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CIPS Commercial Contracting
- Exam Number/Code : L4M3
- Exam Name : CIPS Commercial Contracting
- Questions and Answers : 213 Q&As
- Update Time: 2019-01-10
- Price:
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NEW QUESTION: 1
How do you create a new quote for a customer?
A. Select a Contact and click "New Quote"
B. Select an Account and click "New Quote"
C. Click the Quotes tab, then click "New Quote"
D. Select an Opportunity, then click "New Quote"
Answer: D
NEW QUESTION: 2
Cisco TelePresence traffic receives the optional service when provisioned with which mechanism?
A. low latency queuing
B. weighted fair queuing
C. class-based weighted fair queuing
D. access control list
Answer: A
NEW QUESTION: 3
If specific information comes to an auditor's attention that implies the existence of possible illegal acts that
could have a material, but indirect effect on the financial statements, the auditor should next:
A. Seek the advice of an informed expert qualified to practice law as to possible contingent liabilities.
B. Apply audit procedures specifically directed to ascertaining whether an illegal act has occurred.
C. Report the matter to an appropriate level of management at least one level above those involved.
D. Discuss the evidence with those charged with governance.
Answer: B
Explanation:
Explanation/Reference:
Explanation:
Choice "A" is correct. If specific information comes to an auditor's attention that implies the existence of
possible illegal acts that could have a material, but indirect effect on the financial statements, the auditor
should next apply audit procedures specifically directed to ascertaining whether an illegal act has
occurred. The auditor should obtain an understanding of the situation, inquire of management (at a level
above those involved), consult legal counsel, and consider applying additional audit procedures if
necessary.
Choice "B" is incorrect. The auditor would consult with the client's legal counsel after obtaining an
understanding of the situation and inquiring of management.
Choice "C" is incorrect. The auditor would inquire of management at a level above those involved after
obtaining an understanding of the situation.
Choice "D" is incorrect. The auditor would only communicate with those charged with governance
regarding detected illegal acts, not possible illegal acts.