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| Certification Vendor: | IIA (The Institute of Internal Auditors) |
|---|---|
| Exam Name: | Internal Audit Function |
| Exam Number: | IIA-CIA-Part3 |
| Related Certifications: | CIA Part 1 - Essentials of Internal Auditing CIA Part 2 - Practice of Internal Auditing |
| Exam Price: | USD 380 (member) / USD 495 (non-member) |
| Exam Duration: | 120 minutes |
| Certificate Validity Period: | 3 years from completion of all parts |
| Available Languages: | French, Chinese (Simplified), Japanese, German, English, Portuguese, Italian, Korean, Russian, Spanish |
| Passing Score: | 600 (scaled score, range 250–750) |
| Exam Format: | Computer-based testing, Multiple-choice questions |
| Real Exam Qty: | 100 |
| Recommended Training: | IIA Official Study Materials IIA Learning Resources |
| Exam Registration: | Pearson VUE Scheduling IIA Official Registration |
| Sample Questions: | IIA IIA-CIA-Part3 Sample Questions |
| Exam Way: | Computer-based; available at Pearson VUE test centers worldwide; online proctored option available in select regions |
| Pre Condition: | Meet CIA eligibility: bachelor's degree or equivalent, character reference, professional experience (varies by education level); complete CIA application and pay application fee |
| Official Syllabus URL: | https://www.theiia.org/en/certifications/cia/exam-prep-resources/exam-syllabus/exam-syllabus-part-3/ |
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IIA-CIA-Part3 exam covers a wide range of topics related to business knowledge for internal auditing. These topics include organizational structure, strategic planning, financial management, risk management, and governance. IIA-CIA-Part3 Exam is designed to test the candidate's ability to apply these concepts in real-world situations. Candidates who successfully pass the exam will be able to demonstrate their expertise in these areas and will be better equipped to handle the challenges of internal auditing.
NEW QUESTION # 47
The company has learned that a new direct material is available that will increase the quality of its product. The new material will increase the direct materials costs by US $3 per unit. The company will increase the selling price of the product to US $50 per unit and increase its marketing costs by US $1.575.000 to advertise the higher-quality product. The number of units the company has to sell to earn a 1 O% before-tax return on sales is:
Answer: B
Explanation:
Pretax profit 10% of dollar sales) equals dollar sales unit sales US $50), minus total fixed costs increased by US $1,575,000 of marketing costs), minus total variable costs increased by US $3 per unit). Unit sales S) therefore equal 478.125 units.
NEW QUESTION # 48
An entity obtained a short-term bank loan of US $250,000 at an annual interest rate of 6%. As a condition of the loan, the entity is required to maintain a compensating balance of US $50,000 in its checking account. The entity's checking account earns interest at an annual rate of 2 %. Ordinarily, the entity maintains a balance of US $25,000 in its checking
account for transaction purposes. What is the effective interest rate of the loan?
Answer: A
Explanation:
The US $50,000 compensating balance requirement is partially satisfied by the entity's practice of maintaining a US $25,000 balance for transaction purposes. Thus, only US $25,000 of the loan will not be available for current use, leaving US $225,000 of the loan usable. At 6% interest, the US $250,000 loan would require an interest payment of US $15,000 per year. This is partially offset by the 2% interest earned on the US $25,000 incremental balance, or US $500. Subtracting the US $500 interest earned from the US $15,000 of expense results in net interest expense of US $14,500 for the use of US $225.000 in funds. Dividing US $14,500 by US $225,000 produces an effective interest rate of 6.44%.
NEW QUESTION # 49
Which of the following represents an inventory costing technique that can be manipulated by management to boost net income by selling units purchased at a low cost?
Answer: C
Explanation:
The FIFO (First-In, First-Out) method values inventory based on the assumption that older, lower-cost inventory is sold first, leaving newer, higher-cost inventory in stock. During periods of rising prices, FIFO results in lower cost of goods sold (COGS) and higher net income, making it susceptible to manipulation by management.
(A) Correct - First-in, first-out method (FIFO).
FIFO lowers COGS when older, cheaper inventory is sold first, inflating net income.
Management can manipulate earnings by selectively selling older, lower-cost inventory.
(B) Incorrect - Last-in, first-out method (LIFO).
LIFO assumes newer, higher-cost inventory is sold first, resulting in higher COGS and lower net income.
LIFO is typically used to reduce taxable income, not to inflate net income.
(C) Incorrect - Specific identification method.
This method tracks the exact cost of each unit, eliminating the ability to manipulate costs easily.
(D) Incorrect - Average-cost method.
The average-cost method smooths out fluctuations in inventory costs, preventing significant income manipulation.
IIA's Global Internal Audit Standards - Financial Reporting and Inventory Valuation Risks Discusses inventory accounting methods and their impact on financial statements.
IFRS and GAAP Accounting Standards - Inventory Valuation
Defines how FIFO can be used to influence financial performance.
COSO's ERM Framework - Financial Manipulation Risks
Identifies inventory valuation as an area where earnings management can occur.
Analysis of Answer Choices:IIA References and Internal Auditing Standards:
NEW QUESTION # 50
One of the main reasons that implementation of a total quality management program works better through the use of teams is:
Answer: C
Explanation:
TQM promotes teamwork by modifying or eliminating traditional and rigid) vertical hierarchies and instead forming flexible groups of specialists. Duality circles, cross functional teams, and self managed teams are typical formats. Teams are an excellent vehicle for encouraging the sharing of ideas and removing process improvement obstacles. Listed below are costs of quality that a plans to prepare a report that classifies costs, internal failure costs, and extern:
NEW QUESTION # 51
The expected payoff if the vendor has perfect information is:
Answer: C
Explanation:
The vendor would like to sell coffee on cold days US $2,000) and soft drinks on hot days US $2,500). Hot days are expected 40°l0 of the time. Hence, the probability is 40°f0 of making US $2,500 by selling soft drinks. The chance of making US $2,000 by selling coffee is 600k. The payoff equation is:
4 US $2,600) + .6 $2,000 = US $2,200
A beverage stand can sell either soft drinks or coffee on any given day. If the stand sells soft drinks and the weather is hot, it will make US $2,500; if the weather is cold, the profit will be U $1,000. If the stand sells coffee and the weather is hot, it will make US $1,900; if the weather is cold, the profit will be U $2,000. The probability of cold weather on a given day at this time is 60%.
NEW QUESTION # 52
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