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IIA Business Knowledge for Internal Auditing Sample Questions (Q299-Q304):

NEW QUESTION # 299
At December 31 of Year 1, an entity had a provision of US $40,000 for the "Estimated
Liability under Warranties" account. During Year 2, the entity sold 1,000 new units under warranties reliably estimated at US $100 per unit. The actual parts and labor warranty expenditures for Year 2 were US $90,000. Warranty expense for Year 2 should be

Answer: B

Explanation:
Recognition of provisions is appropriate when the entity has a legal or constructive present obligation resulting from a past event (called an obligating event), it is probable that an outflow of economic benefits will be necessary to settle the obligation, and its amount can be reliably estimated. Accordingly, a provision should be recognized for warranty expense in the period in which the matching revenue is recorded. Thus, the debit to warranty expense and the credit to provision for warranty expense in Year 2 is US $100,0001,000 units x $100).


NEW QUESTION # 300
All of the following are alternative marketable securities suitable for investment except:

Answer: C

Explanation:
Marketable securities are near-cash items used primarily for short-term investment. Examples include U.S. Treasury bills, Eurodollars. commercial paper, money-market mutual funds with portfolios of short-term securities, bankers' acceptances, floating rate preference stock, and negotiable CDs of U.S. banks. A convertible bond is not a shortterm investment because its maturity date is usually more than one year in the future and its price can be influenced substantially by changes in interest rates or by changes in the investee's stock price.


NEW QUESTION # 301
Which of the following application controls, implemented by management, monitors data being processed to ensure the data remains consistent and accurate?

Answer: B

Explanation:
Integrity controls are application controls designed to monitor data being processed to ensure that it remains accurate, consistent, and valid throughout its lifecycle. These controls help detect and prevent data corruption, unauthorized modifications, and inconsistencies in transactional systems.
* Integrity controls enforce data validation, consistency checks, and reconciliation procedures to prevent errors during processing.
* Examples include checksum validation, referential integrity constraints, and automated reconciliations to ensure data accuracy.
* The IIA's Global Technology Audit Guide (GTAG) 8 - Auditing Application Controls highlights integrity controls as a key measure in maintaining data reliability.
* A. Management trail controls # Incorrect. These refer to audit trails and logs that track changes and actions within a system but do not actively monitor or correct data integrity.
* B. Output controls # Incorrect. These focus on ensuring final reports, documents, or processed data outputs are accurate but do not monitor data during processing.
* D. Input controls # Incorrect. These verify the accuracy and completeness of data at the point of entry, but they do not continuously monitor data throughout processing.
* IIA GTAG 8 - Auditing Application Controls recommends integrity controls to maintain data accuracy.
* IIA Standard 2120 - Risk Management states that internal auditors should assess data integrity risks in business processes.
* ISACA's COBIT Framework identifies data integrity as a key IT control objective.
Why Option C is Correct?Explanation of the Other Options:IIA References & Best Practices:Thus, the correct answer is C. Integrity controls.


NEW QUESTION # 302
Which of the following scenarios indicates an effective use of financial leverage?

Answer: C

Explanation:
Financial leverage refers to the use of borrowed funds to increase potential returns to shareholders. Effective financial leverage occurs when the return on equity (ROE) is higher than the return on assets (ROA), indicating that the company is generating higher returns for shareholders than it costs to finance the assets with debt.
* (A) Correct - An organization has a rate of return on equity of 20% and a rate of return on assets of 15%.
* ROE > ROA indicates that financial leverage is being used effectively.
* A higher ROE suggests that the company is generating more profits for shareholders relative to its equity.
* This aligns with the concept that borrowed funds are being used efficiently to increase profitability.
* (B) Incorrect - An organization has a current ratio of 2 and an inventory turnover of 12.
* The current ratio and inventory turnover relate to liquidity and operational efficiency, not financial leverage.
* (C) Incorrect - An organization has a debt to total assets ratio of 0.2 and an interest coverage ratio of 10.
* A low debt-to-assets ratio (0.2) indicates low leverage.
* A high interest coverage ratio (10) suggests low reliance on debt financing, which contradicts the concept of financial leverage.
* (D) Incorrect - An organization has a profit margin of 30% and an asset turnover of 7%.
* Profit margin and asset turnover measure profitability and efficiency, not financial leverage.
* High asset turnover may indicate operational efficiency but does not directly reflect financial leverage.
* IIA's Global Internal Audit Standards - Managing Financial Risk
* Covers financial leverage and its impact on return metrics.
* IIA's Guide on Financial Ratio Analysis
* Explains the relationship between ROE, ROA, and leverage.
* COSO's ERM Framework - Risk Assessment in Financial Decision Making
* Discusses the use of leverage in maximizing shareholder value.
Analysis of Answer Choices:IIA References and Internal Auditing Standards:


NEW QUESTION # 303
Which of the following is a security feature that Involves the use of hardware and software to filter or prevent specific Information from moving between the inside network and the outs de network?

Answer: C

Explanation:
* Definition of a Firewall:
* A firewall is a network security device (hardware or software) that monitors and controls incoming and outgoing network traffic.
* It is designed to filter or prevent specific information from moving between internal and external networks, ensuring unauthorized access is blocked.
* How a Firewall Works:
* It uses rules and policies to determine whether to allow or block traffic.
* Firewalls can be configured to prevent malware, hacking attempts, and unauthorized data transfers.
* There are different types, including packet-filtering firewalls, stateful inspection firewalls, and next-generation firewalls (NGFWs).
* Why Other Options Are Incorrect:
* A. Authorization:
* Authorization refers to user access control, ensuring users have the correct permissions, but it does not filter network traffic.
* B. Architecture model:
* An architecture model defines the structure of an IT system but does not actively prevent or filter data movement.
* D. Virtual private network (VPN):
* A VPN encrypts data and provides secure remote access but does not filter or block data movement between networks.
* IIA's Perspective on IT Security Controls:
* IIA Standard 2110 - Governance emphasizes strong cybersecurity controls, including firewalls, to protect sensitive data.
* IIA GTAG (Global Technology Audit Guide) on Information Security recommends using firewalls as a primary defense mechanism.
* NIST Cybersecurity Framework and ISO 27001 Security Standards identify firewalls as critical tools for network security and data protection.
IIA References:
* IIA Standard 2110 - Governance and IT Security
* IIA GTAG - Information Security Risks
* NIST Cybersecurity Framework


NEW QUESTION # 304
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