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IIA-CIA-Part3 exam is a certification exam offered by the Institute of Internal Auditors (IIA) for internal auditors seeking to enhance their knowledge and skills in the area of business knowledge. IIA-CIA-Part3 Exam is designed to test the candidate's understanding of business principles and practices, including financial management, marketing, operations, and information technology. It is one of the three exams required to obtain the Certified Internal Auditor (CIA) designation, which is recognized globally as the standard for internal auditors.
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Studying from an updated practice material is necessary to get success in the IIA IIA-CIA-Part3 certification test on the first try. If you don't adopt this strategy, you will not be able to clear the Internal Audit Function (IIA-CIA-Part3) examination. Failure in the Internal Audit Function (IIA-CIA-Part3) test will lead to loss of confidence, time, and money.
IIA-CIA-Part3 certification exam is highly valued by employers as it demonstrates a candidate's ability to apply business concepts to the internal audit process. Holding this certification can help internal auditors advance their careers and increase their earning potential. It also demonstrates a commitment to professional development and a willingness to stay up-to-date with industry trends and best practices.
IIA-CIA-Part3 exam covers a wide range of topics, including financial management, operations management, risk management, and governance. It tests the candidate's knowledge of business processes, financial statements, internal controls, and risk management frameworks. IIA-CIA-Part3 Exam is designed to ensure that internal auditors have a deep understanding of the business environment and can effectively assess the risks and controls within an organization.
NEW QUESTION # 203
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: D
Explanation:
Logging at the database and application levels is a critical security control that enables monitoring, detecting, and investigating potential security incidents. The absence of logging significantly increases cybersecurity risks and can leave an organization vulnerable to undetected attacks.
Incident Response & Forensics: Without logs, the organization will be unable to determine the cause, origin, and impact of cyber incidents or system intrusions.
Compliance Requirements: Many regulatory frameworks (e.g., ISO 27001, NIST 800-53, GDPR, PCI-DSS, SOX) require logging for security monitoring and auditability.
Threat Detection: Logs help in identifying malicious activities, unauthorized access, and data breaches.
Accountability: Ensures that actions taken within the system can be traced back to specific users or administrators.
Option A (The organization will be unable to develop preventative actions based on analytics): While logging helps in analytics, its primary function is incident detection and forensic investigation.
Option B (The organization will not be able to trace and monitor the activities of database administrators):
This is partially correct, but logging is not just for administrators-it is essential for monitoring all system activities, including unauthorized access attempts.
Option D (The organization will be unable to upgrade the system to newer versions): Logging does not impact system upgrades; upgrades are related to software lifecycle management, not logging practices.
IIA's Global Technology Audit Guide (GTAG) - Information Security Controls recommends logging as a fundamental security control.
IIA Standard 2110 - IT Governance: Emphasizes the need for adequate IT risk management, including logging.
COSO Framework (Monitoring Component): Highlights the importance of system monitoring, which includes logging.
Why Option C is Correct:Why Other Options Are Incorrect:IIA References:Thus, the most appropriate answer is C. The organization will be unable to determine why intrusions and cyber incidents took place.
NEW QUESTION # 204
Which of the following terms best describes the type of control practice evidenced by a segregation of duties between computer programmers and computer operators?
Answer: B
Explanation:
Organizational control concerns the proper segregation of duties and responsibilities within the information systems function. For example, programmers should not have access to the equipment, and operators should not have programming ability. Although proper segregation is desirable, functions that would be considered incompatible if performed by a single individual in a manual activity are often performed through the use of an information systems program or series of programs. Therefore, compensating controls may be
necessary, such as library controls and effective supervision.
NEW QUESTION # 205
The marginal cost of debt for an entity is defined as the interest rate on <List A> debt minus
Answer: A
Explanation:
The marginal cost of debt as a rate) must equal the cost of new debt as a rate) minus the tax savings as a rate). Hence, marginal cost equals the cost of new debt times one minus the marginal tax rate, or ks(1 - T). This expression equals Ka - Kat. The marginal cost of debt financing is the interest rate on new debt minus the entity's marginal tax rate multiplied by the interest rate. Moreover, the marginal or incremental cost of debt to the entity is based on the cost of newly issued debt, not on the cost of outstanding debt.
NEW QUESTION # 206
A manager who is authorized to make purchases up to a certain dollar amount approves the set-up of a fictitious vendor and subsequently initiates purchase orders. Which of the following controls would best address this risk?
Answer: A
Explanation:
The risk is caused by incompatible duties: the same manager can approve vendor setup and initiate purchases.
The best control is segregation of duties through separate vendor creation and approval teams. This prevents one person from creating a fictitious vendor and then generating purchase orders to that vendor without independent review. A code of conduct and conflict-of-interest declaration are useful ethical controls, but they are weaker because they depend on honesty and self-reporting. Vendor master file review is detective and may identify problems after improper vendors already exist. Internal audit should evaluate whether vendor creation, vendor approval, purchase authorization, receiving, invoice approval, and payment functions are properly separated. Therefore, Option A is correct.
NEW QUESTION # 207
Philip Enterprises, distributor of compact disks (CDs), is developing its budgeted cost of goods sold. Philip has developed the following range of sales estimates and associated probabilities for the year:
Philip's cost of goods sold averages 80% of sales. What is the expected value of Philip's budgeted cost of goods sold?
Answer: D
Explanation:
The expected value is calculated by weighting each sales estimate by the probability of its occurrence. Consequently, the expected value of sales is US $84,000 [$60,000 x .25) + ($85,000 x .40) + ($100,000 x.35)]. Cost of goods sold is therefore US $67,200 ($84,000x80%).
NEW QUESTION # 208
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