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IIA-CIA-Part3 exam covers a wide range of topics related to business knowledge, including finance, economics, risk management, and strategic management. It is a challenging exam that requires candidates to demonstrate their mastery of complex concepts and their ability to apply them in practical situations. Successful candidates not only possess a deep understanding of business concepts but also possess the analytical and critical thinking skills necessary to excel in the internal auditing profession.
NEW QUESTION # 70
An internal auditor is using data analytics to focus on high-risk areas during an engagement. The auditor has obtained data and is working to eliminate redundancies in the data. Which of the following statements is true regarding this scenario?
Answer: C
NEW QUESTION # 71
Which of the following physical access control is most likely to be based on ''something you have" concept?
Answer: A
NEW QUESTION # 72
The auditor determined that the risks associated with the EDI purchases were less than the risks associated with the purchases made through the traditional system. Which one of the following factors best supports this prioritization of risks?
Answer: D
Explanation:
Sound controls mitigate the risks associated with EDI. The question states that the internal auditing department's prior involvement consisted of assessing and testing the EDI system. This review found no significant problems. Accordingly, the risk of the EDI system is decreased.
NEW QUESTION # 73
Which of the following represents an entity's average gross receivables balance?
I. Days' sales in receivables x accounts receivable turnover.
II. Average daily sales x average collection period.
III.
Net sales/average gross receivables.
Answer: A
Explanation:
An entity's average gross receivables balance can be calculated by multiplying average daily sales by the average collection period days' sales outstanding). Alternatively, annual credit sales can be divided by the accounts-receivable turnover net credit sales/average accounts receivable) to obtain the average balance in receivables.
NEW QUESTION # 74
An internal auditor was asked to review an equal equity partnership, in one sampled transaction. Partner A transferred equipment into the partnership with a Self-declared value of 510 ,000, and Partner B contributed equipment with a self-declared value of 515,000. The capital accounts reach partner were subsequently credited with $12,500. Which of the following statements Is true regarding this transection?
Answer: C
Explanation:
In an equal equity partnership, partners' capital accounts should reflect the fair market value (FMV) of assets contributed, rather than self-declared values or historical cost. The fair market value ensures equitable ownership distribution and accurate financial reporting.
Let's analyze each option:
* Option A: The capital accounts of the partners should be increased by the original cost of the contributed equipment.
* Incorrect. The original cost (historical cost) of an asset is not relevant in partnership accounting. Instead, fair market value (FMV) is used to properly recognize each partner's contribution.
* Option B: The capital accounts should be increased using a weighted average based on the current percentage of ownership.
* Incorrect. While ownership percentages influence profit and loss distribution, initial capital contributions should be recorded at FMV, not a weighted average.
* Option C: No action is needed, as the capital account of each partner was increased by the correct amount.
* Incorrect. Since the partners contributed different self-declared values, the capital accounts may not be correctly recorded unless verified against FMV. The partnership agreement typically requires capital contributions to be valued based on FMV, not self-declared estimates.
* Option D: The capital accounts of the partners should be increased by the fair market value of their contribution.
* Correct. Fair market value (FMV) ensures that capital contributions are recorded accurately. Using self-declared values without verification can lead to misstatements in capital accounts and potential disputes.
* IIA Reference: Internal auditors reviewing partnership accounting should ensure that capital accounts reflect fair market value to maintain financial accuracy. (IIA Practice Guide:
Auditing Fair Value Estimates)
Thus, the verified answer is D. The capital accounts of the partners should be increased by the fair market value of their contribution.
NEW QUESTION # 75
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