Exam P3 Topic 1 Question 102 Discussion

Actual exam question for CIMA's P3 exam
Question #: 102
Topic #: 1

QAW is a quoted building company QAW has detailed rules relating to the wording of its contracts and the need to seek Board approval for any changes to the standard wording The Convener of the Audit Committee has just received a copy of an internal audit report relating to the QAW Land Reclamation subsidiary The subsidiary has signed several construction contracts over the past two years that have made significant changes to the standard wording, with no attempt to seek approval from QAW's Board The internal audit report quotes the manager in charge of QAW Land Reclamation as refusing to accept that there is a compliance error at the subsidiary The manager stated that the nature of the business done by QAW Land Reclamation would make it inappropriate to use the standard contract terms and that it would be impractical to seek permission for every one of the many changes that are necessary Which of the following would be an appropriate response to this item by QAW's Board?

A. The Audit Committee should treat this as an internal matter that should be dealt with by the management team of QAW's Land Reclamation. B. The Audit Committee should seek an indication of the number of contracts with non-standard conditions are still in effect before deciding how to act. C. QAW's Director of Legal Affairs should investigate the matter and. if necessary, develop suitable standard contracts for QAW Land Reclamation. D. The Audit Committee should disregard the point because an explanation has been offered by the manager in charge of QAW Land Reclamation.

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