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IIA IIA-CIA-Part3 Exam Syllabus Topics:

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

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Actual IIA-CIA-Part3 Test Pdf | IIA-CIA-Part3 Valid Guide Files

In today's competitive industry, only the brightest and most qualified candidates are hired for high-paying positions. Obtaining IIA-CIA-Part3 is a wonderful approach to be successful because it can draw in prospects and convince companies that you are the finest in your field. Pass the IIA-CIA-Part3 Exam to establish your expertise in your field and receive certification. However, passing the Internal Audit Function IIA-CIA-Part3 exam is challenging.

IIA Internal Audit Function Sample Questions (Q668-Q673):

NEW QUESTION # 668
When assessing application controls, which one of the following input controls or edit checks is most likely to be used to detect a data input error in the customer account number field?

Answer: D

Explanation:
Validity checks are tests of identification numbers or transaction codes for validity by comparison with items already known to be correct or authorized. For example, Social Security numbers on payroll input records can be compared with Social Security numbers authorized by the personnel department.


NEW QUESTION # 669
The profile of an internal auditor ' s personality traits reveals that the auditor is most motivated by self- actualization needs.
Given this, which of the following is likely to serve as the best motivator for this auditor?

Answer: A

Explanation:
Self-actualization needs involve personal growth, realizing potential, mastery, creativity, achievement, and meaningful challenge. Assigning the auditor to complex and challenging audits is the best motivator because it allows professional development, judgment, problem-solving, and higher-level contribution. Rotating the auditor to a multidisciplinary team may provide variety, but it is not as directly tied to self-actualization. Job security addresses safety needs, which are lower in Maslow's hierarchy. Increased benefits address compensation and security needs rather than growth and fulfillment. Internal audit leaders should align assignments with staff motivation, competence, and development goals to improve performance and retention.
Since complex audit work best supports self-actualization, Option B is correct.


NEW QUESTION # 670
A growing entity is assessing current working capital requirements. Ana rage of 58 days is required to convert raw materials into finished goods and to sell them. Then an average of 32 days is required to collect on receivables. If the average time the entity takes to pay for its raw materials is 15 days after they are received, the total cash conversion cycle is

Answer: A

Explanation:
The cash conversion cycle is the length of time between paying for purchases and receiving cash from the sale of finished is. It equals the inventory conversion period. Plus the receivables collection period, minus the payables deferral period, or 75 days 58 days + 32 days - 15 days). An entity has a current ratio of 1.4. a quick, or acid test, ratio of 1.2.and the following partial summary balance sheet:


NEW QUESTION # 671
Company P paid US $600,000 for all of the outstand ordinary stock of Company S in a business combination initiated and completed initiated and completed in the current year.
At that time, Company S had the following condensed balance sheet.

The fair value of the plant and equipment was US $120,000 more than its carrying amount. The fair values and carrying amounts were equal for all other assets and liabilities. What amount of goodwill, related to Company S's acquisition, should Company P report in its consolidated balance sheet?

Answer: B

Explanation:
Under the acquisition methods, assets acquired and liabilities assumed should be recorded at their acquisition-date fair values. Any excess of the sum of the considerations transferred, any noncontrolling interest, and any previously held equity interest over the fair value of the net assets acquired is recorded as goodwill. After adjusting the net plant and equipment, and given that other items are stated at fair value, the fair value of the net assets acquired is US $560,000 [$80,000 current assets +$760,000 + $120,000) plant and equipment- $400,000 liabilities]. Hence, goodwill is US $40,000$600,000 consideration
$560,000).


NEW QUESTION # 672
A retail organization mistakenly did have include $10,000 of Inventory in the physical count at the end of the year. What was the impact to the organization's financial statements?

Answer: D

Explanation:
When inventory is understated (not included in the physical count) at year-end, the financial impact affects both cost of sales (COGS) and net income as follows:
* Correct Answer (C - Cost of Sales is Understated and Net Income is Overstated)
* The ending inventory is part of the formula used to calculate the cost of goods sold (COGS):
COGS=BeginningInventory+Purchases#EndingInventoryCOGS = Beginning Inventory + Purchases - Ending InventoryCOGS=BeginningInventory+Purchases#EndingInventory
* If ending inventory is understated, then:
* COGS will be understated (because inventory that should have been counted as sold was omitted).
* Net income will be overstated because COGS is lower than it should be, making profits appear higher.
* This error causes financial misstatements, violating IIA auditing standards for financial accuracy.
* Why Other Options Are Incorrect:
* Option A (Cost of sales and net income are understated):
* Net income would not be understated-it would be overstated because the cost of goods sold is too low.
* Option B (Cost of sales and net income are overstated):
* COGS would be understated, not overstated. If COGS were overstated, net income would be understated.
* Option D (Cost of sales is overstated and net income is understated):
* The opposite happens-COGS is understated and net income is overstated.
* IIA GTAG 8: Audit of Inventory Management - Covers financial impact of inventory misstatements.
* IIA Practice Guide: Auditing Financial Statements - Addresses common inventory errors and financial reporting impacts.
Step-by-Step Explanation:IIA References for Validation:Thus, C is the correct answer because an understated inventory reduces COGS and inflates net income.


NEW QUESTION # 673
......

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