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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.

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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 and demonstrate their knowledge and expertise in the field of internal auditing. With its globally recognized credential, this certification is a valuable asset for any internal auditor looking to stand out in a competitive job market.

IIA Internal Audit Function Sample Questions (Q366-Q371):

NEW QUESTION # 366
In November of the current year, the vice-president of a local bank reviews the bank's mortgage portfolio prior to the December 31 year-end. The bank's largest client has mortgages on buildings in three cities. The client has incurred net losses for the past 3 years and is now experiencing serious cash flow problems. For the past 6 months, no payments have been made on any of the three mortgages. The vice-president reluctantly concludes that it is probable that the full amount of principal and interest will not be collected. What is the impact of this conclusion on the local bank's current year financial statements?

A. The carrying amount of the mortgages should be reduced, with a charge directly to retained earnings.
B. The carrying amount of the mortgages should be reduced, with a charge to the income statement
C. Contingency note disclosure of a possible impairment is required.
D. No accounting or disclosure of a possible loss in value is necessary.

Answer: B

Explanation:
A financial asset, such as a lender's mortgage receivable, is impaired if its carrying amount at the balance sheet date exceeds its estimated recoverable amount If it is probable that all amounts due on such a held-to-maturity investment a financial asset carried at amortized cost) cannot be collected, the loss should be included in profit or loss_ The loss equals the difference between the carrying amount and the present value of the expected future cash flows discounted at the original effective interest rate. The carrying amount of the asset should be reduced to its estimated recoverable amount directly or by crediting an allowance account.

NEW QUESTION # 367
Which of the following actions should an internal auditor take to clean the data obtained for analytics purposes?

A. Define analytics objectives and establish outcomes.
B. Deploys data visualization tool.
C. Adopt standardized data analysis software.
D. Eliminate duplicate records.

Answer: D

Explanation:
Data cleaning (also called data cleansing or scrubbing) is a critical step in data analytics to ensure accuracy, consistency, and reliability. Removing duplicate records is a key data cleaning technique that improves data quality.
* Improves Data Integrity - Prevents misleading results caused by duplicate values.
* Enhances Data Accuracy - Ensures that analytics are based on unique and valid information.
* Optimizes Performance - Reduces redundancy, improving processing speed and efficiency.
* Prevents Reporting Errors - Ensures accurate insights for decision-making.
* A. Deploys data visualization tool - Visualization tools help interpret data but do not clean it.
* B. Adopt standardized data analysis software - Software tools support analysis but do not eliminate duplicate records automatically.
* C. Define analytics objectives and establish outcomes - This step is important for analysis strategy, but it does not clean data.
* IIA's GTAG on Data Analytics - Emphasizes the importance of data cleansing in ensuring reliable analytics.
* COBIT 2019 (Data Management Framework) - Highlights duplicate removal as a best practice in data governance.
* ISO 8000-110 (Data Quality Standard) - Recommends eliminating duplicate records for high- quality analytics.
Why Eliminating Duplicate Records is the Correct Answer?Why Not the Other Options?IIA References:# Final Answer: D. Eliminate duplicate records.

NEW QUESTION # 368
According to 11A guidance on IT, which of the following are indicators of poor change management?
1. Inadequate control design.
2. Unplanned downtime.
3. Excessive troubleshooting .
4. Unavailability of critical services.

A. 2 and 3 only.
B. 1, 2, and 3 only
C. 2, 3, and 4 only
D. 1, 3, and 4 only

Answer: C

NEW QUESTION # 369
Which one of the following examples of corporate behavior would most clearly represent a
violation of antitrust law?

A. Two entities in the same industry agree in a telephone conversation to submit identical bids on a government contract.
B. Two entities that are in different, unrelated industries merge.
C. A retailer offers quantity discounts to large institutional buyers.
D. The members of a labor union meet and agree not to work for a specific entity unless the starting wage is at least a specified amount per hour.

Answer: A

Explanation:
Antitrust law addresses restraints of trade. Some types of arrangements are considered automatic violations. These violations may include price fixing, division of markets, group boycotts, and resale price maintenance. Agreeing to submit identical bids on a government contract is a form of price fixing.

NEW QUESTION # 370
A call option on an ordinary share is more valuable when there is a lower:

A. Market value of the underlying share.
B. Time to maturity on the option.
D Variability of market price on the underlying share.
C. Exercise price on the option.

Answer: C

Explanation:
The lower the exercise price, the more valuable the call option. The exercise price is the
price at which the call holder has the right to purchase the underlying share.

NEW QUESTION # 371
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