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IIA IIA-CIA-Part3 Exam Syllabus Topics:

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

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IIA Internal Audit Function Sample Questions (Q127-Q132):

NEW QUESTION # 127
When sales volume is seasonal in nature, certain items in the budget must be coordinated.
The three most significant items to coordinate in budgeting seasonal sales volume are:

Answer: B

Explanation:
The most difficult items to coordinate in any budget, particularly for a seasonal business are production volume, finished goods inventory, and sales. Budgets usually begin with sales volume and proceed to production volume, but the reverse is sometimes used when production is more of an issue than generation of sales. Inventory levels are also important because sales cannot occur without inventory and the maintenance of high inventory levels is costly. The Raymar Company is preparing its cash budget for the months of April and May. The firm has established a US $200,000 line of credit with its bank at a 12% annual rate of interest on which borrowings for cash deficits must be made in US$ increments. There is no outstanding balance on the line of credit loan on April 1 Collections. 50% of the current month's sales budget and 50% of the Principal repayments are to be made in any month in which previous month's sales budget there is a surplus of cash. Interest is to be paid monthly. If Accounts Payable Disbursements. 75% of the current month's there are no outstanding balances on the loans. Raymar will invest any cash in excess of its desired end-of-month cash accounts payable budget and 25% of the previous month's accounts payable budget balance in U.S Treasury bills. Raymar intends to maintain a All other disbursements occur in the month in which they are budgeted minimum balance of US $100,000 at the end of each month by either borrowing for deficits below the minimum balance or investing any excess cash. Expected monthly collection and disbursement patterns are shown in the columns to the right.


NEW QUESTION # 128
A financial technology startup consists of self-managed teams. Although each team can make proposals to other teams, decision-making lies within each individual team.
Which of the following risks could arise from this organizational structure?

Answer: C

Explanation:
Self-managed teams can improve flexibility, ownership, innovation, and local decision-making. However, when decision-making authority lies within each individual team, there is a risk that teams independently acquire similar tools, build overlapping capabilities, or perform duplicated activities. This can increase costs and reduce consistency. Bureaucracy is less likely because self-managed teams usually reduce formal hierarchy. Decision-making may be faster locally, not slower. Power is also less likely to be overconcentrated because authority is dispersed across teams. Internal audit should evaluate whether decentralized or self- managed structures have sufficient coordination, shared standards, governance, and resource visibility to prevent duplication and inconsistent control practices. Therefore, Option C is correct.


NEW QUESTION # 129
A company} is formulating its plans for the coming year, including the preparation of its cash budget. Historically, 30% of the company's sales are cash sales. The remaining 70% are credit sales with the following collection pattern.

Sales for the first five months of the coming year are forecast as follows.

For the month of April, the total cash receipts from sales and collections on account would be:

Answer: D

Explanation:
The cash receipts for April equal April's cash sales US $4,000,000 x 30% = US $1,200,000), 40% of April's credit sales, and 580/o of March's credit sales. Consequently, total cash receipts equal US $3, 78-1,600 [$1,200,000 + $4,000,000 40%x 70%) + $8,600,000 68% 70%)].A bank has two drive-in lanes to serve customers: one attached to the bank itself and one on an island. One teller serves bath stations. The bank is interested in determining the average waiting times of customers and has developed a model based on random numbers. The two key factors are the time between successive car arrivals and the time customers wait in line. Assume that the analysis begins with cars just arriving at bath service windows. bath requiring 3 minutes of service time. Car 1 is the attached window attached to the bank unless that window has more cars waiting than the island window. The lone teller will always serve the car that arrived first. If two cars arrive simultaneously, the one at the attached window will be served before the one at the island.


NEW QUESTION # 130
Assume that the value of a share of QQ Company ordinary stock at the expiration date is either US $30 or US $45. What is the difference in the net payoff on the portfolio because of a difference in the stock price at the maturity date?

Answer: D

Explanation:
If the stock price at the maturity date is US $30, AA Company will have a share of stock worth US $30 and a put option worth US $10 $40 exercise price -$30 stock price). The call option will be worthless. Hence, the net payoff is US $40 $30 + $10). If the stock price at the maturity date is US $45, the share of stock will be worth US $45, the put will he worthless, and the loss on the call will be US $5 $45 - $40). Thus, the net payoff will be US $40 $45 - $5). Consequently, the difference in the net payoff on the portfolio because of a difference in the stock price at the maturity date is US $0 $40 - $40).


NEW QUESTION # 131
An internationally recognized brand name is an entrance barrier to new competitors because new competitors would:

Answer: C


NEW QUESTION # 132
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