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| Section | Weight | Objectives |
|---|---|---|
| Topic 1: Information Technology | 20% | - Examine the role of data analytics in the audit process
- Identify risk and control implications related to IT infrastructure and systems
- Explain the purpose and use of common information security and technology controls
|
| Topic 2: Financial Management | 10% | - Identify risk and control implications of financial management
|
| Topic 3: Organizational Strategic Planning and Management | 25% | - Examine organizational behavior and management principles
|
| Topic 4: Common Business Processes | 45% | - Describe the risk and control implications of supply chain management
|
>> Exam IIA-CIA-Part3 Answers <<
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NEW QUESTION # 71
Which of the following performance measures would be appropriate for evaluating an investment center, which has responsibility for its revenues, costs, and investment base, but would not be appropriate for evaluating cost, revenue, or profit centers?
Answer: C
Explanation:
An investment center is evaluated not only on revenues and costs but also on how effectively it uses invested capital. Residual income is appropriate because it measures profit after deducting a required return on the investment base. This makes it suitable for assessing whether management generated returns above the organization's minimum required rate. Cost centers are evaluated mainly on cost control, revenue centers on revenue generation, and profit centers on revenues minus expenses; none of these centers is directly responsible for invested capital. Flexible budgets and variance analysis can apply to many responsibility centers. Contribution margin reporting is useful for segment profitability but does not fully evaluate investment use. Therefore, residual income is uniquely suited to investment center evaluation, making Option D correct.
NEW QUESTION # 72
Which of the following represents a basis for consolidation under the International Financial Reporting Standards?
Answer: D
NEW QUESTION # 73
Focus An organization has decided to have all employees work from home. Which of the following network types would securely enable this approach?
Answer: D
Explanation:
When employees work from home, secure remote access to the organization's network is essential to protect data and ensure confidentiality. A Virtual Private Network (VPN) is the best option for enabling this securely.
* Correct Answer (D - A Virtual Private Network (VPN))
* A VPN creates a secure, encrypted connection between the employee's device and the organization's internal network.
* It prevents unauthorized access by ensuring that data is transmitted securely over the internet.
* The IIA GTAG 17: Auditing Network Security recommends VPNs for secure remote work environments to prevent cyber threats.
* Why Other Options Are Incorrect:
* Option A (A Wireless Local Area Network - WLAN):
* A WLAN is used within an office or home environment, but it does not provide secure remote access to an organization's network.
* Option B (A Personal Area Network - PAN):
* A PAN connects devices like smartphones and laptops within a short range (e.g., Bluetooth), but it is not suitable for secure remote access.
* Option C (A Wide Area Network - WAN):
* A WAN connects multiple locations, but it does not provide encryption or remote security like a VPN.
* IIA GTAG 17: Auditing Network Security - Recommends VPNs for secure remote access.
* IIA Practice Guide: Auditing IT Security Controls - Covers VPNs as a key security control for remote work.
Step-by-Step Explanation:IIA References for Validation:Thus, D is the correct answer because a VPN ensures secure, encrypted communication for employees working from home.
NEW QUESTION # 74
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 # 75
An organization uses the management-by-objectives method whereby employee performance is based on defined goals. Which of the following statements is true regarding this approach?
Answer: D
Explanation:
* Understanding Management by Objectives (MBO):
* MBO is a performance management approach where employees set clear, measurable goals aligned with organizational objectives.
* Success depends on employee participation in goal-setting to increase motivation, commitment, and performance.
* Why MBO Works Best with Employee Involvement:
* Engagement and Accountability: Employees are more motivated and accountable when they help define their goals.
* Alignment with Organizational Strategy: Ensures that goals at all levels support the company's broader objectives.
* Improved Communication: Encourages collaboration between management and employees, leading to better alignment of expectations.
* Why Other Options Are Incorrect:
* A. It is particularly helpful to management when the organization is facing rapid change:
* MBO is not well-suited for rapidly changing environments, as predefined goals may become irrelevant quickly.
* B. It is more successful when adopted by mechanistic organizations:
* Mechanistic organizations (rigid structures, strict hierarchies) often struggle with MBO because it requires flexibility and employee participation.
* D. It is particularly successful in environments that are prone to having poor employer- employee relations:
* While MBO can improve communication, it is not a solution for poor employer- employee relations, as trust and collaboration are essential for its success.
* IIA's Perspective on Performance Management and Organizational Success:
* IIA Standard 2120 - Risk Management emphasizes the need for effective goal-setting and employee involvement in performance assessment.
* Balanced Scorecard Framework supports MBO principles by aligning employee performance with strategic objectives.
* COSO ERM Framework highlights the importance of employee engagement in goal-setting to enhance decision-making and risk management.
IIA References:
* IIA Standard 2120 - Risk Management & Employee Performance Assessment
* COSO ERM - Performance & Risk Alignment
* Balanced Scorecard Approach - Employee Participation in Goal Setting
Thus, the correct and verified answer is C. It is more successful when goal setting is performed not only by management, but by all team members, including lower-level staff.
NEW QUESTION # 76
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