IIA Exam IIA-ACCA Topic 3 Question 73 Discussion

Actual exam question for IIA's ACCA CIA Challenge Exam exam

Question #: 73
Topic #: 3

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 Rodolfo at Apr 12, 2024, 12:49 PM

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Stacey

10 days ago

I think the primary control for a spreadsheet should be formulas and data protection.

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Eleonora

20 hours ago

I think the purpose and use of the spreadsheet should also be documented.

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Lavina

5 days ago

I agree, formulas and data protection are crucial.

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Jennie

1 months ago

Haha, yeah, a coffee break sounds like a great idea. Maybe we can also grab a doughnut or two, you know, to fuel our brains for this epic battle of spreadsheet controls.

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Lourdes

1 months ago

You know, I'm starting to get a headache just thinking about this. Can we take a break and get some coffee? I feel like I need to clear my head before tackling this one.

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Kaitlyn

1 months ago

Hmm, I don't know. I was leaning towards D, with the check-in and check-out software to control versions. That way, you can always go back and see who made what changes, right?

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Ah, I see where you're coming from, but I disagree. I think C is the way to go - documenting the purpose and use of the spreadsheet. That way, everyone who uses it knows exactly what it's for and how to use it properly.

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Delpha

1 months ago

I'm not so sure about that. I think B might be the better answer - storing the spreadsheet on a backed-up network server. That ensures the data is secure and doesn't get lost, which is crucial for financial reporting.

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Rozella

1 months ago

Well, this is a tricky one. I think the right answer is A - formulas and static data being locked or protected. That's really the most important control to ensure accurate financial reporting in a spreadsheet, isn't it?

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IIA Exam IIA-ACCA Topic 3 Question 73 Discussion

Contribute your Thoughts:

Stacey

Eleonora

Lavina

Jennie

Lourdes

Kaitlyn

Celia

Delpha

Rozella