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IIA IIA-CIA-Part3 Exam Syllabus Topics:

Section	Objectives
Topic 1: Information Security and Business Continuity	- Data protection and privacy considerations - Business continuity and disaster recovery - Information security management principles
Topic 2: Business Acumen and Global Business Environment	- Global business environment and market influences - Organizational structure and business processes - Business strategies and objectives alignment
Topic 3: Financial Management	- Managerial accounting concepts - Budgeting and cost control - Financial statements and reporting basics
Topic 4: Information Technology and Business Systems	- System development lifecycle concepts - IT controls and cybersecurity fundamentals - Information systems and data governance
Topic 5: Risk Management and Regulatory Environment	- Enterprise risk management (ERM) principles - Internal controls and governance concepts - Compliance and regulatory frameworks

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IIA Internal Audit Function Sample Questions (Q654-Q659):

NEW QUESTION # 654
Which of the following statements is true with regard to capital budgeting?

A. The cash payback technique is used to determine the period of time required to recover the capital investment, plus the expected return, from the annual cash flow produced by the investment.
B. Using the net present value method, a proposal is acceptable when the net present value is negative.
C. The internal rate of return is the highest interest rate that will cause the present value of the proposed capital expenditure to be less than the present value of expected net annual cash flows.
D. The annual rate of return technique is used to estimate the profitability of a capital expenditure by dividing the expected annual net income by the average investment.

Answer: D

Explanation:
The annual rate of return method estimates profitability by dividing expected annual net income by the average investment. It is an accounting-based capital budgeting technique and does not directly consider the time value of money. Option A is incorrect because a proposal is normally acceptable under net present value when NPV is positive, not negative. Option B incorrectly describes internal rate of return; IRR is the discount rate at which the present value of cash inflows equals the present value of cash outflows. Option C is incorrect because the payback method measures how long it takes to recover the original investment, not the investment plus expected return. Internal auditors should understand capital budgeting methods when reviewing investment decisions. Therefore, Option D is correct.

NEW QUESTION # 655
A traditional quality control process in manufacturing consists of mass inspection of goods only at the end of a production process. A major deficiency of the traditional control process is that:

A. It is not 100% effective.
B. It is not possible to rework defective items.
C. It does not focus on improving the entire production process.
D. It is expensive to do the inspections at the end of the process.

Answer: C

Explanation:
The process used to produce the goods is not thoroughly reviewed and evaluated for efficiency and effectiveness. Preventing defects and increasing efficiency by improving the production process raises quality standards and decreases costs.

NEW QUESTION # 656
Which of the following does not provide operational assurance that a computer system is operating properly?

A. Performing a system audit.
B. Testing policy compliance.
C. Making system changes.
D. Conducting system monitoring.

Answer: C

Explanation:
Making system changes does not provide assurance that a computer system is operating properly. In fact, changes introduce risk and require control through authorization, testing, approval, and monitoring. A system audit can provide assurance by independently evaluating controls, processing, security, and reliability. Testing policy compliance provides assurance that system practices align with approved requirements. Conducting system monitoring provides ongoing evidence of availability, performance, errors, security events, and operational issues. Internal auditors should distinguish assurance activities from operational activities that may create risk. System changes may improve performance or correct defects, but they do not themselves prove proper operation. Therefore, Option B is correct.

NEW QUESTION # 657
A firm has recently converted its purchasing cycle from a manual process to an online computer system. Which of the following is a probable result associated with conversion to the new automatic system?

A. Processing time is increased.
B. The firm's risk exposures are reduced.
C. Traditional duties are less segregated.
D. Processing errors are increased.

Answer: C

Explanation:
In a manual system with appropriate internal control, separate individuals are responsible for authorizing transactions, recording transactions, and custody of assets. These checks and balances prevent fraud and detect inaccurate or incomplete transactions. In a computer environment, however, this segregation of duties is not always feasible. For example, a computer may print checks, record disbursements, and generate information for reconciling the account balance.

NEW QUESTION # 658
Participating preference shareholders are entitled to:

A. Monitor any sinking funds for the purchase and retirement of debt.
B. Convert their shares into ordinary shares.
C. Share in the entity's earnings beyond the stated dividend level.
D. Vote at all annual meetings.

Answer: C

Explanation:
Participating preference shareholders are entitled to share in the earnings of the entity. They participate in earnings distributions under set terms and conditions. Hence, after the stated preference dividend is paid, and ordinary shareholders receive an equal dividend, any remaining dividends are allocated to all shareholders in proportion to the par values of their shares.

NEW QUESTION # 659
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