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Introduction of IIA CIA Part 3 Exam

The Certified Internal Auditor (CIA) is an advanced professional certification for internal auditors. It is a globally recognized certification and is based on the International Professional Practices Framework (IPPF) of the IIA. The CIA exam consists of three parts. Part 1 covers the foundations of internal auditing, Part 2 covers business knowledge for internal auditing, and Part 3 covers internal audit practices. This article discusses the topic matter covered in Part 3 of the CIA exam. It also provides a sample question and answer to help candidates better prepare for this exam. The IIA CIA part 3 exam dumps are also one of the most complete study guides available. You will learn all the required topics and get a full understanding of them.

IIA Business Knowledge for Internal Auditing Sample Questions (Q75-Q80):

NEW QUESTION # 75
A traditional quality control process in manufacturing consists of mass inspection of goods only at the end of a production process. A major deficiency of the traditional control process is that:

• A. It is not possible to rework defective items.
• B. It is expensive to do the inspections at the end of the process.
• C. It is not 100% effective.
• D. It does not focus on improving the entire production process.

Answer: B Explanation:
The process used to produce the goods is not thoroughly reviewed and evaluated for efficiency and effectiveness. Preventing defects and increasing efficiency by improving the production process raises quality standards and decreases costs.
NEW QUESTION # 76
Which of the following common quantitative techniques used in capital budgeting is best associated with the use of a table that describes the present value of an annuity?

• A. Cash payback technique.
• B. Discounted cash flow technique: internal rate of return.
• C. Annual rate of return
• D. Discounted cash flow technique: net present value.

Answer: D
NEW QUESTION # 77
At one organization, the specific terms of a contract require both the promisor and promisee to sign the contract in the presence of an independent witness. What is the primary role to the witness to these signatures?

• A. A witness validates that the signatures on the contract were signed by the promisor and promisee.
• B. A witness ensures the completeness of the contract between the promisor and promisee.
• C. A witness verifies that the contract was signed with the free consent of the promisor and promisee.
• D. A witness verifies the quantities of the copies signed.

Answer: A
NEW QUESTION # 78
The internal audit activity completed an initial risk analysis of the organization's data storage center and found several areas of concern. Which of the following is the most appropriate next step?

• A. Risk response.
• B. Risk identification.
• C. Risk assessment.
• D. Identification of context.

Answer: C
NEW QUESTION # 79
Which of the following characteristics distinguishes computer processing from manual processing?

• A. Most computer systems are designed so that transaction trails useful for audit purposes do not exist.
• B. The potential for systematic errors is ordinarily greater in manual processing than in computerized processing.
• C. Errors or fraud in computer processing will be detected soon after their occurrence.
• D. Computer processing virtually eliminates the occurrence of computational error normally associated with manual processing.

Answer: D Explanation:
Computer processing uniformly subjects like transactions to the same processing instructions. A computer program defines the processing steps to accomplish a task. Once the program is written and tested appropriately, it will perform the task repetitively and without error. However, if the program contains an error, all transactions will be processed incorrectly.
NEW QUESTION # 80
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