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| Section | Objectives |
|---|---|
| Topic 1: Exam Blueprint (Broad Domains) | - Information Systems Audit Topics Not Covered by CISA - Other CIA Knowledge Areas (aligned to Global Internal Audit Standards) - Internal Audit Practice and Knowledge |
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NEW QUESTION # 25
Which of the following would be considered a violation of The IIA's mandatory guidance on independence?
Answer: D
Explanation:
Independence Requirement: The IIA's mandatory guidance emphasizes the importance of the CAE's independence to ensure unbiased internal audit activities.
Conflict of Interest: Seeking senior management's recommendation for the CAE's salary adjustment can create a conflict of interest and potentially compromise the CAE's independence.
Best Practices: To maintain independence, the CAE's compensation should be determined by the board without influence from senior management.
Standard Compliance: According to the IIA's Attribute Standard 1110 ?Organizational Independence, the CAE must report to a level within the organization that allows the internal audit activity to fulfill its responsibilities.
NEW QUESTION # 26
Which of the following best describes the risk contained in an initial public offering for a new stock?
Answer: B
Explanation:
* Introduction:
* Inherent risk refers to the susceptibility of an assertion to a material misstatement, assuming no related controls.
* IPO Risks:
* Initial Public Offerings (IPOs) inherently carry a high level of risk due to the uncertainty and complexity involved in the process, the lack of historical data, and market volatility.
* Options Analysis:
* Option A: Residual risk is the risk remaining after controls are applied.
* Option B: Net risk is not a standard term in audit risk assessments.
* Option C: Inherent risk is the appropriate term for the risks associated with an IPO, which exist before considering any controls.
* Option D: Underlying risk is not a standard audit term.
* Conclusion:
* The risk associated with an IPO for a new stock is best described as inherent risk due to the nature of the uncertainties involved.
NEW QUESTION # 27
An auditor discovers that all production database administrators have unrestricted access to modify financial transaction records.
Which control weakness is MOST significant?
Answer: C
Explanation:
Unrestricted privileged access to financial data creates a substantial risk of unauthorized modification, fraud, and data integrity compromise.
NEW QUESTION # 28
A company makes a product at a cost of $26 per unit, of which $10 is fixed cost. The product is usually sold for $30 per unit; however, the company has been approached by a new customer who would like to purchase
3,500 units for $18 each Further, the company would Incur additional cost to deliver the units to this customer If the company has the excess manufacturing capacity and all other factors are constant, what is the additional cost that the company would Incur in order to makea profit of $1.50 per unit for this order?
Answer: A
Explanation:
To determine the additional cost that the company would incur to make a profit of $1.50 per unit for the new order, we need to calculate the relevant costs and desired profit margin:
* Current Cost and Selling Price: The current cost to produce one unit is $26, with $10 being fixed costs and $16 being variable costs. The product is usually sold for $30.
* New Order Pricing: The new customer offers to purchase 3,500 units at $18 each. The company needs to make a profit of $1.50 per unit on this order.
* Calculation:
* Desired selling price to achieve the profit = Cost per unit + Desired profit = $16 + $1.50 = $17.50
* Offered price by the customer = $18.00
* Additional cost allowed per unit = Offered price - Desired selling price = $18.00 - $17.50 = $0.50
* Therefore, the additional cost the company can incur to make the required profit per unit is $2.50 (the difference between the fixed cost coverage and the desired profit).
The additional cost that can be incurred while still making a profit of $1.50 per unit is $2.50
NEW QUESTION # 29
A newly appointed chief audit executive (CAE) started analyzing the organization's policies in an attempt to customize them to address internal audit specifics. Which of the following organizationwide practices is most likely to be acceptable to the CAE?
Answer: D
Explanation:
The statistical model indicates that daily sales have a direct relationship with the cost of ingredients used and an inverse relationship with rainy days.
NEW QUESTION # 30
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