Quiz 2026 Useful IIA-CIA-Part3: Guaranteed Internal Audit Function Questions Answers

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IIA IIA-CIA-Part3 Exam Syllabus Topics:

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

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IIA Internal Audit Function Sample Questions (Q789-Q794):

NEW QUESTION # 789
Because of inexact estimates of the service life and the residual value of a plant asset, a fully depreciated asset was sold in the current year at a material gain. This gain most likely should be reported:

A. As part of sales revenue on the current income statement
B. In the other revenues and gains section of the current income statement
C. In the extraordinary item section of the current income statement.
D As an adjustment to prior periods' depreciation on the statement of changes in equity_

Answer: B

Explanation:
Income includes revenue and gains. Their essential nature is the same, and they are not treated as separate financial statement elements. Revenues occur in the course of ordinary activities. Gains may or may not occur in the course of ordinary activities. For example, gains may occur from the sale of noncurrent assets. Thus, the gain on the sale of a plant asset is not an operating item and should be classified in an income statement with separate operating and non operating sections in the other revenues and gains section.

NEW QUESTION # 790
Which of the following statements regarding the necessary resources to achieve the internal audit plan is true?

A. Co-sourcing, where experts from outside the organization perform specialized work, must be used by chief audit executives instead of outsourcing
B. Internal audit resources can be obtained entirely from outside the organization
C. Relying upon the work of other assurance providers decreases the efficiency with which to retain auditors with high knowledge and experience
D. Ultimate oversight and responsibility for the internal audit function can be outsourced

Answer: B

Explanation:
According to the Standards, internal audit activities can be provided through in-house resources, outsourcing, or a co-sourcing model. Therefore, it is possible for all resources to come from outside the organization, but ultimate responsibility and accountability remain with the CAE, management, and the board.
Option A is incorrect because oversight cannot be outsourced. Option B is incorrect-coordination with other assurance providers typically increases efficiency. Option D misstates requirements; co-sourcing is an option, not a mandatory practice.
Reference:
IIA Standards - Standard 2070: External Service Provider and Organizational Responsibility for Internal Auditing.

NEW QUESTION # 791
Which of the following measures would best protect an organization from automated attacks whereby the attacker attempts to identify weak or leaked passwords in order to log into employees' accounts?

A. Requiring two-step verification for all users
B. Requiring users to change their passwords every two years.
C. Requiring the use of a virtual private network (VPN) when employees are out of the office.
D. Requiring the use of up-to-date antivirus, security, and event management tools.

Answer: A

Explanation:
Automated attacks that attempt to exploit weak or leaked passwords-such as credential stuffing, brute force attacks, and dictionary attacks-pose a significant cybersecurity risk. Implementing two-step verification (also known as multi-factor authentication, or MFA) is one of the most effective measures to mitigate these threats.
Why Two-Step Verification is Effective (B - Correct Answer)
Multi-factor authentication (MFA) adds an additional security layer beyond a password, requiring a second factor such as a one-time code sent to a mobile device, biometric authentication, or a security key.
Even if an attacker obtains a password, they cannot access the account without the second authentication factor.
The IIA Global Technology Audit Guide (GTAG) 1: Information Security Management emphasizes the use of multi-factor authentication to prevent unauthorized access.
Why Other Options Are Less Effective:
Option A: Changing passwords every two years
Ineffective because attackers often use compromised credentials that may be recent. Best practices recommend regular password updates but coupled with MFA.
The IIA's GTAG 16: Identity and Access Management highlights that password rotation alone does not fully protect against automated attacks.
Option C: Using a VPN when out of the office
Irrelevant to password attacks. A VPN encrypts data and secures network connections but does not prevent brute force or credential stuffing attacks.
The IIA GTAG 17: Auditing Network Security discusses VPNs for secure remote access but does not consider them a solution for password-based attacks.
Option D: Using antivirus and security tools
While important for overall security, these tools cannot prevent attacks that exploit stolen or weak passwords.
The IIA GTAG 15: Information Security Governance states that security tools should be combined with authentication controls like MFA for best protection.
GTAG 1: Information Security Management - Recommends multi-factor authentication to prevent unauthorized system access.
GTAG 16: Identity and Access Management - Highlights the limitations of password-only security and supports multi-factor authentication.
GTAG 17: Auditing Network Security - Covers VPN usage but does not consider it a solution for password attacks.
GTAG 15: Information Security Governance - Discusses the role of security tools and authentication in securing user accounts.
Step-by-Step Explanation:IIA References for Validation:Thus, requiring two-step verification (B) is the most effective control against automated password attacks.

NEW QUESTION # 792
Based on the Year 2 year-end balance of accounts receivable and the Year 2 income statement, the company had an average collection period for Year 2 of:

A. 73 days.
B. 49 days.
C. 78 days.
D. 52 days

Answer: A

Explanation:
The average collection period for Year 2 is 73 days [US $300,000 accounts receivable$1.500.000 sales - 365 days)].

NEW QUESTION # 793
A cost-benefit analysis would show that the manufacturing company would save

A. US $54,000 by purchasing the motors from the outside vendor
B. US $69,000 by purchasing the motors from the outside vendor
C. US $96,000 by making the motors internally
D. US $81,000 by making the motors internally

Answer: D

Explanation:
The relevant costs of making the motor are direct materials, direct labor, variable manufacturing overhead, rental costs of the special machinery, and rental costs of the new warehouse. The fixed manufacturing overhead and the costs of the current warehouse space are not relevant because they will be incurred regardless of whether the motor is made or bought. Buying the motor will cost US $630,000 30,000 x $21).
Making the motor will cost US $549,000 {[30,000 x $8 DM +$ 4 DL + $3 VOH)] +$54,000 + $45,000}. Hence, making the motor saves US $81,000 $630,000 - $549,000). A manufacturing company is considering a new product for the coming year, which is an electric motor the company can purchase from a reliable vendor for US $21.00 per unit. The alternative is t. manufacture the motor internally. The company has excess capacity to manufacture the 30,000 motors needed in the coming year except for manufacturing space and special machinery. The machinery can be leased for US $45,000 annually. Finished goods warehouse space adjoining the main manufacturing facility, leased for US $39,000 annually, can be converted and used to manufacture the motors. Additional offsite space can be leased at an annual cost of US $54,000 to replace the finished goods warehouse. The estimated unit costs for manufacturing the motors internally, exclusive the leasing costs itemized above, are:

NEW QUESTION # 794
......

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