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NEW QUESTION # 41
Which of the following serves as a safeguard to protect the confidentiality of information being transmitted from an internal network to an external network?
Answer: B
Explanation:
A virtual private network protects confidentiality by creating an encrypted communication tunnel between an internal network and an external user, site, or network. This helps prevent unauthorized parties from reading transmitted information over public or untrusted networks. A cloud network is a service environment and does not automatically protect confidentiality. A mobile network provides connectivity but may require additional security controls. An intranet is an internal private network and does not by itself safeguard transmissions to external networks. Internal auditors reviewing remote connectivity should evaluate VPN encryption, authentication, access restrictions, logging, endpoint security, and session controls. Because a VPN is specifically designed to protect external communication with encryption and secure tunneling, Option D is correct.
NEW QUESTION # 42
A retail organization mistakenly did have include $10,000 of Inventory in the physical count at the end of the year. What was the impact to the organization's financial statements?
Answer: A
Explanation:
When inventory is understated (not included in the physical count) at year-end, the financial impact affects both cost of sales (COGS) and net income as follows:
Correct Answer (C - Cost of Sales is Understated and Net Income is Overstated) The ending inventory is part of the formula used to calculate the cost of goods sold (COGS):
COGS=BeginningInventory+Purchases#EndingInventoryCOGS = Beginning Inventory + Purchases - Ending InventoryCOGS=BeginningInventory+Purchases#EndingInventory If ending inventory is understated, then:
COGS will be understated (because inventory that should have been counted as sold was omitted).
Net income will be overstated because COGS is lower than it should be, making profits appear higher.
This error causes financial misstatements, violating IIA auditing standards for financial accuracy.
Why Other Options Are Incorrect:
Option A (Cost of sales and net income are understated):
Net income would not be understated-it would be overstated because the cost of goods sold is too low.
Option B (Cost of sales and net income are overstated):
COGS would be understated, not overstated. If COGS were overstated, net income would be understated.
Option D (Cost of sales is overstated and net income is understated):
The opposite happens-COGS is understated and net income is overstated.
IIA GTAG 8: Audit of Inventory Management - Covers financial impact of inventory misstatements.
IIA Practice Guide: Auditing Financial Statements - Addresses common inventory errors and financial reporting impacts.
Step-by-Step Explanation:IIA References for Validation:Thus, C is the correct answer because an understated inventory reduces COGS and inflates net income.
NEW QUESTION # 43
Which mindset promotes the most comprehensive risk management strategy?
Answer: C
Explanation:
Explanation/Reference:
NEW QUESTION # 44
When determining the level of physical controls required for a workstation, which of the following factors should be considered?
Answer: B
Explanation:
When determining the level of physical controls required for a workstation, the most critical factor is its value to the business. Physical controls are security measures implemented to protect assets from unauthorized access, damage, or theft.
Asset Value # Determines the level of protection required.
Risk Assessment # Identifies threats like theft, sabotage, or natural disasters.
Compliance Requirements # Ensures alignment with security regulations and best practices.
(A) Ease of use.
Incorrect: While user-friendliness is important, security measures are primarily based on asset value and risk, not convenience.
IIA Standard 2110 (Governance) emphasizes security over ease of use.
(B) Value to the business. (Correct Answer)
The higher the workstation ' s importance to business operations, the stronger the physical controls required.
Workstations handling sensitive data or critical systems require additional security.
COSO ERM - Risk Assessment requires evaluating asset value when designing security controls.
(C) Intrusion prevention.
Partially correct but secondary: Intrusion prevention is one of many security concerns, but the primary driver for determining physical controls is the asset's business value.
(D) Ergonomic model.
Incorrect: Ergonomics is about user comfort and efficiency, not security.
IIA Standard 2120 - Risk Management: Requires risk-based decision-making, including evaluating asset value.
GTAG 9 - Identity and Access Management: Stresses that security measures must align with asset value and business risk.
COSO ERM - Risk Assessment: Establishes asset value as a key determinant in risk-based security controls.
Factors Considered in Physical Security Decisions:Analysis of Each Option:IIA References Supporting the The answer:Thus, the correct answer is (B) because the level of physical controls should be determined based on how critical the workstation is to business operations.
NEW QUESTION # 45
The Huron Corporation purchases 60,000 headbands per year. The average purchase lead time is 20 working days, and the maximum lead time is 27 working days. Safety stock equals 1,750 units. The corporation works 240 days per year. Huron should reorder headbands when the quantity in inventory reaches:
Answer: B
Explanation:
The reorder point is the quantity on hand when an order is placed. If it has 20-day normal lead time, a safety stock of 1,750 units, and usage of 250 units per day, an order should be placed when 27 days of inventory are on hand, a total of 6,750 units 250 units 27 days).
Jed Ryerson Computer Furniture, Inc. RCF) manufactures a line of office computer chairs. The annual demand for the chairs is estimated to be 5,000 units. The annual cost to hold one unit in inventory is US 10 per year, and the cast to initiate a production run is US $1,000. There are no computer chairs on hand, and RCF has scheduled four equal production runs of computer chairs for the coming year, the first of which is to be run immediately. RCF has 250 business days per year, sales occur uniformly throughout the year, and production start-up is within one day. RCF is considering using the following formula for determining the economic order quantity EOQ):
If: A = cast to initiate a production run per purchase order D = annual unit demand K = cost of carrying one unit per year
NEW QUESTION # 46
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