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Question 269 - CISA discussion

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Due to limited storage capacity, an organization has decided to reduce the actual retention period for media containing completed low-value transactions. Which of the following is MOST important for the organization to ensure?

A.
The policy includes a strong risk-based approach.
Answers
A.
The policy includes a strong risk-based approach.
B.
The retention period allows for review during the year-end audit.
Answers
B.
The retention period allows for review during the year-end audit.
C.
The retention period complies with data owner responsibilities.
Answers
C.
The retention period complies with data owner responsibilities.
D.
The total transaction amount has no impact on financial reporting
Answers
D.
The total transaction amount has no impact on financial reporting
Suggested answer: C

Explanation:

The most important factor for the organization to ensure when reducing the retention period for media containing completed low-value transactions is that the retention period complies with data owner responsibilities. Data owners are accountable for defining the retention and disposal requirements for the data under their custody, based on business, legal, regulatory, and contractual obligations. The policy should reflect the data owner's decisions and obtain their approval. The policy should also include a risk-based approach, but this is not as important as complying with data owner responsibilities. The retention period should allow for review during the year-end audit, but this may not be necessary for low-value transactions that have minimal impact on financial reporting. The total transaction amount may have some impact on financial reporting, but this is not a direct consequence of reducing the retention period.Reference:

CISA Review Manual, 27th Edition, pages 414-4151

CISA Review Questions, Answers & Explanations Database, Question ID: 255

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asked 18/09/2024
Ronald Stover
41 questions
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