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| Certification Vendor: | IIA (The Institute of Internal Auditors) |
|---|---|
| Exam Name: | Internal Audit Function |
| Exam Number: | IIA-CIA-Part3 |
| Passing Score: | 600 (scaled score, range 250–750) |
| Exam Format: | Computer-based testing, Multiple-choice questions |
| Exam Duration: | 120 minutes |
| Related Certifications: | CIA Part 1 - Essentials of Internal Auditing CIA Part 2 - Practice of Internal Auditing |
| Real Exam Qty: | 100 |
| Available Languages: | Italian, Russian, German, Chinese (Simplified), Portuguese, Korean, Japanese, English, Spanish, French |
| Certificate Validity Period: | 3 years from completion of all parts |
| Exam Price: | USD 380 (member) / USD 495 (non-member) |
| Recommended Training: | IIA Official Study Materials IIA Learning Resources |
| Exam Registration: | Pearson VUE Scheduling IIA Official Registration |
| Sample Questions: | IIA IIA-CIA-Part3 Sample Questions |
| Exam Way: | Computer-based; available at Pearson VUE test centers worldwide; online proctored option available in select regions |
| Pre Condition: | Meet CIA eligibility: bachelor's degree or equivalent, character reference, professional experience (varies by education level); complete CIA application and pay application fee |
| Official Syllabus URL: | https://www.theiia.org/en/certifications/cia/exam-prep-resources/exam-syllabus/exam-syllabus-part-3/ |
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IIA-CIA-Part3 Exam is a comprehensive test that covers a wide range of topics. It consists of 100 multiple-choice questions that candidates must complete within two and a half hours. IIA-CIA-Part3 exam is divided into two parts, with the first part focusing on the core concepts of internal auditing, while the second part deals with business-related topics. The IIA-CIA-Part3 Exam is a challenging test that requires a thorough understanding of the internal audit process and business operations.
NEW QUESTION # 718
Which of the following analytical techniques would an internal auditor use to verify that none of an organization's employees are receiving fraudulent invoice payments?
Answer: B
Explanation:
Duplicate testing is an analytical technique used to detect fraudulent payments, errors, or inefficiencies by identifying repeated transactions within financial records. In this case, an internal auditor would use duplicate testing to ensure that employees are not receiving fraudulent invoice payments by verifying that no invoice has been paid multiple times.
Detecting Duplicate Payments: Fraudulent employees may submit the same invoice multiple times with slight modifications to avoid detection. Duplicate testing helps find identical or similar transactions.
Identifying Unusual Patterns: By analyzing payment records, auditors can detect repeat payments to the same vendor, same invoice number, or similar amounts within a short time frame.
Aligns with Fraud Prevention Practices: As per IIA Standard 2120 - Risk Management, internal auditors must identify and assess fraud risks, including duplicate invoice payments.
Supports Data Analytics in Auditing: IIA GTAG (Global Technology Audit Guide) 16 - Data Analysis Techniques recommends using duplicate testing to identify fraud, control weaknesses, and errors in financial transactions.
A). Perform gap testing: Gap testing is used to identify missing data or transactions in a sequence (e.g., missing invoice numbers), but it does not specifically target duplicate or fraudulent payments.
B). Join different data sources: This method is useful for cross-checking information across multiple databases, but it is not directly related to identifying duplicate invoice payments.
D). Calculate statistical parameters: Statistical analysis provides summary insights about data (e.g., mean, median), but it does not specifically detect duplicate payments.
IIA Standard 2120 - Risk Management: Internal auditors must evaluate fraud risks, including duplicate payments.
IIA Standard 1220 - Due Professional Care: Requires auditors to apply appropriate data analytics techniques.
IIA GTAG 16 - Data Analysis Techniques: Recommends duplicate testing as an effective fraud detection method.
Key Reasons Why Option C is Correct:Why Other Options Are Incorrect:IIA References:Thus, the correct answer is C. Perform duplicate testing.
NEW QUESTION # 719
The sale of final goods is <List A> the gross domestic product, and the sale of intermediate goods is <List B> the gross domestic product.
Answer: A
Explanation:
The sale of final goods is included in. and the sale of intermediate goods is excluded from, GDP. The purpose of this treatment is to avoid double counting. The value of final goods already includes any intermediate transactions involved in their production.
NEW QUESTION # 720
An IT auditor is evaluating IT controls of a newly purchased information system. The auditor discovers that logging is not configured al database and application levels. Operational management explains that they do not have enough personnel to manage the logs and they see no benefit in keeping logs. Which of the fallowing responses best explains risks associated with insufficient or absent logging practices?
Answer: B
NEW QUESTION # 721
A corporation has received proposals from several banks to establish a lockbox system to speed up receipts. The corporation receives an average of 700 checks per day averaging US $1,800 each, and its cost of short-term funds is 7% per year. Assuming that all proposals will produce equivalent processing results and using a 360-day year, which one of the following proposals is optimal for the corporation?
Answer: D
Explanation:
Multiplying 700 checks by 360 days results in a total of US $252,000 checks per year. Accordingly, at a US $0.50 fee per check, total annual cost is US $126,000 $.50 x $252,000), which is less desirable than the US $125,000 flat fee. Given that the annual collections equal US $453,600,000 $1,800 x 700 x 360), a fee of 0.03% of the amount collected is also less desirable because the annual fee would be US $136,080 .03% x $453,600,000). The br:.3 option is therefore to maintain a compensating balance of US $1,750.000 when the cost of funds is 7%, resulting in a total cost of US $122,500 .07 x $1,750,000).
NEW QUESTION # 722
The cost to enter a foreign market would be highest in which of the following methods of global expansion?
Answer: D
NEW QUESTION # 723
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