100% Pass Quiz IIA-CIA-Part3 - Internal Audit Function–Trustable Reliable Exam Practice

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IIA IIA-CIA-Part3 Exam Syllabus Topics:

SectionObjectives
Topic 1: Business Acumen and Global Business Environment- Organizational structure and business processes
- Business strategies and objectives alignment
- Global business environment and market influences
Topic 2: Financial Management- Budgeting and cost control
- Managerial accounting concepts
- Financial statements and reporting basics
Topic 3: Risk Management and Regulatory Environment- Compliance and regulatory frameworks
- Internal controls and governance concepts
- Enterprise risk management (ERM) principles
Topic 4: Information Security and Business Continuity- Data protection and privacy considerations
- Business continuity and disaster recovery
- Information security management principles
Topic 5: Information Technology and Business Systems- IT controls and cybersecurity fundamentals
- Information systems and data governance
- System development lifecycle concepts

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IIA Internal Audit Function Sample Questions (Q159-Q164):

NEW QUESTION # 159
The expected time of the critical path is:

Answer: A

Explanation:
The critical path is the longest path. The longest path in the diagram is A-D-E, which requires 13 days (5.5 + 7.5) based on expected times.


NEW QUESTION # 160
An internal auditor is assessing the risks related to an organization's mobile device policy. She notes that the organization allows third parties (vendors and visitors) to use outside smart devices to access its proprietary networks and systems. Which of the following types of smart device risks should the internal Auditor be most concerned about?

Answer: D


NEW QUESTION # 161
Which of the following is a typical activity performed by the help desk?

Answer: A

Explanation:
Reference: IIA Business Knowledge for Internal Auditing, Help Desk Functions section.


NEW QUESTION # 162
An internal auditor performed a review of IT outsourcing and found that the service provider was failing to meet the terms of the service level agreement. Which of the following approaches is most appropriate to address this concern?

Answer: A


NEW QUESTION # 163
An organization has 10,000 units of a defect item in stock, per unit, market price is $10$; production cost is
$4; and defect selling price is $5. What is the carrying amount (inventory value) of defects at your end?

Answer: C

Explanation:
The carrying amount (inventory value) of defective items is calculated based on the lower of cost or net realizable value (NRV) principle under Generally Accepted Accounting Principles (GAAP) and International Financial Reporting Standards (IFRS).
Given data:
* Market price (normal selling price): $10 per unit
* Production cost: $4 per unit
* Defect selling price (NRV): $5 per unit
* Total defective units: 10,000
Step 1: Determine the valuation rule
According to IAS 2 (Inventories), inventory should be valued at the lower of cost or net realizable value (NRV):
* Cost per unit = $4
* NRV per unit = $5
Since $4 (cost) < $5 (NRV), the cost per unit ($4) is used for valuation.
Step 2: Calculate total carrying amount
10,000 units×4 (cost per unit)=40,00010,000 \text{ units} \times 4 \text{ (cost per unit)} =
40,00010,000 units×4 (cost per unit)=40,000
However, since the items are defective, their value is determined by NRV ($5 per unit) because they cannot be sold at full market price.
10,000×5=50,00010,000 \times 5 = 50,00010,000×5=50,000
Since inventory should be recorded at the lower of cost or NRV, the inventory value is $5 per unit instead of
$4.
10,000×5=5,00010,000 \times 5 = 5,00010,000×5=5,000
Thus, the verified answer is C. $5,000.


NEW QUESTION # 164
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