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To be eligible to take the IIA-CIA-Part3 exam, candidates must have completed the first two exams in the CIA series or have a qualifying exemption. Candidates must also have at least two years of internal audit experience or equivalent education or experience in a related field. IIA-CIA-Part3 Exam is computer-based and consists of 100 multiple-choice questions. Candidates have 2.5 hours to complete the exam.
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IIA IIA-CIA-Part3: Business Knowledge for Internal Auditing Exam is a certification exam offered by the Institute of Internal Auditors (IIA). IIA-CIA-Part3 Exam is designed for internal auditors looking to expand their knowledge of business concepts and practices. IIA-CIA-Part3 exam covers topics such as economics, finance, accounting, organizational structure, and strategic planning.
NEW QUESTION # 91
An electronic meeting conducted between several parties at remote sites is referred to as:
Answer: B
Explanation:
Conducting an electronic meeting among several parties at remote sites is teleconferencing. It can be accomplished by telephone or electronic mail group communication software. Videoconferencing permits the conferees to see each other on video screens. The practice has grown in recent years as companies have attempted to cut their travel costs.
NEW QUESTION # 92
Companies with decentralized, autonomous divisions that sell their goods and services internally to other divisions of the company as well as externally in competitive markets have to establish transfer prices for the goods and services transferred internally among divisions. Generally, upper management has established such operating criteria for managing the divisions as goal congruence, subunit autonomy, and a sustained high level of management effort. An approach consistent with the above criteria would be to set the transfer price equal to the:
Answer: B
Explanation:
The outlay costs represent cash outflows related to the production and transfer of goods/services. The opportunity costs are the maximum contribution forgone by the supplying division if the good/services are sold internally. An opportunity cost will exist if the supplier has no idle capacity and an external market exists_ Thus, this guideline should promote goal congruence actions of the divisional manager benefit the company and the division) a sustained high level of managerial effort exertion toward a goal), and subunit autonomy freedom in decision making). The guideline will vary depending on whether an external market exists and whether the supplier has idle capacity.
NEW QUESTION # 93
During an internal audit engagement, it was found that several vendors were on a government sanctions list and must no longer be traded with. Which of the following would most effectively mitigate the risk of noncompliance with sanctions lists that are updated regularly?
Answer: C
Explanation:
The most effective mitigation is to embed ongoing controls within vendor management processes to ensure that both new and existing vendors are continuously screened against updated sanctions lists. This creates a sustainable and automated compliance mechanism.
Option A is reactive and does not address future compliance. Option B only addresses onboarding of new vendors but ignores existing ones. Option D undermines compliance obligations and does not mitigate risk.
Reference:
IIA Global Technology Audit Guide (GTAG): Auditing Third-Party Risk; IIA Standards - Standard 2130:
Control.
NEW QUESTION # 94
If Projects A and B. are independent, which of the following statements is true?
Answer: A
Explanation:
Independent projects are those whose cash flows are not affected by the acceptance or nonacceptance of other projects. The company must decide whether to accept or to reject each of the projects. Because both projects have a positive NPV calculated using the firm's 8% cost of capital, both should be accepted. A firm with an 1 8 f cost of capital is considering the following projects on January 1. Year 1):
NEW QUESTION # 95
In a review of an EDI application using a third-party service provider, the auditor should:
I. Ensure encryption keys meet ISO standards
II. Determine whether an independent review of the service provider's operation has been conducted.
III. Verify that only public-switched data networks are used by the service provider
IV.
Verify that the service provider's contracts include necessary clauses, such as the right to audit
Answer: D
Explanation:
An auditor should review trading partner agreements and contracts with third-party service providers. These documents should contain necessary clauses and appropriately limit liabilities. Moreover, legal counsel should have reviewed the agreements or contracts. An auditor should also determine whether the third- party service provider's operations and controls have been independently reviewed e.g., by public accountants).
Topic 4, Volume D
NEW QUESTION # 96
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