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IIA-CIA-Part3 certification exam is an excellent opportunity for internal auditors to demonstrate their knowledge of business concepts and principles. By passing IIA-CIA-Part3 exam, candidates can enhance their credibility and demonstrate their commitment to ongoing professional development. Additionally, the certification can lead to career advancement opportunities and higher salaries in the field of internal auditing.
IIA-CIA-Part3 exam consists of 100 multiple-choice questions, which must be completed within a three-hour time limit. To pass the exam, candidates must achieve a minimum score of 600 out of 800 possible points. IIA-CIA-Part3 Exam is computer-based and can be taken at any time of year, at a testing center or online.
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NEW QUESTION # 338
When management uses the absorption costing approach, fixed manufacturing overhead costs are classified as which of the following types of costs?
Answer: D
Explanation:
Absorption costing is a costing method that allocates all manufacturing costs (both variable and fixed) to the cost of a product. In this method, fixed manufacturing overhead costs are treated as indirect product costs because they are not directly traceable to a single unit of production but are still part of the total cost of producing goods.
Let's analyze each option:
Option A: Direct, product costs.
Incorrect. Direct costs are costs that can be traced directly to a specific product, such as direct materials and direct labor. Fixed manufacturing overhead is not a direct cost because it is spread across all units produced.
Option B: Indirect product costs.
Correct. Fixed manufacturing overhead costs (such as rent, depreciation, and utilities for the production facility) are indirect costs because they support the entire production process rather than a specific product.
However, under absorption costing, they are still treated as product costs and allocated to inventory.
IIA Reference: The IIA's guidance on cost allocation states that absorption costing assigns all manufacturing costs (including fixed overhead) to products. (IIA Practice Guide: Cost and Profitability Analysis) Option C: Direct period costs.
Incorrect. Period costs are expensed in the period they occur, while absorption costing treats fixed manufacturing overhead as part of inventory (product cost) until sold.
Option D: Indirect period costs.
Incorrect. Fixed manufacturing overhead is not expensed immediately as a period cost under absorption costing; it is capitalized into inventory and expensed as Cost of Goods Sold (COGS) when the product is sold.
Thus, the verified answer is B. Indirect product costs.
NEW QUESTION # 339
The journal entry required to close the utilities expense account is
Answer: B
Explanation:
All income statement account balances are closed either to a summary account such as income summary or revenue and expense summary) or to retained earnings. The normal balance of an expense account is a debit. Thus, an expense account is credited in a closing entry.
NEW QUESTION # 340
The chief audit executive (CAE) and management of the area under review disagree over managing a significant risk item. According to IIA guidance, which of the following actions should the CAE take first?
Answer: B
Explanation:
When disagreements occur regarding risk management or audit findings, the CAE should first escalate the matter within management levels to attempt resolution. Only if the disagreement remains unresolved after discussion with senior management should the CAE report the matter to the board or audit committee.
Options B and C are premature: the charter does not grant internal audit supremacy over management's decisions, and documenting disagreement in the audit report should occur only after reasonable attempts at resolution. Option A (escalating immediately to the board) should occur only if discussion with management does not resolve the issue.
Reference:
IIA Standards - Standard 2600: Communicating the Acceptance of Risks.
NEW QUESTION # 341
An organization has instituted a bring-your-own-device (BYOD) work environment Which of the following policies best addresses the increased risk to the organization's network incurred by this environment?
Answer: B
NEW QUESTION # 342
An organization prepares a statement of privacy to protect customers' personal information. Which of the following might violate the privacy principles?
Answer: A
Explanation:
Organizations must comply with privacy principles that emphasize data retention limitations. Keeping personal data indefinitely violates privacy laws and regulations such as the General Data Protection Regulation (GDPR) and California Consumer Privacy Act (CCPA).
* Privacy Regulations Require Data Minimization:
* GDPR Article 5(1)(e) states that personal data should only be kept for as long as necessary for the intended purpose.
* IIA GTAG 4: Management of IT Auditing also advises against excessive data retention.
* Security and Risk Concerns:
* Storing data indefinitely increases the risk of data breaches.
* IIA Standard 2110 - Governance emphasizes the need for proper information security governance to protect personal data.
* Legal and Compliance Issues:
* Organizations are required to define retention policies to prevent unauthorized or unnecessary storage of personal data.
* A. Customers can access and update personal information when needed. (Incorrect)
* Reason: Allowing customers to access and update their information aligns with privacy principles such as data accuracy and transparency.
* C. Customers reserve the right to reject sharing personal information with third parties.
(Incorrect)
* Reason: This supports data control rights, which is consistent with privacy standards like opt- in and opt-out policies.
* D. The organization performs regular maintenance on customers' personal information.
(Incorrect)
* Reason: Regular maintenance (e.g., updates, corrections, deletions) enhances data accuracy and security, aligning with privacy best practices.
* IIA Global Technology Audit Guide (GTAG) 4: Management of IT Auditing - Discusses data privacy principles.
* IIA Standard 2110 - Governance - Ensures data security and regulatory compliance.
* IIA GTAG 8: Auditing Application Controls - Covers data retention policies and privacy compliance.
* Privacy Regulations: GDPR (Article 5), CCPA (Section 1798.105) - Require organizations to delete data once it is no longer needed.
Why is Indefinite Retention a Violation?Analysis of Incorrect Answers:IIA References:Thus, the correct answer is B. The organization retains customers' personal information indefinitely.
NEW QUESTION # 343
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