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What is the exam cost of the IIA CIA Part 3 Exam

The IIA CIA Part 2 Exam fee of the member is the USD 230, the nonmember fee is the USD 345 and Student/Professor fee is the USD 180.

IIA Internal Audit Function Sample Questions (Q582-Q587):

NEW QUESTION # 582
The internal audit activity completed an initial risk analysis of the organization's data storage center and found several areas of concern. Which of the following is the most appropriate next step?

A. Risk response.
B. Identification of context.
C. Risk assessment.
D. Risk identification.

Answer: C

NEW QUESTION # 583
Which of the following controls would an internal auditor consider the most relevant to reduce risks of project cost overruns?

A. There is a formal quality assurance process to review scope change requests before they are implemented
B. There is a formal process to monitor the status of the project and compare it to the cost baseline
C. Cost overruns are reviewed and approved by a control committee led by the project manager.
D. Scope change requests are reviewed and approved by a manager with a proper level of authority.

Answer: B

Explanation:
Understanding Project Cost Overruns and Controls
Cost overruns occur when actual project costs exceed the budgeted or planned costs. Effective controls are required to prevent, detect, and correct deviations from the cost baseline.
The most effective way to control cost overruns is through continuous monitoring and comparison of project costs against the approved cost baseline.
Why Option D is Correct?
A formal process to monitor the project status and compare it to the cost baseline ensures that deviations are identified early and corrective actions are taken.
This aligns with the IIA's International Standards for the Professional Practice of Internal Auditing (IPPF), specifically:
Standard 2120 - Risk Management: Internal auditors must evaluate how organizations manage risks, including financial risks related to project cost overruns.
Standard 2500 - Monitoring Progress: Ensures that corrective actions are implemented when issues arise.
IIA Practice Advisory 2130-1: Stresses the importance of monitoring activities to mitigate financial risks.
The Project Management Body of Knowledge (PMBOK) also supports cost monitoring as a key control to prevent overruns.
Why Other Options Are Incorrect?
Option A: Reviewing and approving scope change requests is important, but it does not directly monitor or control cost overruns. Scope creep is a risk, but cost monitoring is a more direct control.
Option B: Having a control committee review overruns after they occur is a reactive measure. Proactive monitoring (option D) is more effective.
Option C: A quality assurance process for scope changes is valuable but does not directly prevent cost overruns. It focuses on project quality rather than financial control.
Effective internal controls for cost management emphasize real-time monitoring and comparison against the cost baseline to prevent and mitigate cost overruns.
IIA Standards 2120, 2500, and 2130-1 support proactive risk management and monitoring as essential best practices for internal auditors.
Final Justification:IIA References:
IPPF Standard 2120 - Risk Management
IPPF Standard 2500 - Monitoring Progress
IIA Practice Advisory 2130-1 - Internal Control and Risk Management
PMBOK - Cost Monitoring and Control
c

NEW QUESTION # 584
In making a cash flow analysis of property, plant, and equipment PPE), the internal auditor discovered that depreciation expense for the period was US $10,000. PPE with a cost of US $50,000 and related accumulated depreciation of US $30,000 was sold for a gain of US $1.000. If the carrying amount of PPE increased by US $80,000 during the period, how much PPE was purchased this period?

A. US $100,000
B. US $110,000
C. US$119,000
D. US $01.000

Answer: B

Explanation:
The carrying amount of the PPE account, net of accumulated depression is increased by the cost of purchases and decreased by the carrying amount of items of PPE sold and depreciation. the net PPE decreased by the carrying amount of items sold, or US$20,000($50,000 cost-$30,000 accumulated depreciation),and by the US$10,000 of depreciation, if PE still increased byUS$80,000,US$110,000($30,000 total decrease+$80,000 increase)of equipment must have3 been purchased.

NEW QUESTION # 585
Which of the following security controls would provide the most efficient and effective authentication for customers to access these online shopping account?

A. Security question feature.
B. 12-digit password feature.
C. Two-level sign-on feature
D. Voice recognition feature.

Answer: C

NEW QUESTION # 586
Which of the following statements is true regarding the relationship between an individual's average tax rate and marginal tax rate?

A. In a regressive personal tax system, an individual's marginal tax rate is normally greater than his average tax rate.
B. In a regressive personal tax system, an individual's marginal tax rate is normally equal to his average tax rate.
C. In a progressive personal tax system, an individual's marginal tax rate is normally greater than his average tax rate.
D. In a progressive personal tax system, an individual's marginal tax rate is normally equal to his average tax rate.

Answer: C

NEW QUESTION # 587
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