Which of the following should software auditors do when reporting internal audit findings related to enterprise wide resource planning?

• A.Connect IT audit findings to business issues
• B.Include an opinion on financial reporting accuracy and completeness
• C.Draft separate audit reports for business and IT management
• D.Include technical details to support IT issues

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Which of the following is a false statement about XBRL?

• A.XBRL is freely licensed.
• B.XBRL facilitates the automatic exchange of information
• C.XBRL is used primarily in the U.S.
• D.XBRL is designed to work with a variety of software applications.

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An organization engages in questionable financial reporting practices due to pressure to meet unrealistic performance targets. Which internal control component is most negatively affected?

• A.Control activities.
• B.Monitoring.
• C.Control environment.
• D.Risk assessment.

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What is the percentage of the total variance that can be explained by the regression equation?

• A.99.724%
• B.69.613%
• C.80.982%
• D.99.862%

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An entity obtaining short-term financing with trade credit will pay a higher percentage financing cost, everything else being equal, when the:

• A.Discount percentage is lower.
• B.Items purchased have a higher price.
• C.Items purchased have a lower price.
• D.Supplier offers a longer discount period.

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