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| Certification Vendor: | IIA (The Institute of Internal Auditors) |
|---|---|
| Exam Name: | Internal Audit Function |
| Exam Number: | IIA-CIA-Part3 |
| Exam Format: | Multiple Choice Questions |
| Related Certifications: | Certified Internal Auditor (CIA) |
| Available Languages: | Arabic, English, Spanish, Indonesian, French, Russian, Turkish, Thai, Polish, German, Japanese, Simplified Chinese, Traditional Chinese, Korean, Portuguese |
| Exam Price: | USD 280 (IIA Member) / USD 415 (Non-member) / USD 215 (Student) |
| Certificate Validity Period: | CIA certification requires ongoing CPE; exam scores valid for program window (typically 3 years) |
| Real Exam Qty: | 100 |
| Exam Duration: | 120 minutes |
| Passing Score: | 600 (scaled score out of 750) |
| Sample Questions: | IIA IIA-CIA-Part3 Sample Questions |
| Exam Way: | Computer-based testing at Pearson VUE test centers worldwide. As of May 28, 2025, online proctored testing has been discontinued; all exams must be taken in-person at authorized Pearson VUE testing centers. |
| Pre Condition: | Candidates must have an active CIA program enrollment through The IIA's Certification Candidate Management System (CCMS). A bachelor's degree or equivalent is required for CIA certification. Part 3 can be taken in any order, but all three parts must be passed within the program eligibility window (typically 3 years from acceptance). |
| Official Syllabus URL: | https://www.theiia.org/globalassets/certifications/cia-exam-syllabus/cia-part-3-syllabus.pdf |
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IIA-CIA-Part3 (Business Knowledge for Internal Auditing) Certification Exam is an essential certification for internal auditors looking to advance their careers. Internal Audit Function certification exam is offered by the Institute of Internal Auditors (IIA), which is a globally recognized organization dedicated to promoting and advancing the internal audit profession.
NEW QUESTION # 186
Which of the following statements regarding database management systems is not correct?
Answer: C
NEW QUESTION # 187
Listening effectiveness is best increased by:
Answer: B
NEW QUESTION # 188
Which of the following capital budgeting techniques considers the expected total net cash flows from investment?
Answer: A
Explanation:
* Understanding Capital Budgeting Techniques:
* Capital budgeting helps organizations evaluate long-term investment decisions based on expected cash flows.
* NPV (Net Present Value) considers total expected net cash flows over the investment's life and discounts them to present value.
* Why Option D (Net Present Value) Is Correct?
* NPV calculates the present value of future net cash flows, adjusting for the time value of money.
* If NPV is positive, the investment is considered profitable.
* IIA Standard 2120 - Risk Management emphasizes financial decision-making tools like NPV for evaluating investment risks.
* Why Other Options Are Incorrect?
* Option A (Cash Payback):
* Measures time to recover initial investment but does not consider total net cash flows.
* Option B (Annual Rate of Return):
* Uses accounting income, not cash flows, and does not factor in the time value of money.
* Option C (Incremental Analysis):
* Compares alternative options but does not evaluate total cash flows from an investment.
* NPV is the correct method as it evaluates total expected cash flows over time.
* IIA Standard 2120 supports financial analysis in investment decision-making.
Final Justification:IIA References:
* IPPF Standard 2120 - Risk Management (Capital Budgeting & Investment Risks)
* COSO ERM - Financial Risk Management & Decision Analysis
* Financial Management Best Practices - NPV Analysis
NEW QUESTION # 189
In an organization that produces chocolate, the leadership team decides that the organization will open a milk production facility for its milk chocolate. Which of the following strategies have the organization chosen?
Answer: A
Explanation:
* Understanding Vertical Integration:
* Vertical integration is a business strategy where a company expands its operations into different stages of its supply chain.
* In this case, the chocolate-producing company is moving upstream by producing its own milk rather than purchasing it from suppliers.
* Why This Is Vertical Integration:
* The company controls more of its supply chain, reducing dependency on external suppliers.
* Benefits include:
* Cost savings on raw materials (by producing instead of buying).
* Improved quality control (since the company controls milk production).
* Greater market control (reducing reliance on third-party vendors).
* Why Other Options Are Incorrect:
* B. Unrelated diversification - Incorrect.
* Unrelated diversification occurs when a company expands into a completely different industry (e.g., a chocolate company entering the technology sector).
* C. Differentiation - Incorrect.
* Differentiation refers to creating unique products to gain a competitive advantage, but the strategy here is about controlling supply, not product uniqueness.
* D. Focus - Incorrect.
* Focus strategy targets a narrow market segment, but this scenario involves expanding into the supply chain, not focusing on a niche.
* IIA's Perspective on Business Strategy and Risk Management:
* IIA Standard 2120 - Risk Management requires auditors to assess the risks and benefits of vertical integration strategies.
* COSO ERM Framework advises monitoring operational and financial risks associated with supply chain integration.
* Porter's Value Chain Model supports vertical integration as a way to enhance operational efficiency and cost control.
IIA References:
* IIA Standard 2120 - Risk Management in Business Strategy
* COSO ERM - Managing Vertical Integration Risks
* Porter's Value Chain Model - Supply Chain Control
Thus, the correct and verified answer is A. Vertical integration.
NEW QUESTION # 190
A large retail customer made an offer to buy 10.000 units at a special price of $7 per unit. The manufacturer usually sells each unit for $10, Variable Manufacturing costs are 55 per unit and fixed manufacturing costs are
$3 per unit. For the manufacturer to accept the offer, which of the following assumptions needs to be true?
Answer: B
NEW QUESTION # 191
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