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IIA-CIA-Part3 exam is designed to test the candidate's knowledge of business concepts and practices as they relate to internal auditing. IIA-CIA-Part3 Exam covers a wide range of topics, including macro and microeconomics, financial statement analysis, budgeting and forecasting, risk management, and corporate governance.

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IIA-CIA-Part3 Exam, also known as Business Knowledge for Internal Auditing, is an essential certification exam for internal auditors who want to demonstrate their extensive knowledge and skills in the field. IIA-CIA-Part3 exam is conducted by the Institute of Internal Auditors (IIA) and is a crucial step towards obtaining the Certified Internal Auditor (CIA) designation. The IIA-CIA-Part3 Exam is designed to assess the candidate's understanding of business concepts, including risk management, organizational structure, governance, and financial management.

IIA Internal Audit Function Sample Questions (Q670-Q675):

NEW QUESTION # 670
The estimated demand for pretzels at the next home football game using a deterministic approach based on the most likely outcome is:

A. 5,000 pretzels.
B. 4,000 pretzels.
C. 4,400 pretzels.
D. 6,000 pretzels.

Answer: A

Explanation:
A deterministic approach assumes that a value is known with certainty. If that value is deemed to be the most likely outcome, assumed demand will be 5,000 pretzels,

The volume with the highest probability 35%). A beverage stand can sell either soft drinks or coffee on any given day. If the stand sells soft drinks and the weather i= hot, it will make US $2,600; if the weather is cold, the profit will be US $1,000. If the stand sells coffee and the weather is hot, it will make US $1,900: if the weather is cold, the profit will be US $2,000. The probability of cold weather on a given day at this time is 60%.

NEW QUESTION # 671
COBIT is:

A. A set of guidelines to assist in implementing adequate controls over IT processes.
B. A set of risks and responses to technology challenges.
C. The update of the previous Systems Auditability and Control reports.
D. Published by the Committee of Sponsoring Organizations.

Answer: A

Explanation:
COBIT Control Objectives for Information and related Technology) is an IT control framework copyrighted by the IT Governance Institute ITG1). COBIT is a set of guidelines to assist management and business process owners in implementing adequate controls over IT processes and resources. It is designed to be an IT governance tool that facilitates understanding and managing the risks and benefits associated with information and related IT.

NEW QUESTION # 672
Which of the following price adjustment strategies encourages prompt payment?

A. Functional discounts.
B. Seasonal discounts.
C. Quantity discounts.
D. Cash discounts.

Answer: D

NEW QUESTION # 673
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.
Sales US $400,000
Direct materials cost 100,000
Direct labor cost 80,000
Testing and inspection cost 6,400 Scrap and rework cost 16,800
Quality planning cost 2,800
Cost of customer complaints and returns 4,000
The quality cost index for March is:

A. 22.0%
B. 7.5%
C. 6.5%
D. 5.9%

Answer: B

Explanation:
The total cost of quality equals the sum of prevention costs quality planning), appraisal casts testing and inspection), internal failure casts scrap and rework), and external failure casts customer complaints and returns), or U $30,000 $2,800 + $6,400 + $16,800 + $4,000). The quality cost index equals the total casts of quality divided by sales. Thus, the quality cast index for March is 7.5% U $80,000 - U $400,000).

NEW QUESTION # 674
An internal auditor was asked to review an equal equity partnership In one sampled transaction Partner A transferred equipment into the partnership with a self-declared value of $10,000 and Partner B contributed equipment with a self-declared value of $15 000 The capital accounts of each partner were subsequently credited with S12,500. Which of the following statements is true regarding this transaction?

A. The capital accounts of the partners should be increased by the original cost of the contributed equipment.
B. The capital accounts of the partners should be increased by the fair market value of their contribution
C. The capital accounts should be increased using a weighted average based on the current percentage of ownership
D. No action is needed as the capital account of each partner was increased by the correct amount

Answer: B

NEW QUESTION # 675
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