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IIA IIA-CIA-Part3 Exam Syllabus Topics:

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

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IIA Internal Audit Function Sample Questions (Q263-Q268):

NEW QUESTION # 263
A depreciable asset has an estimated 20% residual value. At the end of the asset's estimated useful life the accumulated depreciation will equal the original cost of the asset under which of the following depreciation methods?

A. Option C
B. Option A
C. Option D
D. Option B

Answer: C

Explanation:
At the end of the estimated useful life of a depreciable asset, the amount of accumulated depreciation should equal the depreciable cost original cost - estimated residual value regardless of the depreciation method used. Periodic diminishing-balance depreciation is calculated without regard to residual value, but the asset is not depreciated below its residual value. The SYD method uses a depreciable base equal to cost minus residual value.

NEW QUESTION # 264
The costs of quality that are incurred in detecting units of product that do not conform to product specifications are referred to as:

A. Prevention costs.
B. Rework costs.
C. Failure costs.
D. Appraisal costs.

Answer: D

Explanation:
Appraisal activities include inspection and testing. Appraisal costs (such as test equipment maintenance and destructive testing) are incurred to detect products not conforming to specifications.

NEW QUESTION # 265
A financial institution receives frequent and varied email requests from customers for funds to be wired out of their accounts. Which verification activity would best help the institution avoid falling victim to phishing?

A. Calling the customer at the phone number on record to validate the request.
B. Reviewing the customer record to verify whether the customer has authorized wire requests from that email address.
C. Reviewing the customer's wire activity to determine whether the request is typical.
D. Replying to the customer via email to validate the sender and request.

Answer: A

Explanation:
Phishing attacks often target financial institutions by impersonating customers and requesting fraudulent fund transfers. The best way to verify such requests is to independently contact the customer using a trusted communication channel, such as the phone number on record.
Verbal confirmation via a trusted number prevents fraudsters from exploiting email spoofing or compromised accounts.
This aligns with industry best practices, including multi-factor verification for high-risk transactions.
A). Reviewing the customer's wire activity to determine whether the request is typical. (Incorrect) While reviewing transaction history can help detect anomalies, fraudsters can mimic previous transaction patterns, making this method unreliable on its own.
B). Calling the customer at the phone number on record to validate the request. (Correct) Direct phone verification ensures that the actual account owner is making the request.
This is a widely recommended anti-fraud measure in financial institutions.
C). Replying to the customer via email to validate the sender and request. (Incorrect) If the email account is compromised, the fraudster will control the response.
Email validation is not secure for financial transactions.
D). Reviewing the customer record to verify whether the customer has authorized wire requests from that email address. (Incorrect) While this can help identify unregistered emails, attackers often spoof or hack real customer emails.
Email-based verification alone is not sufficient.
IIA GTAG 16 - Security Risk: IT and Cybersecurity recommends multi-factor authentication for high-risk financial transactions.
IIA Standard 2120 - Risk Management highlights the need for robust fraud prevention mechanisms, including direct customer verification.
FFIEC (Federal Financial Institutions Examination Council) Cybersecurity Guidelines emphasize the importance of out-of-band authentication for wire transfers.
Explanation of Answer Choices:IIA References:Thus, the correct answer is B. Calling the customer at the phone number on record to validate the request.

NEW QUESTION # 266
A bond that matures after one year has a face value of S250,000 and a coupon of $30,000. if the market price of the bond is 5265,000, which of the following would be the market interest rate?

A. Between 12.01 percent and 12.50 percent.
B. Less than 12 percent.
C. 12 percent.
D. More than 12 50 percent.

Answer: B

NEW QUESTION # 267
Assume that the value of a share of QQ Company ordinary stock at the expiration date is either US $30 or US $45. What is the difference in the net payoff on the portfolio because of a difference in the stock price at the maturity date?

A. US $7.50
B. US $10.00
C. US $0
D. US $5.00

Answer: C

Explanation:
If the stock price at the maturity date is US $30, AA Company will have a share of stock worth US $30 and a put option worth US $10 $40 exercise price -$30 stock price). The call option will be worthless. Hence, the net payoff is US $40 $30 + $10). If the stock price at the maturity date is US $45, the share of stock will be worth US $45, the put will he worthless, and the loss on the call will be US $5 $45 - $40). Thus, the net payoff will be US $40 $45 - $5). Consequently, the difference in the net payoff on the portfolio because of a difference in the stock price at the maturity date is US $0 $40 - $40).

NEW QUESTION # 268
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