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The IIA-CIA-Part3-3P exam is a certification exam for the Certified Internal Auditor (CIA) designation. This exam is designed to test your knowledge of business concepts, principles, and practices that internal auditors use to evaluate and improve the performance of organizations. The exam covers topics such as risk management, strategic planning, governance, and information technology.
The IIA-CIA-Part3-3P exam is part of the CIA (Certified Internal Auditor) program offered by the Institute of Internal Auditors (IIA). This exam is specifically focused on Business Knowledge for Internal Auditing, and is designed to test candidates on their understanding of business concepts, financial management, strategic planning, risk management, and other related topics.
NEW QUESTION # 137
Organizational activities that complement each other and create a competitive advantage are called a:
- A. Merger.
- B. Strategic goal.
- C. Joint venture.
- D. Strategic fit.
Answer: D
NEW QUESTION # 138
According to IIA guidance, which of the following is a broad collection of integrated policies, standards, and procedures used to guide the planning and execution of a project?
- A. Project portfolio.
- B. Project management methodologies.
- C. Project development.
- D. Project governance.
Answer: B
NEW QUESTION # 139
Which of the following is always true regarding the use of encryption algorithms based on public key infrastructure (PKI)?
- A. PKI's public accessibility allows it to be used readily for e-commerce.
- B. The private key uniquely authenticates each party to a transaction.
- C. The public key is authenticated against reliable third-party identification.
- D. PKI uses an independent administrator to manage the public key.
Answer: B
NEW QUESTION # 140
According to HerzBerg's Two-Factor Theory of Motivation, which of the following factors ate mentioned most often By satisfied employees?
- A. Peer relationships and personal life
- B. Work conditions and security
- C. Salary and status
- D. Responsibility and advancement
Answer: D
NEW QUESTION # 141
Which of the following is an example of internal auditors applying data mining techniques for exploratory purposes?
- A. Internal auditors perform reconciliation procedures to support an external audit of financial reporting.
- B. Internal auditors perform a systems-focused analysis to review relevant controls.
- C. Internal auditors test IT general controls with regard to operating effectiveness versus design.
- D. Internal auditors perform a risk assessment to identify potential audit subjects as input for the annual internal audit plan.
Answer: B
NEW QUESTION # 142
Which of the following risks is best addressed by encryption?
- A. Software risk
- B. Information integrity risk.
- C. Privacy risk
- D. Access risk
Answer: C
NEW QUESTION # 143
Which of the following types of budgets will best provide the basis for evaluating the organization's performance?
- A. Cash budget.
- B. Selling and administrative expense budget.
- C. Budgeted income statement.
- D. Budgeted balance sheet.
Answer: D
NEW QUESTION # 144
Which of the following statements about mentoring is true?
1) Mentoring can be used effectively for increasing employee retention
2) Mentoring can be used effectively in reducing employees frustration.
3) Mentoring can be used effectively for increasing organization communication.
4) Mentoring can be used effectively as a short term activity consisting of instruction and training
- A. 1 2. and 3 only.
- B. 1. 2 and 4 only
- C. 1,2. 3, and 4
- D. 1, 3. and 4 only.
Answer: A
NEW QUESTION # 145
Operational management in the IT department has introduced performance evaluation policies that are linked to employees achieving continuing education hours. This activity is designed to prevent which of the following conditions?
- A. Knowledge/skills gap
- B. Communication failure.
- C. Accountability/reward failure.
- D. Monitoring gap
Answer: A
NEW QUESTION # 146
A capital investment project will have a higher net present value, everything else being equal, if it has:
- A. A higher discount rate.
- B. Cash inflows that are larger in the later years of the life of the project.
- C. Cash inflows that are larger in the earlier years of the life of the project.
- D. A higher initial investment level.
Answer: C
NEW QUESTION # 147
Which of the following is the most effective control to prevent unauthorized entrance of a former employee of the organization?
- A. Revoking the former employee's biometrics from the entrance systems
- B. Keeping doors locked and accessible with a key that is provided only to employees
- C. Installing security guards who have undergone a background check at all entrances.
- D. Installing multiple high-powered surveillance cameras throughout the organization
Answer: A
NEW QUESTION # 148
What are the objectives of governance as defined by the Standards?
- A. Inform, direct, manage, and monitor.
- B. Add value, improve, assure, and conform.
- C. Organize, assign, authorize, and implement.
- D. Identify, assess, manage, and control.
Answer: A
NEW QUESTION # 149
In which of the following scenarios would transfer pricing be used?
- A. Company A does not own Company
Company A charges Company B a fee to sell Company B's goods without taking ownership of the goods. - B. Company A owns both Company B and Company C; all three companies sell goods to the public.
- C. Company A owns Company B; Company B sells goods to Company
- D. Company A moves goods internally from one location to another.
Answer: C
NEW QUESTION # 150
An organization has started allowing employees to use their personal smart devices to accept vendor payments. What should the organization's bring-your-own-device (BYOD) policy include to specifically address security and privacy required by the Payment Card Data Security Standard (PCI DSS)?
- A. Data storage.
- B. Backups and transfers
- C. Approved devices
- D. Mobile applications
Answer: A
NEW QUESTION # 151
Under a value-added taxing system:
- A. The amount of value added is the difference between an organization's sales and its cost of goods sold.
- B. Consumer savings are discouraged.
- C. Businesses must pay a tax only if they make a profit.
- D. The consumer ultimately bears the cost of the tax through higher prices.
Answer: D
NEW QUESTION # 152
A large hospital has an existing contract with a vendor in another country to provide software support and maintenance of the hospital's patient records information system. From the hospital management's perspective, which of the following controls would be most effective to address privacy risks related to this outsourcing arrangement?
- A. Include a "right to audit" clause in the contract and impose detailed security obligations on the outsourced vendor
- B. Implement mandatory privacy training for management to help with identifying privacy risks when outsourcing services
- C. Conduct periodic reviews of the privacy policy to ensure that the existing policy meets current legislation requirements in both regions.
- D. Develop an incident monitoring and response plan to track breaches from internal and external sources
Answer: A
NEW QUESTION # 153
Which of the following methods is most closely associated to year over year trends?
- A. Horizontal analysis
- B. Common-size analysis
- C. Vertical analysis
- D. Ratio analysis
Answer: A
NEW QUESTION # 154
According to IIA guidance, which of the following is a primary component of a network security strategy?
- A. Change management controls
- B. Application input controls
- C. Firewall controls.
- D. Transmission encryption controls
Answer: C
NEW QUESTION # 155
When management uses the absorption costing approach, fixed manufacturing overhead costs are classified as which of the following types of costs?
- A. Direct product costs
- B. Indirect period costs.
- C. Indirect product costs
- D. Direct period costs
Answer: A
NEW QUESTION # 156
Multinational organizations generally spend more time and effort to identify and evaluate:
- A. Internal strengths and weaknesses.
- B. Break-even points.
- C. Internal risk factors.
- D. External trends and events.
Answer: D
NEW QUESTION # 157
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