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IIA-CIA-Part3 exam is a comprehensive examination designed to measure the candidate's knowledge in business principles and concepts that are essential for internal auditing professionals. It is a challenging exam that requires the candidate to have a deep understanding of various business domains. Hence, individuals interested in pursuing a career in internal auditing should consider taking the IIA-CIA-Part3 exam to enhance their professional recognition and career prospects.
IIA-CIA-Part3 Exam is a computer-based exam, and candidates must complete it within four hours. IIA-CIA-Part3 Exam consists of 100 multiple-choice questions, and candidates must score at least 600 out of 800 to pass. Candidates can take the exam at any Prometric testing center worldwide, and the exam fee varies depending on the candidate's location.
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IIA-CIA-Part3 exam is considered to be one of the most challenging exams in the CIA program, and requires a high level of preparation and study. Candidates must have a thorough understanding of the exam content, and must be able to apply their knowledge in a practical and effective manner. IIA-CIA-Part3 Exam is comprised of multiple-choice questions, and candidates are given four hours to complete the exam.
NEW QUESTION # 236
Which of the following statements is true regarding an investee that received a dividend distribution from an entity and is presumed to have little influence over the entity?
Answer: C
Explanation:
* Accounting Treatment for Investments with Little Influence:
* When an investee has little or no influence over an entity, it uses the cost method (or fair value method, if applicable) to account for the investment.
* Under the cost method, cash dividends received are recorded as dividend revenue rather than adjusting the investment account.
* IIA Standard 2120 - Risk Management:
* Internal auditors must ensure that financial reporting aligns with applicable accounting standards.
* Applicable Accounting Standards:
* IFRS 9 (Financial Instruments) and U.S. GAAP (ASC 320 - Investments in Equity Securities) state that dividends received should be recognized as income in the period received.
* A. The cash dividends received increase the investee investment account accordingly. (Incorrect)
* This applies to the equity method, used when an entity has significant influence (usually 20-
50% ownership).
* Under the cost method, dividend income is recognized as revenue, not as an increase in the investment account.
* B. The investee must adjust the investment account by the ownership interest. (Incorrect)
* Adjusting the investment account for ownership percentage is a feature of the equity method, not the cost method.
* C. The investment account is adjusted downward by the percentage of ownership. (Incorrect)
* A downward adjustment only occurs under the equity method when dividends exceed earnings, indicating a return of capital.
* Under the cost method, dividends are recorded as revenue.
Explanation of Answer Choice D (Correct Answer):Explanation of Incorrect Answers:Conclusion:When an investee has little influence, dividends are recorded as revenue (Option D), following IFRS 9 and U.S.
GAAP standards.
IIA References:
* IIA Standard 2120 - Risk Management
* IFRS 9 - Financial Instruments
* U.S. GAAP ASC 320 - Investments in Equity Securities
NEW QUESTION # 237
On December 31, Year 1, Health entities reported a US $150,000 warranty expense in its income statement. The expense was based on actual warranty cost of US$30,000 in Year 1 and expected warrant costs of US $35,000 in Year 2, US $40,000 in Year 3, and US $45,000 in Year 4. For tax purposes, warrant costs are not deductible until paid. At December 31, Year 1, deferred taxes should be based on a:
Answer: C
Explanation:
At year-end year 1, Health entities should report a US $120,000 warranty liability in its balance sheet. The warranty liability is equal to the US $150,000 warranty expense minus the US $30,000 warrant cost actually incurred in Year 1. Because warranty costs are not deductible until paid, the tax base of the warranty liability is 0. The result is a US $120,000 temporary difference US$120,000 carrying amount tax base). When the liability is settled through the actually incurrence of warranty costs, the amounts will be deductible. Thus, the temporary difference should be classified as a deductible temporary difference.
NEW QUESTION # 238
Which of the following networks is suitable for an organization that has operations In multiple cities and countries?
Answer: A
Explanation:
A Wide Area Network (WAN) is the most suitable type of network for an organization that has operations in multiple cities and countries. WANs connect multiple local area networks (LANs) and other types of networks across long geographical distances, enabling seamless communication and data sharing among remote offices and branches.
* A. Wide Area Network (WAN) (Correct Answer)
* WANs cover extensive geographical areas, such as multiple cities, countries, or even continents.
* They use various communication technologies, including leased lines, satellite connections, VPNs, and MPLS.
* WANs enable organizations with distributed operations to centralize data management and enhance business continuity.
* Example: An international corporation like a multinational bank or a global retail chain relies on a WAN to link its offices worldwide.
* B. Local Area Network (LAN) (Incorrect Answer)
* LANs are confined to a small area, such as an office building, factory, or campus.
* They provide high-speed connectivity but are not designed for geographically dispersed locations.
* Example: A single office using Ethernet and Wi-Fi to connect employees' devices.
* C. Metropolitan Area Network (MAN) (Incorrect Answer)
* MANs span a city or a large campus but do not extend to multiple countries.
* Example: A city's government agencies using a fiber-optic MAN for interdepartmental communication.
* D. Storage Area Network (SAN) (Incorrect Answer)
* SANs are dedicated high-speed networks designed for large-scale data storage and retrieval.
* They are not meant for interconnecting geographically dispersed locations.
* Example: A financial institution using a SAN for high-speed access to critical databases.
* The IIA's Global Technology Audit Guide (GTAG) - IT Risks and Controls emphasizes the importance of network infrastructure in securing and managing organizational data across multiple locations.
* IIA Standard 2110 - Governance requires internal auditors to evaluate whether the organization's IT strategy (including WAN infrastructure) supports business objectives and risk management.
* IIA GTAG 17 - Auditing Network Security highlights the importance of WAN security, VPNs, and encryption when managing international operations.
Explanation of Answer Choices:IIA References:Thus, the correct answer is A. Wide Area Network (WAN).
NEW QUESTION # 239
What should the company focus on to achieve quality more economically?
Answer: A
Explanation:
Prevention attempts to avoid defective output. Prevention costs include preventive maintenance, employee training, review of equipment design, and evaluation of suppliers. Prevention is less costly than detection and correction of defective output.
NEW QUESTION # 240
Which of the following statements best describes the current state of data privacy regulation?
Answer: C
Explanation:
Reference: IIA Business Knowledge for Internal Auditing, Data Privacy and Regulation section.
NEW QUESTION # 241
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