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IIA-CIA-Part3 (Business Knowledge for Internal Auditing) certification exam is an essential component of the Certified Internal Auditor (CIA) program offered by the Institute of Internal Auditors (IIA). IIA-CIA-Part3 exam is designed to evaluate the candidate's understanding of business concepts and their application in the internal auditing profession. Passing IIA-CIA-Part3 exam is a prerequisite for earning the CIA credential, which is considered a benchmark of excellence in the internal auditing profession.
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NEW QUESTION # 36
A vendor sells specialty inks on consignment to a manufacturer of colored paper at a price of US $200 per barrel. Payment is made to the vendor in the month the manufacturer uses the barrels in production. The vendor records revenues when the barrels are shipped and makes no adjusting entries to record unearned revenues until the December 31 closing of the books. At the end of July the manufacturer had 40 barrels of ink on consignment.
During August, the vendor consigned 50 barrels and received payment for 30 barrels. Another five barrels were returned to the vendor by the manufacturer for credit. At the end of August, what is the amount of unearned revenue contained in the vendor's accounts receivable from the manufacturer?
Answer: B
Explanation:
Under a consignment arrangement the consignor ships merchandise to the consignee who acts as agent for the consignor in selling the goods. The goods are in the physical possession of the consignee but remain the property of the consignor and are included in the consignor's inventory. Revenue and the related cost of goods sold from these consigned goods should only be recognized by the consignor when the merchandise is sold and delivered to the final customer. Accordingly, recognition occurs when notification is received that the consignee has sold the goods. Only then are the recognition criteria for a sale of goods satisfied: The enterprise has transferred the significant risks and rewards of ownership, the enterprise has neither continuing managerial involvement to an extent associated with ownership nor effective control over the goods, the amount can be reliably measured, it is probable that the economic benefits will flow to the enterprise, and transactional costs can be reliably measured. In this consignment arrangement. 30 barrels have been paid for, so the revenue is recognized for these barrels. The five barrels returned are not included in unearned revenue because they constitute a return of consigned goods. Accordingly, the amount of inappropriately recognized revenue is US $11,000 [(40 consigned + 50 consigned - 30 paid for- 5 returns) x $200].
NEW QUESTION # 37
Which of the following is the starting point for a chief audit executive to prioritize engagements to be included in the internal audit plan?
Answer: B
Explanation:
The CAE must prioritize engagements based on risk assessment. A risk matrix (considering likelihood and impact of risks) provides the starting point to evaluate which areas of the audit universe present the highest exposure and should be included in the plan.
Option A (maturity model) helps evaluate risk management capability but is not the starting point. Option C (assurance map) supports coordination but follows the risk assessment. Option D (control framework) provides criteria but not prioritization.
Reference:
IIA Standards - Standard 2010: Planning.
NEW QUESTION # 38
When ranking two mutually exclusive investments with different initial amounts, management should give first priority to the project:
Answer: A
Explanation:
The profitability excess present value) index facilitates the comparison of investments that have different initial costs. The profitability index equals the present value of future net cash inflows divided by the initial cash investment. The investment with the greater profitability index will be the preferred investment. However, if investments are mutually exclusive, the net present value method may be the better way of ranking project. The excess present value, index indicates the be return per dollar invested but does not consider the alternate', , possibilities for unused Funds. Thus, the small mutually exclusive projects may have the higher n~ is but the incremental investment in the larger project may make it the better choice. For example, a US $8,000,000 project may be a better use of funds than a combination of a US $6.000.000 project with a higher ,rx and the best alternative use of the remaining US $2,000,000. A company has the following three investment projects available:
The company has a 40% debt and 60% equity capital structure. Each monetary unit of investment funds will be raised in these proportions .40 of debt and .60 of equity). The marginal cost of financing increases with the amount of new funds raised, as follows:
These investment opportunities and financing costs are shown in the graph below:
MCC=Marginal cost of capital IOS=Investment opportunity schedule
NEW QUESTION # 39
The difference between the required rate of return on a given risky investment and that of a risk-free investment with the same expected return is the:
Answer: C
Explanation:
The market risk premium RM - RF) is the amount above the risk-free rate required to include average investors to enter the market. The risk premium is the portion of expected return attributed to the increased risk.
NEW QUESTION # 40
Which of the following are likely indicators of ineffective change management?
1. IT management is unable to predict how a change will impact interdependent systems or business processes.
2. There have been significant increases in trouble calls or in support hours logged by programmers.
3. There is a lack of turnover in the systems support and business analyst development groups.
4. Emergency changes that bypass the normal control process frequently are deemed necessary.
Answer: C
NEW QUESTION # 41
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