| Exam Code | P3 |
| Exam Name | Risk Management |
| Questions | 339 |
| Update Date | June 22,2026 |
| Price |
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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.
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.
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.
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
Primed is a private medical college that is constructing a new block to offer additional admission seats for the MBBS qualification. ConstructAll has the contract for constructing the new block in 10 months’ time. Normally such projects take 14 months but ConstructAll has committed to put in extra workforce and finish the work in 10 months. Classes are going to commence by the last week of month 11. The project has no contingency plan. ConstructAll has not given any raises to its employees for two years, so some of them are considering going on strike. Which of the following is/are potential risks to the successful completion of the project? Select ALL that apply:
A. The commencement of classes might be cancelled due to low admissions.
B. The administration of the college may not remain interested in offering increased admissions.
C. 10 months might prove to be an unrealistic deadline commitment.
D. The project may be suspended due to any unforeseen labour strike problem
Eduexc is a public sector university that is constructing a new block for offering additional postgraduate qualifications. The board of directors of the university want to have strict control on the capital expenditure on this large project and have asked the accountant to submit periodic reports on the progress and cost. Which ONE of the following will NOT be data included in a capital expenditure progress and cost report for the new building?
A. Estimated cost to complete and estimated final over- or under-expenditure.
B. Budgeted cost of the project, date started and scheduled completion date.
C. Estimated depreciation method and useful life.
D. Cost and over- or under-expenditure to date.
E. Estimated completion date and details of penalties, if any.
TelNet Co is a leading telecommunications company in country C. It is planning to offer internet services to its customers via a small portable USB device. The management of TelNet commissioned some market research to assess the key design features of the device that customers require. Then, the product design was created and a trial product produced. This trial product has gone into testing for consumer feedback. This activity would take place within which stage of implementation of the new project and its control processes?
A. The conceptual stage
B. The development stage
C. The control stage
D. The operating stage
The System Development Life Cycle (SDLC), sometimes called the System Project Life Cycle (SPLC), has six main stages. Place the stages of implementation of a new project in the correct order:1: Review2: Implementation3: Analysis4: Design5: Development6: Planning
BDD is a leading tuition provider for professional accountancy qualifications. One of the critical success factors (CSFs) for BDD is to improve student satisfaction. Mr. Ben, the management accountant and a former student of BDD, is looking to measure its performance in a quantifiable way. Which of the following indicators would BEST suit the CSF identity? Select ALL that apply:
A. Maximization of BDD’s owner’s wealth.
B. A decrease in the monthly number of complaints from students.
C. An increase in positive student feedback.
D. An increase in market share.
E. The number of students.
F. BDD’s gross profit percentage.
What is the meaning of having a satisficing strategy in an organisation?
A. Maximization of shareholders’ wealth
B. Maximization of performance indicators satisfied
C. Maximization of shareholders satisfied
D. Maximization of stakeholders satisfied
