[2023] IIA-CIA-Part3-3P All-in-One Exam Guide Practice To your IIA-CIA-Part3-3P Exam! [Q180-Q200]

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[2023] IIA-CIA-Part3-3P All-in-One Exam Guide Practice To your IIA-CIA-Part3-3P Exam!

Preparations of IIA-CIA-Part3-3P Exam 2023 IIA CIA Unlimited 487 Questions

IIA-CIA-Part3-3P (CIA Exam Part Three: Business Knowledge for Internal Auditing) Certification Exam is a globally recognized exam that tests the knowledge and skills of candidates in the field of internal auditing. IIA-CIA-Part3-3P exam is offered by the Institute of Internal Auditors (IIA), which is a professional association that provides education, training, and certification for internal auditors worldwide. The IIA-CIA-Part3-3P exam is designed to evaluate the candidate’s ability to use business knowledge to identify and assess risks, develop appropriate audit plans, and provide recommendations for improvements to an organization’s operations.

IIA-CIA-Part3-3P exam is the third part of the Certified Internal Auditor (CIA) certification program offered by the Institute of Internal Auditors (IIA). IIA-CIA-Part3-3P exam is designed to test the candidate’s knowledge of business processes, risk management, financial management, and governance. Passing IIA-CIA-Part3-3P exam is a significant milestone for internal auditors who seek to enhance their professional capabilities and advance their careers.

QUESTION 180
Which of the following statements is true regarding the resolution of interpersonal conflict?

Unrealized expectations can be avoided with open and honest discussion.

Reorganization would probably not help ambiguous or overlapping jurisdictions.

Deferring action should be used until there is sufficient time to fully deal with the issue.

Timely and unambiguous clarification of roles and responsibilities will eliminate most interpersonal conflict.

QUESTION 181
Which of the following performance measures includes both profits and investment base?

Residual income.

A contribution margin income statement by segment.

A flexible budget.

Variance analysis.

QUESTION 182
The first step in determining product price is:

Determining the cost of the product.

Developing pricing objectives.

Evaluating prices set by the competitors.

Selecting a pricing method.

QUESTION 183
Which of the following describes the result if an organization records merchandise as a purchase, but fails to include it in the closing inventory count?

The cost of goods sold for the period will be understated.

The cost of goods sold for the period will be overstated.

The net income for the period will be understated.

There will be no effect on the cost of goods sold or the net income for the period.

QUESTION 184
What would an internal auditor do to ensure that a process to mitigate risk is in place for the organization’s change management process?

Develop and enforce change policies to ensure employees are continually trained.

Apply a risk-based approach and impose segregation of duties related to the change management process.

Validate authorization, segregation of duties, testing of changes, and approval to move changes into production.

Conduct a high-level threat analysis and implement a compensating control.

QUESTION 185
A chief audit executive wants to implement an enterprisewide resource planning software.
Which of the following internal audit assessments could provide overall assurance on the likelihood of the software implementation’s success?

Project risk assessment.

Key phase review.

Readiness assessment.

Post-implementation review.

QUESTION 186
When assessing the adequacy of a risk mitigation strategy, an internal auditor should consider which of the following?
1) Management’s tolerance for specific risks.
2) The cost versus benefit of implementing a control.
3) Whether a control can mitigate multiple risks.
4) The ability to test the effectiveness of the control.

1, 2, and 3

1, 2, and 4

1, 3, and 4

2, 3, and 4

QUESTION 187
Which of the following statements is true regarding the roles and responsibilities associated with a corporate social responsibility (CSR) program?

The board has overall responsibility for the internal control processes associated with the CSR program.

Management has overall responsibility for the effectiveness of governance, risk management, and internal control processes associated with the CSR program.

The internal audit activity is responsible for ensuring that CSR principles are integrated into the organization’s policies and procedures.

Every employee has a responsibility for ensuring the success of the organization’s CSR objectives.

QUESTION 188
Which of the following types of data analytics would be used by a hospital to determine which patients are likely to require readmittance for additional treatment?

Predictive analytics

Prescriptive analytics

Descriptive analytics

Diagnostic analytics

QUESTION 189
According to the International Professional Practices Framework, which of the following statements is true regarding a corporate social responsibility (CSR) program?
1) Every employee generally has a responsibility for ensuring the success of CSR objectives.
2) The board has overall responsibility for the effectiveness of internal control processes associated with CSR.
3) Public reporting on the CSR governance process is expected.
4) Organizations generally have flexibility regarding what is included in a CSR program.

1, 2, and 3 only

1, 2, and 4 only

1, 3, and 4 only

2, 3, and 4 only

QUESTION 190
Which of the following statements is true regarding user-developed applications (UDAs)?

Updating UDAs may lead to various errors resulting from changes or corrections.

UDAs typically are subjected to application development and change management controls.

UDAs are less flexible and more difficult to configure than traditional IT applications.

Using UDAs typically enhances the organization’s ability to comply with regulatory factors.

QUESTION 191
A company’s financial balance sheet is presented below:
The company has net working capital of:

$160

$210

$350

$490

QUESTION 192
What are the objectives of governance as defined by the Standards?

Inform, direct, manage, and monitor.

Identify, assess, manage, and control.

Organize, assign, authorize, and implement.

Add value, improve, assure, and conform.

QUESTION 193
A company produces water buckets with the following costs per bucket:
Direct labor = $2
Direct material = $5
Fixed manufacturing = $3.50
Variable manufacturing = $2.50
The water buckets are usually sold for $15. However, the company received a special order for 50,000 water buckets at $11 each.
Assuming there is adequate manufacturing capacity and all other variables are constant, what is the relevant cost per unit to consider when deciding whether to accept this special order at the reduced price?

$11

$10.50

$9.50

$13

QUESTION 194
A manager decided to build his team’s enthusiasm by giving encouraging talks about employee empowerment, hoping to change the perception that management should make all decisions in the department.
The manager is most likely trying to impact which of the following components of his team’s attitude?

Thinking component.

Behavioral component.

Cognition component.

Affective component.

QUESTION 195
Which of the following statements is true regarding an organization’s servers?

Servers optimize data processing by sharing it with other computers on the information system

Servers manage the interconnectivity of system hardware devices in the information system.

Servers manage the data stored in databases residing on the information system.

Servers enforce access controls between networks transmitting data on the information system

QUESTION 196
An organization has a complex systems infrastructure consisting of multiple internally developed, off the shelf, and purchased but significantly customized applications. Some of these applications share databases or process data that is used by another stand-alone application, and interfaces have been written to move data between these applications as needed through batch processing Which of the following situations presents the greatest risk exposure given this environment?

Documentation of each system and its interactions, interfaces, and dependencies with other systems and databases is not gathered and maintained.

Batch processing jobs include key financial data that is not posted to the accounting system until the next day. preventing real-time queries.

The job scheduling tool frequently malfunctions, causing scheduled jobs not to run. An error message is sent to IT personnel when a job fails.

The implementation of a major update for a key application is delayed until any potential interdependencies are identified and analyzed.

QUESTION 197
Which of the following is a likely result of outsourcing?

Decreased focus on costs.

Increased importance of market strategy.

Increased dependence on suppliers.

Decreased sensitivity to government regulation.

QUESTION 198
Which of the following statements accurately describes the responsibility of the internal audit activity (IAA) regarding IT governance?
1) The IAA does not have any responsibility because IT governance is the responsibility of the board and senior management of the organization.
2) The IAA must assess whether the IT governance of the organization supports the organization’s strategies and objectives.
3) The IAA may assess whether the IT governance of the organization supports the organization’s strategies and objectives.
4) The IAA may accept requests from management to perform advisory services regarding how the IT governance of the organization supports the organization as strategies and objectives.

3 and 4

4 only

1 only

2 and 4

QUESTION 199
Which of the following IT strategies is most effective for responding to competitive pressures created by the marketplace?

Promote closer linkage between organizational strategy and information.

Provide users with greater online access to information systems.

Enhance the functionality of application systems.

Expand the use of automated controls.

QUESTION 200
Which of the following is not a common feature of cumulative preferred stock?

Priority over common stock with regard to dilution of shares.

Priority over common stock with regard to earnings.

Priority over common stock with regard to dividend payment.

Priority over common stock with regard to assets.

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[2023] IIA-CIA-Part3-3P All-in-One Exam Guide Practice To your IIA-CIA-Part3-3P Exam! [Q180-Q200]

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