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IIA-CIA-Part3 Practice Exam Questions and Answers

Business Knowledge for Internal Auditing

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Total Questions : 516

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Question # 1

Which of the following situations best illustrates a "false positive" in the performance of a spam filter?

Options:

A.  

The spam filter removed Incoming communication that included certain keywords and domains.

B.  

The spam filter deleted commercial ads automatically, as they were recognized as unwanted.

C.  

The spam filter routed to the "junk|r folder a newsletter that appeared to include links to fake websites.

D.  

The spam filter blocked a fitness club gift card that coworkers sent to an employee for her birthday.

Discussion 0
Question # 2

Under which of the following circumstances can the internal audit function rely most confidently on the work performed by external auditors?

Options:

A.  

The chief audit executive (CAE) has access to the external auditors' audit programs and workpapers

B.  

The CAE requires that external auditors use the same techniques, methods, and terminology as the internal auditors

C.  

The board of directors reviews the materiality and risk assessment performed by external auditors to direct the CAE

D.  

The board of directors requires that all final communications by external auditors be reviewed by the CAE

Discussion 0
Question # 3

An internal auditor identified a database administrator with an incompatible dual role. Which of the following duties should not be performed by the identified administrator?

Options:

A.  

Designing and maintaining the database.

B.  

Preparing input data and maintaining the database.

C.  

Maintaining the database and providing its security,

D.  

Designing the database and providing its security

Discussion 0
Question # 4

Which of the following scenarios would cause a chief audit executive (CAE) to immediately discontinue using any statements that would indicate conformance with the Global Internal Audit Standards in an audit report?

Options:

A.  

The internal audit function used a risk-based approach to create the internal audit plan

B.  

The engagement supervisor considered requests from senior management regarding engagements to include in the internal audit plan

C.  

The CAE only accepted engagements that the internal audit function collectively had the knowledge to perform

D.  

The activity under review restricted the internal audit function's ability to access records, impacting the audit results

Discussion 0
Question # 5

During a review of payments to supplier invoices, the internal auditor identified that the IT process allows invoice processing staff to ignore the auto-generated alert triggered when the invoice amount is different from the purchase order value. The manager explained that staff must be able to bypass the alert because of small differences in transport charges. Which of the following would be the most appropriate internal audit recommendation?

Options:

A.  

The alert is a control that should never be ignored, and suppliers should be advised that invoices will not be paid unless the invoice is equal to or less than purchase order value

B.  

The manager should raise a purchase order amendment each time the amounts differ, and the supplier should be asked to quote the amended order number in the invoice

C.  

The manager should establish a monetary limit on the amount of difference that will be tolerated, where the IT process will allow the staff to ignore the alert

D.  

No additional controls are needed, as it is appropriate for a process to allow staff to exercise discretion when processing invoices

Discussion 0
Question # 6

At which fundamental level of a quality assurance and improvement program is an opinion expressed about the entire spectrum of the internal audit function’s work?

Options:

A.  

At the external perspective level

B.  

At the internal audit function level

C.  

At the internal audit engagement level

D.  

At the self-assessment activity level

Discussion 0
Question # 7

Which of the following would best contribute to the success of a guest auditor program that allows people from other areas of the organization to serve as subject matter experts?

Options:

A.  

Selecting guest auditors whose work has recently been audited by the internal audit function

B.  

Recommending the guest auditor to design the internal audit program and perform testing procedures

C.  

Soliciting feedback from the guest auditor once the engagement is complete

D.  

Enabling the guest auditor to interact with internal audit staff to identify mutually beneficial opportunities

Discussion 0
Question # 8

During an internal audit engagement, numerous deficiencies in the organization's management of customer data were discovered, entailing the risk of breaching personal data protection legislation. An improvement plan was approved by senior management. Which of the following conditions observed during the periodic follow-up process best justifies the chief audit executive's decision to escalate the issue to the board?

Options:

A.  

The organization's customer satisfaction index does not show any signs of improvement

B.  

No budget or resources have been allocated to implement corrective measures

C.  

The board has not been informed about the planned improvements approved by senior management

D.  

Employees responsible for improvements are resisting any additional workload

Discussion 0
Question # 9

Which of the following is the most appropriate beginning step of a work program for an assurance engagement involving smart devices?

Options:

A.  

Train all employees on bring-your-own-device (BYOD) policies.

B.  

Understand what procedures are in place for locking lost devices

C.  

Obtain a list of all smart devices in use

D.  

Test encryption of all smart devices

Discussion 0
Question # 10

According to 11A guidance on IT, which of the following spreadsheets is most likely to be considered a high-risk user-developed application?

Options:

A.  

A revenue calculation spreadsheet supported with price and volume reports from the production department.

B.  

An asset retirement calculation spreadsheet comprised of multiple formulas and assumptions.

C.  

An ad-hoc inventory listing spreadsheet comprising details of written-off inventory quantities.

D.  

An accounts receivable reconciliation spreadsheet used by the accounting manager to verify balances

Discussion 0
Question # 11

A retail organization mistakenly did have include $10,000 of Inventory in the physical count at the end of the year. What was the impact to the organization's financial statements?

Options:

A.  

Cost of sales and net income are understated.

B.  

Cost of sales and net income are overstated.

C.  

Cost of sales is understated and not income is overstated.

D.  

Cost of sales is overstated and net Income is understated.

Discussion 0
Question # 12

Which of the following types of date analytics would be used by a hospital to determine which patients are likely to require remittance for additional treatment?

Options:

A.  

Predictive analytics.

B.  

Prescriptive analytics.

C.  

Descriptive analytics.

D.  

Diagnostic analytics.

Discussion 0
Question # 13

Which of the following situations best applies to an organisation that uses a project, rather than a process, to accomplish its business activities?

Options:

A.  

Clothing company designs, makes, and sells a new item.

B.  

A commercial construction company is hired to build a warehouse.

C.  

A city department sets up a new firefighter training program.

D.  

A manufacturing organization acquires component parts from a contracted vendor

Discussion 0
Question # 14

An organization discovered fraudulent activity involving the employee time-tracking system. One employee regularly docked in and clocked out her co-worker friends on their days off, inflating their reported work hours and increasing their wages. Which of the following physical authentication devices would be most effective at disabling this fraudulent scheme?

Options:

A.  

Face or finger recognition equipment,

B.  

Radio-frequency identification chips to authenticate employees with cards.

C.  

A requirement to clock in and clock out with a unique personal identification number.

D.  

A combination of a smart card and a password to clock in and clock out.

Discussion 0
Question # 15

Which of the following principles s shared by both hierarchies and open organizational structures?

1. A superior can delegate the authority to make decisions but cannot delegate the ultimate responsibility for the results of those decisions.

2. A supervisor's span of control should not exceed seven subordinates.

3. Responsibility should be accompanied by adequate authority.

4. Employees at all levels should be empowered to make decisions.

Options:

A.  

1 and 3 only

B.  

1 and 4 only

C.  

2 and 3 only

D.  

3 and 4 only

Discussion 0
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