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NEW QUESTION # 721
Cost allocation is the process of assigning indirect costs to a cost object. The indirect costs are grouped in cost pools and then allocated by a common allocation base to the cost
object. The base that is employed to allocate a homogeneous cost pool should.
Answer: C
Explanation:
A cost allocation base is the common denominator for systematically correlating indirect costs and a cost object. The cost driver of the indirect costs is ordinarily the allocation base. In a homogeneous cost pool, all cost should have the same or a similar cause-andeffect relationship with the cost allocation base.
NEW QUESTION # 722
Which of the following statements is true regarding cost-volume-profit analysis?
Answer: D
Explanation:
Cost-Volume-Profit (CVP) analysis is used to determine how changes in costs and volume affect a company's operating profit.
Correct Answer (C - Breakeven Occurs When the Contribution Margin Covers Fixed Costs) Contribution Margin (CM) = Sales Revenue - Variable Costs.
The breakeven point is where total contribution margin equals total fixed costs, meaning the company has no profit or loss.
The IIA's Practice Guide: Auditing Financial Performance supports this as the key breakeven definition.
Why Other Options Are Incorrect:
Option A (Contribution margin is the amount remaining after fixed expenses are deducted):
Incorrect because CM is calculated before fixed expenses are subtracted.
Option B (Breakeven point is the amount of units sold to cover variable costs):
Incorrect because breakeven covers fixed costs as well, not just variable costs.
Option D (Following breakeven, operating income increases by the excess of fixed costs less variable costs per unit sold):
Incorrect because operating income increases by the contribution margin per unit, not by the difference between fixed and variable costs.
IIA Practice Guide: Auditing Financial Performance - Defines breakeven analysis as when contribution margin covers fixed costs.
IIA GTAG 13: Business Performance - Discusses cost-volume-profit analysis for financial decision-making.
IIA References for Validation:Thus, C is the correct answer because breakeven occurs when the contribution margin equals fixed costs.
NEW QUESTION # 723
According to IIA guidance on IT, which of the following strategies would provide the most effective access control over an automated point-of-sale system?
Answer: B
Explanation:
Access control is about ensuring that only authorized individuals can access specific data, based on their role and necessity. The Principle of Least Privilege (PoLP) dictates that users should only have access to the data they need for their job.
* Minimizes Unauthorized Access Risks - Prevents employees from accessing sensitive data unnecessarily.
* Supports Segregation of Duties (SoD) - Critical in preventing fraud and security breaches.
* Enhances Compliance - Meets regulatory requirements like GDPR, PCI-DSS, and SOX, which demand strict access controls.
* Strengthens System Security - Reduces potential damage from malware, insider threats, or data breaches.
* A. Install and update anti-virus software - Important for cybersecurity but does not directly control user access.
* B. Implement data encryption techniques - Protects stored or transmitted data but does not define access rights.
* D. Upgrade firewall configuration - Controls network traffic, not user-specific access within an automated system.
* IIA's GTAG on Access Management and Controls - Recommends setting data access based on user needs to prevent fraud and misuse.
* COBIT 2019 (Governance and Management of Enterprise IT) - Advocates for role-based access controls.
* ISO 27001 Annex A.9 (Access Control) - Stresses the importance of restricting access based on business requirements.
Why Setting Data Availability by User Need is the Best Strategy?Why Not the Other Options?IIA References:
# Final Answer: C. Set data availability by user need.
NEW QUESTION # 724
An organization has a complex systems infrastructure consisting of multiple internally developed, off the shelf, and purchased but significantly customized applications. Some of these applications share databases or process data that is used by another stand-alone application, and interfaces have been written to move data between these applications as needed through batch processing Which of the following situations presents the greatest risk exposure given this environment?
Answer: D
NEW QUESTION # 725
An organization selected a differentiation strategy to compete at the business level. Which of the following structures best fits this strategic choice?
Answer: C
Explanation:
A differentiation strategy focuses on creating unique products or services to stand out from competitors. This strategy requires a flexible, decentralized structure that encourages innovation and market responsiveness, which is best achieved through a divisional structure.
Divisional Structure Supports Differentiation:
A divisional structure organizes the company into semi-autonomous business units, each focusing on a specific product, market, or geographic area.
This allows businesses to adapt strategies based on customer needs and competitive positioning.
Enhances Responsiveness and Innovation:
Each division operates independently, making quicker decisions that align with the differentiation strategy.
Fits Competitive Strategies:
Companies using differentiation need flexibility and customer focus, which a divisional structure provides better than rigid structures.
A). Functional structure:
Functional structures group employees by departments (e.g., finance, marketing) and are more suited for cost- leadership strategies, not differentiation.
C). Mechanistic structure:
A mechanistic structure is highly centralized and rigid, making it incompatible with innovation and differentiation.
D). Functional structure with cross-functional teams:
While this adds flexibility, it does not provide the autonomy needed for differentiation like a divisional structure does.
IIA Standard 2110 - Governance: Internal auditors assess business structures and strategies for alignment with organizational objectives.
COSO Framework - Performance Component: Ensures organizational structure supports strategic goals.
Key Reasons Why Option B is Correct:Why Other Options Are Incorrect:IIA References:Thus, the correct answer is B. Divisional structure.
NEW QUESTION # 726
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