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| Section | Objectives |
|---|---|
| Topic 1: Information Technology and Business Systems | - Information systems and data governance - IT controls and cybersecurity fundamentals - System development lifecycle concepts |
| Topic 2: Financial Management | - Financial statements and reporting basics - Managerial accounting concepts - Budgeting and cost control |
| Topic 3: Information Security and Business Continuity | - Data protection and privacy considerations - Information security management principles - Business continuity and disaster recovery |
| Topic 4: Risk Management and Regulatory Environment | - Internal controls and governance concepts - Compliance and regulatory frameworks - Enterprise risk management (ERM) principles |
| Topic 5: Business Acumen and Global Business Environment | - Business strategies and objectives alignment - Global business environment and market influences - Organizational structure and business processes |
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NEW QUESTION # 472
A new manager received computations of the internal fate of return regarding the project proposal. What should the manager compare the computation results to in order to determine whether the project is potentially acceptable?
Answer: A
Explanation:
The internal rate of return (IRR) is a measure used to evaluate the profitability of an investment. The project is considered acceptable if its IRR is greater than or equal to the required rate of return (RRR), which is the minimum return an organization expects from an investment.
* Correct Answer (C - Compare to the Required Rate of Return)
* The required rate of return (RRR) represents the minimum acceptable return for the project.
* If IRR # RRR, the project is acceptable. If IRR < RRR, the project is rejected.
* The IIA Practice Guide: Auditing Capital Investments suggests comparing IRR to the RRR to ensure financial feasibility.
* Why Other Options Are Incorrect:
* Option A (Compare to the annual cost of capital):
* The cost of capital (WACC - Weighted Average Cost of Capital) is an important factor, but RRR is the direct benchmark for IRR comparison.
* Option B (Compare to the annual interest rate):
* Interest rates do not determine project feasibility-they only affect financing costs.
* Option D (Compare to the net present value - NPV):
* NPV and IRR are related, but they serve different purposes.
* IRR is compared against RRR, while NPV measures absolute profitability in dollar terms.
* IIA Practice Guide: Auditing Capital Investments - Discusses IRR, RRR, and investment decision- making.
* IIA GTAG 3: Business Case Development - Explains how financial metrics like IRR and RRR are used in decision-making.
Step-by-Step Explanation:IIA References for Validation:Thus, C is the correct answer because IRR should be compared to the required rate of return to determine project acceptability.
NEW QUESTION # 473
The economic order quantity for inventory is higher for an organization that has:
Answer: B
Explanation:
Economic order quantity balances ordering costs and carrying costs to determine the most cost-efficient order size. Under the EOQ model, the order quantity increases when fixed ordering costs increase because placing each order becomes more expensive. To reduce the number of orders, the organization orders larger quantities at one time. Lower annual unit sales would reduce EOQ because fewer units are needed. Higher carrying costs reduce EOQ because holding inventory becomes more expensive, making smaller orders preferable. A higher purchase price may increase carrying cost if carrying cost is calculated as a percentage of inventory value, which would also tend to reduce EOQ. Internal auditors reviewing inventory management should understand how ordering, holding, demand, and pricing assumptions affect inventory decisions. Therefore, Option B is correct.
NEW QUESTION # 474
An internal auditor discovered that several unauthorized modifications were made to the production version of an organization's accounting application. Which of the following best describes this deficiency?
Answer: B
NEW QUESTION # 475
Regulatory agencies usually do not have power to:
Answer: C
Explanation:
A regulatory agency may regulate some aspect of all industries or may regulate a specific industry in accordance with power delegated by the enabling legislation. Agency functions include executive, adjudicatory, and rule-making activities. Such agencies, however, may not impose taxes.
NEW QUESTION # 476
RLF Corporation had profit before taxes of US $60,000 for the year. Included in this amount were depreciation of US $5,000. a charge of US $6,000 for the amortization of bond discounts, and US $4,000 for interest expense. The estimated cash flow for the period is:
Answer: C
Explanation:
To determine cash flow for the period, all noncash expenses should be added back to profit. Adding the US $5,000 of depreciation and the US $6,000 of discount amortization to the US $60,000 of profit produces a cash flow of US $71,000.
NEW QUESTION # 477
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