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[Hardware] IIA-CIA-Part3 Latest Learning Materials & Valid Exam IIA-CIA-Part3 Registrat

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【Hardware】 IIA-CIA-Part3 Latest Learning Materials & Valid Exam IIA-CIA-Part3 Registrat

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IIA-CIA-Part3 (Business Knowledge for Internal Auditing) Certification Exam is an essential certification for internal auditors looking to advance their careers and demonstrate their knowledge and expertise in the field of internal auditing. With its globally recognized credential, this certification is a valuable asset for any internal auditor looking to stand out in a competitive job market.
Passing the IIA-CIA-Part3 Exam is a significant achievement for internal auditors. It demonstrates that they have a solid understanding of business concepts and how they relate to internal auditing. This knowledge is essential for internal auditors, as it enables them to identify risks and opportunities within an organization and make informed recommendations to management. Business Knowledge for Internal Auditing certification also demonstrates a commitment to professional development and a willingness to invest in one's career.
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IIA Business Knowledge for Internal Auditing Sample Questions (Q249-Q254):NEW QUESTION # 249
The internal audit function of a manufacturing organization is conducting an advisory engagement. The engagement team identifies a gap in procedures: there is no documentation for the activities that take place when new site construction projects are completed. In practice, these activities include the transfer of assets from the development department to the production department. What is the most appropriate action for the engagement team?
  • A. Carry out a root cause analysis to identify the underlying reasons of the process gap
  • B. Facilitate design of a checklist that can be used during asset transfer
  • C. Circulate a risk and control questionnaire to identify construction process risks
  • D. Allocate additional resources to the production department to better handle the new assets
Answer: B
Explanation:
In advisory engagements, internal audit may provide consulting support that enhances processes while maintaining objectivity. In this case, the most appropriate value-adding activity is to facilitate development of a checklist for documenting asset transfers. This addresses the identified gap directly and supports management in strengthening controls.
Option A identifies risks but does not resolve the gap. Option C (root cause analysis) is not as practical in this advisory setting. Option D (resource allocation) is a management responsibility, not internal audit's role.
Reference:
IIA Implementation Guidance - Advisory Services; Standard 2120: Risk Management.

NEW QUESTION # 250
Which of the following application controls verifies the accuracy of transaction results in a system?
  • A. Integrity controls
  • B. Output controls
  • C. Input controls
  • D. Processing controls
Answer: D

NEW QUESTION # 251
Suppose that an entity has paid one of its liabilities t ice during the year in error The effects of this mistake would be?
  • A. Assets and profit and equity} are understated, and liabilities are overstated.
  • B. Assets Liabilities, and equity are understated.
  • C. Assets, net income, and equity are unaffected
  • D. Assets and liabilities are understated.
Answer: D
Explanation:
When a liability is paid, an entry debiting accounts payable and crediting cash is made. If an entity erroneously pays a liability twice, the accounts payable and cash accounts will be understated by the amount of the liability. Hence, assets and liabilities will be understated.

NEW QUESTION # 252
Which of the following analytical techniques would an internal auditor use to verify that none of an organization's employees are receiving fraudulent invoice payments?
  • A. Perform duplicate testing.
  • B. Join different data sources.
  • C. Calculate statistical parameters.
  • D. Perform gap testing.
Answer: A
Explanation:
Duplicate testing is an analytical technique used to detect fraudulent payments, errors, or inefficiencies by identifying repeated transactions within financial records. In this case, an internal auditor would use duplicate testing to ensure that employees are not receiving fraudulent invoice payments by verifying that no invoice has been paid multiple times.
* Detecting Duplicate Payments: Fraudulent employees may submit the same invoice multiple times with slight modifications to avoid detection. Duplicate testing helps find identical or similar transactions.
* Identifying Unusual Patterns: By analyzing payment records, auditors can detect repeat payments to the same vendor, same invoice number, or similar amounts within a short time frame.
* Aligns with Fraud Prevention Practices: As per IIA Standard 2120 - Risk Management, internal auditors must identify and assess fraud risks, including duplicate invoice payments.
* Supports Data Analytics in Auditing: IIA GTAG (Global Technology Audit Guide) 16 - Data Analysis Techniques recommends using duplicate testing to identify fraud, control weaknesses, and errors in financial transactions.
* A. Perform gap testing: Gap testing is used to identify missing data or transactions in a sequence (e.
g., missing invoice numbers), but it does not specifically target duplicate or fraudulent payments.
* B. Join different data sources: This method is useful for cross-checking information across multiple databases, but it is not directly related to identifying duplicate invoice payments.
* D. Calculate statistical parameters: Statistical analysis provides summary insights about data (e.g., mean, median), but it does not specifically detect duplicate payments.
* IIA Standard 2120 - Risk Management: Internal auditors must evaluate fraud risks, including duplicate payments.
* IIA Standard 1220 - Due Professional Care: Requires auditors to apply appropriate data analytics techniques.
* IIA GTAG 16 - Data Analysis Techniques: Recommends duplicate testing as an effective fraud detection method.
Key Reasons Why Option C is Correct:Why Other Options Are Incorrect:IIA References:Thus, the correct answer is C. Perform duplicate testing.

NEW QUESTION # 253
An internal auditor found the following information while reviewing the monthly financial siatements for a wholesaler of safety

The cost of goods sold was reported at $8,500. Which of the following inventory methods was used to derive this value?
  • A. Activity-based costing method
  • B. Specific identification method
  • C. Average cost method
  • D. First-in, first-out (FIFO) method
Answer: C

NEW QUESTION # 254
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