Quiz 2023 IIA IIA-CIA-Part3: Latest Latest Business Knowledge for Internal Auditing Exam Testking

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The IIA-CIA-Part3 exam, also known as the Business Knowledge for Internal Auditing exam, is one of the three exams required to obtain the Certified Internal Auditor (CIA) designation. This exam is designed to test the candidate's knowledge and understanding of business concepts, governance principles, risk management, and the role of internal auditing in an organization. The IIA-CIA-Part3 exam consists of 100 multiple-choice questions and is four hours long.

To be eligible for the IIA-CIA-Part3 certification exam, candidates must have completed the IIA-CIA-Part1 (Essentials of Internal Auditing) and IIA-CIA-Part2 (Practice of Internal Auditing) exams. Additionally, candidates must have a minimum of 24 months of internal auditing experience or equivalent. The IIA also offers exemptions for those who have completed certain academic programs or hold certain professional certifications.

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Candidates who become IIA IIA-CIA-Part3 certified demonstrate their worth in the IIA field. IIA-CIA-Part3 certification is proof of their competence and skills. This is a highly sought after credential and it makes career advancement easier for the candidate. To become IIA IIA-CIA-Part3 Certified, you must pass the IIA-CIA-Part3 Business Knowledge for Internal Auditing Exam. For this task, you need actual and updated IIA-CIA-Part3 Questions.

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IIA Business Knowledge for Internal Auditing Sample Questions (Q173-Q178):

NEW QUESTION # 173
An entity introduced a new product that carries a 2-year warranty against defects. It estimates that warranty costs will be 27, of sales in the year of sale and 3% of sales in the year following the year of sale. Sales in Year 1 and US $5 million and US $7 million, respectively, Actual costs of servicing the warranty in Year 1 and Year 2 were US $110,000 and US $260.000, respectively. What provision for warranty costs must the entity Year 2?

A. US $370.000
B. US $290.000
C. US $350.000
D. US $260.000

Answer: C

Explanation:
The warranty provision must be matched with revenue in the year of sale. Thus, the provision related to Year 2 sales must be recognized in Year 2 even if actual expenditures will not occur until Year 3_ The provision related to Year 2 sales equals US $350,000 [$7,000,0002% for the year of sale -- 3% for the year after the year of sale)].

NEW QUESTION # 174
A decision not to participate in e-commerce should be carefully analyzed, documented, and approved by whom?

A. The audit committee.
B. The chief executive officer
C. The chief audit executive.
D. The governing board

Answer: D

Explanation:
The overall audit objective should be to ensure that all e-commerce processes have effective internal controls. Management of commerce initiatives should be documented in a strategic plan that is well developed and approved. If there is a decision not to participate in e-commerce, that decision should be carefully analyzed, documented, and approved by the governing board.

NEW QUESTION # 175
Which of the following best describes the purpose of disaster recovery planning?

A. To define rules on how devices within the system should communicate after a disaster.
B. To establish a protected area of network that is accessible to the public after a disaster
C. To reconstitute systems efficiently following a disruptive event.
D. To describe how data should move from one system to another system in case of an emergency.

Answer: C

NEW QUESTION # 176
Which of the following financial instruments should be recorded at fair market value on the financial statements?

A. Accounts receivable in the short term
B. Notes receivable in the short term
C. Bonds to be held to maturity.
D. Bonds to be held for sale in the short term.

Answer: D

NEW QUESTION # 177
When a multinational entity decides to sell its products abroad, one of the risks it faces is that the government of the foreign market charges the entity with dumping. Dumping occurs when:

A. Lower quality versions of the product are sold abroad so as to be affordable.
B. The same product sells at different prices in different countries.
C. An entity charges less than it costs to make the product to enter or win a market.
D. Transfer prices are set artificially high so as to minimize tax payments.

Answer: C

Explanation:
Dumping is an unfair trade practice that violates international agreements. It occurs when an entity charges a price 1) lower than that in its home market or 2) less than the cost to make the product. Dumping may be done to penetrate a market or as a result of export subsidies.

NEW QUESTION # 178
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