Unique Top-selling IIA-CIA-Part3 Exams - New 2021 IIA Pratice Exam
Certified Internal Dumps IIA-CIA-Part3 Exam for Full Questions - Exam Study Guide
IIA IIA-CIA-Part3 Exam Syllabus Topics:
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NEW QUESTION 174
An organization invests excess snort-term cash in trading securities. When of the following actions should an internal auditor take to test the valuation of those securities?
- A. Perform a calculation of premium or discount amortization.
- B. Confirm the securities held by the broker
- C. Use the equity method to recalculate the investment carrying value
- D. Compare the carrying value with current market quotations
Answer: D
NEW QUESTION 175
Which of the following actions would senior management need to consider as pan of new IT guidelines regarding the organization's cybersecurity policies?
- A. Hiring new personnel within the IT department tor security purposes
- B. Assigning new roles and responsibilities for senior IT management.
- C. Growing use of bring your own devices tor organizational matters
- D. Expansion of operations into new markets with united IT access
Answer: A
NEW QUESTION 176
According to IIA guidance, which of the following is a typical risk associated with the tender process and contracting stage of an organization's IT outsourcing life cycle?
- A. There is increased potential for loss of assets.
- B. There is a lack of alignment to organizational strategies.
- C. The operational quality is less than projected.
- D. The process is not sustained and is not optimized as planned.
Answer: A
NEW QUESTION 177
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?
- A. Increasing IT staff output in order for both systems to be installed.
- B. Having the information systems steering committee set the priority.
- C. Leaving the decision to the IT manager.
- D. Giving priority to the security system.
Answer: B
Explanation:
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 178
Maintenance cost at a hospital was observed to increase as activity level increased. The following data was gathered:
Activity Level -
Maintenance Cost
Month
Patient Days
Incurred
January
5,600
$7,900
February
7,100
$8,500
March
5,000
$7,400
April
6,500
$8,200
May
7,300
$9,100
June
8,000
$9,800
If the cost of maintenance is expressed in an equation, what is the independent variable for this data?
- A. Variable cost.
- B. Total maintenance cost.
- C. Patient days.
- D. Fixed cost.
Answer: C
NEW QUESTION 179
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?
- A. The net income for the period will be understated.
- B. The cost of goods sold for the period will be overstated.
- C. The cost of goods sold for the period will be understated.
- D. There will be no effect on the cost of goods sold or the net income for the period.
Answer: B
NEW QUESTION 180
Based on a comparison of RST's times-interest-earned ratios in Year 5 and Year 6, what is a likely conclusion?
- A. RST's liquidity has declined.
- B. RST's long-run solvency has improved.
- C. RST's long-run solvency has declined.
- D. RST's liquidity has improved.
Answer: B
Explanation:
The times-interest-earned ratio increased from 14.67 times in Year 5 44,0On - 3,00n) to
23.33 times in Year 6 70,000 - 3.000). This increase signifies that RST has more profit
available to meet the interest payments on its debt, and that long-run solvency has
improved. Consequently, creditors will RST's obligations as less risky.
An entity had the following opening and closing inventory balances during the current year:
The following transactions and events occurred during the current year 300,000 of raw materials were purchased, of which 20,000 were returned because of defects.
600,000 of direct labor costs were incurred. 750,000 of production overhead costs were incurred.
NEW QUESTION 181
According to HA guidance or IT which of the following spreadsheets is most likely to be considered a high-risk user-develop application?
- A. An accounts receivable reconciliation spreadsheet used by the accounting manager to verify balances.
- B. A revenue calculation spreadsheet supported with price and volume reports from the production department
- C. An asset retirement calculation spreadsheet comprised of multiple formulas and assumptions
- D. An ad-hoc inventory listing spreadsheet comprising details of written-off inventory quantitates
Answer: C
NEW QUESTION 182
Which of the following are likely indicators of ineffective change management?
1.IT management is unable to predict how a change will impact interdependent systems or business processes.
2.There have been significant increases in trouble calls or in support hours logged by programmers.
3.There is a lack of turnover in the systems support and business analyst development groups.
4.Emergency changes that bypass the normal control process frequently are deemed necessary.
- A. 1, 2, 3, and 4
- B. 1 and 3 only
- C. 2 and 4 only
- D. 1, 2, and 4 only
Answer: D
NEW QUESTION 183
When using cost-volume-profit analysts which of the following will increase operating income once !he break-even point has been reached?
- A. Fixed costs per unit for each additional unit sold
- B. Gross margin per unit for each additional unit sold
- C. Variable costs per unit for each additional unit sold
- D. Contribution margin per unit for each additional unit sold
Answer: D
NEW QUESTION 184
Which of the following descriptions of the internal control system are indicators that risks are managed effectively?
1. Existing controls promote compliance with applicable laws and regulations.
2. The control environment is designed to address all identified risks to the organization.
3. Key controls for significant risks to the organization remain consistent over time.
4. Monitoring systems are in place to alert management to unexpected events.
- A. 2 and 4.
- B. 2 and 3.
- C. 1 and 3.
- D. 1 and 4.
Answer: D
NEW QUESTION 185
Which of the following is not a required element of a contract?
- A. Legality.
- B. Legal capacity.
- C. Consideration.
- D. A writing.
Answer: D
Explanation:
The four essential elements of a contract are an agreement offer and acceptance), consideration, legal capacity of the parties to contract, and a legal objective or purpose A writing is not required to enter into a contract. However, some contracts are not enforceable unless a writing evidences the contract
NEW QUESTION 186
Which of the following is a project planning methodology that involves a complex series of required simulations to provide information about schedule risk?
- A. Monte Carlo Analysis.
- B. Integrated Project Plan.
- C. Project Management Information System (PMIS)
- D. Earned Value Management (EVM).
Answer: A
Explanation:
Explanation/Reference: https://opentextbc.ca/projectmanagement/chapter/chapter-16-risk-management-planning-project- management/
NEW QUESTION 187
Which of the following application-based controls is an example of a programmed edit check?
- A. Reasonableness check.
- B. Authorization for access.
- C. Input error correction.
- D. Transaction log.
Answer: A
NEW QUESTION 188
An internal auditor discovered that several unauthorized modifications were made to the production version of an organization's accounting application. Which of the following best describes this deficiency?
- A. Change controls weakness.
- B. Application controls weakness.
- C. Authorization controls weakness.
- D. Production controls weakness.
Answer: A
NEW QUESTION 189
Statistical quality control often involves the use of control charts whose basic purpose is to:
- A. Determine when accounting control procedures are not working.
- B. Detect performance trends away from normal operations.
- C. Monitor internal control applications of information technology.
- D. Control labor costs in production operations.
Answer: B
Explanation:
Statistical control charts are graphic aids for monitoring the status of any process subject to random variations. The chart consists of three horizontal lines plotted on a horizontal time scale. The vertical scale represents the appropriate quantitative measure. The center line represents the average range or overall mean for the process being controlled. The other two lines are the upper control limit and the lower control limit. The processes are measured periodically, and the values are plotted on the chart. If the value falls within the control limits, no action is taken. If the value falls outside the limits, the process is considered "out of control," and an investigation is made for possible corrective action. Another advantage of the chart is that it makes trends visible.
NEW QUESTION 190
A mail-order retailer of low-cost novelty items is receiving an increasing number of
complaints from customers about the wrong merchandise being shipped. The order code for items has the format The major category is ww, xx is the minor category, yy identifies the item, and zz identifies the catalog. In many cases, the wrong merchandise was sent because adjacent characters in the order code had been transposed. The best control for decreasing the number of orders with the wrong merchandise is to:
- A. Require customers to specify the name for each item they order.
- B. Use a master file reference for all order codes to verify the existence of items.
- C. Add check-digits to the order codes and verify them for each order.
- D. Separate the parts of the order code with hyphens to make the characters easier to read.
Answer: C
Explanation:
Self-checking digits may be used to detect incorrect codes. The digit is generated by applying an algorithm to the code. During the input process, the check digit is recomputed by applying the same algorithm to the code actually entered.
NEW QUESTION 191
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