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| Section | Weight | Objectives |
|---|---|---|
| Topic 1: Business Acumen | 35% | - Organizational Structure and Business Processes
|
| Topic 2: Information Security | 25% | - Security Incidents and Continuity
|
| Topic 3: Financial Management | 20% | - Financial Accounting and Reporting
|
| Topic 4: Information Technology | 20% | - IT Governance and Strategy
|
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NEW QUESTION # 76
Which of the following is the most appropriate test to assess the privacy risks associated with an organization's workstations?
Answer: B
NEW QUESTION # 77
Which of the following is true regarding an organization ' s relationship with external stakeholders?
Answer: D
Explanation:
Before internal audit information is released outside normal internal channels, legal representation should be consulted. Internal audit reports and workpapers may contain sensitive findings, confidential business information, legal exposure, personal data, fraud indicators, privileged communications, or regulatory implications. Releasing such information to other assurance providers without proper review can create legal and confidentiality risk. Option A is too broad because interactions with nongovernmental organizations vary by context and jurisdiction. Option B is false because disclosure laws differ significantly across countries.
Option C may be relevant in specialized donor-funded environments, but it is not the strongest general rule.
Internal audit must control dissemination of results and protect confidentiality. Therefore, Option D is correct.
NEW QUESTION # 78
Which of the following financial statements provides the best disclosure of how a company's money was used during a particular period?
Answer: D
Explanation:
* Understanding Financial Statements:
* Income Statement (Option A) shows a company's revenues and expenses over a period but does not detail cash movements.
* Owner's Equity Statement (Option B) tracks changes in the ownership interest but does not explain cash usage comprehensively.
* Balance Sheet (Option C) provides a snapshot of financial position (assets, liabilities, and equity) at a given time, but not the flow of cash.
* Statement of Cash Flows (Option D) details where cash comes from and how it is spent during a specific period, making it the best disclosure of money movement.
* Why the Statement of Cash Flows is the Best Answer:
* It categorizes cash flows into operating, investing, and financing activities to explain how cash is generated and utilized.
* It is critical for assessing liquidity, solvency, and overall financial health.
* Investors, auditors, and management use this statement to evaluate a company's ability to generate cash and meet obligations.
* IIA Standard 2120 - Risk Management: Internal auditors assess financial risks, including cash management.
* IIA GTAG (Global Technology Audit Guide) on Business Continuity and Liquidity: Emphasizes the importance of cash flow analysis for financial stability.
* COSO's Internal Control Framework: Highlights the role of financial reporting, including cash flows, in risk management.
Relevant IIA References:# Final Answer: Statement of Cash Flows (Option D).
NEW QUESTION # 79
A corporation had profit for the year of US $101,504 and a simple capital structure consisting of the following ordinary shares outstanding:
What was the corporation's basic earnings per share rounded to the nearest cent)?
Answer: B
Explanation:
BEPS equals profit or loss attributable to ordinary equity holders divided by the weighted-average number of ordinary shares outstanding. The latter is calculated as follows:
C:\Documents and Settings\usernwz1\Desktop\1.PNG Accordingly, BEPS is US $3.20 $101,504 profit - 31,720 shares).
NEW QUESTION # 80
Which of the following statements Is true regarding the use of centralized authority to govern an organization?
Answer: C
Explanation:
Centralized authority refers to decision-making being concentrated at the top levels of an organization, ensuring uniform policies and procedures across departments.
Let's analyze each option:
A). Fraud committed through collusion is more likely when authority is centralized.
Incorrect. Centralized authority reduces the chances of fraud by enforcing strict oversight and controls.
Decentralized structures may create more opportunities for fraud due to inconsistent policies.
B). Centralized managerial authority typically enhances certainty and consistency within an organization. # (Correct Answer) Correct. Centralized authority ensures consistent decision-making, standardized processes, and clear policies, reducing uncertainty.
For example, in a multinational company, a centralized governance structure ensures compliance with financial reporting standards across all subsidiaries.
C). When authority is centralized, the alignment of activities to achieve business goals typically is decreased.
Incorrect. Centralized authority actually helps in aligning business activities toward strategic goals by ensuring uniform direction and coordination.
D). Using separation of duties to mitigate collusion is reduced only when authority is centralized.
Incorrect. Separation of duties (SoD) is a key internal control mechanism that exists regardless of centralization. Organizations implement SoD through policies, not just governance structures.
IIA Standard 2110 - Governance - Emphasizes the importance of clear governance structures in organizations.
COSO Internal Control - Integrated Framework - Discusses centralization and its impact on risk management and control effectiveness.
IIA Global Technology Audit Guide (GTAG) - Enterprise Risk Management (ERM) - Highlights the role of centralized authority in aligning corporate strategies.
ISO 37000:2021 - Governance of Organizations - Outlines how centralized governance improves organizational consistency and decision-making.
IIA References:
NEW QUESTION # 81
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