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Summer 2015

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

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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)
Good project manager.
Experienced project team.
Good planning, monitoring and control over
system development.
Standards using methodologies like SSADM.
Proper documentation of systems and
programs.
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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PAGE 1

Summer 2015