IIA Exam IIA-ACCA Topic 4 Question 77 Discussion

Actual exam question for IIA's IIA-ACCA exam

Question #: 77
Topic #: 4

According to MA guidance on IT. which of the following would be considered a primary control for a spreadsheet to help ensure accurate financial reporting?

AFormulas and static data are locked or protected.

BThe spreadsheet is stored on a network server that is backed up daily.

CThe purpose and use of the spreadsheet are documented.

DCheck-in and check-out software is used to control versions.

Show Suggested Answer

Suggested Answer: A

by Mollie at May 20, 2024, 04:36 PM

Limited Time Offer

25%

Off

Get Premium IIA-ACCA Questions as Interactive Web-Based Practice Test or PDF

Contribute your Thoughts:

Submit Cancel

Kyoko

5 months ago

Spreadsheets and financial reporting? Sounds like a recipe for a headache and a few gray hairs. Locking those formulas is a must!

upvoted 0 times

Johnetta

4 months ago

C) The purpose and use of the spreadsheet are documented.

upvoted 0 times

...

Johnetta

4 months ago

Yes, that's essential to prevent any unauthorized changes.

upvoted 0 times

...

Johnetta

4 months ago

A) Formulas and static data are locked or protected.

upvoted 0 times

...

Yoko

5 months ago

Check-in and check-out software? What is this, a library book? I'll take the formula locking, please.

upvoted 0 times

...

Jerry

5 months ago

Documenting the purpose and use of the spreadsheet is also a good idea. It helps ensure everyone understands how to use it properly.

upvoted 0 times

Paola

4 months ago

C) The purpose and use of the spreadsheet are documented.

upvoted 0 times

...

Paola

4 months ago

A) Formulas and static data are locked or protected.

upvoted 0 times

...

Tyisha

4 months ago

D) Check-in and check-out software is used to control versions.

upvoted 0 times

...

Mica

4 months ago

C) The purpose and use of the spreadsheet are documented.

upvoted 0 times

...

Aleisha

4 months ago

A) Formulas and static data are locked or protected.

upvoted 0 times

...

Timothy

5 months ago

C) The purpose and use of the spreadsheet are documented.

upvoted 0 times

...

Timothy

5 months ago

A) Formulas and static data are locked or protected.

upvoted 0 times

...

Herminia

6 months ago

Storing the spreadsheet on a backed-up network server is crucial. That way, we don't lose the data if something happens to the local machine.

upvoted 0 times

...

Geraldo

6 months ago

I think locking the formulas and data is the most important control to ensure accurate financial reporting. It prevents any accidental or intentional changes.

upvoted 0 times

Ricarda

5 months ago

According to MA guidance on IT, which of the following would be considered a primary control for a spreadsheet to help ensure accurate financial reporting?

upvoted 0 times

...

Hershel

5 months ago

According to MA guidance on IT, which of the following would be considered a primary control for a spreadsheet to help ensure accurate financial reporting?

upvoted 0 times

...