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Success in the test of the Internal Audit Function (IIA-CIA-Part3) certification proves your technical knowledge and skills. The IIA-CIA-Part3 exam credential paves the way toward landing high-paying jobs or promotions in your organization. Many people who attempt the Internal Audit Function (IIA-CIA-Part3) exam questions don't find updated practice questions. Due to this they don't prepare as per the current IIA-CIA-Part3 examination content and fail the final test.

IIA-CIA-Part3 certification exam is a challenging and rewarding opportunity for internal auditors. It provides a comprehensive test of business knowledge and its application to internal auditing. Passing the exam demonstrates a commitment to professional development and a solid understanding of business concepts, making it a valuable asset for internal auditors seeking to advance their careers.

IIA-CIA-Part3 exam, also known as Business Knowledge for Internal Auditing, is one of the three exams required to obtain the Certified Internal Auditor (CIA) certification offered by the Institute of Internal Auditors (IIA). IIA-CIA-Part3 Exam is designed to test the candidate's knowledge of business acumen and its application in the internal auditing profession. IIA-CIA-Part3 exam covers various topics such as business processes, financial management, risk management, and governance.

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IIA-CIA-Part3 (Business Knowledge for Internal Auditing) Certification Exam is an essential qualification for internal auditors seeking to expand their knowledge and skills in understanding business operations and risks. Offered by the Institute of Internal Auditors (IIA), this certification exam tests candidates on their understanding of essential business concepts, including strategic planning, financial management, marketing, and human resources.

IIA Internal Audit Function Sample Questions (Q391-Q396):

NEW QUESTION # 391
Which of the following is an element of effective negotiating?

Answer: D


NEW QUESTION # 392
Which of the following is a key responsibility of a database administrator?

Answer: D


NEW QUESTION # 393
The use of derivatives to either hedge or speculate results in:

Answer: D

Explanation:
Derivatives, including options and futures, are contracts between the parties who contract. Unlike stocks and bonds, they are not claims on business assets. A futures contract is entered into as either a speculation or a hedge. Speculation involves the assumption of risk in the hope of gaining from price movements. Hedging is the process of using offsetting commitments to minimize or avoid the impact of adverse price movements.


NEW QUESTION # 394
An entity purchases US $150,000 of inputs from other entities and incurs US $500,000 of labor costs in manufacturing its products. It also incurs US $100,000 of interest expense. The entity sells all of its output for US $2.5 million. Rather than paying income tax, the entity must pay a 25% value-added tax. How much tax will be due for this year's activities?

Answer: D

Explanation:
The value added is the difference between the value of the output and the value of the purchased inputs. Value-added tax payable equals the value-added tax rate times value added, or US $587,500 [($2,500,000 $150,000) x .25].


NEW QUESTION # 395
According to internal organizational rules, procurement specialists are responsible for carrying out procurement procedures in accordance with legal acts, but have little knowledge of the equipment and services being procured. Business unit engineers are responsible for preparing the technical descriptions of the desired equipment.
Which of the following controls should be implemented to mitigate potential fraud risks that may occur in the described arrangement?

Answer: A

Explanation:
The fraud risk is that technical descriptions may be written to favor a particular supplier, product, or bidder because procurement specialists lack the expertise to challenge technical specifications. Requiring review by a group of internal experts provides independent technical challenge and reduces the risk of biased or restrictive specifications. Requiring procurement specialists to obtain technical education is impractical and not a timely control. Assigning specifications to procurement specialists may reduce technical quality. Assigning them to potential bidders would create a serious conflict of interest and increase bid-rigging risk. Internal audit should evaluate whether tender specifications are objective, approved, technically justified, and open to fair competition. Therefore, Option A is correct.


NEW QUESTION # 396
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