references etc). · Training of staff. · Good internal controls by ensuring internal audits are carried out, especially where there is cash and goods. · Segregation of duties. · Surprise audit visits.

Question No 8: What is Fraud risk Fraud response plan? · Internal audit to lead the investigation and arrange interviews and gather evidence. · External auditors to provide support and any evidence. · Obtain external expertise to investigate fraud if not adequate. · Finance director has overall responsibility of organizing the investigation and may delegate to an individual internal security officer or internal audit. · Audit committee should review all evidence and details of all fraud investigations. · Legal advice obtained in relation to internal disciplinary action taken as well as criminal or civil action taken. · Police are involved if there is any chance of prosecuting the suspects. · Insurance company to be contacted if a claim of losses is going to be pursued.

Question No 9: What is Risk management Responses? Retain the risk - If the risk is small and won't affect the company's profits, the company does very little and lives with it. Avoid risk - Taking action to ensure all risk is avoided, but this will cost money and may inhibit growth i.e. invoicing overseas clients in sterling only, however some risks maybe unavoidable. Reduce risk - Ensuring the risk is minimised by training staff and having effective management control systems. Transfer risk - Insurance and hedging, passes the risk to third party, buy costs money.

Question No 10: IS Risks Computer theft · A fixed asset register should be maintained for all computer equipment. · Details should include make, model serial number, departmental numbers, assigned to individual and location. · All equipment should be locked away if not in use. · Bolt down larger pieces of equipment to fixtures and fittings. · Employ security guards and CCTV.

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Summer 2015

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