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IIA IIA-CIA-Part3 Exam Syllabus Topics:

Section	Weight	Objectives
Information Technology	20%	- Explain the purpose and use of common information security and technology controls 1. Encryption 2. Antivirus 3. IT general controls 4. Firewalls 5. Multi-factor authentication 6. Digital signatures 7. Biometrics 8. Passwords - Examine the role of data analytics in the audit process 1. Continuous auditing 2. Data analysis techniques 3. Data extraction - Recognize data governance and data management concepts - Recognize principles of data privacy and their potential impact on data security policies and practices - Recognize existing and emerging cybersecurity threats and vulnerabilities 1. Phishing 2. Malware 3. Social engineering 4. Ransomware - Identify risk and control implications related to IT infrastructure and systems 1. Databases 2. Business continuity and disaster recovery 3. Operating systems 4. Cloud computing 5. Networking
Financial Management	10%	- Identify risk and control implications of financial management 1. Working capital management 2. Foreign currency 3. Financial instruments 4. Capital structure and financing - Examine the risk and control implications of financial statement analysis 1. Ratio analysis 2. Trend analysis 3. Common-size analysis
Common Business Processes	45%	- Describe business processes and their risk and control implications 1. Logistics 2. Procurement 3. Sales and marketing 4. Human resources 5. Management of outsourced processes 6. Product development - Examine financial management concepts and their risk and control implications 1. Working capital management 2. Financial accounting and reporting 3. Cost accounting 4. Capital budgeting and investment 5. Financial analysis and decision-making 6. Managerial accounting - Recognize various forms and elements of contracts 1. Consideration 2. Fixed-price and cost-reimbursable contracts 3. Formality 4. Unilateral and bilateral contracts - Identify risk and control implications of project management 1. Time/team/resources/cost management 2. Change management in projects 3. Project plan and scope 4. Project risk management - Describe the risk and control implications of supply chain management 1. Inventory management 2. Vendor management 3. Quality control
Organizational Strategic Planning and Management	25%	- Analyze the organization's strategic planning process and its integration with the risk management strategy 1. Alternative strategies evaluation 2. Control environment 3. Objective setting 4. Business context analysis 5. Risk appetite definition 6. Alignment to the organization's mission and values - Identify the risk and control implications of different organizational structures 1. Flat versus traditional 2. Centralized versus decentralized 3. Matrix structures - Examine how performance measures and controls are used to assess achievement of organizational objectives 1. Balanced scorecard 2. Benchmarking 3. Key performance indicators (KPIs) - Examine organizational behavior and management principles 1. Motivation theories 2. Change management 3. Team dynamics 4. Conflict resolution 5. Leadership styles - Identify risk and control implications related to leadership and mentoring 1. Building organizational commitment 2. Demonstrating entrepreneurial ability 3. Guiding people 4. Mentoring 5. Coaching 6. Providing constructive feedback

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IIA Internal Audit Function Sample Questions (Q544-Q549):

NEW QUESTION # 544
Countries X and Y both have freely floating exchange rate systems and an active trading relationship.
If incomes [List A] in country X while all other factors remain unchanged, then the currency of country X will tend to [List B] relative to the currency of country Y.
List A
List B
Rise
Remain constant
Rise
Depreciate
Fall
Depreciate
Remain constant
Appreciate

Answer:

Explanation:
pending
A. B. C. D.

NEW QUESTION # 545
Which of the following security controls focuses most on prevention of unauthorized access to the power plant?

A. Logs generated by smart locks are automatically scanned to identify anomalies in access patterns.
B. Automatic notifications are sent to a central security unit when employees enter the premises during nonwork hours
C. An offboarding procedure is initiated monthly to determine redundant physical access rights.
D. Requests for additional access rights are sent for approval and validation by direct supervisors.

Answer: D

Explanation:
Preventive security controls proactively stop unauthorized access before it occurs. The most effective method is strict access management, where new or additional access rights require formal validation before being granted.
* Prevents Unauthorized Entry - Ensures that only approved personnel have access to the power plant.
* Implements Segregation of Duties (SoD) - Supervisors validate access requests, reducing insider threats.
* Aligns with Least Privilege Principle - Employees get only the minimum access necessary for their role.
* Prevents Security Risks Before They Happen - Unlike detective or corrective controls, this method stops unauthorized access before it occurs.
* A. Offboarding procedure (monthly review) - This is a detective control, identifying issues after access is granted, not preventing them.
* B. Smart lock anomaly scanning - Also detective, as it identifies suspicious behavior after access has been used.
* D. Automatic notifications for after-hours entry - A corrective control, responding to potential violations instead of preventing them.
* IIA's GTAG on Identity and Access Management - Recommends pre-approval processes for sensitive locations.
* ISO 27001 Annex A.9 (Access Control) - Requires role-based access management for critical infrastructures.
* NIST SP 800-53 (Security and Privacy Controls for Federal Information Systems) - Defines supervisor approval as a key preventive measure.
Why Approval-Based Access Control is the Best Preventive Measure?Why Not the Other Options?IIA References:

NEW QUESTION # 546
An organization's account for office supplies on hand had a balance of S9,000 at the end of year one. During year two. the organization recorded an expense of $45,000 for purchasing office supplies. At the end of year two. a physical count determined that the organization has $11,500 in office supplies on hand. Based on this information, what would be recorded in the adjusting entry at the end of year two?

A. A debit to office supplies on hand for S20.500
B. A debit to office supplies on hand for S2.500
C. A debit to office supplies on hand for S42.500
D. A debit to office supplies on hand for $11,500

Answer: B

NEW QUESTION # 547
Which of the following statements is true with regard to capital budgeting?

A. The cash payback technique is used to determine the period of time required to recover the capital investment, plus the expected return, from the annual cash flow produced by the investment.
B. The annual rate of return technique is used to estimate the profitability of a capital expenditure by dividing the expected annual net income by the average investment.
C. The internal rate of return is the highest interest rate that will cause the present value of the proposed capital expenditure to be less than the present value of expected net annual cash flows.
D. Using the net present value method, a proposal is acceptable when the net present value is negative.

Answer: B

Explanation:
The annual rate of return method estimates profitability by dividing expected annual net income by the average investment. It is an accounting-based capital budgeting technique and does not directly consider the time value of money. Option A is incorrect because a proposal is normally acceptable under net present value when NPV is positive, not negative. Option B incorrectly describes internal rate of return; IRR is the discount rate at which the present value of cash inflows equals the present value of cash outflows. Option C is incorrect because the payback method measures how long it takes to recover the original investment, not the investment plus expected return. Internal auditors should understand capital budgeting methods when reviewing investment decisions. Therefore, Option D is correct.

NEW QUESTION # 548
How can the concept of relevant cost help management with behavioral analyses?

A. It enables management to predict how costs such as the depreciation of equipment will be affected by a change in business decisions
B. It enables management to make business decisions, as it explains the cost that will be incurred for a given course of action
C. It explains the assumption mat both costs and revenues are linear through the relevant range
D. It enables management to calculate a minimum number of units to produce and sell without having to incur a loss.

Answer: B

Explanation:
Relevant cost refers to costs that will change depending on a specific business decision. It is crucial for decision-making as it helps management assess the financial impact of alternatives.
* Relevant costs focus on future costs that differ between decision alternatives.
* They help management analyze how different choices impact profitability.
* This supports decision-making in areas such as pricing, outsourcing, and product discontinuation.
* A. It explains the assumption that both costs and revenues are linear through the relevant range # Incorrect. While linear cost behavior is often assumed, it is not the primary purpose of relevant cost analysis.
* B. It enables management to calculate a minimum number of units to produce and sell without having to incur a loss # Incorrect. This describes break-even analysis, not relevant cost analysis.
* C. It enables management to predict how costs such as the depreciation of equipment will be affected by a change in business decisions # Incorrect. Depreciation is a sunk cost and is not considered relevant for decision-making.
* The IIA's Practice Guide: Financial Decision-Making and Internal Audit's Role outlines how relevant cost analysis aids business strategy.
* International Professional Practices Framework (IPPF) Standard 2120 states that internal auditors should assess management's cost-analysis techniques.
* Managerial Accounting Concepts (by IMA and COSO) emphasize relevant costs in strategic decision-making.
Why Option D is Correct?Explanation of the Other Options:IIA References & Best Practices:Thus, the correct answer is D. It enables management to make business decisions, as it explains the cost that will be incurred for a given course of action.

NEW QUESTION # 549
......

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