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IIA-CIA-Part3 exam, also known as Business Knowledge for Internal Auditing, is one of the three exams required to obtain the Certified Internal Auditor (CIA) certification. IIA-CIA-Part3 exam is designed to test candidates' understanding of business principles and concepts that are crucial for internal audit professionals. The IIA-CIA-Part3 exam covers six domains including Business Acumen, Information Security, Information Technology, Financial Management, Global Business Environment, and Governance and Business Ethics.

Passing the IIA-CIA-Part3 Exam is a prerequisite for obtaining the Certified Internal Auditor (CIA) designation. The CIA designation is a globally recognized certification that indicates a high level of expertise and professionalism in the field of internal auditing. The IIA-CIA-Part3 exam is one of three exams required to obtain the CIA designation.

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IIA-CIA-Part3 exam is a computer-based exam that consists of 100 multiple-choice questions, and candidates have up to 2.5 hours to complete the exam. IIA-CIA-Part3 Exam is divided into six domains, each of which covers specific business knowledge areas that are relevant to internal audit activities. These domains include business acumen, information technology, financial management, global business environment, organizational structure and business processes, and risk management.

IIA Internal Audit Function Sample Questions (Q301-Q306):

NEW QUESTION # 301
The following financial statement notes are extracts from the audited financial statements of public entities. Which note describes a change in accounting estimate?

A. Effective January 1. Year 5, the entity changed to the LIFO method of inventory valuation. Prior to Year 5, the FIFO method was used.
B. During the year, the entity changed a method of accounting pursuant to a change in an International Financial Reporting Standard.
C. The entity changed its amortization of capital assets based on a reassessment of the useful lives of the assets. Accordingly, the entity changed its rate of amortization from 5% and 6% to 8% and 10%, for machinery and equipment.
D. Prior to Year 5, plant and equipment other than customer service replacement parts were depreciated using the diminishing-balance method. Plant and equipment are now depreciated on a straight-line basis.

Answer: C

Explanation:
Accounting estimates, e.g., service lives, residual values, warranty costs, uncollectible accounts, and inventory obsolescence are a necessary part of preparing financial statements. However, they inevitably change as no casts occur and as additional experience and information are obtained. When altered conditions require a change in estimate, it is accounted for prospectively. Thus, a change in the estimate of the service lives of depreciable assets is a change in accounting estimate.

NEW QUESTION # 302
Based upon the data derived from the regression analysis, 420 maintenance hours in a month would mean the maintenance costs rounded to the nearest U dollar) would be budgeted at

A. U $3,746
B. U $3,780
C. U $3,790
D. U $3,600

Answer: A

Explanation:
Substituting the given data into the regression equation results in a budgeted cost o US $3,746 rounded to the nearest US dollar).
y = a + bx y = 684.65 + 7.2884 420 y = us $3,746

NEW QUESTION # 303
An insurance firm that follows the systems development life cycle concept for all major information system projects is preparing to star[ a feasibility study for a proposed underwriting system. Some of the primary factors the feasibility study should include are:

A. Possible vendors for the system and their reputation for quality.
B. Technology and related costs.
C. Methods of implementation, such as parallel or cut-over.
D. Exposure to computer viruses and other intrusions.

Answer: B

Explanation:
The feasibility study should consider the activity to be automated, the needs of the user. The type of equipment required, the cost, and the potential benefit to the specific area and the company in general. Thus, technical feasibility and cost are determined during this stack

NEW QUESTION # 304
Which of the following types of controls is not described in the IT Governance Institute's Control Objectives for information and Related Technology COBIT)?

A. General controls.
B. Exchange controls. C Business controls.
C. Process controls.

Answer: B

Explanation:
COBIT describes controls in three areas: process controls, business controls, and IT general and application controls.

NEW QUESTION # 305
Which of the following statements regarding flat and hierarchical internal audit functions is true?

A. A hierarchical structure requires little supervision, and the work performed is consistent and reliable
B. A hierarchical structure tends to result in a higher cost base due to higher salaries to retain auditors with high knowledge and experience
C. A flat structure creates an internal audit function that is highly knowledgeable and collaborative
D. A flat structure allows for growth within the function and leads to the cultivation of diverse skills and fresh perspectives

Answer: B

Explanation:
In a hierarchical audit structure, work is reviewed across multiple levels of management, resulting in higher costs because highly skilled and experienced auditors are required for supervisory roles. This increases the cost base compared to a flat structure.
Option A exaggerates benefits of a flat structure. Option B is incorrect because hierarchical structures require more-not less-supervision. Option C is misleading because flat structures typically limit growth opportunities due to fewer layers of promotion.
Reference:
IIA Practice Guide - Organizational Governance in Internal Audit.

NEW QUESTION # 306
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