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IIA-CIA-Part3 exam covers a wide range of topics, including financial management, operations management, risk management, and governance. It tests the candidate's knowledge of business processes, financial statements, internal controls, and risk management frameworks. IIA-CIA-Part3 exam is designed to ensure that internal auditors have a deep understanding of the business environment and can effectively assess the risks and controls within an organization.
IIA-CIA-Part3 exam is a computer-based exam that consists of 100 multiple-choice questions. Candidates have two hours and forty-five minutes to complete the exam. IIA-CIA-Part3 Exam is designed to test the candidate's knowledge of key concepts related to business knowledge for internal auditing. Candidates must pass the exam with a score of 600 or higher to receive the certification.
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Passing the IIA-CIA-Part3 Exam demonstrates a significant achievement in an individual's career as an internal auditor. It not only validates their knowledge and skills but also enhances their credibility and marketability. Internal Audit Function certification is highly valued by employers as it assures them that the certified individual has the necessary knowledge to perform their duties effectively and efficiently. Additionally, achieving this certification can lead to career advancement opportunities, higher salaries, and increased job security.
NEW QUESTION # 391
A value-added tax is collected on the basis of:
Answer: C
Explanation:
A value-added tax is similar to a retail sales tax on consumer goods. It is applied to the difference between the value of an entity's sales and the value of its purchases from other entities, that is. to the value added to the input In effect, a value-added tax is a national tax that penalizes consumption.
NEW QUESTION # 392
Division A of a company is currently operating at 50% capacity. It produces a single product and sells all its production to outside customers for US $13 per unit. Variable costs are US $7 per unit, and fixed costs are US $6 per unit at the current production level. Division B, which currently purchases this product from an outside supplier for US $12 per unit, would like to purchase the product from Division A. Division A will operate at 80% capacity to meet outside customers' and Division B's demand. What is the minimum price that Division A should charge Division B. for this product?
Answer: A
Explanation:
From the seller's perspective, the price should reflect at least its incremental cash outflow outlay cost) plus the contribution from an outside sale opportunity cost). Because A has idle capacity, the opportunity cost is O. Thus, the minimum price Division A should charge Division B. is US $7.00.
NEW QUESTION # 393
While conducting' audit procedures at the organization's data center an internal auditor noticed the following:
- Backup media was located on data center shelves.
- Backup media was organized by date.
- Backup schedule was one week in duration.
The system administrator was able to present restore logs.
Which of the following is reasonable for the internal auditor to conclude?
Answer: D
Explanation:
The auditor's observation indicates that backup media is stored on-site in the data center, which is a major risk in disaster recovery and business continuity planning (BCP). Best practices recommend storing backup media off-site to prevent data loss due to fires, floods, cyberattacks, or other disasters affecting the primary site.
* Off-Site Storage Reduces Disaster Risks:
* Keeping backups only at the primary data center means that any physical disaster (fire, flood, theft, or power surge) can destroy both primary and backup data.
* Best practices require off-site or cloud-based backup storage to ensure data recovery in case of emergencies.
* Regulatory and Compliance Considerations:
* IIA Standard 2110 (Governance): Emphasizes disaster recovery policies to protect critical IT assets.
* ISO/IEC 27001 (Information Security Management System): Recommends storing backups in a geographically separate location.
* NIST SP 800-34 (Contingency Planning Guide for Federal Information Systems): Requires off-site storage to ensure effective disaster recovery.
* Why the Other Options Are Incorrect:
* B. Backup procedures are adequate and appropriate according to best practices: #
* Incorrect, as on-site-only storage violates best practices for disaster recovery.
* C. Backup media is not properly indexed, as backup media should be indexed by system, not date:
#
* While indexing is important, the main issue here is improper storage, not indexing methods.
* D. Backup schedule is not sufficient, as full backup should be conducted daily: #
* Backup frequency depends on business needs; a weekly backup is common for many organizations.
* However, the biggest concern here is lack of off-site storage, not frequency.
* IIA GTAG (Global Technology Audit Guide) on Business Continuity and Disaster Recovery:
Recommends off-site storage for backups.
* ISO/IEC 27001 - Information Security Controls (A.12.3.1): Requires backup data to be securely stored off-site.
* COBIT 5 Framework - DSS04 (Manage Continuity): Supports off-site backups for IT continuity.
Step-by-Step Justification:IIA References:Thus, the correct answer is A. Backup media is not properly stored, as the storage facility should be off-site. #
NEW QUESTION # 394
According to Porter ' s model of competitive strategy, which of the following is a generic strategy?
* Differentiation.
* Competitive advantage.
* Focused differentiation.
* Cost focus.
Answer: B
Explanation:
Porter's generic strategies include cost leadership, differentiation, and focus strategies. Focus strategies may be applied through cost focus or differentiation focus. Therefore, differentiation, focused differentiation, and cost focus are valid generic strategies. Competitive advantage is not itself one of the generic strategies; it is the outcome that the strategies are intended to create. Option A is wrong because competitive advantage alone is not a generic strategy. Option B omits differentiation, which is a core generic strategy. Option D incorrectly includes competitive advantage as though it were a strategy. Internal auditors reviewing strategic planning should understand these concepts because strategy affects risk appetite, operational priorities, performance measures, and control design. The correct combination is items 1, 3, and 4 only, making Option C correct.
NEW QUESTION # 395
A service entity's working capital at the beginning of January was 70,000. The following transactions occurred during January.
What is the amount of working capital at the end of January?
Answer: B
Explanation:
Working capital is the excess of total current assets CA) over total current liabilities CL). Thus, working capital at the end of January equais US $80,500 computed as follows.
An entity reports the following account balances at year-end.
The opening balance of ordinary shares was US $100,000. The opening balance of ordinary earning was US $82,500. The entity had 10,000 ordinary shares outstanding all
year. No dividends were paid during the year.
NEW QUESTION # 396
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