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| Section | Weight | Objectives |
|---|---|---|
| Information Technology | 20% | - Explain the purpose and use of common information security and technology controls
- Identify risk and control implications related to IT infrastructure and systems
- Recognize existing and emerging cybersecurity threats and vulnerabilities
|
| Financial Management | 10% | - Examine the risk and control implications of financial statement analysis
|
| Organizational Strategic Planning and Management | 25% | - Identify risk and control implications related to leadership and mentoring
|
| Common Business Processes | 45% | - Identify risk and control implications of project management
|
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NEW QUESTION # 646
Which of the following techniques would best detect an inventory fraud scheme?
Answer: C
Explanation:
Detecting an inventory fraud scheme requires analyzing patterns of inventory adjustments, particularly across different locations. Fraudulent activities often involve unauthorized write-offs, stock transfers, or misstatements of inventory levels.
(A) Analyze invoice payments just under individual authorization limits.
Incorrect: This technique is useful for detecting procurement fraud or invoice splitting, but not directly related to inventory fraud.
(B) Analyze stratification of inventory adjustments by warehouse location. (Correct Answer) Fraudulent inventory write-offs often occur in specific warehouses or locations where controls are weak.
Stratifying inventory adjustments helps identify abnormal patterns, such as excessive losses in one location.
IIA Standard 2120 (Risk Management) recommends data analytics and trend analysis to detect anomalies.
COSO ERM - Control Activities emphasizes monitoring and review of inventory adjustments to prevent fraud.
(C) Analyze inventory invoice amounts and compare with approved contract amounts.
Incorrect: This technique is effective for detecting overbilling or procurement fraud, but not inventory fraud, which involves physical stock manipulation.
(D) Analyze differences discovered during duplicate payment testing.
Incorrect: Duplicate payment testing helps uncover billing fraud, not inventory fraud.
IIA Standard 2120 - Risk Management: Encourages fraud detection through trend analysis and data monitoring.
IIA Practice Guide - Auditing Inventory Management: Suggests stratification of inventory adjustments to identify fraud.
COSO ERM - Control Activities: Recommends monitoring inventory transactions to prevent fraud.
Analysis of Each Option:IIA References Supporting the Answer:Thus, the correct answer is (B) because analyzing stratification of inventory adjustments by warehouse location helps detect irregular patterns indicative of fraud.
NEW QUESTION # 647
As it relates to the data analytics process, which of the following best describes the purpose of an internal auditor who cleaned and normalized data?
Answer: A
Explanation:
Reference: IIA Business Knowledge for Internal Auditing, Data Preparation section.
NEW QUESTION # 648
A multinational organization allows its employees to access work email via personal smart devices. However, users are required to consent to the installation of mobile device management (MDM) software that will remotely wipe data in case of theft or other incidents. Which of the following should the organization ensure in exchange for the employees' consent?
Answer: C
Explanation:
When implementing Mobile Device Management (MDM) software, organizations must balance security and employee privacy. Since MDM allows remote wiping of data, it is essential to ensure that personal data remains protected and is not accessible or deleted by administrators.
* (A) That those employees who do not consent to MDM software cannot have an email account:
* While organizations may require MDM for security, they should offer alternative access methods (e.g., web-based email) to avoid strict enforcement that could impact employee productivity.
* Denying access entirely may violate employment agreements or privacy laws in certain jurisdictions.
* (B) That personal data on the device cannot be accessed and deleted by system administrators (Correct Answer):
* The organization should ensure that MDM software does not intrude on personal data such as photos, messages, and private applications.
* Best practice is to configure MDM to only manage corporate data and applications, ensuring that personal files remain untouched.
* This aligns with privacy laws such as GDPR (General Data Protection Regulation) and CCPA (California Consumer Privacy Act).
* (C) That monitoring of employees' online activities is conducted in a covert way to avoid upsetting them:
* Ethical and legal standards require transparency when monitoring employees.
* Covert monitoring is generally illegal under privacy laws like GDPR and the U.S. Electronic Communications Privacy Act (ECPA).
* (D) That employee consent includes appropriate waivers regarding potential breaches to their privacy:
* While obtaining consent is important, organizations cannot force employees to waive their legal privacy rights.
* Consent alone does not justify unrestricted access to personal data.
* IIA GTAG 17: Auditing IT Security - Recommends safeguarding personal and corporate data in BYOD (Bring Your Own Device) policies.
* COBIT Framework - DSS05 (Manage Security Services) - Advises organizations to define policies that protect corporate assets without violating employee privacy.
* ISO/IEC 27001: Information Security Management System - Requires organizations to implement security controls without infringing on employee rights.
Analysis of Each Option:IIA References:Conclusion:Since personal data privacy must be preserved, option (B) is the correct answer.
NEW QUESTION # 649
An organization has 10,000 units of a defect item in stock, per unit, market price is $10$; production cost is $4; and defect selling price is $5. What is the carrying amount (inventory value) of defects at your end?
Answer: A
NEW QUESTION # 650
Which of the following IT disaster recovery plans includes a remote site dessgnated for recovery with available space for basic services, such as internet and telecommunications, but does not have servers or infrastructure equipment?
Answer: A
Explanation:
An IT disaster recovery plan (DRP) ensures business continuity by defining backup and recovery sites.
These sites differ based on their level of readiness.
Let's analyze the answer choices:
* Option A: Frozen site
* Incorrect. "Frozen site" is not a recognized term in IT disaster recovery planning. The three common categories are cold, warm, and hot sites.
* Option B: Cold site
* Correct.
* A cold site is a designated recovery location that provides only basic facilities such as power, space, internet, and telecommunications.
* It does not include servers, infrastructure, or pre-installed systems, meaning that it requires significant setup time before becoming operational.
* IIA Reference: Business continuity and IT risk management frameworks classify cold sites as a cost-effective but slower disaster recovery option. (IIA GTAG: Business Continuity Management)
* Option C: Warm site
* Incorrect. A warm site includes some pre-installed hardware and software, allowing faster recovery compared to a cold site.
* Option D: Hot site
* Incorrect. A hot site is fully operational with real-time data replication, enabling an immediate switchover in case of disaster.
NEW QUESTION # 651
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