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| Section | Weight | Objectives |
|---|---|---|
| Topic 1: Information Technology | 20% | - IT Infrastructure and Applications
|
| Topic 2: Business Acumen | 35% | - Governance, Risk, and Control
|
| Topic 3: Financial Management | 20% | - Financial Accounting and Reporting
|
| Topic 4: Information Security | 25% | - Security Risks and Controls
|
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NEW QUESTION # 528
An IT auditor is evaluating IT controls of a newly purchased information system. The auditor discovers that logging is not configured al database and application levels. Operational management explains that they do not have enough personnel to manage the logs and they see no benefit in keeping logs. Which of the fallowing responses best explains risks associated with insufficient or absent logging practices?
Answer: C
Explanation:
Logging at the database and application levels is a critical security control that enables monitoring, detecting, and investigating potential security incidents. The absence of logging significantly increases cybersecurity risks and can leave an organization vulnerable to undetected attacks.
* Incident Response & Forensics: Without logs, the organization will be unable to determine the cause, origin, and impact of cyber incidents or system intrusions.
* Compliance Requirements: Many regulatory frameworks (e.g., ISO 27001, NIST 800-53, GDPR, PCI-DSS, SOX) require logging for security monitoring and auditability.
* Threat Detection: Logs help in identifying malicious activities, unauthorized access, and data breaches.
* Accountability: Ensures that actions taken within the system can be traced back to specific users or administrators.
* Option A (The organization will be unable to develop preventative actions based on analytics):
While logging helps in analytics, its primary function is incident detection and forensic investigation.
* Option B (The organization will not be able to trace and monitor the activities of database administrators): This is partially correct, but logging is not just for administrators-it is essential for monitoring all system activities, including unauthorized access attempts.
* Option D (The organization will be unable to upgrade the system to newer versions): Logging does not impact system upgrades; upgrades are related to software lifecycle management, not logging practices.
* IIA's Global Technology Audit Guide (GTAG) - Information Security Controls recommends logging as a fundamental security control.
* IIA Standard 2110 - IT Governance: Emphasizes the need for adequate IT risk management, including logging.
* COSO Framework (Monitoring Component): Highlights the importance of system monitoring, which includes logging.
Why Option C is Correct:Why Other Options Are Incorrect:IIA References:Thus, the most appropriate answer is C. The organization will be unable to determine why intrusions and cyber incidents took place.
NEW QUESTION # 529
What is the total contribution to corporate profits generated by Division A before allocation of central corporate expenses?
Answer: D
Explanation:
Division As total contribution to corporate pr: ruits includes everything except the central corporate expense allocation. Thus, the total contribution is US $31'_1,000 $150,000 sales
* $10,000 other revenue - $30,000 direct materials - $20,000 direct labor- $5,001'_i variable overhead - $25,000 fixed overhead - $15,000 variable S '.A e i n-,e - $35,000 fixed c .-,:{-pease).
A and B, are autonomous divisions of a corporation. They have no beginning or ending
inventories, and the number of units produced is equal to the number of un1Ls sold. Following is financial information relating to the two divisions:
NEW QUESTION # 530
P Co. purchased term bonds at a premium on the open market. These bonds represented
20% of the outstanding class of bonds issued at a discount by S Co., P's wholly owned subsidiary. P intends to hold the bonds until maturity. In a consolidated balance sheet, the difference between the bond carrying amounts of the two companies is:
Answer: B
Explanation:
Because a consolidated financial statement should include both P and S as a Single consolidated) reporting entity, the purchase of the outstanding bonds of S by Pat a premium was in substance a retirement of debt for more than the debt's carrying amount. This transaction should be reflected in the consolidated income statement for the year of the purchase as a constructive loss from the retirement of debt. Hence, the effect on the balance sheet is to decrease retained earnings by an amount equal to the premium plus the unamortized discount before the tax effect.
NEW QUESTION # 531
Assuming a 360-day year and that CyberAge continues paying on the last day of the credit period, the entity's weighted-average annual interest rate for trade credit ignoring the effects of compounding) for these two vendors is:
Answer: D
Explanation:
If the entity pays Web [...Taster within 10 days, it will save US $500 $25,000 2%). Thus, the entity is effectively paying US $500 to retain US $24,500 $25,000 - $500) for 20 days 30 10). The annualized interest rate on this borrowing is 36.7346% [(US $500 + $24,500) x 360 days / 20 days)]. Similarly, the entity is, in effect, paying Softidee US $2,500 $50,000 5%) to hold US $47.500 $50,000 - $2,500) for 80 days 90 - 1 0). The annualized rate on this borrowing is 23.6842% [(US $2,501-1 - $47,500) 361 r days - 80 days)]. The average amount burrowed from Web Master is US $16,333 33 [$24,500 x 1 month x 20 days - 30 days)]. The average amount borrowed from web master is US $126,666.67 [$47,500 x 3 months x 80 days / 90 days)]. Thus, the weighted average of these two rates based on average borrowing is 25.2% [(US16,333,33 x 36.7346%) + ($126,666,67 x 23,6824%] / $16,333.33 + $126,666.67)]. This calculation however, understates the true cost of not taking the discount because it does not consider the effects of compound. CyberAge Outlet, a relatively new store, is a cafe that offers customers the opportunity to browse the Internet or play computer games at their tables while they drink coffee. The customer pays a fee based on the amount of time spent signed on to the computer. The store also sells books. tee-shirts, and computer accessories. CyberAge has been paying all of its bills on the last day of the payment period, thus forfeiting all supplier discounts. Shown below are data on CyberAge's two major vendors, including average monthly purchases and credit terms.
NEW QUESTION # 532
Which of the following assessments will assist in evaluating whether the internal audit function is consistently delivering quality engagements?
Answer: A
Explanation:
The QAIP (Quality Assurance and Improvement Program) requires both ongoing monitoring and periodic assessments. Among these, ongoing monitoring is the mechanism that ensures continuous evaluation of whether engagements are being performed with quality and in conformance with the Standards.
Option A (periodic assessments) review effectiveness but are not continuous. Option C (external assessments) and Option D (SAIV) are broader and periodic, not engagement-level consistency checks.
Reference:
IIA Standards - Standard 1311: Internal Assessments.
NEW QUESTION # 533
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