According to MA guidance, which of the following best describes an adequate management (audit) trail application control for the general ledger?A . Report identifying data that is outside of system parametersB . Report identifying...
The following transactions and events occurred during the year: - $300,000 of raw materials were purchased, of which $20,000 were returned because of defects - $600,000 of direct labor costs were incurred. - S750.000...
The organization makes exclusive arrangements with the channels.A . 1 and 3 onlyB . 1 and 4 onlyC . 2 and 3 onlyD . 2 and 4 onlyView AnswerAnswer: A
Which of the following does not provide operational assurance that a computer system is operating properly?A . Performing a system audit.B . Making system changes.C . Testing policy compliance.D . Conducting system monitoring.View AnswerAnswer:...
Which of the following best describes the concept of relevant cost?A . A future cost that is the same among alternatives.B . A future cost that differs among alternatives.C . A past cost that...
In mergers and acquisitions, which of the following is an example of a horizontal combination?A . Dairy manufacturing company taking over a large dairy farm.B . A movie producer acquires movie theaters.C . A...
According to IIA guidance, which of the following statements is true regarding analytical procedures?A . Data relationships are assumed to exist and to continue where no known conflicting conditions exist.B . Analytical procedures are...
A retail organization mistakenly did not include S10.000 of inventory in the physical count at the end of the year. What was the impact to the organization's financial statements?A . Cost of sales and...
According to the International Professional Practices Framework, internal auditors who are assessing the adequacy of organizational risk management processes should not:A . Recognize that organizations use different techniques for managing risk.B . Seek assurance...
Which of the following COSO internal control framework components encompasses establishing structures, reporting lines, authorities, and responsibilities?A . Control environment.B . Control activities.C . Information and communication.D . Monitoring.View AnswerAnswer: A
