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| Section | Weight | Objectives |
|---|---|---|
| Topic 1: Business Acumen | 35% | - Organizational Objectives, Behavior, and Performance
|
| Topic 2: Information Security | 25% | - Security Risks and Controls
|
| Topic 3: Financial Management | 20% | - Financial Management and Capital Budgeting
|
| Topic 4: Information Technology | 20% | - Emerging Technologies and Data Analytics
|
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NEW QUESTION # 490
Which is the least effective form of risk management?
Answer: C
NEW QUESTION # 491
Unfortunately, the company has not revised its contingency plan since the time when its data processing was mostly centralized at headquarters. The existing plan is likely to be out of date because of:
Answer: B
Explanation:
When a company decentralizes its information processing, many changes in equipment, data, and software occur as a result of the different processing methods. Since the company has not revised its contingency plan since the time processing was centralized, the plan is most likely out of date as a result of the changes in equipment, data, and software.
NEW QUESTION # 492
Which of the following common quantitative techniques used in capital budgeting is best associated with the use of a table that describes the present value of an annuity?
Answer: D
Explanation:
Capital budgeting techniques help organizations evaluate long-term investment decisions by assessing future cash flows and their present value. A present value of an annuity table is commonly used in methods that involve discounted cash flows over multiple periods.
Let's analyze the options:
* A. Cash payback technique.
* Incorrect. The payback period simply calculates the time needed to recover an investment and does not use discounting or present value tables.
* B. Discounted cash flow technique: net present value (NPV).
* Incorrect. While NPV involves discounting future cash flows, it does not specifically rely on the present value of an annuity table. Instead, NPV uses individual present values of cash flows at a specific discount rate.
* C. Annual rate of return.
* Incorrect. This method calculates return on investment based on accounting numbers and does not involve discounting future cash flows.
* D. Discounted cash flow technique: internal rate of return (IRR). # (Correct Answer)
* Correct. The IRR method determines the discount rate that equates the present value of cash inflows to the initial investment (i.e., NPV = 0).
* The present value of an annuity table is essential in IRR calculations, especially when future cash flows occur at regular intervals.
* IRR is widely used in capital budgeting to compare different investment opportunities.
* IIA GTAG (Global Technology Audit Guide) - Auditing Capital Budgeting Decisions - Discusses techniques used for investment evaluation.
* COSO ERM Framework - Financial Decision-Making - Covers capital budgeting risks and techniques.
* GAAP & IFRS - Investment Decision Guidelines - Explains the importance of present value calculations in investment evaluations.
* IIA Standard 2130 - Control Over Capital Investments - Focuses on internal audit's role in assessing capital budgeting techniques.
IIA References:
NEW QUESTION # 493
Which of the following purchasing scenarios would gain the greatest benefit from implementing electronic cate interchange?
Answer: C
Explanation:
Electronic Data Interchange (EDI) is a system that allows businesses to exchange documents (purchase orders, invoices, shipping notices) electronically, improving efficiency and accuracy.
* Correct Answer (A - A Just-in-Time Purchasing Environment)
* Just-in-time (JIT) purchasing requires real-time inventory management to reduce waste and costs.
* EDI improves JIT by automating purchase orders, reducing lead times, and preventing stockouts.
* The IIA GTAG 8: Audit of Inventory Management highlights that JIT purchasing benefits the most from automation through EDI.
* Why Other Options Are Incorrect:
* Option B (A large volume of custom purchases):
* Custom purchases vary significantly in specifications, making standard EDI transactions less effective.
* Option C (A variable volume sensitive to material cost):
* While EDI helps with volume fluctuations, cost-sensitive purchasing requires additional financial analysis beyond EDI automation.
* Option D (A currently inefficient purchasing process):
* EDI improves efficiency, but implementing it in a failing process without first optimizing procedures could lead to automation of inefficiencies.
* IIA GTAG 8: Audit of Inventory Management - Discusses automation benefits in JIT purchasing.
* IIA Practice Guide: Auditing IT Controls - Covers EDI as a key tool for procurement efficiency.
Step-by-Step Explanation:IIA References for Validation:Thus, the greatest benefit from EDI is in a Just-in- Time (JIT) purchasing environment (A).
NEW QUESTION # 494
Which of the following would an organization execute to effectively mitigate and manage risks created by a crisis or event?
Answer: B
NEW QUESTION # 495
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