IIA IIA-CIA-Part3 Practice Exam (Desktop & Web-Based)

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IIA IIA-CIA-Part3 Exam Syllabus Topics:

Section	Weight	Objectives
Common Business Processes	45%	- Describe business processes and their risk and control implications 1. Procurement 2. Product development 3. Sales and marketing 4. Management of outsourced processes 5. Logistics 6. Human resources - Recognize various forms and elements of contracts 1. Consideration 2. Formality 3. Fixed-price and cost-reimbursable contracts 4. Unilateral and bilateral contracts - Identify risk and control implications of project management 1. Project risk management 2. Time/team/resources/cost management 3. Project plan and scope 4. Change management in projects - Describe the risk and control implications of supply chain management 1. Quality control 2. Vendor management 3. Inventory management - Examine financial management concepts and their risk and control implications 1. Cost accounting 2. Financial analysis and decision-making 3. Capital budgeting and investment 4. Working capital management 5. Financial accounting and reporting 6. Managerial accounting
Financial Management	10%	- 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. Financial instruments 2. Working capital management 3. Capital structure and financing 4. Foreign currency
Information Technology	20%	- Examine the role of data analytics in the audit process 1. Data extraction 2. Continuous auditing 3. Data analysis techniques - Recognize existing and emerging cybersecurity threats and vulnerabilities 1. Ransomware 2. Social engineering 3. Malware 4. Phishing - Explain the purpose and use of common information security and technology controls 1. Encryption 2. Biometrics 3. Passwords 4. IT general controls 5. Antivirus 6. Multi-factor authentication 7. Firewalls 8. Digital signatures - Identify risk and control implications related to IT infrastructure and systems 1. Networking 2. Databases 3. Cloud computing 4. Business continuity and disaster recovery 5. Operating systems - Recognize principles of data privacy and their potential impact on data security policies and practices - Recognize data governance and data management concepts
Organizational Strategic Planning and Management	25%	- Identify the risk and control implications of different organizational structures 1. Matrix structures 2. Flat versus traditional 3. Centralized versus decentralized - Examine how performance measures and controls are used to assess achievement of organizational objectives 1. Key performance indicators (KPIs) 2. Benchmarking 3. Balanced scorecard - Analyze the organization's strategic planning process and its integration with the risk management strategy 1. Business context analysis 2. Risk appetite definition 3. Alternative strategies evaluation 4. Alignment to the organization's mission and values 5. Control environment 6. Objective setting - Identify risk and control implications related to leadership and mentoring 1. Providing constructive feedback 2. Mentoring 3. Guiding people 4. Building organizational commitment 5. Demonstrating entrepreneurial ability 6. Coaching - Examine organizational behavior and management principles 1. Conflict resolution 2. Team dynamics 3. Motivation theories 4. Leadership styles 5. Change management

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IIA Internal Audit Function Sample Questions (Q745-Q750):

NEW QUESTION # 745
The decision rule that selects the strategy with the highest utility payoff if the worst state of nature occurs is the

A. Minimize regret rule.
B. Maxi max rule.
C. Maximize utility rule.
D. Maximin rule.

Answer: D

Explanation:
The maximin rule determines the minimum payoff for each decision and then chooses the decision with the maximum minimum payoff. It is a conservative criterion adopted by risk averse players, that is, those for whom the disutility of a loss exceeds the utility of an equal gain.

NEW QUESTION # 746
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?

A. Cost of sales is overstated and net Income is understated.
B. Cost of sales and net income are understated.
C. Cost of sales and net income are overstated.
D. Cost of sales is understated and not income is overstated.

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 # 747
Which of the following types of date analytics would be used by a hospital to determine which patients are likely to require remittance for additional treatment?

A. Prescriptive analytics.
B. Diagnostic analytics.
C. Predictive analytics.
D. Descriptive analytics.

Answer: C

NEW QUESTION # 748
Which of the following physical access controls is most likely to be based on "something you have" concept?

A. A fingerprint scanner.
B. A card-key scanner.
C. A PIN code reader.
D. A retina characteristics reader.

Answer: A

NEW QUESTION # 749
An example of an internal nonfinancial benchmark is:

A. A US $50,000 limit on the cost of employee training programs at each of the company's plants.
B. The percentage of customer orders delivered on time at the company's most efficient plant.
C. The labor rate of comparably skilled employees at a major competitor's plant.
D. The average actual cost per pound of a specific product at the company's most efficient plant.

Answer: B

Explanation:
Benchmarking is a continuous evaluation of the practices of the best organizations in their class and the adaptation of processes to reflect the best of these practices. It requires analysis and measurement of key outputs against those of the best organizations. This procedure also involves identifying the underlying key actions and causes that contribute to the performance difference. The percentage of orders delivered on time at the company's most efficient plant is an example of an internal nonfinancial benchmark.

NEW QUESTION # 750
......

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