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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.
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NEW QUESTION # 392
Which of the following network types should an organization choose if it wants to allow access only to its own personnel?
Answer: A
Explanation:
An Intranet is a private network that is accessible only to an organization's personnel. It is used for internal communication, data sharing, and collaboration while ensuring security and restricted access.
Let's analyze each option:
* Option A: An extranet
* Incorrect. An extranet extends an organization's internal network to external parties such as vendors, suppliers, or business partners. Since the organization wants to allow access only to its personnel, an extranet is not the right choice.
* Option B: A local area network (LAN)
* Incorrect. While a LAN is a network within a limited geographic area (such as an office), it does not necessarily restrict access only to personnel. Additionally, an intranet operates over a LAN but includes access controls and authentication mechanisms.
* Option C: An Intranet
* Correct. An intranet is specifically designed for internal use, allowing employees to securely share documents, collaborate, and access internal resources. Organizations can implement access control mechanisms to restrict access to authorized personnel only.
* IIA Reference: Internal auditors assess IT security to ensure that internal networks (such as intranets) have appropriate access restrictions to protect sensitive data. (IIA GTAG: Auditing IT Networks)
* Option D: The internet
* Incorrect. The internet is a public network that does not restrict access. Using the internet for internal communication would expose sensitive data to external threats.
Thus, the verified answer is C. An Intranet.
NEW QUESTION # 393
Which of the following classes of securities are listed in order from lowest risk/opportunity for return to highest risk/opportunity for return?
Answer: B
Explanation:
The general principle is that risk and return are directly correlated. Corporate first mortgage bonds are less risky than income bonds or shares because they are secured by specific property. In the event of default, the bondholders can have the property sold to satisfy their claims. Holders of first mortgages have rights paramount to those of any other parties, such as holders of second mortgages. Income bonds pay interest in the event the corporation earns income. Thus, holders of income bonds have less risk than shareholders because meeting the condition makes payment of interest mandatory. Preference shareholders ro_0icc dividends only if they are declared, and the directors usually have complete discretion in this matter Alai. shareholders have claims junior to those of debit holders if the entity is liquidated.
NEW QUESTION # 394
As it relates to the data analytics process, which of the following best describes the purpose of an internal auditor who cleaned and normalized cate?
Answer: A
Explanation:
Data cleaning and normalization are essential steps in the data analytics process to ensure that data is accurate, complete, and useful for analysis. The primary purpose of these steps is to identify and correct anomalies, inconsistencies, and errors, making the data usable for decision-making.
* (A) The auditor eliminated duplicate information. #
* Incorrect. Removing duplicates is one part of data cleaning, but it does not encompass the full process of making data usable.
* (B) The auditor organized data to minimize useless information. #
* Incorrect. While organizing data helps improve efficiency, it does not necessarily involve error detection and correction, which is key to data cleaning.
* (C) The auditor made data usable for a specific purpose by ensuring that anomalies were identified and corrected. #
* Correct. The primary goal of cleaning and normalizing data is to detect and fix anomalies (e.
g., missing values, inconsistencies, formatting errors), ensuring that data is reliable for analysis.
* IIA GTAG "Data Analytics: Elevating Internal Audit Performance" highlights that correcting data anomalies is a critical step in preparing data for effective use.
* (D) The auditor ensured data fields were consistent and that data could be used for a specific purpose. #
* Incorrect. While consistency in data fields is part of normalization, it does not fully address the broader purpose of identifying and fixing errors.
* IIA GTAG - "Data Analytics: Elevating Internal Audit Performance"
* IIA Standard 2320 - Analysis and Evaluation
* NIST Data Quality Framework - Data Cleaning and Normalization
Analysis of Answer Choices:IIA References:Thus, the correct answer is C, as data cleaning and normalization ensure that anomalies are detected and corrected, making the data usable for a specific purpose
NEW QUESTION # 395
On March 15, Year 1 Kathleen Corp. adopted a plan to accumulate US $1.000.000 by September 1 Year 5 Kathleen plans to make four equal annual deposits to a fund that will earn interest at 10% compounded annually. Kathleen made the first deposit on September 1, Year 1. Future value and future amount factors are as follows:
Future value of US $1 at 1 O% for four periods 1.46
Future amount of ordinary annuity of US $1 at 10% for four periods 4.64
Future amount of annuity in advance of US $1 at 10% for four periods 5.11
Kathleen should make four annual deposits rounded of
Answer: A
Explanation:
The depositor wishes to have US $1 .000.000 at the end of a 4-year period from 9/I r 1 to 9111Yr 5). The amount will be generated from four equal annual payments an annuity) to be made starting at the beginning of the 4-year period. The annual payment for this annuity can be calculated advance by dividing the desired future amount of US $1.000.000 by the factor for the future amount of an amount in advance of US $1 at 10% for four periods. Each annual deposit should therefore equal US $195.700$1.000.000 -5.11).
NEW QUESTION # 396
If a control total were to be computed on each of the following data items, which would best be identified as a hash total for a payroll computer application?
Answer: D
Explanation:
The three types of control totals are record counts, financial totals, and hash totals Record counts establish the number of source documents and reconcile it to the number of output records. Financial totals compute dollar totals from source documents e.g.. the total dollar amount of invoices processes) and reconcile them with the output records. Hash totals add numbers on input documents that are not normally added e.g., department numbers), resulting in a total that is "meaningless" for any purpose other than this control.
Batchelder Company has the following invoices in a batch:
NEW QUESTION # 397
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