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| Certification Vendor: | IIA (The Institute of Internal Auditors) |
|---|---|
| Exam Name: | Internal Audit Function |
| Exam Number: | IIA-CIA-Part3 |
| Passing Score: | 600 (scaled score, range 250–750) |
| Exam Format: | Computer-based testing, Multiple-choice questions |
| Related Certifications: | CIA Part 1 - Essentials of Internal Auditing CIA Part 2 - Practice of Internal Auditing |
| Available Languages: | Spanish, Chinese (Simplified), French, English, Japanese, Italian, German, Korean, Russian, Portuguese |
| Exam Duration: | 120 minutes |
| Exam Price: | USD 380 (member) / USD 495 (non-member) |
| Certificate Validity Period: | 3 years from completion of all parts |
| Real Exam Qty: | 100 |
| Recommended Training: | IIA Learning Resources IIA Official Study Materials |
| Exam Registration: | IIA Official Registration Pearson VUE Scheduling |
| Sample Questions: | IIA IIA-CIA-Part3 Sample Questions |
| Exam Way: | Computer-based; available at Pearson VUE test centers worldwide; online proctored option available in select regions |
| Pre Condition: | Meet CIA eligibility: bachelor's degree or equivalent, character reference, professional experience (varies by education level); complete CIA application and pay application fee |
| Official Syllabus URL: | https://www.theiia.org/en/certifications/cia/exam-prep-resources/exam-syllabus/exam-syllabus-part-3/ |
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IIA-CIA-Part3 (Business Knowledge for Internal Auditing) certification exam is a globally recognized certification that demonstrates an individual's knowledge and expertise in the field of internal auditing. Internal Audit Function certification is offered by the Institute of Internal Auditors (IIA), which is a professional association that provides education, certification, and guidance for internal auditors worldwide.
NEW QUESTION # 515
Which of the following security controls focuses most on prevention of unauthorized access to the power plant?
Answer: A
NEW QUESTION # 516
Which of the following statements is true regarding data backup?
Answer: A
Explanation:
A tape rotation schedule defines how often backup tapes are overwritten or archived, directly impacting data retention periods. This is essential for compliance, disaster recovery, and internal controls over data storage.
Correct Answer (C - The Tape Rotation Schedule Affects How Long Data is Retained) Organizations use backup rotation schemes such as Grandfather-Father-Son (GFS), Tower of Hanoi, or FIFO (First-In-First-Out) to determine how long backups are kept before being overwritten.
This impacts data retention policies, regulatory compliance, and recovery capabilities.
The IIA's GTAG 10: Business Continuity Management discusses backup strategies and retention management.
Why Other Options Are Incorrect:
Option A (System backups should always be performed real-time):
Real-time backups (continuous data protection) are useful but not always required. Many businesses use scheduled backups instead.
Option B (Backups should be stored in a secured location onsite for easy access):
Best practice recommends offsite or cloud storage to protect against disasters like fire or cyberattacks.
Option D (Backup media should be restored only in case of hardware or software failure):
Backups may also be restored for audit purposes, compliance checks, or business continuity testing.
GTAG 10: Business Continuity Management - Covers backup strategies, data retention, and disaster recovery.
IIA Practice Guide: IT Controls - Discusses backup policies and risks in data management.
Step-by-Step Explanation:IIA References for Validation:Thus, the tape rotation schedule (C) is correct because it determines how long data is retained.
NEW QUESTION # 517
Which of the following techniques would best detect an inventory fraud scheme?
Answer: D
Explanation:
Detecting an inventory fraud scheme requires analyzing patterns of inventory adjustments, particularly across different locations. Fraudulent activities often involve unauthorized write-offs, stock transfers, or misstatements of inventory levels.
* (A) Analyze invoice payments just under individual authorization limits.
* Incorrect: This technique is useful for detecting procurement fraud or invoice splitting, but not directly related to inventory fraud.
* (B) Analyze stratification of inventory adjustments by warehouse location. (Correct Answer)
* Fraudulent inventory write-offs often occur in specific warehouses or locations where controls are weak.
* Stratifying inventory adjustments helps identify abnormal patterns, such as excessive losses in one location.
* IIA Standard 2120 (Risk Management) recommends data analytics and trend analysis to detect anomalies.
* COSO ERM - Control Activities emphasizes monitoring and review of inventory adjustments to prevent fraud.
* (C) Analyze inventory invoice amounts and compare with approved contract amounts.
* Incorrect: This technique is effective for detecting overbilling or procurement fraud, but not inventory fraud, which involves physical stock manipulation.
* (D) Analyze differences discovered during duplicate payment testing.
* Incorrect: Duplicate payment testing helps uncover billing fraud, not inventory fraud.
* IIA Standard 2120 - Risk Management: Encourages fraud detection through trend analysis and data monitoring.
* IIA Practice Guide - Auditing Inventory Management: Suggests stratification of inventory adjustments to identify fraud.
* COSO ERM - Control Activities: Recommends monitoring inventory transactions to prevent fraud.
Analysis of Each Option:IIA References Supporting the Answer:Thus, the correct answer is (B) because analyzing stratification of inventory adjustments by warehouse location helps detect irregular patterns indicative of fraud.
NEW QUESTION # 518
Value engineering is:
Answer: D
Explanation:
Value engineering is a means of reaching targeted cost levels. It is a systematic approach to assessing all aspects of the value chain cost buildup for a product: R&D, design of products, design of processes, production, marketing, distribution, and customer service_ The purpose is to minimize costs without sacrificing customer satisfaction.
NEW QUESTION # 519
Quality cost indices are often used to measure and analyze the cost of maintaining or improving the level of quality. Such indices are computed by dividing the total cost of quality over a given period by some measure of activity during that period (for example, sales dollars). The following cost data are available for a company for the month of March. The company's quality cost index is calculated using total cost of quality divided by sales dollars.
The quality cost index for March is:
Answer: D
Explanation:
The total cost of quality equals the sum of prevention costs (quality planning), appraisal costs (inspection and testing), internal failure costs (scrap and rework), and external failure costs (customer complaints and returns), or US $30,000 ($2,800 + $6,400 + $16,800 + $4,000). Thus, the quality cost index for March is 7.5 [(US $30,000 - US $400,000) x 100].
NEW QUESTION # 520
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