100% Pass 2026 Authoritative IIA IIA-CIA-Part3: Internal Audit Function Latest Exam Practice

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IIA IIA-CIA-Part3 Exam Syllabus Topics:

SectionWeightObjectives
Topic 1: Common Business Processes45%- Recognize various forms and elements of contracts
  • 1. Consideration
  • 2. Fixed-price and cost-reimbursable contracts
  • 3. Formality
  • 4. Unilateral and bilateral contracts
- Describe business processes and their risk and control implications
  • 1. Procurement
  • 2. Management of outsourced processes
  • 3. Product development
  • 4. Sales and marketing
  • 5. Human resources
  • 6. Logistics
- Identify risk and control implications of project management
  • 1. Time/team/resources/cost management
  • 2. Project risk management
  • 3. Project plan and scope
  • 4. Change management in projects
- Describe the risk and control implications of supply chain management
  • 1. Quality control
  • 2. Inventory management
  • 3. Vendor management
- Examine financial management concepts and their risk and control implications
  • 1. Capital budgeting and investment
  • 2. Cost accounting
  • 3. Working capital management
  • 4. Managerial accounting
  • 5. Financial accounting and reporting
  • 6. Financial analysis and decision-making
Topic 2: Financial Management10%- Identify risk and control implications of financial management
  • 1. Capital structure and financing
  • 2. Financial instruments
  • 3. Working capital management
  • 4. Foreign currency
- Examine the risk and control implications of financial statement analysis
  • 1. Common-size analysis
  • 2. Ratio analysis
  • 3. Trend analysis
Topic 3: Organizational Strategic Planning and Management25%- Analyze the organization's strategic planning process and its integration with the risk management strategy
  • 1. Alternative strategies evaluation
  • 2. Business context analysis
  • 3. Risk appetite definition
  • 4. Control environment
  • 5. Alignment to the organization's mission and values
  • 6. Objective setting
- Examine organizational behavior and management principles
  • 1. Conflict resolution
  • 2. Motivation theories
  • 3. Team dynamics
  • 4. Change management
  • 5. Leadership styles
- Identify the risk and control implications of different organizational structures
  • 1. Matrix structures
  • 2. Centralized versus decentralized
  • 3. Flat versus traditional
- Examine how performance measures and controls are used to assess achievement of organizational objectives
  • 1. Key performance indicators (KPIs)
  • 2. Benchmarking
  • 3. Balanced scorecard
- Identify risk and control implications related to leadership and mentoring
  • 1. Guiding people
  • 2. Providing constructive feedback
  • 3. Coaching
  • 4. Mentoring
  • 5. Demonstrating entrepreneurial ability
  • 6. Building organizational commitment
Topic 4: Information Technology20%- Recognize principles of data privacy and their potential impact on data security policies and practices
- Examine the role of data analytics in the audit process
  • 1. Data analysis techniques
  • 2. Continuous auditing
  • 3. Data extraction
- Identify risk and control implications related to IT infrastructure and systems
  • 1. Networking
  • 2. Business continuity and disaster recovery
  • 3. Operating systems
  • 4. Databases
  • 5. Cloud computing
- Recognize existing and emerging cybersecurity threats and vulnerabilities
  • 1. Ransomware
  • 2. Malware
  • 3. Phishing
  • 4. Social engineering
- Recognize data governance and data management concepts
- Explain the purpose and use of common information security and technology controls
  • 1. Digital signatures
  • 2. Antivirus
  • 3. Biometrics
  • 4. IT general controls
  • 5. Multi-factor authentication
  • 6. Firewalls
  • 7. Passwords
  • 8. Encryption

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IIA Internal Audit Function Sample Questions (Q22-Q27):

NEW QUESTION # 22
Listening effectiveness is best increased by:

Answer: A

Explanation:
Explanation/Reference:


NEW QUESTION # 23
An internal auditor considers the financial statement of an organization as part of a financial assurance engagement. The auditor expresses the organization's electricity and depreciation expenses as a percentage of revenue to be 10% and 7% respectively. Which of the following techniques was used by the internal auditor In this calculation?

Answer: B


NEW QUESTION # 24
The correct equation for calculating the approximate percentage cost, on an annual basis, of not taking trade discounts is

Answer: C

Explanation:
The first term of the formula represents the periodic cost of the trade
discount, calculated as the cost per unit of trade credit discount %) divided by the funds made available by not taking the discount 100 - discount %). The second term represents the number of times per year this cost is incurred. The multiple of these terms is the approximate annual percentage cost of not taking the trade discount. A precise formula would incorporate the effects of compounding when calculating the annual cost.


NEW QUESTION # 25
A manufacturer has been approached by a new customer who wants to place a one-time order for a component similar to one that the manufacturer makes for another customer. Existing sales will not be affected by acceptance of this order. The manufacturer has a policy of setting its targeted selling price at 60% over full manufacturing cost. The manufacturing costs and the targeted selling price for the existing product are presented below.

The manufacturer has excess capacity to produce the quantity of the component desired by the new customer. The direct materials used in the component for the new customer would cost the manufacturer US $0.25 less than the component currently being made.
The variable selling expenses packaging and shipping) would be the same, or US $0.90
per unit. Under those, circumstances, the minimum unit price at which the manufacturer would accept the special order is one exceeding.

Answer: B

Explanation:
Because the manufacturer has excess capacity and existing sales will be unaffected, the minimum price the manufacturer should be willing to accept is anything above the total variable cost of the unit US $2.05 + $3.60 + $2.70 + $0.90 = US $9.25) an amount that includes the variable manufacturing cost and the variable selling expenses. The fixed costs are not relevant.


NEW QUESTION # 26
Providing knowledge, motivating organizational members, controlling and coordinating individual efforts, and expressing feelings and emotions are all functions of:

Answer: D


NEW QUESTION # 27
......

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