A company has a sound system of internal controls that have been reviewed by the...

CIMA P3 Question Answer

A company has a sound system of internal controls that have been reviewed by the internal audit department.

Which TWO of the following correctly identify reasons why the company's control system might fail to prevent or detect an irregularity?

A dishonest member of staff could input an invalid transaction

Two fraudulent members of staff could collude.

The internal audit department cannot be expected to identify control weaknesses.

The accounting system could combine manual and computerised controls.

A director could override a control procedure.

CIMA P3 Summary

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