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| Section | Objectives |
|---|---|
| Topic 1: Risk Management and Regulatory Environment | - Internal controls and governance concepts - Enterprise risk management (ERM) principles - Compliance and regulatory frameworks |
| Topic 2: Business Acumen and Global Business Environment | - Organizational structure and business processes - Business strategies and objectives alignment - Global business environment and market influences |
| Topic 3: Financial Management | - Budgeting and cost control - Managerial accounting concepts - Financial statements and reporting basics |
| Topic 4: Information Security and Business Continuity | - Business continuity and disaster recovery - Data protection and privacy considerations - Information security management principles |
| Topic 5: Information Technology and Business Systems | - IT controls and cybersecurity fundamentals - System development lifecycle concepts - Information systems and data governance |
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NEW QUESTION # 14
The critical path for any project is the path that exhibits which of the following characteristics?
Answer: C
NEW QUESTION # 15
On August 1 Jones leased property to Smith for a 5-year period. The annual US $20,000 lease payment is payable at the end of each year. The expected residual value at the end of the lease term is US $10,000. Jones's implicit interest rate is 12%. The cost of the property to Jones was US $50,000, which is the fair value at the lease date. The present value of an ordinary annuity of I for five periods is 3.605. The present value of I at the end of five periods is .567. At the inception of the lease, the recorded gross investment is:
Answer: C
Explanation:
For a finance lease, the lesser should record the gross investment in the lease at the undiscounted sum of the minimum payments the total of the lessee's required payments, excluding contingent rent and costs for services and taxes to be paid by and reimbursed to the lesser and any guaranteed residual value) and any Unguaranteed residual value. The gross investment is the same regardless of whether any residual value is guaranteed. The five periodic payments of US $20,000 equal US $100,000. The expected residual value including guaranteed and unguaranteed portions equals US $10,000. The gross investment should be US $110,000$100,000 + $10,000).
NEW QUESTION # 16
During a review of the accounts payable process, an internal auditor gathered all of the vendor payment transactions for the past 24 months. The auditor then used an Analytics tool to identify the top five vendors that received the highest sum of payments. Which of the following analytics techniques did the auditor apply?
Answer: D
Explanation:
The auditor used an analytics tool to examine vendor payment transactions over 24 months and identify the top five vendors receiving the highest payments. This process involves examining, summarizing, and interpreting data, which falls under data analysis.
(A) Process analysis. #
Incorrect. Process analysis focuses on evaluating the workflow, efficiency, and control effectiveness of a business process, rather than analyzing data trends.
Example: Reviewing how invoices are processed to identify bottlenecks.
(B) Process mining. #
Incorrect. Process mining uses event logs and transactional data to analyze workflow patterns and deviations from standard procedures.
Example: Identifying inefficiencies in an invoice approval workflow.
(C) Data analysis. #
Correct. The auditor reviewed historical transaction data and extracted meaningful insights (i.e., the top five vendors by payment volume).
IIA GTAG - "Data Analytics: Elevating Internal Audit Performance" describes data analysis as using structured financial and operational data to identify trends, risks, or anomalies.
(D) Data mining. #
Incorrect. Data mining involves advanced statistical or machine learning techniques to discover hidden patterns in data, whereas data analysis focuses on summarizing and interpreting known data.
Example: Identifying fraudulent transactions using predictive modeling.
IIA GTAG - "Data Analytics: Elevating Internal Audit Performance"
IIA Standard 2320 - Analysis and Evaluation
COSO Framework - Data-Driven Internal Auditing
Analysis of Answer Choices:IIA References:Thus, the correct answer is C (Data analysis), as the auditor examined past transactions to summarize and interpret payment trends.
NEW QUESTION # 17
At the end of September, a entity has outstanding accounts receivable of US $350 on third-
quarter credit sales, composed as follows.
The percentage of receivables in the 31-to-5O-day age group at the end of September is:
Answer: C
Explanation:
Receivables from August sales still outstanding at the end of September are in the 31 to60-day age group. This group represents 48.57% of total receivables [US $170 -$100 +$170+ $80)].
An entity sells goods on an installment basis. The table below includes information about the level of installment sales, the cost of the goods sold on installment, and the cash receipts on installment sales for Year 1 through Year 3. All cash receipt amounts shown are net of any interest charges.
NEW QUESTION # 18
Which of the following statements best describes the current state of data privacy regulation?
Answer: A
Explanation:
Reference: IIA Business Knowledge for Internal Auditing, Data Privacy and Regulation section.
NEW QUESTION # 19
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