FREE PDF IIA - IIA-CIA-PART3 USEFUL VALID TEST SIMULATOR

Free PDF IIA - IIA-CIA-Part3 Useful Valid Test Simulator

Free PDF IIA - IIA-CIA-Part3 Useful Valid Test Simulator

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IIA-CIA-Part3 (Business Knowledge for Internal Auditing) certification exam is an important certification for internal auditors who want to demonstrate their knowledge and skills in the area of business knowledge. Business Knowledge for Internal Auditing certification is recognized globally and can help internal auditors advance their careers and increase their earning potential. If you are an internal auditor who wants to take your career to the next level, the IIA-CIA-Part3 Certification Exam is definitely worth considering.

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IIA-CIA-Part3 (Business Knowledge for Internal Auditing) Exam is a globally recognized certification exam designed to assess an individual's knowledge of business acumen and its role in internal auditing. IIA-CIA-Part3 exam is offered by the Institute of Internal Auditors (IIA), which is the leading professional association of internal auditors worldwide. Passing IIA-CIA-Part3 Exam is a critical step for individuals who want to become Certified Internal Auditors (CIA).

IIA Business Knowledge for Internal Auditing Sample Questions (Q215-Q220):

NEW QUESTION # 215
Which of the following strategies is most appropriate for an industry that is in decline?

  • A. Invest in marketing.
  • B. Shift toward mass production.
  • C. Control costs.
  • D. Invest in research and development.

Answer: C


NEW QUESTION # 216
In an analysis of alternative credit-management policies, which of the following components will cause the net present value of receivables on credit sales to increase, if everything else remains constant?

  • A. A longer average collection period.
  • B. A higher cost per unit sold.
  • C. A tougher collections policy that reduces the bad debt loss ratio.
  • D. An increase in the cost of capital.

Answer: C


NEW QUESTION # 217
When determining cash flows accruing to the entity, using financial statements prepared for tax purposes will result in:

  • A. An overstatement of cash flows throughout the economic life of the asset.
  • B. An understatement of cash flows throughout the economic life of the asset.
  • C. No effect on cash flow amounts.
  • D. An overstatement of cash flows in the early years and then an understatement of cash flows in the later years of the economic life of the asset.

Answer: C

Explanation:
Cash flows are not affected by the basis of accounting used to prepare the financial statements. Accordingly, whether the financial statements are prepared based on the tax basis, the cash basis, or accounting principles generally accepted in a given country, cash flows should be the same. For example, the cash inflow or outflow resulting from using an accelerated depreciation method to determine actual tax expense or benefit the amount paid to or refunded by the taxing authority) is completely unaffected by the depreciation method used in the financial statements. However. if cash flows are derived indirectly by adjusting profit or loss reported in the financial statements, different adjustments are necessary to arrive at the same cash flow amounts if different bases of accounting are used in the preparation of the financial statements.


NEW QUESTION # 218
The e-commerce project that an auditor is most likely to assess as having the lowest risk is one that:

  • A. Addresses the security of the software and the accuracy of transaction processing.
  • B. Considers governmental and regulatory requirements, and other external factors in its risk assessment.
  • C. Has a business plan that covers the integration of the planning, design, and implementation of the e- commerce system with the strategies of the organization.
  • D. Calls for using outside vendors to provide hosting services.

Answer: C

Explanation:
The following are a few issues that an internal auditor should consider when undertaking an e-commerce engagement and assessing risks:
Is there a business plan for the e-commerce project or program?
Does the plan cover the integration of the planning, design, and implementation of the commerce system with the strategies of the organization?
Have governmental and regulatory requirements been analyzed and considered?
How secure is the hardware and software, and will they prevent or detect unauthorized access, inappropriate use, and other harmful effects and losses?
Will transaction processing be current, accurate, complete, and indisputable? . Does the risk assessment include internal and external forces?
If outside vendors are used, has a "going concern" evaluation been conducted by a trusted third party who is qualified to certify the vendor?
If vendors provide hosting services, do they have a tested business contingency plan? Have they provided a recent SAS-70 report? Also, have privacy issues been resolved? Based on how well the e-commerce project addresses these questions, the project likely to receive the lowest risk assessment is one that has a business plan that covers the integration of the planning, design, and implementation of the e-commerce system with the strategies of the organization.


NEW QUESTION # 219
Under a total quality management (TQM) approach:

  • A. A large number of suppliers are used in order to obtain the lowest possible prices.
  • B. Upper management assumes the primary responsibility for the quality of the products and services.
  • C. Measurement occurs throughout the process, and errors are caught and corrected at the source.
  • D. Quality control is performed by highly trained inspectors at the end of the production process.

Answer: C

Explanation:
TQM emphasizes quality as a basic organizational function. TQM is the continuous pursuit of quality in every aspect of organizational activities. One of the basic principles of TQM is doing it right the first time. Thus, errors should be caught and corrected at the source.


NEW QUESTION # 220
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