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NEW QUESTION # 155
Following an IT systems audit, management agreed to implement a specific control in one of the IT systems. After a period, the internal auditor followed up and learned that management had not implemented the agreed management action due to the decision to move to another IT system that has built-in controls, which may address this risks highlighted by the Internal audit Which of the following Is the most appropriate action to address the outstanding audit recommendation?
Answer: A
Explanation:
Verification of Controls: The auditor should verify that the new IT system addresses the previously identified risks. This involves reviewing the system documentation and ensuring that the controls in the new system effectively mitigate the risks.
NEW QUESTION # 156
According to IIA guidance, which of the following statements is true regarding audit workpapers?
Answer: C
Explanation:
Audit workpapers are essential documents that provide evidence of the audit work performed and the conclusions reached.
NEW QUESTION # 157
Which of the following steps should an internal auditor complete when conducting a review of an electronic data interchange application provided by a third-party service?
1. Ensure encryption keys meet ISO standards.
2. Determine whether an independent review of the service provider's
operation has been conducted.
3. Verify that the service provider's contracts include necessary
clauses.
4. Verify that only public-switched data networks are used by the
service provider
Answer: D
Explanation:
When conducting a review of an electronic data interchange (EDI) application provided by a third- party service, the internal auditor should ensure several key aspects to maintain security and compliance:
Independent Review of Service Provider: Determine whether an independent review of the service provider's operations has been conducted. This review helps ensure that the service provider meets necessary standards and maintains adequate controls.
Contractual Clauses: Verify that the service provider's contracts include necessary clauses.
These clauses should cover aspects like data security, confidentiality, compliance with standards, and performance metrics.
Ensuring encryption keys meet ISO standards and verifying the use of public-switched data networks are important but are more specific technical controls that might be part of broader reviews. The focus here should be on independent verification and robust contractual agreements.
NEW QUESTION # 158
Which of the following statements is true regarding an organization's inventory valuation?
Answer: D
Explanation:
Inventory Valuation Principles: Inventory valuation must accurately reflect the ownership of goods. The accounting treatment of inventory in transit depends on the shipping terms, specifically whether it is FOB (Free on Board) shipping point or FOB destination.
FOB Shipping Point:
* Ownership Transfer: When goods are shipped FOB shipping point, ownership transfers to the buyer as soon as the goods leave the seller's premises.
* Impact on Inventory Valuation: If goods shipped FOB shipping point are in transit at the end of the reporting period, they should be included in the buyer's inventory, not the seller's.
FOB Destination:
* Ownership Transfer: When goods are shipped FOB destination, ownership transfers to the buyer only when the goods arrive at the buyer's premises.
* Impact on Inventory Valuation: Goods in transit under FOB destination terms should remain in the seller's inventory until they reach the buyer.
Consignment:
* Goods Received on Consignment: Goods held on consignment should not be included in the inventory of the consignee (the holder) but remain in the inventory of the consignor (the owner).
* Goods Sent on Consignment: Goods sent out on consignment should still be included in the inventory of the consignor until they are sold by the consignee.
Correct and Incorrect Valuations:
* Incorrect Valuation (Option C): Including goods in transit shipped FOB shipping point in the seller's inventory would be incorrect, as ownership has transferred to the buyer.
* Correct Valuation (Option D): Including goods sent on consignment in the consignor's inventory is correct because ownership has not transferred.
References:
* Correct inventory valuation practices ensure that goods in transit are properly accounted for based on the shipping terms, thus providing an accurate financial picture of inventory.
NEW QUESTION # 159
During an assurance engagement an internal auditor uses benchmarking research to support preparation of a report to stakeholders that contains significant findings about control deficiencies. Which of the following skills did the auditor demonstrate?
Answer: C
Explanation:
* Benchmarking Research:Utilizing benchmarking research to support the preparation of a report demonstrates the auditor's ability to analyze data, compare performance, and identify control deficiencies.
* Critical Thinking:This skill involves evaluating and interpreting data to make informed judgments and recommendations, which is essential for identifying significant findings and control deficiencies.
* Application in Auditing:Critical thinking helps auditors assess the effectiveness of controls and develop recommendations based on evidence and comparative analysis.
References:
* The role of critical thinking in internal auditing as emphasized by the IIA .
NEW QUESTION # 160
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