Pass Your Exam With 100% Verified IIA-CIA-Part3 Exam Questions [Q33-Q51]

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Pass Your Exam With 100% Verified IIA-CIA-Part3 Exam Questions

IIA-CIA-Part3 Dumps PDF – IIA-CIA-Part3 Real Exam Questions Answers

IIA IIA-CIA-Part3 Exam Syllabus Topics:

Topic	Details
Topic 1	Explain basic IT infrastructure and network concepts ?Recognize existing and emerging cybersecurity risks
Topic 2	?Explain general concepts of managerial accounting ?Examine the risk and control implications of common business processes
Topic 3	Recognize the application of data analytics methods in internal auditing Explain the purpose and use of various information security controls
Topic 4	Explain the data analytics process ?Differentiate the various forms of user authentication and authorization controls
Topic 5	?Recognize advanced and emerging financial accounting concepts Organizational Structure and Business Processes
Topic 6	Describe cybersecurity and information security-related policies Describe the strategic planning process and key activities
Topic 7	Differentiate types of common physical security controls Examine common performance measures
Topic 8	Recognize core activities in the systems development lifecycle and delivery Recognize the purpose and applications of IT control frameworks
Topic 9	Recognize the various forms and elements of contracts ?Identify project management techniques

NO.33 Assuming a 360-day year and that CyberAge continues paying on the last day of the credit period, the entity’s weighted-average annual interest rate for trade credit ignoring the effects of compounding) for these two vendors is:

27.0%

25.2%

28.0%

30.2%

NO.34 The receipt of raw materials used in the manufacture of products and the shipping of finished goods to customers is under the control of the warehouse supervisor. The warehouse supervisor’s time is spent approximately 60% on receiving activities and 40% on shipping activities. Separate staffs for the receiving and shipping operations are employed. The labor-related costs for the warehousing function are as follows:

The company employs a responsibility accounting system for performance reporting purposes. The costs are classified on the report as period or product costs. The total labor related costs that would be listed on the responsibility accounting performance report as product costs under the control of the warehouse supervisor for the warehousing function would be:

US $97,500

US $128,700

US $130,000

US $771,000

NO.35 Which of the following statements regarding program change management is not correct?

The goal of the change management process is to sustain and improve organizational operations.

The degree of risk associated with a proposed change determines if the change request requires authorization.

In order to protect the production environment, changes must be managed in a repeatable, defined, and predictable manner.

All changes should be tested in a non-production environment before migrating to the production environment.

NO.36 In a responsibility accounting system, managers are accountable for

Variable costs but not for fixed costs.

Product costs but not for period costs.

Incremental costs.

Costs over which they have significant influence_

NO.37 A brand manager in a consumer food products organization suspected that several days of the point-of- sale data on the spreadsheet from one grocery chain were missing. The best approach for detecting missing rows in spreadsheet data would be to:

Sort on product identification code and identify missing product identification codes.

Review store identification code and identify missing product identification codes.

Compare product identification codes for consecutive periods.

Compare product identification codes by store for consecutive periods.

NO.38 A large fishing operation has information on the interval, time, and probabilities of shrimp schools staying beneath their fishing boats. In order to use this information to predict when and where to send their boats, which of the following techniques should be used?

Simulation.

Least squares.

Queuing theory.

Exponential smoothing.

NO.39 An international nonprofit organization finances medical research. The majority of its revenue and support comes from fundraising activities, investments, and specific grants from an initial sponsoring corporation. The organization has been in operation over 15 years and has a small internal audit department. The organization has just finished a major fundraising drive that raised US $500 million for the current fiscal period.
The following are selected data from recent financial statements (US dollar figures in millions): The auditor wishes to determine if the change in investment income during the current year was due to (a) changes in investment strategy, (b) changes in portfolio mix, or (c) other factors. Which of the following analytical review procedures should the auditor use?

Simple linear regression that compares investment income changes over the past 5 years to determine the nature of the changes.

Ratio analysis that compares changes in the investment portfolio on a monthly basis.

Trend analysis that compares the changes in investment income as a percentage of total assets and of investment assets over the past 5 years.

Multiple regression analysis that includes independent variables related to the nature of the investment portfolio and market conditions.

NO.40 Philip Enterprises, distributor of compact disks (CDs), is developing its budgeted cost of goods sold. Philip has developed the following range of sales estimates and associated probabilities for the year:

Philip’s cost of goods sold averages 80% of sales. What is the expected value of Philip’s budgeted cost of goods sold?

US$85,000

US$84,000

US$68,000

US$67,200

NO.41 A conglomerate entity acquired 100% of the net assets of a target entity for US $900 cash. The target entity is balance sheet just prior to the acquisition is presented below.
The amount of goodwill to be recorded by the conglomerate entity related to its purchase of the target entity is:

US $(200)

US $50

US $200

None of the answers are correct

NO.42 Is PERT analysis a control tool or a planning tool?

Option A

Option C

Option D

NO.43 Which of the following statements is true regarding outsourced business processes?

Outsourced business processes should not be considered in the internal audit universe because the controls are owned by the external service provider.

Generally, independence is improved when the internal audit activity reviews outsourced business processes.

The key controls of outsourced business processes typically are more difficult to audit because they are designed and managed externally.

The system of internal controls may be better and more efficient when the business process is

NO.44 Which of the following is the best reason for considering the acquisition of a nondomestic
organization?

Relatively fast market entry.

Improved cash flow of the acquiring organization.

Increased diversity of corporate culture.

Opportunity to influence local government policy.

NO.45 An entity borrows funds from its bank for a one-year period. The bank charges interest at a
nominal rate of 15% per annum, on a discount basis, and requires a 10% compensating balance. The effective annual interest rate on the loan is:

16.67%

17.65%

20.00%

25.00%

NO.46 Which of the following is the best example of a compliance risk that is likely to arise when adopting a bring-your-own-device (BYOD) policy?

The risk that users try to bypass controls and do not install required software updates.

The risk that smart devices can be lost or stolen due to their mobile nature.

The risk that an organization intrusively monitors personal information stored on smart devices.

The risk that proprietary information is not deleted from the device when an employee leaves.

NO.47 A working capital technique that increases the payable float and therefore delays the outflow of cash is:

Concentration banking.

A draft.

Electronic Data Interchange EDO.

A lockbox system.

NO.48 A manufacturing company employs variable costing for internal reporting and analysis purposes. However, it converts its records to absorption costing for external reporting.
The Accounting Department always reconciles the M o operating income figures to assure that no errors have occurred in the conversion. The fixed manufacturing overhead cost per unit was based on the planned level of production of 480.000 units. Financial data for the year are presented below:

The difference between the operating income calculated under the variable costing method and the operating income calculated under the absorption costing method would be:

US $57,600

US $60,000

US $90,000

US $120,000

NO.49 What is the expected average collection period for the entity?

10 days

15 days

20 days.

30 days.

NO.50 Which of the following is true regarding the COSO enterprise risk management framework?

The framework categorizes an organization’s objectives to distinct, non overlapping objectives.

Control environment is one of the framework’s eight components.

The framework facilitates effective risk management, even if objectives have not been established.

The framework integrates with, but is not dependent upon, the corresponding internal control

NO.51 Given an acid-test ratio of 2.0, current assets of US $5,000, and inventory of US $2,000, the value of current liabilities is:

US $1,500

US $2,500

US $3,500

US $6,000

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Pass Your Exam With 100% Verified IIA-CIA-Part3 Exam Questions [Q33-Q51]