Free PDF 2026 IIA-CIA-Part3: Newest Valid Internal Audit Function Study Notes

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IIA IIA-CIA-Part3 Exam Syllabus Topics:

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

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IIA Internal Audit Function Sample Questions (Q215-Q220):

NEW QUESTION # 215
Which of the following controls would enable management to receive timely feedback and help mitigate unforeseen risks?

Answer: C


NEW QUESTION # 216
Fulford Company applies the target pricing and costing approach. The following information about costs and revenues of Fulford's product are available for the year just ended:

Fulford plans to increase unit sales to 80,000 by reducing the product's unit price to US $320.
If Fulford desires a unit target operating income of 12CYo, by what amount must it reduce the full cost per unit?

Answer: B

Explanation:
Unit target operating income is US $38.40 $320 unit target price 12°X0). Hence, the unit target full cost is US $281.60 $320 - $38.40). The current full cost per unit is US $352.00 [($13,200,000 CGS + $7,920,000 other value chain operating costs) - 60,000 units sold], so the necessary reduction in the full cost per unit is US $70.40 $352.00 - $281.60).


NEW QUESTION # 217
A supervisor receives a complaint from an employee who is frustrated about having to learn a new software program. The supervisor responds that the new software will enable the employee to work more efficiently and with greater accuracy. This response is an example of:

Answer: C

Explanation:
Explanation/Reference:


NEW QUESTION # 218
On June 1 of the current year, XYZ Company purchased British pounds for 10,000 euros. It also acquired land for 25,000 euros. At the end year or XYZ Company's fiscal year on December 31, the spot rate for the pound was 1.20 euros. The land had a value of 27,500 euros. XYZ Company records its nonmonetary items at historical cost. Which of the following is the correct presentation of this transaction on XYZ Company's balance sheet?

Answer: C

Explanation:
At the balance sheet date, monetary items are reported at the closing rate, which is often the spot rate on the balance sheet date. Nonmonetary items measured at historical cost reported at the rate on the transaction date. Thus, the pounds are reported at EUR12.0001.20
EUR/E x EUR10,000), and the land is reported at EUR25,000.


NEW QUESTION # 219
In Year 2, a manufacturing company instituted a total quality management (TQM) program producing the following report:

On the basis of this report, which one of the following statements is most likely true?

Answer: D

Explanation:
Prevention and appraisal costs increased substantially, but internal and external failure costs decreased. Thus, the soundest conclusion is that the increase in prevention and appraisal costs resulted in a higher-quality product.


NEW QUESTION # 220
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