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IIA Business Knowledge for Internal Auditing Sample Questions (Q436-Q441):
NEW QUESTION # 436
Senior management has decided to implement the Three Lines of Defense model for risk management. Which of the following best describes senior management's duties with regard to this model?
- A. Identify emerging issues.
- B. Set goals for implementation.
- C. Identify management functions.
- D. Ensure compliance with the model.
Answer: D
NEW QUESTION # 437
The head of the research arid development department at a manufacturing organization believes that his team lacks expertise in some areas, and he decides to hire more experienced researchers to assist in the development of a new product. Which of the following variances are likely to occur as the result of this decision?
1. Favorable labor efficiency variance.
2. Adverse labor rate variance.
3. Adverse labor efficiency variance.
4. Favorable labor rate variance.
- A. 1 and 4
- B. 1 and 2
- C. 2 and 3
- D. 3 and A
Answer: B
Explanation:
* Understanding Labor Variances in Cost Accounting:
* Labor efficiency variance measures the difference between the actual hours worked and the standard hours allowed for actual production.
* Labor rate variance measures the difference between the actual labor cost per hour and the standard rate set for labor.
* Why Options 1 (Favorable Labor Efficiency Variance) and 2 (Adverse Labor Rate Variance) Are Correct?
* Favorable Labor Efficiency Variance (1):
* Hiring more experienced researchers should lead to higher productivity, meaning that the team completes tasks faster, reducing the total labor hours required.
* This results in a favorable labor efficiency variance because less time is spent on the project than initially expected.
* Adverse Labor Rate Variance (2):
* More experienced employees command higher salaries, leading to an increase in labor costs per hour compared to the budgeted rate.
* This results in an adverse labor rate variance because the actual wage rate exceeds the standard rate.
* Why Other Options Are Incorrect?
* Option 3 (Adverse Labor Efficiency Variance):
* This would occur if the new hires were less productive, which contradicts the scenario.
* Option 4 (Favorable Labor Rate Variance):
* A favorable variance in labor rate occurs when labor costs are lower than expected, which is unlikely when hiring more experienced (higher-paid) employees.
* Hiring more experienced employees improves efficiency (favorable efficiency variance) but increases wages (adverse rate variance).
* IIA Standard 1220 - Due Professional Care requires auditors to consider operational efficiency in decision-making evaluations.
Final Justification:IIA References:
* IPPF Standard 1220 - Due Professional Care
* IIA Practice Guide - Assessing Business Performance Metrics
NEW QUESTION # 438
While auditing an organization's customer call center, an internal auditor notices that Key performance indicators show a positive trend, despite the fact that there have been increasing customer complaints over the same period. Which of the following audit recommendations would most likely correct the cause of this inconsistency?
- A. Be-emphasize the importance of call center employees completing a certain number of calls per hour.
- B. Increase the incentive for call center employees to complete calls quickly and raise the number of calls completed daily
- C. Retrain call center staff on area processes and common technical issues that they will likely be asked to resolve.
- D. Review the call center script used by customer service agents to interact with callers, and update the script if necessary.
Answer: D
NEW QUESTION # 439
The major objectives of any budget system are to:
- A. Foster the planning of operations, provide a framework for performance evaluation, and promote communication and coordination among organization segments.
- B. Foster the planning of operations, facilitate the fixing of blame for missed budget predictions, and ensure goal congruence between superiors and subordinates.
- C. Define responsibility centers, facilitate the fixing of blame for missed budget predictions, and ensure goal congruence between superiors and subordinates.
- D. Define responsibility centers, provide a framework for performance evaluation, and promote communication and coordination among organization segments.
Answer: A
Explanation:
A budget is a realistic plan for the future expressed in quantitative terms. The process of budgeting forces a company to establish determine the resources necessary to achieve those goals, and anticipate future difficulties in their ache investment. A budget is also a control tool because it establishes standards and facilitates comparison of actual and budgeted performance. Because a budget establishes standards and accountability, it motivates d. =.d performance by highlighting the work of effective managers.
Moreover, the nature of the budgeting process fosters communications of goals to company subunits and coordination of their efforts. Budgeting activities by entities within the company must be coordinated because they are interdependent. Thus, the sales budget is a necessary input to the formulation of the production budget. In turn, production requirements must be known before purchases and expense budgets can be developed and all other budgets must be completed before preparation of the cash budget.
NEW QUESTION # 440
The data below were gathered on two different machine centers and two products.
Which item below would be part of a linear programming formulation of this problem?
- A. Subject to: A 0.
- B. Maximize: Contribution 4A + 5B.
- C. Subject to: 4A + 5B130.
- D. Subject to: 2.5A+4B60.
Answer: D
Explanation:
The linear programming solution is subject to constraints on the availability of machine hours in both centers. For example, products A and B require 2.5 and 4 hours per unit, respectively, in Machine Center 1, but only 60 hours are available. Hence, the optimal production of A and B to the following constraint:
2.5A + 4B 60
NEW QUESTION # 441
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