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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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NEW QUESTION # 216
Which of the following is an indicator of liquidity that is more dependable than working capital?
Answer: C
NEW QUESTION # 217
While conducting' audit procedures at the organization's data center an internal auditor noticed the following:
- Backup media was located on data center shelves.
- Backup media was organized by date.
- Backup schedule was one week in duration.
The system administrator was able to present restore logs.
Which of the following is reasonable for the internal auditor to conclude?
Answer: A
Explanation:
The auditor's observation indicates that backup media is stored on-site in the data center, which is a major risk in disaster recovery and business continuity planning (BCP). Best practices recommend storing backup media off-site to prevent data loss due to fires, floods, cyberattacks, or other disasters affecting the primary site.
Off-Site Storage Reduces Disaster Risks:
Keeping backups only at the primary data center means that any physical disaster (fire, flood, theft, or power surge) can destroy both primary and backup data.
Best practices require off-site or cloud-based backup storage to ensure data recovery in case of emergencies.
Regulatory and Compliance Considerations:
IIA Standard 2110 (Governance): Emphasizes disaster recovery policies to protect critical IT assets.
ISO/IEC 27001 (Information Security Management System): Recommends storing backups in a geographically separate location.
NIST SP 800-34 (Contingency Planning Guide for Federal Information Systems): Requires off-site storage to ensure effective disaster recovery.
Why the Other Options Are Incorrect:
B). Backup procedures are adequate and appropriate according to best practices: # Incorrect, as on-site-only storage violates best practices for disaster recovery.
C). Backup media is not properly indexed, as backup media should be indexed by system, not date: # While indexing is important, the main issue here is improper storage, not indexing methods.
D). Backup schedule is not sufficient, as full backup should be conducted daily: # Backup frequency depends on business needs; a weekly backup is common for many organizations.
However, the biggest concern here is lack of off-site storage, not frequency.
IIA GTAG (Global Technology Audit Guide) on Business Continuity and Disaster Recovery: Recommends off-site storage for backups.
ISO/IEC 27001 - Information Security Controls (A.12.3.1): Requires backup data to be securely stored off- site.
COBIT 5 Framework - DSS04 (Manage Continuity): Supports off-site backups for IT continuity.
Step-by-Step Justification:IIA References:Thus, the correct answer is A. Backup media is not properly stored, as the storage facility should be off-site. #
NEW QUESTION # 218
Which of the following actions is most likely to gain support for process change?
Answer: B
NEW QUESTION # 219
The purpose of the economic order quantity model is to:
Answer: D
Explanation:
The purpose of the EOQ model is to minimize the sum of inventory order costs (or production setup) and holding (carrying) costs. The EOQ equals the square root of twice the annual demand multiplied by the variable cost per order, divided by the unit periodic holding cost.
NEW QUESTION # 220
Which of the following best describes depreciation?
Answer: D
Explanation:
Depreciation is the systematic allocation of an asset's cost over its useful life. It reflects how much of the asset's value is used up in each accounting period.
* Spreads Cost Over Time - Instead of expensing the total cost immediately, depreciation distributes it across multiple periods.
* Matches Expenses with Revenue - Ensures that the cost of long-term assets is allocated in the periods they generate revenue.
* Required for Financial Reporting - Compliance with GAAP and IFRS requires proper allocation of asset costs.
* B. It is a process of asset valuation - Incorrect because depreciation does not determine market value; it only spreads cost over time.
* C. It is a process of accumulating adequate funds to replace assets - Incorrect because depreciation is an accounting concept, not a savings mechanism.
* D. It is a process of measuring decline in the value of assets because of obsolescence - Incorrect because depreciation allocates cost, not necessarily measuring value decline (which is impairment).
* IIA's GTAG on Financial Controls and Reporting - Defines depreciation as a cost allocation method.
* International Financial Reporting Standards (IFRS 16) & US GAAP (ASC 360) - State that depreciation is used to allocate asset costs over time.
* COSO's Internal Control Framework - Covers accounting treatments for fixed assets.
Why Depreciation is an Allocation Process?Why Not the Other Options?IIA References:# Final Answer: A.
It is a process of allocating cost of assets between periods.
NEW QUESTION # 221
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