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| Section | Weight | Objectives |
|---|---|---|
| Topic 1: Financial Management | 20% | - Managerial Accounting
|
| Topic 2: Information Security | 25% | - Security Risks and Controls
|
| Topic 3: Information Technology | 20% | - Emerging Technologies and Data Analytics
|
| Topic 4: Business Acumen | 35% | - Organizational Structure and Business Processes
|
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NEW QUESTION # 480
According to IIA guidance, which of the following statements is true regarding analytical procedures?
Answer: C
Explanation:
Analytical procedures involve evaluating financial and operational data by examining plausible relationships between numbers, trends, and industry benchmarks. These procedures assume that data relationships exist and will continue unless there is evidence to the contrary.
* (A) Data relationships are assumed to exist and to continue where no known conflicting conditions exist. #
* Correct. Analytical procedures rely on historical trends and logical relationships between data (e.g., revenue vs. expenses, payroll vs. employee count). If no unusual variations or red flags are observed, auditors assume continuity.
* IIA GTAG "Auditing Business Intelligence" supports the assumption that data relationships persist unless evidence suggests otherwise.
* (B) Analytical procedures are intended primarily to ensure the accuracy of the information being examined.
* Incorrect. The primary goal of analytical procedures is not absolute accuracy but rather identifying trends, anomalies, and risks that require further investigation.
* (C) Data relationships cannot include comparisons between operational and statistical data.
* Incorrect. Operational and statistical data are commonly used in analytical procedures (e.
g., comparing production output with raw material consumption, or customer transactions with website visits).
* IIA GTAG "Data Analytics: Elevating Internal Audit Performance" highlights the importance of using both financial and operational data in analytical testing.
* (D) Analytical procedures can be used to identify unexpected differences, but cannot be used to identify the absence of differences.
* Incorrect. Analytical procedures can identify both unexpected variances and expected consistency. Auditors analyze trends, seasonal fluctuations, and relationships, detecting both errors and missing anomalies.
* IIA GTAG - "Auditing Business Intelligence"
* IIA GTAG - "Data Analytics: Elevating Internal Audit Performance"
* IIA Standard 2320 - Analysis and Evaluation
Analysis of Answer Choices:IIA References:Thus, the correct answer is A, as analytical procedures assume data relationships exist and continue unless conflicting conditions arise.
NEW QUESTION # 481
Traditional information systems development and operational procedures typically involve four functional areas. The systems analysis function focuses on identifying and designing systems to satisfy organizational requirements. The programming function is responsible for the design, coding, testing, and debugging of computer programs necessary to implement the systems designed by the analysis function. The computer operations function is responsible for data preparation, program/job execution, and system maintenance. The user function provides the input and receives the output of the system.
Which of these four functions is often poorly implemented or improperly omitted in the development of a new end-user computing EUC application?
Answer: C
Explanation:
Systems analysis is one step that is not absolutely required in the development of a system. The desire to produce a system quickly may result in this step being eliminated or poorly implemented. A system is often produced and then analyzed to see if it will satisfy the needs of the organization. In an EUC application, the systems analysis is often incomplete or omitted.
NEW QUESTION # 482
An IT auditor tested management of access rights and uncovered 48 instances where employees moved to a new position within the organization, but their former access rights were not revoked. System administrators explained that they did not receive information regarding employees' new positions. Which of the following would be the best recommendation to address the root causes of the audit observation?
Answer: B
Explanation:
The root cause is the lack of a structured process for updating access rights when employees change positions.
The best recommendation is to establish a role-based access control system, where access rights are determined and approved by process owners, not left to administrators.
Option A is corrective but only retrospective. Option B wrongly blames administrators without addressing the systemic issue. Option C risks inconsistency, as administrators should not decide rights.
Reference:
IIA Global Technology Audit Guide (GTAG) - Access Controls.
NEW QUESTION # 483
Which of the following is most influenced by a retained earnings policy?
Answer: D
Explanation:
A retained earnings policy determines how much of a company's net income is retained (kept in the business) versus distributed to shareholders as dividends.
* (A) Cash.
* Incorrect: While retained earnings affect the company's financial position, they do not directly impact cash flow, as retained earnings can be reinvested in non-cash assets.
* (B) Dividends. (Correct Answer)
* A retained earnings policy directly influences dividend payouts.
* More retained earnings = lower dividends; less retained earnings = higher dividends.
* IIA Standard 2110 (Governance) requires oversight of dividend policies as part of corporate governance.
* COSO ERM - Risk Response suggests that dividend policies should align with strategic financial goals.
* (C) Gross margin.
* Incorrect: Gross margin is determined by revenue and cost of goods sold (COGS), not retained earnings.
* (D) Net income.
* Incorrect: Net income is calculated before retained earnings are determined, so the policy does not influence net income directly.
* IIA Standard 2110 - Governance: Covers policies impacting financial distributions.
* COSO ERM - Risk Response: Suggests that retained earnings policies influence financial stability and investor decisions.
Analysis of Each Option:IIA References Supporting the Answer:Thus, the correct answer is (B) because a retained earnings policy primarily affects the amount of dividends paid to shareholders.
NEW QUESTION # 484
The internal audit activity has undertaken an audit of the shipping and receiving department of a department store chain. The best engagement tool for this purpose most likely is:
Answer: C
Explanation:
Process function) benchmarking studies operations of organizations with similar processes regardless of industry. Thus, the benchmark need not be a competitor Or even a similar entity}. This method may introduce new ideas that provide a significant competitive advantage. The advantage of process benchmarking is that it permits a wider choice of benchmarked organizations. Thus, the best practices for a shipping and receiving function may not be found in the same industry}.
NEW QUESTION # 485
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