IIA IIA-CIA-Part3 Certification Exam Dumps with 344 Practice Test Questions [Q33-Q49]

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IIA IIA-CIA-Part3 Certification Exam Dumps with 344 Practice Test Questions

New IIA-CIA-Part3 Exam Dumps with High Passing Rate

IIA-CIA-Part3 or Business Knowledge for Internal Auditing is a certification exam offered by the Institute of Internal Auditors (IIA). IIA-CIA-Part3 exam is designed to assess the candidate’s knowledge of the business environment, including the principles and practices of financial management, marketing, and operations. Passing IIA-CIA-Part3 exam is an essential step for professionals seeking to become Certified Internal Auditors (CIA).

NEW QUESTION 33
Which of the following are typical responsibilities for operational management within a risk
management program?
1.Implementing corrective actions to address process deficiencies.
2.Identifying shifts in the organization’s risk management environment.
3.Providing guidance and training on risk management processes.
4.Assessing the impact of mitigation strategies and activities.

1 and 2 only

1 and 4 only

2 and 3 only

3 and 4 only

NEW QUESTION 34
Which of the following is a role of the board of directors in the governance process?

Conduct periodic assessments of the organization’s governance systems.

Obtain assurance concerning the effectiveness of the organization’s governance systems.

Implement an effective system of internal controls to support the organization’s governance systems.

Review and approve operational goals and objectives.

NEW QUESTION 35
An IT manager has only enough resources to install either a new payroll system or a new data security system, but not both. Which of the following actions is most appropriate?

Giving priority to the security system.

Leaving the decision to the IT manager.

Increasing IT staff output in order for both systems to be installed.

Having the information systems steering committee set the priority.

The needs assessment and cost-benefit analysis should be conducted by those responsible for making the decision. In this case, the information systems steering committee is the appropriate decision maker.

NEW QUESTION 36
The cost to enter a foreign market would be highest in which of the following methods of global expansion?

Joint ventures.

Licensing.

Exporting.

Overseas production.

NEW QUESTION 37
Listening effectiveness is best increased by:

Resisting both internal and external distractions.

Waiting to review key concepts until the speaker has finished talking.

Tuning out messages that do not seem to fit the meeting purpose.

Factoring in biases in order to evaluate the information being given.

Explanation/Reference:

NEW QUESTION 38
According to MA guidance, which of the following best describes an adequate management (audit) trail application control for the general ledger?

Report identifying data that is outside of system parameters

Report identifying general ledger transactions by time and individual

Report comparing processing results with original input

Report confirming that the general ledger data was processed without error.

NEW QUESTION 39
Which of the following is the most appropriate activity for an internal auditor to perform during a review of systems development activity?

Serve on the IT steering committee that determines what new systems are to be developed.

Review the methodology used to monitor and control the system development function.

Recommend specific automated procedures to be incorporated into new systems that will provide reasonable assurance that all data submitted to an application are converted to machine-readable form.

Recommended specific operational procedures that will ensure that all data submitted for processing are converted to machine-readable form.

Auditor objectivity is not impaired when she recommends standards of control for systems or reviews procedures before implementation. However. drafting procedures for systems and designing, installing. and operating systems are not audit functions. Thus, reviewing the methodology used by an organization is an appropriate activity that enables the internal auditor to determine whether s)he can rely on the systems development activity to design and implement appropriate automated controls within applications.

NEW QUESTION 40
A Gantt chart:

Shows the critical path for a project.

Is used for determining an optimal product mix.

Shows only the activities along the critical path of a network.

Does not necessarily show the critical path through a network.

The major advantage of a Gantt chart is its simplicity: It requires no special tools or mathematics. However, it depicts only the interrelationships between tasks in a limited way. Thus, trying to identify a project’s critical path from a Gantt chart may not be feasible.

NEW QUESTION 41
Which of the following budgets must be prepared first?

Cash budget.

Production budget.

Sales budget.

Selling and administrative expenses budget.

NEW QUESTION 42
Which of the following costs are not relevant in a special-order decision?

Incremental costs.

Opportunity costs.

Outlay costs.

Sunk costs.

Sunk costs are always irrelevant because they occurred in the past

NEW QUESTION 43
One department of an organization, Final Assembly, is purchasing subcomponents from another department, Materials Fabrication. The price that will be charged to Final Assembly by Materials Fabrication is to be determined. Outside market prices for the subcomponents are available. Which of the following is the most correct statement regarding a market-based transfer price?

Marginal production cost transfer prices provide incentives to use otherwise idle capacity.

Market transfer prices provide an incentive to use otherwise idle capacity.

Overall long term competitiveness is enhanced with a market-based transfer price.

Corporate politics is more of a factor in a market-based transfer price than with other methods.

A transfer price is the price charged in an intercompany transaction. Market-based prices provide market discipline because efficient internal suppliers will tend to prosper, thereby enhancing the overall long-term competitiveness of the firm.

NEW QUESTION 44
The company uses a planning system that focuses first on the amount and timing of finished goods demanded and then determines the derived demand for raw materials, components, and subassemblies at each of the prior stages of production. This system is referred to as:

Economic order quantity.

Materials requirements planning.

Linear programming.

Just-in-time purchasing.

Materials requirements planning MRP) is a system that translates a production schedule into requirements for each component needed to meet the schedule. It is usually implemented in the form of a computer-based information system designed to plan and control raw materials used in production. It assumes that forecasted demand is reasonably accurate and that suppliers can deliver based upon this accurate schedule. MRP is a centralized push-through system: output based on forecasted demand is pushed through to the next department or to inventory.

NEW QUESTION 45
Which of the following corporate social responsibility strategies is likely to be most effective in minimizing confrontations with influential activists and lobbyists?

Continually evaluate the needs and opinions of all stakeholder groups.

Ensure strict compliance with applicable laws and regulations to avoid incidents.

Maintain a comprehensive publicity campaign that highlights the organization’s efforts.

Increase goodwill through philanthropic activities among stakeholder communities.

NEW QUESTION 46
If the bank uses the minimax regret criterion for selecting the location of the branch, it will select.

L1.

L2.

L3.

L4.

Under the minimax regret criterion, the decision maker selects the choice that minimizes the maximum regret (opportunity cost)the maximum regret for each location is determined from the opportunity loss matrix. The maximum regret for each location is the highest number in each column as indicated below.

The location with the minimum regret is L2. If demand is low, L2 has a payoff -2, whereas L1 has a payoff of 7. A bank plans to open a branch in one of five locations labeled L1, L2, L3, L4, L5). Demand for bank services may be high, medium, or low at each of these locations. Profits for each location-demand combination are presented in the payoff matrix.

NEW QUESTION 47
For the year just ended the entity has times-interest-earned of:

3.375 times

6.75 times

7.75 times

9.5 times

The TIE ratio is a leverage ratio_ It emphasizes the ability to pay interest expense. The ratio equals profit before interest and taxes divided by interest

C:\Documents and Settings\usernwz1\Desktop\1.PNG RST Corporation’s Income Statement for Year 5 and Year 6

The market value of RST’s ordinary stock at the end of Year 6 was US $100.00 per share.

NEW QUESTION 48
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?

Cost of sales and net income are understated.

Cost of sales and net income are overstated.

Cost of sales is understated and not income is overstated.

Cost of sales is overstated and net Income is understated.

NEW QUESTION 49
According to Herzberg’s Two-Factor Theory of Motivation, which of the following is a factor mentioned most often by satisfied employees?

Security.

Status.

Recognition.

Relationship with coworkers

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IIA-CIA-Part3 Exam is designed to test the candidate’s knowledge of business concepts, principles, and practices that are relevant to internal auditing. IIA-CIA-Part3 exam is divided into six sections, each covering a different area of business knowledge. The sections include Business Acumen, Information Security, Information Technology, Financial Management, Organizational Structure, and Strategic Management. Candidates must demonstrate their understanding of each section to pass the exam.

Get IIA-CIA-Part3 Braindumps & IIA-CIA-Part3 Real Exam Questions: https://www.vcedumps.com/IIA-CIA-Part3-examcollection.html

IIA IIA-CIA-Part3 Certification Exam Dumps with 344 Practice Test Questions [Q33-Q49]

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