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| Section | Weight | Objectives |
|---|---|---|
| Topic 1: Business Acumen | 35% | - Organizational Objectives, Behavior, and Performance
|
| Topic 2: Information Security | 25% | - Security Risks and Controls
|
| Topic 3: Information Technology | 20% | - Emerging Technologies and Data Analytics
|
| Topic 4: Financial Management | 20% | - Financial Accounting and Reporting
|
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NEW QUESTION # 368
In an effort to increase business efficiencies and improve customer service offered to its major trading partners, management of a manufacturing and distribution company established a secure network, which provides a secure channel for electronic data interchange between the company and its partners. Which of the following network types is illustrated by this scenario?
Answer: A
Explanation:
A Value-Added Network (VAN) is a private, third-party managed network that provides secure electronic data interchange (EDI) and other communication services between business partners. VANs offer enhanced security, reliability, and efficiency in transmitting business-critical data, making them ideal for companies engaged in manufacturing and distribution that require secure and structured communication channels with trading partners.
* Secure Network for Business Partners: The scenario describes a network that facilitates EDI between a company and its trading partners. A VAN specializes in providing secure and structured business communications.
* Enhanced Efficiency and Customer Service: VANs streamline business operations by reducing transaction errors, improving order fulfillment, and increasing operational efficiencies.
* Third-Party Management: Unlike traditional internal networks, VANs are managed by external service providers that offer additional security, compliance, and encryption measures.
* Alignment with Internal Auditing Standards: The IIA emphasizes the importance of secure and reliable communication networks in governance, risk management, and internal controls. Secure data exchanges through a VAN mitigate risks associated with unauthorized access and data breaches.
* B. A Local Area Network (LAN): LANs are confined to a limited geographical area, such as an office or a factory, and are used for internal communication rather than secure external partner communication.
* C. A Metropolitan Area Network (MAN): MANs connect multiple LANs within a city or a metropolitan region but are not specifically designed for business-to-business data exchange.
* D. A Wide Area Network (WAN): While WANs connect geographically dispersed networks, they do not inherently provide the secure, structured EDI services that a VAN does.
* IIA Standard 2110 - Governance: Emphasizes the importance of IT governance and secure communication channels in protecting business data.
* IIA Standard 2120 - Risk Management: Highlights the need for secure data transmission to mitigate cyber risks.
* IIA Standard 2201 - Planning the Engagement: Requires auditors to assess IT infrastructure, including networks used for business operations.
* COBIT Framework (Control Objectives for Information and Related Technologies): Supports the use of secure, managed networks like VANs for business data exchange.
Key Reasons Why Option A is Correct:Why Other Options Are Incorrect:IIA References:Thus, the correct answer is A. A Value-Added Network (VAN).
NEW QUESTION # 369
Business process reengineering is most likely to:
Answer: D
Explanation:
Reengineering and TQM techniques eliminate many traditional controls. They exploit modern technology to improve productivity and decrease the number of clerical workers. Thus, controls should be automated and self-correcting and require minimal human intervention. Moreover, auditors must be prepared to encounter and use) new technologies.
The emphasis therefore shifts to monitoring so management can determine when an
operation may be out of control and corrective action is needed.
NEW QUESTION # 370
An inventory clerk, using a computer terminal, views the following on screen part number, part description, quantity on hand, quantity on order, order quantity, and reorder point for a particular inventory item. Collectively, these data make up a:
Answer: C
Explanation:
A record is a collection of related data items fields). A field data item) is a group of characters representing one unit of information. The part number, part description, etc., are represented by fields.
NEW QUESTION # 371
On February 1, Year 1, a computer software firm agrees to program a software package.
Twelve payments of US $1 0.000 on the first of each month are to be made, with the first payment March 1, Year 1. The software is accepted by the client June 1, Year 2. How much Year 1 revenue should be recognized?
Answer: A
Explanation:
Recognition of an element of financial statements income, which includes revenue and gains) requires that two criteria be met. It must be probable that any future economic benefit associated with the item will flow to or from the entity, and the cost or value of the item must be measurable with reliability. The usual procedures for income recognition. e.g., that income be earned, reflect these criteria. Thus, income is recognized when an increase in future economic benefits is associated with an increase in an asset or a decrease in a liability. However, the entity has not substantially completed what it must do to be entitled to the benefits represented by the advance payment, and the receipt of future economic benefits is not sufficiently certain to merit income recognition.
Accordingly, a liability should be recognized because the entity has a current obligation arising from a past event that will require an outflow of economic benefits, that is, to deliver the software or to refund the customer's money. Thus, a liability for US $100,000 and revenue of US $0 should be recognized for Year I NOTE: This analysis assumes that the sale of the software is a sale either of goods or of services for which the appropriate conditions have not been met. Under IRS 18, Revenue Recognition, revenue is recognized for a sale of goods when the entity has transferred the significant risks and rewards of ownership, the entity has neither continuing managerial involvement to a extent associated with ownership nor effective control over the goods, the amount can be reliably measured, it is probable that the economic benefits will flow to the entity, and transaction costs can be reliably measured. For a sale of services, revenue is recognized when revenue can be reliably measured, it is probable that the economic benefits will flow to the entity, the stage of completion can be reliably measured, and the costs incurred and the costs to complete can be reliably measured.
NEW QUESTION # 372
Which denominator used in the return on investment ROI) formula is criticized because it combines the effects of operating decisions made at one organizational level with financing decisions made at another organizational level?
Answer: D
Explanation:
ROI equals income divided by invested capital. The denominator may be defined ink various ways, e.g., total assets available, assets employed, working capital plus other assets, and equity. If equity total assets -total liabilities) is chosen, a portion of longterm liabilities must be allocated to the investment center to determine the manager's resource base. One problem with this definition of the resource base is that, although it has the advantage of emphasizing return to owners, it reflects decisions at different levels of the entity: short-term liabilities incurred by the responsibility center operating decisions) and long-term liabilities controlled at the corporate level long-term financing decisions).
NEW QUESTION # 373
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