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[General] Reliable CISA Exam Blueprint | Frenquent CISA Update

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【General】 Reliable CISA Exam Blueprint | Frenquent CISA Update

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ISACA Certified Information Systems Auditor Sample Questions (Q468-Q473):NEW QUESTION # 468
Which of the following audit risk is related to exposure of a process or entity to be audited without taking
into account the control that management has implemented?
  • A. Control Risk
  • B. Inherent Risk
  • C. Overall Audit Risk
  • D. Detection Risk
Answer: B
Explanation:
Section: The process of Auditing Information System
Explanation:
Inherent Risk is the risk level or exposure of a process or entity to be audited without taking into account
the control that management has implemented. Inherent risk exists independent of an audit and can occur
because of the nature of the business.
For your exam you should know below information about audit risk:
Audit risk (also referred to as residual risk) refers to the risk that an auditor may issue unqualified report
due to the auditor's failure to detect material misstatement either due to error or fraud. This risk is
composed of inherent risk (IR), control risk (CR) and detection risk (DR), and can be calculated thus:
AR = IR × CR × DR
Inherent Risk
Auditors must determine risks when working with clients. One type of risk to be aware of is inherent risk.
While assessing this level of risk, you ignore whether the client has internal controls in place (such as a
secondary review of financial statements) in order to help mitigate the inherent risk. You consider the
strength of the internal controls when assessing the client's control risk. Your job when assessing inherent
risk is to evaluate how susceptible the financial statement assertions are to material misstatement given
the nature of the client's business. A few key factors can increase inherent risk.
Environment and external factors: Here are some examples of environment and external factors that can
lead to high inherent risk:
Rapid change: A business whose inventory becomes obsolete quickly experiences high inherent risk.
Expiring patents: Any business in the pharmaceutical industry also has inherently risky environment and
external factors. Drug patents eventually expire, which means the company faces competition from other
manufacturers marketing the same drug under a generic label.
State of the economy: The general level of economic growth is another external factor affecting all
businesses.
Availability of financing: Another external factor is interest rates and the associated availability of financing.
If your client is having problems meeting its short-term cash payments, available loans with low interest
rates may mean the difference between your client staying in business or having to close its doors.
Prior-period misstatements: If a company has made mistakes in prior years that weren't material (meaning
they weren't significant enough to have to change), those errors still exist in the financial statements. You
have to aggregate prior-period misstatements with current year misstatements to see if you need to ask the
client to adjust the account for the total misstatement.
You may think an understatement in one year compensates for an overstatement in another year. In
auditing, this assumption isn't true. Say you work a cash register and one night the register comes up $20
short. The next week, you somehow came up $20 over my draw count. The $20 differences are added
together to represent the total amount of your mistakes which is $40 and not zero. Zero would indicate no
mistakes at all had occurred.
Susceptibility to theft or fraud: If a certain asset is susceptible to theft or fraud, the account or balance level
may be considered inherently risky. For example, if a client has a lot of customers who pay in cash, the
balance sheet cash account is going to have risk associated with theft or fraud because of the fact that
cash is more easily diverted than customer checks or credit card payments.
Looking at industry statistics relating to inventory theft, you may also decide to consider the inventory
account as inherently risky. Small inventory items can further increase the risk of this account valuation
being incorrect because those items are easier to conceal (and therefore easier to steal).
Control Risk
Control risk has been defined under International Standards of Auditing (ISAs) as following:
The risk that a misstatement that could occur in an assertion about a class of transaction, account balance
or disclosure and that could be material, either individually or when aggregated with other misstatements,
will not be prevented, or detected and corrected, on a timely basis by the entity's internal control.
In simple words control risk is the probability that a material misstatement exists in an assertion because
that misstatement was not either prevented from entering entity's financial information or it was not
detected and corrected by the internal control system of the entity.
It is the responsibility of the management and those charged with governance to implement internal control
system and maintain it appropriately which includes managing control risk.
There can be many reasons for control risk to arise and why it cannot be eliminated absolutely. But some
of them are as follows:
Cost-benefit constraints
Circumvention of controls
Inappropriate design of controls
Inappropriate application of controls
Lack of control environment and accountability
Novel situations
Outdated controls
Inappropriate segregation of duties
Detection Risk
Detection Risk is the risk that the auditors fail to detect a material misstatement in the financial statements.
An auditor must apply audit procedures to detect material misstatements in the financial statements
whether due to fraud or error. Misapplication or omission of critical audit procedures may result in a
material misstatement remaining undetected by the auditor. Some detection risk is always present due to
the inherent limitations of the audit such as the use of sampling for the selection of transactions.
Detection risk can be reduced by auditors by increasing the number of sampled transactions for detailed
testing.
The following answers are incorrect:
Control Risk - The risk that material error exist that would not be prevented or detected on timely basis by
the system of internal controls.
Detection risk - The risk that material errors or misstatements that have occurred will not be detected by an
IS auditor.
Overall audit risk - The probability that information or financial report may contain material errors and that
the auditor may not detect an error that has occurred. An objective in formulating the audit approach is to
limit the audit risk in the area under security so the overall audit risk is at sufficiently low level at the
completion of the examination.
The following reference(s) were/was used to create this question:
CISA review manual 2014 page number 50
http://en.wikipedia.org/wiki/Audit_risk
http://www.dummies.com/how-to/co ... sk-in-an-audit.html
http://pakaccountants.com/what-is-control-risk/
http://accounting-simplified.com ... ent/audit-risk.html

NEW QUESTION # 469
Everything not explicitly permitted is forbidden has which of the following kinds of tradeoff?
  • A. it improves functionality at a cost in security.
  • B. it improves security at a cost in system performance.
  • C. None of the choices.
  • D. it improves performance at a cost in functionality.
  • E. it improves security at a cost in functionality.
Answer: E
Explanation:
Section: Protection of Information Assets
Explanation:
"Everything not explicitly permitted is forbidden (default deny) improves security at a cost in functionality.
This is a good approach if you have lots of security threats. On the other hand, ""Everything not explicitly
forbidden is permitted"" (default permit) allows greater functionality by sacrificing security. This is only a
good approach in an environment where security threats are non- existent or negligible."

NEW QUESTION # 470
A web server is attacked and compromised. Which of the following should be performed FIRST to handle the incident?
  • A. Run the server in a fail-safe mode.
  • B. Disconnect the web server from the network.
  • C. Shut down the web server.
  • D. Dump the volatile storage data to a disk.
Answer: B
Explanation:
The first action is to disconnect the web server from the network to contain the damage and prevent more actions by the attacker. Dumping the volatile storage data to a disk may be used at the investigation stage but does not contain an attack in progress. To run the server in a fail-safe mode, the server needs to be shut down. Shutting down the server could potentially erase information that might be needed for a forensic investigation or to develop a strategy to prevent future similar attacks.

NEW QUESTION # 471
An IS auditor reviewing the IS strategic planning process should FIRST review the:
  • A. current technology trends.
  • B. business plan.
  • C. business continuity strategy.
  • D. existing information technology environment.
Answer: B

NEW QUESTION # 472
An organization offers an online information security awareness program to employees on an annual basis.
Which of the following from an audit of the program should be the auditor's GREATEST concern?
  • A. Employees have complained about the length of the program
  • B. New employees are given three months to complete the training
  • C. Training completions is not mandatory for staff.
  • D. The post-training test content is two years old.
Answer: C

NEW QUESTION # 473
......
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