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IIA IIA-CIA-Part3 Exam Dumps
Business Knowledge for Internal Auditing
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IIA IIA-CIA-Part3 Sample Questions
Question # 1Which of the following statements accurately describes one of the characteristics thatdistinguishes a multinational company from a domestic company?
A. A multinational company has stockholders in other countries.
B. A multinational company exports its products to other countries.
C. A multinational company operates outside of its country of origin.
D. A multinational company uses raw materials and components from more than onecountry.
Question # 2
Which of the following purchasing scenarios would gain the greatest benefit fromimplementing electronic data interchange?
A. A time-sensitive just-in-time purchase environment.
B. A large volume of custom purchases.
C. A variable volume sensitive to material cost.
D. A currently inefficient purchasing process.
Question # 3
Which of the following is an example of a nonfinancial internal failure quality cost?
A. Decreasing gross profit margins over time.
B. Foregone contribution margin on lost sales.
C. Defective units shipped to customers.
D. Excessive time to convert raw materials into finished goods.
Question # 4
In which type of business environment are price cutting strategies and franchisingstrategies most appropriate?
A. Embryonic, focused.
B. Fragmented, decline.
C. Mature, fragmented.
D. Competitive, embryonic.
Question # 5
Multinational organizations generally spend more time and effort to identify and evaluate:
A. Internal strengths and weaknesses.
B. Break-even points.
C. External trends and events.
D. Internal risk factors.
Question # 6
Which of the following is the most likely reason an organization may decide to undertake astock split?
A. To keep stock price constant.
B. To keep shareholders' equity constant.
C. To increase shareholders' equity.
D. To enhance the stock liquidity.
Question # 7
When assessing the adequacy of a risk mitigation strategy, an internal auditor shouldconsider which of the following?1. Management’s tolerance for specific risks.2. The cost versus benefit of implementing a control.3. Whether a control can mitigate multiple risks.4. The ability to test the effectiveness of the control.
A. 1, 2, and 3
B. 1, 2, and 4
C. 1, 3, and 4
D. 2, 3, and 4
Question # 8
According to the waterfall cycle approach to systems development, which of the followingsequence of events is correct?
A. Program design, system requirements, software design, analysis, coding, testing,operations.
B. System requirements, software design, analysis, program design, testing, coding,operations.
C. System requirements, software design, analysis, program design, coding, testing,operations.
D. System requirements, analysis, coding, software design, program design, testing,operations.
Question # 9
An organization needs to borrow a large amount of cash to fund its expansion plan. Whichof the following annual interest rates is least expensive?
A. 7 percent simple interest with a 10 percent compensating balance.
B. 7 percent simple interest paid at the end of each year.
C. 7 percent discount interest.
D. 7 percent compounding interest.
Question # 10
Which of the following is true regarding an organization's relationship with externalstakeholders?
A. Specific guidance must be followed when interacting with nongovernmentalorganizations.
B. Disclosure laws tend to be consistent from one jurisdiction to another.
C. There are several internationally recognized standards for dealing with financial donors.
D. Legal representation should be consulted before releasing internal audit information toother assurance providers.
Question # 11
Which of the following borrowing options is an unsecured loan?
A. Second-mortgage financing from a bank.
B. An issue of commercial paper.
C. Pledged accounts receivable.
D. Asset-based financing.
Question # 12
Which of the following is the best approach to overcome entry barriers into a newbusiness?
A. Offer a standard product that is targeted in the recognized market.
B. Invest in commodity or commodity-like product businesses.
C. Enter into a slow-growing market.
D. Use an established distribution relationship.
Question # 13
The audit committee of a global corporation has mandated a change in the organization'sbusiness ethics policy. Which of the following approaches describes the best way toaccomplish the policy's diffusion worldwide?
A. Deploy the policy in the corporate headquarters' language, so everyone gets anunfiltered version simultaneously.
B. Introduce the policy region by region, using any lessons learned to change thesubsequent version of the policy for the next area.
C. Consult with legal and operational management in each affected country to ensure thefinal version can be implemented globally, following audit committee approval.
D. Send the board-approved version of the policy to each country's senior leadership, andempower them to tailor the policy to the local language and culture.
Question # 14
Which of the following statements about COBIT is not true?
A. COBIT helps management understand and manage the risks associated withinformation technology (IT) processes.
B. Management needs to determine the cost-benefit ratio of adopting COBIT controlobjectives.
C. COBIT control objectives are specific to various IT platforms and help determineminimum controls.
D. COBIT provides management with the capability to conduct self-assessments againstindustry best practices.
Question # 15
A small furniture-manufacturing firm with 100 employees is located in a two-story buildingand does not plan to expand. The furniture manufactured is not special-ordered or custommade. The most likely structure for this organization would be:
A. Functional departmentalization.
B. Product departmentalization.
C. Matrix organization.
D. Divisional organization.
Question # 16
According to IIA guidance, which of the following corporate social responsibility (CSR)activities is appropriate for the internal audit activity to perform?
A. Determine the optimal amount of resources for the organization to invest in CSR.
B. Align CSR program objectives with the organization's strategic plan.
C. Integrate CSR activities into the organization's decision-making process.
D. Determine whether the organization has an appropriate policy governing its CSRactivities.
Question # 17
Which of the following are appropriate reasons for internal auditors to document processesas part of an audit engagement?1. To determine areas of primary concern.2. To establish a standard format for process mapping.3. To define areas of responsibility within the organization.4. To assess the performance of employees.
A. 1 and 2 only
B. 1 and 3 only
C. 2 and 3 only
D. 2 and 4 only