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Exam Sample IIA IIA-CIA-Part3 Questions, IIA-CIA-Part3 Exam Passing Score

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IIA-CIA-Part3 certification exam is one of the most comprehensive exams for internal auditors. It is designed to test the knowledge and understanding of candidates in the area of business knowledge for internal auditing. IIA-CIA-Part3 Exam covers a wide range of topics, including business acumen, financial management, risk management, and information technology. Passing the exam is an essential step towards becoming a certified internal auditor (CIA).

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IIA-CIA-Part3 Exam Passing Score, IIA-CIA-Part3 Customizable Exam Mode

If moving up in the fast-paced technological world is your objective, IIA is here to help. The excellent Business Knowledge for Internal Auditing (IIA-CIA-Part3) practice exam from IIA can help you realize your goal of passing the IIA Treasury with Business Knowledge for Internal Auditing (IIA-CIA-Part3) certification exam on your very first attempt. Most people find it difficult to find excellent IIA Treasury with Business Knowledge for Internal Auditing (IIA-CIA-Part3) exam dumps that can help them prepare for the actual Business Knowledge for Internal Auditing (IIA-CIA-Part3) exam.

Passing the IIA-CIA-Part3 Exam is a critical step towards obtaining the CIA certification and advancing in the internal auditing profession. Business Knowledge for Internal Auditing certification is highly valued by employers and demonstrates the candidate's commitment to excellence in the field of internal auditing. Furthermore, the knowledge gained from preparing for the exam can help internal auditors improve their business acumen and provide better value to their organizations.

IIA IIA-CIA-Part3 Exam Syllabus Topics:

Topic
Details

Topic 1

Information Technology: This section of the exam measures the skills of IT Auditors and focuses on the foundational knowledge of systems, software, and network infrastructure. It includes the systems development lifecycle, IT control frameworks such as COBIT and ISO 27000, and roles of IT professionals like database and network administrators. Candidates also explore key technologies such as ERP and CRM systems and their role in organizational processes. System Administrators are tested on concepts of disaster recovery, data backup, and IT risk management to ensure business continuity and operational resilience.

Topic 2

Organizational Structure and Business Processes: This section of the exam measures the skills of Risk and Compliance Analysts and emphasizes the importance of organizational structures and business process controls. It focuses on evaluating the risks and control implications of centralized and decentralized structures, as well as major business functions such as procurement, sales, and logistics. The domain also examines project management fundamentals, including cost, scope, and change management. Additionally, Operations Managers are tested on their understanding of contract types and elements, ensuring they can identify appropriate risk management and control strategies for effective process execution.

Topic 3

Business Acumen: This section of the exam measures the skills of Internal Auditors and focuses on the principles of organizational planning, strategy, and performance evaluation. It covers the strategic planning process, including the setting of objectives, global competitiveness, and alignment with mission and values. Candidates are expected to understand key performance indicators such as productivity, efficiency, and quality, along with the fundamentals of organizational behavior. The domain also assesses how Business Managers use motivation, leadership, and communication to drive performance, build commitment, and ensure effective management and mentoring across teams.

IIA Business Knowledge for Internal Auditing Sample Questions (Q98-Q103):

NEW QUESTION # 98
When using data analytics during a review of the procurement process, what is the first step in the analysis process?

A. Define questions to be answered
B. Identify data anomalies and outliers
C. Determine the scope of the data extract.
D. Identify data sources available

Answer: D

NEW QUESTION # 99
In light of increasing emission taxes in the European Union, a car manufacturer introduced a new middle- class hybrid vehicle specifically for the European market only. Which of the following competitive strategies has the manufacturer used?

A. Cost leadership strategy.
B. Focus strategy
C. Differentiation strategy.
D. Reactive strategy.

Answer: B

Explanation:
A focus strategy targets a specific market segment, geographical area, or niche customer base rather than competing in the entire market.
* Why Option D (Focus strategy) is Correct:
* The car manufacturer introduced a hybrid vehicle specifically for the European market to address increasing emission taxes, meaning they are focusing on a specific region and customer need.
* Focus strategy aims at tailoring products to meet the needs of a particular group of consumers (e.g., environmentally conscious European customers).
* Why Other Options Are Incorrect:
* Option A (Reactive strategy):
* Incorrect because while the company is responding to regulatory changes, "reactive strategy" is not a recognized competitive strategy under Porter's model.
* Option B (Cost leadership strategy):
* Incorrect because cost leadership focuses on minimizing costs and offering the lowest price in the broad market. This scenario does not emphasize cost reduction.
* Option C (Differentiation strategy):
* Incorrect because differentiation involves offering unique products across a broad market, whereas the hybrid vehicle is targeted specifically for the European market.
* IIA Practice Guide - "Auditing Strategic Risk Management": Discusses competitive strategies, including focus strategy.
* Porter's Competitive Strategy Model: Defines focus strategy as targeting a niche market.
* COSO ERM Framework - "Strategic Decision-Making": Recommends market-specific focus strategies to mitigate regulatory risks.
IIA References:

NEW QUESTION # 100
Various tools are employed to control large scale projects. They include all of the following except:

A. PERT.
B. Gantt charts.
C. CPM.
D. Statistical process control.

Answer: D

Explanation:
Statistical process (quality) control is not used to control large scale projects. Statistical quality control is a method of determining whether the shipment or production run of units lies within acceptable limits. It is also used to determine whether production processes are out of control.

NEW QUESTION # 101
Which of the following scenarios indicates an effective use of financial leverage?

A. An organization has a current ratio of 2 and an inventory turnover of 12.
B. An organization has a debt to total assets ratio of 0.2 and an interest coverage ratio of 10.
C. An organization has a profit margin of 30% and an assets turnover of 7%.
D. An organisation has a rate of return on equity of 20% and a rate of return on assets of 15%.

Answer: A

NEW QUESTION # 102
An internal auditor reviewed Finance Department records to obtain a list of current vendor addresses The auditor then compared the vendor addresses to a record of employee addresses maintained by the Payroll Department Which of the following types of data analysis did the auditor perform?

A. Gap analysis
B. Classification
C. Duplicate testing.
D. Joining data sources

Answer: B

NEW QUESTION # 103
......

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