IIA Exam IIA-ACCA Topic 3 Question 73 Discussion

Actual exam question for IIA's IIA-ACCA 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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Colton

5 months ago

That's a good point, Cathern. Version control is essential in avoiding errors.

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Cathern

5 months ago

Personally, I believe D) Check-in and check-out software is used to control versions, is vital for tracking changes and ensuring accuracy.

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Tatum

5 months ago

I see your point, Nobuko. It's crucial to have proper documentation for transparency.

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Nobuko

5 months ago

I'm not sure, but I think C) The purpose and use of the spreadsheet are documented is important too.

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Colton

6 months ago

I agree with Tatum. That way, the integrity of the data is maintained.

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Tatum

6 months ago

I think the primary control for a spreadsheet would be A) Formulas and static data are locked or protected.

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Chan

6 months ago

In my opinion, using check-in and check-out software to control versions is equally important. It helps in tracking changes made to the spreadsheet.

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Cristy

7 months ago

I believe documenting the purpose and use of the spreadsheet is also crucial. It helps in understanding the context of the data.

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Pansy

7 months ago

I agree with that. It's important to ensure the accuracy of financial reporting.

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Stacey

7 months ago

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

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Laticia

7 months ago

Check-in and check-out software is important for controlling versions.

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Eleonora

7 months ago

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

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Lavina

7 months ago

I agree, formulas and data protection are crucial.

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Jennie

8 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

8 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

8 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

8 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

8 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:

Colton

Cathern

Tatum

Nobuko

Colton

Tatum

Chan

Cristy

Pansy

Stacey

Laticia

Eleonora

Lavina

Jennie

Lourdes

Kaitlyn

Celia

Delpha

Rozella