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| Section | Objectives |
|---|---|
| Risk Management and Regulatory Environment | - Compliance and regulatory frameworks - Enterprise risk management (ERM) principles - Internal controls and governance concepts |
| Information Security and Business Continuity | - Information security management principles - Business continuity and disaster recovery - Data protection and privacy considerations |
| Information Technology and Business Systems | - IT controls and cybersecurity fundamentals - System development lifecycle concepts - Information systems and data governance |
| Business Acumen and Global Business Environment | - Organizational structure and business processes - Global business environment and market influences - Business strategies and objectives alignment |
| Financial Management | - Managerial accounting concepts - Budgeting and cost control - Financial statements and reporting basics |
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NEW QUESTION # 635
Which of the following descriptions of the internal control system are indicators that risks are managed effectively?
1. Existing controls promote compliance with applicable laws and regulations.
2. The control environment is designed to address all identified risks to the organization.
3. Key controls for significant risks to the organization remain consistent over time.
4. Monitoring systems are in place to alert management to unexpected events.
Answer: B
Explanation:
Explanation/Reference:
NEW QUESTION # 636
A technology developer has entered a two-year contract with another organization to design new software.
According to IIA guidance, which of the following provisions of this agreement would be the most effective to protect the developer ' s product knowledge and expertise?
Answer: B
Explanation:
Intellectual property rights are the most effective contractual provision to protect a technology developer's product knowledge, software design, source code, algorithms, documentation, methods, and expertise. A right- to-audit clause helps verify compliance with contract terms but does not itself define ownership or protection of proprietary work. A performance measurement system evaluates service quality, timeliness, or deliverables. Defined roles and responsibilities clarify accountability, but they do not protect ownership of product knowledge. Internal auditors reviewing technology contracts should verify that intellectual property, confidentiality, licensing, source-code ownership, derivative works, data rights, and post-termination restrictions are clearly addressed. Without strong IP provisions, the developer may lose control over valuable knowledge embedded in the software development process. Therefore, Option D is correct.
NEW QUESTION # 637
A firm ships its product to a foreign subsidiary and charges a price that may increase import duties but lower the income taxes paid by the subsidiary. The most likely reason for these effects is that the:
Answer: B
Explanation:
A transfer price is the price charged by one subunit of a firm to another. When the subsidiary-buyer is in a foreign country, the higher the transfer, the higher the potential tariffs. However, the tax levied on a subsequent sale by the subsidiary will be lower because of its higher acquisition cost.
NEW QUESTION # 638
The chief audit executive (CAE) has been asked to evaluate the chief technology officer's proposal to outsource several key functions in the organization's IT department. Which of the following would be the most appropriate action for the CAE to determine whether the proposal aligns with the organization's strategy?
Answer: A
Explanation:
The chief audit executive (CAE) plays a crucial role in evaluating strategic decisions, including outsourcing IT functions. The most appropriate first step is to assess whether the proposal aligns with the organization's overall strategy and verify that the supporting information is reliable and complete before making further evaluations.
* Strategic Alignment:
* The CAE must first determine whether outsourcing supports the organization's long-term objectives, risk tolerance, and business goals.
* Reliability of Supporting Information:
* Before evaluating costs, risks, or operational impacts, the CAE must ensure that management's data and assumptions are accurate and complete.
* IIA Standards on Governance and Risk Management:
* IIA Standard 2110 - Governance requires auditors to evaluate decision-making processes, including outsourcing.
* IIA Standard 2120 - Risk Management emphasizes assessing risks associated with major decisions like outsourcing.
* B. Ascertain whether governance and approval processes are transparent, documented, and completed:
* While governance is important, this step comes after verifying strategic alignment.
* C. Perform a due diligence review or assess management's review of provider operations:
* Due diligence is a later step in outsourcing evaluation, not the first priority.
* D. Identify key performance measures and data sources:
* Key performance measures are useful for monitoring outsourcing after approval, but they do not determine initial alignment with strategy.
* IIA Standard 2110 - Governance: Requires internal auditors to evaluate whether key decisions align with organizational objectives.
* IIA Standard 2120 - Risk Management: Internal auditors must assess potential risks and verify the reliability of information used for decision-making.
* COBIT Framework - IT Governance: Emphasizes strategic alignment of IT decisions, including outsourcing.
Key Reasons Why Option A is Correct:Why Other Options Are Incorrect:IIA References:Thus, the correct answer is A. Understand strategic context and evaluate whether supporting information is reliable and complete.
NEW QUESTION # 639
Which of the following should software auditors do when reporting internal audit findings related to enterprise wide resource planning?
Answer: C
NEW QUESTION # 640
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