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IIA IIA-CIA-Part3 Exam Syllabus Topics:

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

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IIA Internal Audit Function Sample Questions (Q518-Q523):

NEW QUESTION # 518
Some economic indicators lead the economy into a recovery or recession, and some lag it. An example of a lag variable is:

A. Consumer expectations.
B. Orders for consumer and producer goods.
C. Housing starts.
D. Chronic unemployment.

Answer: D

Explanation:
Economists use a variety of economic indicators to forecast turns in the business cycle. Economic indicators are variables that in the past have had a high correlation with aggregate economic activity. The best known are the composite indexes calculated by The Conference Board, a private research group with more than 2,700 corporate and other members worldwide. Indicators may lead, lag, or coincide with economic activity. The Conference Board's lagging indicators include average duration of unemployment in weeks, the change in the index of labor cost per unit of output, the average prime rate charged by banks, the ratio of manufacturing and trade inventories to sales, the commercial and industrial loans outstanding, the ratio 'of consumer installment credit outstanding to personal income, and the change in the CPI for services.

NEW QUESTION # 519
Which of the following statements is true regarding the roles and responsibilities associated with a corporate social responsibility (CSR) program?

A. The board has overall responsibility for the internal control processes associated with the CSR program.
B. Management has overall responsibility for the effectiveness of governance, risk management, and internal control processes associated with the CSR program.
C. The internal audit activity is responsible for ensuring that CSR principles are integrated into the organization's policies and procedures.
D. Every employee has a responsibility for ensuring the success of the organization's CSR objectives.

Answer: D

NEW QUESTION # 520
The four categories of costs associated with product quality costs are:

A. External failure, internal failure, prevention, and appraisal.
B. External failure, internal failure, training, and appraisal.
C. External failure, internal failure, prevention, and carrying.
D. Warranty, product liability, training, and appraisal.

Answer: A

Explanation:
The following are the four categories of quality costs: prevention, appraisal, internal failure, and external failure lost opportunity). Costs of prevention include attempts to avoid defective output, including employee training, review of equipment design, preventive maintenance, and evaluation of suppliers. Appraisal costs include quality control programs, inspection, and testing. Internal failure costs are incurred when detection of defective products occurs before shipment, including scrap, rework, tooling changes, and downtime.
External failure costs are incurred after the product has been shipped, including the costs associated with warranties, product liability, and customer ill will.

NEW QUESTION # 521
A company manufactures a product that is sold for US $37.95. It uses an absorption-cost system. Plant capacity is 750,000 units annually, but normal volume is 500,000 units. Costs at normal volume are given below.

Fixed manufacturing overhead is budgeted at US $4.5 million. A customer has offered to purchase 100,000 units at US $25.00 each to be packaged in large cartons, not the normal individual containers. It will pick up the units in its own trucks. Thus, variable selling and administrative expenses will decrease by 60%. The company should compare the total revenue to be derived from this order with the total relevant costs of:

A. U S $2,930,000
B. U S $3,150,000
C. U S $1.830,000
D. U S $1,880,000

Answer: C

Explanation:
The necessary assumptions are that all fixed costs and the unit variable costs of direct materials, direct labor, and variable manufacturing overhead are not affected by the special order. Hence, the fixed costs are not relevant. The unit costs of direct materials and direct labor are given as US $9.80 and US $4.50, respectively. The unit variable manufacturing overhead cost is US $3.00 [ $6,000,000 total manufacturing overhead -$4,500,000 total fixed manufacturing overhead) 500,000 units normal volume]. The unit variable selling and administrative cost is US $1.00 [$2.50 x 1.0 - .6)]. Consequently, the total relevant cost of the special order is US $1,830,000 [100,000 units x $9.80 + $4.50 +$3.00 + $1.00)]. 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 to 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 off-site 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 of the leasing costs itemized above, are:

NEW QUESTION # 522
According to IIA guidance on IT which of the following best describes a but recovery and restore processes have not been defined?

A. Cold recovery plan.
B. Warm recovery plan
C. Absence of recovery plan
D. Hot recovery plan

Answer: C

NEW QUESTION # 523
......

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