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| Section | Objectives |
|---|---|
| Exam Blueprint (Broad Domains) | - Internal Audit Practice and Knowledge - Other CIA Knowledge Areas (aligned to Global Internal Audit Standards) - Information Systems Audit Topics Not Covered by CISA |
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NEW QUESTION # 55
A multinational organization has multiple divisions that sell their products internally to other divisions When selling internally, which of the following transfer prices would lead to the best decisions for the organization?
Answer: D
Explanation:
Using the market price of the product for internal transfer pricing leads to the best decisions for the organization because it reflects the true economic value of the goods or services being transferred. This method promotes efficiency and fairness within the divisions.
Economic Value: Market price reflects the true economic value, ensuring that the internal transactions are conducted at fair and competitive prices.
Performance Measurement: It provides a consistent basis for evaluating the performance of different divisions, as they are measured against external market conditions.
Resource Allocation: Helps in optimal allocation of resources by ensuring that internal transactions are economically justified and comparable to external transactions.
NEW QUESTION # 56
An organization invests excess short-term cash in trading securities Which of the following actions should an internal auditor take to test the valuation of those securities'*
Answer: B
Explanation:
* Testing Valuation:The valuation of trading securities requires comparing their carrying value with current market prices to ensure accuracy.
* Market Quotations:Current market quotations provide the most reliable and up-to-date information on the fair value of securities.
* Accounting Standards:This approach is consistent with accounting standards that require securities to be reported at fair value, reflecting any unrealized gains or losses.
* Verification Process:Comparing the carrying value with market quotations helps verify that the securities are appropriately valued on the financial statements.
References:
* International Financial Reporting Standards (IFRS) and Generally Accepted Accounting Principles (GAAP) regarding fair value measurement.
NEW QUESTION # 57
Which of the following is most appropriate for internal auditors to do during the internal audit recommendations monitoring process?
Answer: A
Explanation:
* Introduction:
* The monitoring process for internal audit recommendations is a crucial element to ensure that corrective actions are implemented effectively.
* Responsibilities in Monitoring:
* Internal auditors are responsible for determining how frequently and in what manner the monitoring of audit recommendations should take place. This includes setting a schedule and deciding on the methods to be used for tracking progress.
* Options Analysis:
* Option A: Reporting the monitoring status when requested is reactive and does not encompass the full scope of monitoring responsibilities.
* Option B: Assisting management with implementing corrective actions may compromise auditor independence and objectivity.
* Option C: Determining the frequency and approach to monitoring allows auditors to proactively manage and oversee the implementation of recommendations, ensuring they are addressed in a timely and effective manner.
* Option D: Including all types of observations in the monitoring process might not be practical or necessary; focus should be on significant findings.
* Conclusion:
* The most appropriate action for internal auditors during the monitoring process is to determine the frequency and approach to monitoring, ensuring a systematic and consistent follow-up on audit recommendations.
NEW QUESTION # 58
A chief audit executive (CAE) identifies that the internal audit activity lacks a necessary skill to perform a management request for a consulting engagement. According to IIA guidance, which of the following Is the most appropriate action the CAE should take regarding the request?
Answer: D
Explanation:
According to the IIA's Standards, specifically Standard 1210 - Proficiency, internal auditors must possess the knowledge, skills, and other competencies needed to perform their individual responsibilities. If the internal audit activity lacks the necessary skill set to conduct a requested consulting engagement, the most appropriate action for the CAE is to decline the engagement request. This ensures that the internal audit activity does not compromise the quality and effectiveness of its services.
NEW QUESTION # 59
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: D
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 # 60
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