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IIA-CIA-Part3 exam is designed to test the candidate's knowledge of business concepts and practices as they relate to internal auditing. IIA-CIA-Part3 Exam covers a wide range of topics, including macro and microeconomics, financial statement analysis, budgeting and forecasting, risk management, and corporate governance.
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NEW QUESTION # 539
An organization's account for office supplies on hand had a balance of $9,000 at the end of year one. During year two. The organization recorded an expense of $45,000 for purchasing office supplies. At the end of year two. a physical count determined that the organization has $11 ,500 in office supplies on hand. Based on this Information, what would he recorded in the adjusting entry an the end of year two?
Answer: C
Explanation:
Understanding the Accounting for Office Supplies:
The organization maintains an account for office supplies on hand, which represents unused office supplies at any given time.
The expense recorded during the year represents the cost of office supplies purchased.
At year-end, the adjusting entry is made to reflect the actual amount of supplies on hand and adjust the supplies expense accordingly.
Formula to Determine the Supplies Used:
Supplies Used=Beginning Balance+Purchases#Ending Balance\text{Supplies Used} = \text{Beginning Balance} + \text{Purchases} - \text{Ending Balance} Supplies Used=Beginning Balance+Purchases#Ending Balance Plugging in the given values:
Supplies Used=9,000+45,000#11,500=42,500\text{Supplies Used} = 9,000 + 45,000 - 11,500 = 42,500 Supplies Used=9,000+45,000#11,500=42,500 This amount ($42,500) represents the actual office supplies used and should be recorded as an expense.
The adjusting entry would include:
A debit to Office Supplies on Hand for $42,500
A credit to Office Supplies Expense for $42,500
Why Other Options Are Incorrect:
A). A debit to office supplies on hand for $2,500 - Incorrect, as this figure does not represent supplies used or purchased.
B). A debit to office supplies on hand for $11,500 - Incorrect, as this is the ending balance and not the adjustment amount.
C). A debit to office supplies on hand for $20,500 - Incorrect, as this does not align with the formula for calculating used supplies.
IIA's Perspective on Financial Reporting and Adjusting Entries:
IIA Standard 1220 - Due Professional Care emphasizes accurate financial reporting and proper adjustments for year-end entries.
GAAP Accounting Principles require accrual-based adjustments to ensure that expenses are recognized in the period they are incurred.
COSO Internal Control Framework supports proper inventory and expense adjustments to avoid misstated financials.
IIA References:
IIA Standard 1220 - Due Professional Care (Financial Reporting Accuracy) GAAP Accounting Standards - Adjusting Entries for Supplies and Inventory COSO Internal Control - Accurate Expense Recognition Thus, the correct and verified answer is D. A debit to office supplies on hand for $42,500.
NEW QUESTION # 540
An internal auditor considers the financial statement of an organization as part of a financial assurance engagement. The auditor expresses the organization's electricity and depreciation expenses as a percentage of revenue to be 10% and 7% respectively. Which of the following techniques was used by the internal auditor In this calculation?
Answer: B
Explanation:
Vertical analysis expresses each financial statement item as a percentage of a base figure (e.g., revenue).
In this case, the internal auditor calculates electricity and depreciation expenses as a percentage of revenue
, which is a clear application of vertical analysis.
* (A) Horizontal analysis:
* Compares financial data across different periods to identify trends and growth.
* The given scenario does not compare financial statements over time, making this incorrect.
* (B) Vertical analysis (Correct Answer):
* Expresses each line item as a percentage of a base figure (e.g., revenue for income statements, total assets for balance sheets).
* In this case, electricity and depreciation expenses are calculated as a percentage of revenue, confirming vertical analysis.
* (C) Ratio analysis:
* Involves calculating financial ratios (e.g., profitability, liquidity, efficiency).
* This scenario does not involve ratios but rather percentage-based comparisons, making it incorrect.
* (D) Trend analysis:
* Identifies patterns over multiple periods (e.g., revenue growth over five years).
* The question does not involve time-based comparisons, so this answer is incorrect.
* IIA Practice Guide: Internal Audit and Financial Reporting - Recommends vertical analysis for financial statement assessment.
* IIA Standard 2320 - Analysis and Evaluation - Requires auditors to apply relevant analytical techniques, including percentage-based evaluations.
* COSO Internal Control Framework - Financial Reporting Component - Supports financial data analysis techniques such as vertical and horizontal analysis.
Analysis of Each Option:IIA References:Conclusion:Since the auditor expressed financial statement items as a percentage of revenue, option (B) is the correct answer.
NEW QUESTION # 541
The management and employees of a large household goods moving company decided to adopt total quality management (TQM) and continuous improvement (CI). The company believes that if it became nationally known as adhering to TQM and CI, one result would be an increase in the company's profits and market share.
The primary reason for adopting TQM was to achieve
Answer: C
Explanation:
TQM is an integrated system that anticipates, meets, and exceeds customers' needs, wants, and expectations.
NEW QUESTION # 542
A global business organization is selecting managers to post to various international (expatriate) assignments.
In the screening process, which of the following traits would be required to make a manager a successful expatriate?
1) Superior technical competence.
2) Willingness to attempt to communicate in a foreign language.
3) Ability to empathize with other people.
Answer: D
NEW QUESTION # 543
Which of the following physical access control is most likely to be based on ''something you have" concept?
Answer: B
Explanation:
* Understanding the "Something You Have" Concept:
* Access control methods are classified into three main authentication factors:
* Something You Know - Passwords, PINs, security questions.
* Something You Have - Physical devices like keycards, smart cards, or security tokens.
* Something You Are - Biometrics such as fingerprints, retina scans, or voice recognition.
* Why a Card-Key Scanner is the Correct Answer:
* A card-key scanner verifies access using a physical card, which aligns with the "something you have" authentication factor.
* Users must possess the key card to gain entry, making it a classic example of physical token- based security.
* Why Other Options Are Incorrect:
* A. A retina characteristics reader - Incorrect, as retina scans fall under "something you are" (biometrics), not "something you have".
* B. A PIN code reader - Incorrect, as PIN codes are "something you know", not a physical possession.
* D. A fingerprint scanner - Incorrect, as fingerprints are biometric ("something you are"), not a physical object.
* IIA's Perspective on Physical Security Controls:
* IIA Standard 2110 - Governance emphasizes the importance of using multi-factor authentication to enhance security.
* IIA GTAG (Global Technology Audit Guide) on Access Control recommends the use of physical security devices like card-key scanners to prevent unauthorized access.
* ISO 27001 Information Security Standard identifies "something you have" authentication methods as critical components of access control.
IIA References:
* IIA Standard 2110 - Governance & IT Security
* IIA GTAG - Physical Security & Access Controls
* ISO 27001 Information Security Standard - Multi-Factor Authentication Thus, the correct and verified answer is C. A card-key scanner.
NEW QUESTION # 544
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