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IIA-CIA-Part3 exam covers a wide range of topics related to business knowledge, including finance, economics, risk management, and strategic management. It is a challenging exam that requires candidates to demonstrate their mastery of complex concepts and their ability to apply them in practical situations. Successful candidates not only possess a deep understanding of business concepts but also possess the analytical and critical thinking skills necessary to excel in the internal auditing profession.
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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.
IIA-CIA-Part3 exam is the third part of the Certified Internal Auditor (CIA) certification program. This program is recognized globally as the standard for internal auditors and is highly valued by employers. The CIA certification program consists of three parts, with the IIA-CIA-Part3 Exam being the final part. Candidates must pass all three parts of the exam to receive the CIA certification.
NEW QUESTION # 246
A financial institution receives frequent and varied email requests from customers for funds to be wired out of their accounts. Which verification activity would best help the institution avoid falling victim to phishing?
Answer: D
Explanation:
Phishing attacks often target financial institutions by impersonating customers and requesting fraudulent fund transfers. The best way to verify such requests is to independently contact the customer using a trusted communication channel, such as the phone number on record.
Verbal confirmation via a trusted number prevents fraudsters from exploiting email spoofing or compromised accounts.
This aligns with industry best practices, including multi-factor verification for high-risk transactions.
A). Reviewing the customer's wire activity to determine whether the request is typical. (Incorrect) While reviewing transaction history can help detect anomalies, fraudsters can mimic previous transaction patterns, making this method unreliable on its own.
B). Calling the customer at the phone number on record to validate the request. (Correct) Direct phone verification ensures that the actual account owner is making the request.
This is a widely recommended anti-fraud measure in financial institutions.
C). Replying to the customer via email to validate the sender and request. (Incorrect) If the email account is compromised, the fraudster will control the response.
Email validation is not secure for financial transactions.
D). Reviewing the customer record to verify whether the customer has authorized wire requests from that email address. (Incorrect) While this can help identify unregistered emails, attackers often spoof or hack real customer emails.
Email-based verification alone is not sufficient.
IIA GTAG 16 - Security Risk: IT and Cybersecurity recommends multi-factor authentication for high-risk financial transactions.
IIA Standard 2120 - Risk Management highlights the need for robust fraud prevention mechanisms, including direct customer verification.
FFIEC (Federal Financial Institutions Examination Council) Cybersecurity Guidelines emphasize the importance of out-of-band authentication for wire transfers.
Explanation of Answer Choices:IIA References:Thus, the correct answer is B. Calling the customer at the phone number on record to validate the request.
NEW QUESTION # 247
The required adjusting entry at December 31 related to salaries and wages is
Answer: B
Explanation:
An expense incurred but not yet paid is an accrued expense. The adjusting entry to record an accrued expense of US $1,700 for unpaid salaries and wages is to debit an expense account and credit a liability account.
NEW QUESTION # 248
The sales manager for a builder of custom yachts developed the following conditional table for annual production and sales:
According to the table, how many yachts should be built?
Answer: A
Explanation:
To achieve the maximum expected profit, 30 yachts should be built. For each level of production, multiply the probability of demand by the expected profit. The computation for the maximum is: 0.1(-US $10) + 0.2($10) + 0.5($30) + 0.2($30) = US $22.
NEW QUESTION # 249
Image processing systems have the potential to reduce the volume of paper circulated throughout an organization. To reduce the likelihood of users relying on the wrong images, management should ensure that appropriate controls exist to maintain the:
Answer: B
Explanation:
Data integrity is a protectibility objective. If index data for image processing systems are corrupted, users will likely be relying on the wrong images.
NEW QUESTION # 250
While conducting an audit of the accounts payable department, an internal auditor found that 3% of payments made during the period under review did not agree with the submitted invoices. Which of the following key performance indicators (KPIs) for the department would best assist the auditor in determining the significance of the test results?
Answer: C
NEW QUESTION # 251
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