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The IIA IIA-CIA-Part3 exam has a total of 125 multiple-choice questions, and candidates are given 2.5 hours to complete it. The questions are divided into two parts: the first part has 100 questions, while the second part has 25 questions. IIA-CIA-Part3 Exam is computer-based and is administered at Pearson VUE testing centers worldwide. IIA-CIA-Part3 exam is available in multiple languages, including English, Chinese, Japanese, Korean, Spanish, Portuguese, and French.
NEW QUESTION # 598
In accounting, which of the following statements is true regarding the terms debit and credit?
Answer: B
Explanation:
In accounting, the terms debit (Dr.) and credit (Cr.) refer to the two sides of an account in the double-entry accounting system.
* Definition of Debit and Credit in Accounting:
* Every financial transaction affects at least two accounts in a double-entry system: one account is debited, and another is credited.
* Debits (Dr.) appear on the left side, while credits (Cr.) appear on the right side of an account.
* Accounting Equation:
Step-by-Step Justification:Assets=Liabilities+Equity\text{Assets} = \text{Liabilities} + \text{Equity} Assets=Liabilities+Equity
* Debits increase assets and expenses.
* Credits increase liabilities, equity, and revenues.
* Why the Other Options Are Incorrect:
* A. Debit indicates the right side of an account and credit the left side #
* Incorrect, as debits are always recorded on the left side, and credits are always on the right side.
* B. Debit means an increase in an account and credit means a decrease. #
* Partially incorrect; it depends on the type of account:
* For assets and expenses, debits increase and credits decrease.
* For liabilities, equity, and revenues, credits increase and debits decrease.
* D. Credit means an increase in an account and debit means a decrease. #
* Also incorrect because increases and decreases depend on the type of account (e.g., debits increase assets but decrease liabilities).
* IIA Standard 1210.A1: Internal auditors must be familiar with fundamental accounting principles.
* IIA Practice Guide: Auditing Financial Statements: Ensures proper understanding of debits and credits in financial reporting.
* GAAP & IFRS Accounting Standards: Define how debits and credits are recorded in financial statements.
IIA References:Thus, the correct answer is C. Credit indicates the right side of an account and debit the left side. #
NEW QUESTION # 599
According to IIA guidance, which of the following corporate social responsibility evaluation activities may be performed by the internal audit activity?
* Consult on CSR program design and implementation.
* Serve as an advisor on CSR governance and risk management.
* Review third parties for contractual compliance with CSR terms.
* Identify and mitigate risks to help meet the CSR program objectives.
Answer: D
Explanation:
Internal audit may provide consulting and assurance services related to corporate social responsibility, provided management retains ownership of the program. Consulting on CSR design and implementation can be acceptable if objectivity safeguards exist. Serving as an advisor on CSR governance and risk management is also appropriate. Reviewing third parties for contractual compliance with CSR terms is a valid assurance activity. However, identifying and mitigating risks to meet CSR objectives is a management responsibility if internal audit owns the mitigation. Internal audit may identify risks during an engagement and recommend responses, but it should not implement or own mitigation. Therefore, items 1, 2, and 3 are appropriate, making Option A correct.
NEW QUESTION # 600
Which one of the following input controls or edit checks would catch certain types of errors within the payment amount field of a transaction?
Answer: D
Explanation:
A limit, reasonableness, or range test determines whether an amount is within a predetermined limit for given information. It can only detect certain errors i.e., those that exceed the acceptable limit).
NEW QUESTION # 601
What must be monitored in order to manage risk of consumer product inventory obsolescence?
1.Inventory balances. 2.Market share forecasts. 3.Sales returns. 4.Sales trends.
Answer: C
NEW QUESTION # 602
A third party who provides payroll services to the organization was asked to create audit or "read-only 1 functionalities in their systems. Which of the following statements is true regarding this request?
Answer: A
NEW QUESTION # 603
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