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| Section | Objectives |
|---|---|
| Risk Management and Regulatory Environment | - Internal controls and governance concepts - Enterprise risk management (ERM) principles - Compliance and regulatory frameworks |
| Information Technology and Business Systems | - System development lifecycle concepts - IT controls and cybersecurity fundamentals - Information systems and data governance |
| Financial Management | - Budgeting and cost control - Managerial accounting concepts - Financial statements and reporting basics |
| Information Security and Business Continuity | - Data protection and privacy considerations - Information security management principles - Business continuity and disaster recovery |
| Business Acumen and Global Business Environment | - Business strategies and objectives alignment - Organizational structure and business processes - Global business environment and market influences |
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NEW QUESTION # 339
An organization outsources its IT function and help desk services. A service-level agreement has been signed and a business continuity plan (BCP) has been developed.
Which of the following should be included in the BCP?
Answer: B
Explanation:
A business continuity plan should include solutions for recovering critical business functions after a disruption. The plan should identify critical processes, recovery priorities, responsibilities, communication procedures, alternative arrangements, system recovery requirements, and dependencies on outsourced services. Capacity management plans may support operational planning, but they are not the central BCP content. Intellectual property and data protection clauses are contract terms that may be important in outsourcing agreements, but they are not the main recovery content of the continuity plan. Internal audit should verify that outsourced service continuity is aligned with the organization's recovery time objectives, recovery point objectives, escalation procedures, and service-level commitments. Therefore, Option C is correct.
NEW QUESTION # 340
As part of a risk analysis, an auditor wishes to forecast the percentage growth in next month's sales for a particular plant using the past 30 months" sales results. Significant changes in the organization affecting sales volumes were made within the last 9 months. The most effective analysis technique to use would be:
Answer: B
Explanation:
Under exponential smoothing, each forecast equals the sum of the last observation times the smoothing constant, plus the last forecast times one minus the constant. Thus, exponential means that greater weight is placed on the most recent data, with the weights of all data falling off exponentially as the data age. This feature is important because of the organizational changes that affected sales volume.
NEW QUESTION # 341
Which of the following are typical audit considerations for a review of authentication?
1. Authentication policies and evaluation of controls transactions.
2. Management of passwords, independent reconciliation, and audit trail.
3. Control self-assessment tools used by management.
4. Independent verification of data integrity and accuracy.
Answer: A
NEW QUESTION # 342
A company records income from an investment in common stock when it does which of the following?
Answer: C
Explanation:
When a company invests in common stock, it can earn income in two primary ways:
* Dividend income: When the company receives dividends, it recognizes the income.
* Capital gains: When the stock is sold for a higher price than its purchase price, it results in a gain.
* Why Option C (Receives dividends) is Correct:
* Dividends represent income from an investment in common stock when declared and paid by the issuing company.
* Under GAAP and IFRS, dividend income is recognized when received, not when declared.
* Companies record dividends as investment income in their income statement.
* Why Other Options Are Incorrect:
* Option A (Purchases bonds):
* Incorrect because purchasing bonds is an investment transaction, not income recognition.
* Option B (Receives interest):
* Incorrect because interest income applies to bond investments, loans, or deposits, not common stock investments.
* Option D (Sells bonds):
* Incorrect because selling bonds results in capital gains or losses, not regular investment income from common stock.
* IIA Practice Guide - "Auditing Investment & Treasury Activities": Discusses the recognition of investment income.
* IFRS 9 (Financial Instruments) & GAAP Standards: Provide guidance on recording dividends as investment income.
* COSO Internal Control - Integrated Framework: Emphasizes proper financial reporting and income recognition.
IIA References:
NEW QUESTION # 343
A traditional quality control process in manufacturing consists of mass inspection of goods only at the end of a production process. A major deficiency of the traditional control process is that:
Answer: B
Explanation:
The process used to produce the goods is not thoroughly reviewed and evaluated for efficiency and effectiveness. Preventing defects and increasing efficiency by improving the production process raises quality standards and decreases costs.
NEW QUESTION # 344
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