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| Certification Vendor: | The Institute of Internal Auditors (IIA) |
|---|---|
| Exam Name: | Internal Audit Function |
| Exam Number: | CIA-Part-3 |
| Exam Duration: | 120 minutes |
| Passing Score: | 600/750 (scaled score) |
| Exam Price: | Varies by region; approximately USD 280–395 per part |
| Exam Format: | Computer-based testing, Multiple-choice questions |
| Related Certifications: | Certification in Risk Management Assurance (CRMA) Certified Internal Auditor (CIA) |
| Available Languages: | Portuguese, Spanish, Korean, Chinese (Simplified), Arabic, Japanese, English |
| Certificate Validity Period: | No expiration for certification; requires ongoing Continuing Professional Education (CPE) of 40 hours annually |
| Real Exam Qty: | 100 multiple-choice questions |
| Recommended Training: | IIA Official CIA Learning System IIA Training and Exam Preparation Resources |
| Exam Registration: | Pearson VUE IIA Exam Scheduling IIA CIA Certification Overview and Registration |
| Sample Questions: | IIA IIA-CIA-Part3 Sample Questions |
| Exam Way: | Computer-based exam delivered at authorized testing centers or online proctored via Pearson VUE (where available) |
| Pre Condition: | No formal educational prerequisites required; CIA Part 3 can be taken after or before other CIA parts depending on exam pathway rules, but CIA certification requires relevant education and/or experience. |
| Official Syllabus URL: | https://www.theiia.org/en/certifications/cia/ |
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The IIA IIA-CIA-Part3 Exam is divided into six domains: governance and business ethics, risk management, organizational structure and business processes, communication, management and leadership principles, and information technology and business continuity. These domains cover a wide range of topics that are critical for internal auditors to understand in order to effectively assess and monitor an organization's operations.
NEW QUESTION # 337
During a review of a web-based application used by customers to check the status of their bank accounts, it would be most important for the internal auditor to ensure that:
Answer: B
NEW QUESTION # 338
A newly acquired plant asset is to be depreciated over its useful life. The rationale for this process is the:
Answer: A
Explanation:
A basic feature of financial accounting is that the entity is assumed to be a going concern in the absence of evidence to the contrary. The going concern concept is based on the empirical observation that many entities have an indefinite life. The reporting entity is assumed to have a life long enough to fulfill its objectives and commitments and therefore to depreciate wasting assets over their useful lives.
NEW QUESTION # 339
A large retail customer made an offer to buy 10.000 units at a special price of $7 per unit. The manufacturer usually sells each unit for §10, Variable Manufacturing costs are 55 per unit and fixed manufacturing costs are
$3 per unit. For the manufacturer to accept the offer, which of the following assumptions needs to be true?
Answer: B
Explanation:
When evaluating a special order, the manufacturer must determine if accepting it will be profitable without disrupting normal operations. The key consideration is whether the company has spare production capacity to handle the order without increasing fixed costs.
* Correct Answer (B - The Manufacturer Can Fulfill the Order Without Expanding Production Facilities)
* Fixed costs ($3 per unit) are already incurred and will not change if the order is accepted.
* The special price ($7 per unit) covers the variable costs ($5 per unit), contributing $2 per unit to profit.
* If the manufacturer has excess production capacity, the order is profitable.
* The IIA Practice Guide: Auditing Financial Performance emphasizes that special order decisions should be based on incremental cost analysis, ensuring no need for capacity expansion.
* Why Other Options Are Incorrect:
* Option A (Fixed and Variable Manufacturing Costs Are Less Than the Special Offer Selling Price):
* Fixed costs should not be considered in short-term pricing decisions if they are already incurred.
* Option C (Costs Related to Accepting This Offer Can Be Absorbed Through the Sale of Other Products):
* The decision should be based on whether the order is profitable on its own, not relying on other products.
* Option D (The Manufacturer's Production Facilities Are Operating at Full Capacity):
* If the company is at full capacity, accepting the order would require sacrificing existing sales or expanding capacity, which increases costs.
* IIA Practice Guide: Auditing Financial Performance - Discusses cost analysis for special pricing decisions.
* IIA GTAG 13: Business Performance - Covers incremental cost and profitability analysis in pricing decisions.
Step-by-Step Explanation:IIA References for Validation:Thus, B is the correct answer because accepting the order is only profitable if the manufacturer has excess capacity.
NEW QUESTION # 340
Assume that nominal interest rates just increased substantially but that the expected future dividends for an entity over the long run were not affected. As a result of the increase in nominal interest rates, the entity's share price should
Answer: D
Explanation:
The dividend growth model is used to calculate the price of a share.
Assuming that DI and G remain constant, an increase in Rs resulting from an increase in the nominal interest rate will cause Po to decrease. A higher interest rate raises the required return of investors, which results in a lower share price. An entity has the following three investment projects available:
The entity has a 4O f debt and 60 l 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 # 341
An investment company is attempting to allocate its available funds between two investment alternatives, stocks and bonds, which differ in terms of expected return and risk. The company would like to minimize its risk while earning an expected return of at least 10% and investing no more than 70% in either of the investment alternatives. An appropriate technique for allocating its funds between stocks and bonds is:
Answer: B
Explanation:
Linear programming is a mathematical technique for planning resource allocation that optimizes a given objective function that is subject to certain constraints. In this case, the maximum investment is constrained by a 70% limit on either investment choice.
NEW QUESTION # 342
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