IIA-CIA-Part3 Internal Audit Function Exam Actual Questions & Free PDF IIA Realistic Internal Audit Function

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IIA IIA-CIA-Part3 Exam Syllabus Topics:

Section	Weight	Objectives
Information Technology	20%	- IT Infrastructure and Applications 1. Application development and controls 2. Cloud computing and virtualization 3. Database and data management 4. Hardware, software, and networks - Emerging Technologies and Data Analytics 1. Data analytics concepts and tools 2. Continuous auditing and monitoring 3. AI, RPA, blockchain, IoT - IT Governance and Strategy 1. IT governance frameworks (COBIT, ITIL) 2. IT investment and portfolio management 3. IT alignment with business goals
Information Security	25%	- Information Security Principles 1. Security governance and policies 2. Security frameworks and standards 3. Confidentiality, integrity, availability - Security Risks and Controls 1. Network and infrastructure security 2. Threats, vulnerabilities, and attacks 3. Data protection and privacy 4. Access control and identity management - Security Incidents and Continuity 1. Incident response and management 2. Business continuity planning 3. Disaster recovery
Business Acumen	35%	- Organizational Structure and Business Processes 1. Core business processes and risks 2. Outsourcing and third-party management 3. Structure types and risk implications 4. Project management principles - Organizational Objectives, Behavior, and Performance 1. Strategic planning and alignment 2. Organizational behavior and leadership 3. Management and leadership effectiveness 4. Performance measurement and management - Governance, Risk, and Control 1. Ethics and compliance 2. Control frameworks and design 3. Risk management methodologies 4. Corporate governance frameworks
Financial Management	20%	- Managerial Accounting 1. Cost concepts and allocation 2. Pricing and product decisions 3. Budgeting and variance analysis - Financial Accounting and Reporting 1. Accounting principles and standards 2. Basic financial statements and elements 3. Financial statement analysis - Financial Management and Capital Budgeting 1. Capital budgeting techniques (NPV, IRR) 2. Capital structure and financing 3. Working capital management 4. Tax and regulatory considerations

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IIA Internal Audit Function Sample Questions (Q109-Q114):

NEW QUESTION # 109
When preparing the annual internal audit plan, which of the following should the chief audit executive (CAE) consider to optimize efficiency and effectiveness?

A. The CAE should review operational quality assurance audit plans, place reliance on the areas covered, and exclude those areas from final consideration in the annual internal audit plan
B. The CAE should review the objectives and scope of the external audit plan and consider including audits with the same objectives and scope to ensure thorough coverage of the area
C. The CAE should review the audit plan prepared by the compliance department and coordinate any audits in the same areas to reduce duplication of objectives and minimize disruption to the area under review
D. The CAE should avoid reviewing plans by internal or external assurance providers to increase effectiveness and reduce bias in internal audit selection

Answer: C

Explanation:
To optimize efficiency, the CAE should coordinate with other assurance providers such as compliance, quality assurance, and external auditors. This reduces duplication, minimizes disruption, and ensures resources are used effectively.
Option A may lead to unnecessary duplication rather than coordination. Option C contradicts IIA guidance, which emphasizes coordination (Standard 2050). Option D excludes areas entirely, which is inappropriate because internal audit must still assess whether reliance is valid.
Reference:
IIA Standards - Standard 2050: Coordination and Reliance.

NEW QUESTION # 110
A company} is formulating its plans for the coming year, including the preparation of its cash budget. Historically, 30% of the company's sales are cash sales. The remaining 70% are credit sales with the following collection pattern.

Sales for the first five months of the coming year are forecast as follows.

For the month of April, the total cash receipts from sales and collections on account would be:

A. US $4,025,200
B. US $3,729,968
C. US $4,408,000
D. US $3,781,600

Answer: D

Explanation:
The cash receipts for April equal April's cash sales US $4,000,000 x 30% = US $1,200,000), 40% of April's credit sales, and 580/o of March's credit sales. Consequently, total cash receipts equal US $3, 78-1,600 [$1,200,000 + $4,000,000 40%x 70%) + $8,600,000 68% 70%)].A bank has two drive-in lanes to serve customers: one attached to the bank itself and one on an island. One teller serves bath stations. The bank is interested in determining the average waiting times of customers and has developed a model based on random numbers. The two key factors are the time between successive car arrivals and the time customers wait in line. Assume that the analysis begins with cars just arriving at bath service windows. bath requiring 3 minutes of service time. Car 1 is the attached window attached to the bank unless that window has more cars waiting than the island window. The lone teller will always serve the car that arrived first. If two cars arrive simultaneously, the one at the attached window will be served before the one at the island.

NEW QUESTION # 111
A retail entity maintains a markup of 25 % based on cost. The entity has the following information for the current year:

Beginning inventory was:

A. US $265,000
B. US $110,000
C. US $40,000
D. US $85,000

Answer: D

Explanation:
Cost of goods sold equals beginning inventory, plus purchases including freight-in minus ending inventory. Given that sales reflect 125% of cost, cost of goods sold must equal US $720,000$900.000 sales Consequently the beginning inventory must been US $85,000$720,000 CGS $80,000 E- $690,000 purchases - $25,000 freight-in)

NEW QUESTION # 112
The decision rule that selects the strategy with the highest utility payoff if the worst state of nature occurs is the

A. Maximize utility rule.
B. Maximin rule.
C. Minimize regret rule.
D. Maxi max rule.

Answer: B

Explanation:
The maximin rule determines the minimum payoff for each decision and then chooses the decision with the maximum minimum payoff. It is a conservative criterion adopted by risk averse players, that is, those for whom the disutility of a loss exceeds the utility of an equal gain.

NEW QUESTION # 113
Which of the following dimensions relates to the quality of big data?

A. Validity.
B. Value.
C. Veracity.
D. Variety.

Answer: C

Explanation:
Veracity refers to the reliability, accuracy, trustworthiness, and quality of big data. Big data may be large, fast- moving, and varied, but it is not useful unless the organization can trust its accuracy and consistency. Variety refers to different forms and sources of data, such as structured, semi-structured, and unstructured data. Value refers to the usefulness or business benefit derived from data. Validity is a general data quality concept but is not one of the most common "V" dimensions used to describe big data in this context. Internal auditors should consider veracity when relying on analytics, because poor-quality data can lead to incorrect conclusions, false exceptions, and weak assurance. Therefore, Option A is correct.

NEW QUESTION # 114
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