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| Certification Vendor: | The Institute of Internal Auditors (IIA) |
|---|---|
| Exam Name: | Internal Audit Function |
| Exam Number: | CIA-Part-3 |
| Certificate Validity Period: | No expiration for certification; requires ongoing Continuing Professional Education (CPE) of 40 hours annually |
| Available Languages: | Chinese (Simplified), Arabic, Spanish, English, Korean, Japanese, Portuguese |
| Related Certifications: | Certified Internal Auditor (CIA) Certification in Risk Management Assurance (CRMA) |
| Real Exam Qty: | 100 multiple-choice questions |
| Exam Duration: | 120 minutes |
| Exam Price: | Varies by region; approximately USD 280โ395 per part |
| Exam Format: | Multiple-choice questions, Computer-based testing |
| Passing Score: | 600/750 (scaled score) |
| 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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Passing the IIA-CIA-Part3 Exam is a prerequisite for obtaining the Certified Internal Auditor (CIA) designation. The CIA designation is a globally recognized certification that indicates a high level of expertise and professionalism in the field of internal auditing. The IIA-CIA-Part3 exam is one of three exams required to obtain the CIA designation.
NEW QUESTION # 339
Which of the following is a disadvantage in a centralized organizational structure?
Answer: A
NEW QUESTION # 340
A major benefit of computer-integrated manufacturing (CIM) is:
Answer: C
Explanation:
CIM entails a holistic approach to manufacturing in which design is translated into product by centralized processing and robotics. CIM can help an organization reduce costs of spoilage, increase flexibility, and increase productivity. Flexibility is the key benefit. A traditional manufacturing system might become disrupted from an emergency change, but CIM will reschedule everything in the plant when a priority requirement is inserted into the system.
NEW QUESTION # 341
Focusing on customers, promoting innovation, learning new philosophies, driving out fear, and providing extensive training are all elements of a major change in organizations. These elements are aimed primarily at:
Answer: B
Explanation:
TQM is a comprehensive approach to quality. It treats the pursuit of quality as a basic organizational function that is as important as production or marketing. TQM is the continuous pursuit of quality in every aspect of organizational activities through (1) a philosophy of doing it right the first time; (2) employee training and empowerment; (3) promotion of teamwork; (4) improvement of processes; and (5) attention to satisfaction of customers, both internal and external. TQM emphasizes the supplier's relationship with the customer, identifies customer needs, and recognizes that everyone in a process is at some time a customer or supplier of someone else, either inside or outside of the organization.
NEW QUESTION # 342
Which of the following backup methodologies would be most efficient in backing up a database in the production environment?
Answer: B
NEW QUESTION # 343
An organization's account for office supplies on hand had a balance of $9,000 at the end of year one. During year two. The organization recorded an expense of $45,000 for purchasing office supplies. At the end of year two. a physical count determined that the organization has $11 ,500 in office supplies on hand. Based on this Information, what would he recorded in the adjusting entry an the end of year two?
Answer: B
Explanation:
* Understanding the Accounting for Office Supplies:
* The organization maintains an account for office supplies on hand, which represents unused office supplies at any given time.
* The expense recorded during the year represents the cost of office supplies purchased.
* At year-end, the adjusting entry is made to reflect the actual amount of supplies on hand and adjust the supplies expense accordingly.
* Formula to Determine the Supplies Used:
Supplies Used=Beginning Balance+Purchases#Ending Balance\text{Supplies Used} = \text{Beginning Balance} + \text{Purchases} - \text{Ending Balance} Supplies Used=Beginning Balance+Purchases#Ending Balance Plugging in the given values:
Supplies Used=9,000+45,000#11,500=42,500\text{Supplies Used} = 9,000 + 45,000 - 11,500 = 42,500 Supplies Used=9,000+45,000#11,500=42,500
* This amount ($42,500) represents the actual office supplies used and should be recorded as an expense.
* The adjusting entry would include:
* A debit to Office Supplies on Hand for $42,500
* A credit to Office Supplies Expense for $42,500
* Why Other Options Are Incorrect:
* A. A debit to office supplies on hand for $2,500 - Incorrect, as this figure does not represent supplies used or purchased.
* B. A debit to office supplies on hand for $11,500 - Incorrect, as this is the ending balance and not the adjustment amount.
* C. A debit to office supplies on hand for $20,500 - Incorrect, as this does not align with the formula for calculating used supplies.
* IIA's Perspective on Financial Reporting and Adjusting Entries:
* IIA Standard 1220 - Due Professional Care emphasizes accurate financial reporting and proper adjustments for year-end entries.
* GAAP Accounting Principles require accrual-based adjustments to ensure that expenses are recognized in the period they are incurred.
* COSO Internal Control Framework supports proper inventory and expense adjustments to avoid misstated financials.
IIA References:
* IIA Standard 1220 - Due Professional Care (Financial Reporting Accuracy)
* GAAP Accounting Standards - Adjusting Entries for Supplies and Inventory
* COSO Internal Control - Accurate Expense Recognition
Thus, the correct and verified answer is D. A debit to office supplies on hand for $42,500.
NEW QUESTION # 344
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