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

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IIA Internal Audit Function Sample Questions (Q733-Q738):

NEW QUESTION # 733
Which of the following capital budgeting techniques considers the tune value of money?

Answer: A

Explanation:
Capital budgeting techniques are used to evaluate investment projects by analyzing potential costs and benefits. One key consideration in capital budgeting is the time value of money (TVM), which states that a dollar received today is worth more than a dollar received in the future due to its earning potential.
* Why Option C (Discounted cash flow) is Correct:
* Discounted Cash Flow (DCF) explicitly incorporates the time value of money by discounting future cash flows to their present value.
* Methods such as Net Present Value (NPV) and Internal Rate of Return (IRR) fall under DCF analysis, making them highly reliable for long-term capital budgeting decisions.
* Why Other Options Are Incorrect:
* Option A (Annual rate of return):
* Incorrect because the annual rate of return (ARR) is based on accounting profits and does not consider the time value of money.
* Option B (Incremental analysis):
* Incorrect because incremental analysis is a decision-making tool that compares alternative costs and revenues but does not discount future cash flows.
* Option D (Cash payback):
* Incorrect because the payback period method only measures the time needed to recover an investment and ignores the time value of money.
* IIA GTAG - "Auditing Capital Budgeting Decisions": Discusses the importance of time value of money in investment decisions.
* COSO ERM Framework - "Risk Considerations in Financial Planning": Recommends using DCF methods for capital investment decisions.
* IFRS & GAAP Financial Reporting Standards: Advocate for using DCF techniques for asset valuation and investment analysis.
IIA References:


NEW QUESTION # 734
General sales taxes tend to be regressive with respect to income because:

Answer: D

Explanation:
A sales tax is regressive with respect to income even though the rate is the same regardless of the buyer's income. The reason is that a greater percentage of a low-income individual's income is exposed to the tax. A higher-income individual should be able to save more and therefore shield a greater percentage of his/her income from the tax.


NEW QUESTION # 735
During its first year of operations, a company produced 275.000 units and sold 250.000 units The following costs were incurred during the year:

The differences between operating profit calculated on the absorption-costing basis and on
the variable-costing basis is that absorption-costing operating profit is

Answer: A

Explanation:
Absorption-costing operating profit will exceed variable-costing operating income because production exceeds sales, resulting in a deferral of fixed manufacturing overhead in the inventory calculated using the absorption method. The difference of US $200,000 is equal to the fixed manufacturing overhead per unit US $2,200,000 -275,000 = US $8.00) times the difference between production and sales 275,000 -250,000 = 25,000, which is the inventory change in units).


NEW QUESTION # 736
Which of the following roles would be least appropriate for the internal audit activity to undertake with regard to an organization's corporate social responsibility (CSR) program?

Answer: C


NEW QUESTION # 737
A company that wishes to improve its rate of retention of its experienced employees might:

Answer: D

Explanation:
Fringe benefits e.g., pensions and profit-sharing plans) may be contingent on duration of employment. Accordingly, they motivate employees to remain with the company.


NEW QUESTION # 738
......

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