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IIA-CIA-Part3 exam is designed to test candidates on their knowledge of business and risk management, governance, communication, and IT. IIA-CIA-Part3 exam consists of 100 multiple-choice questions and is timed at two hours and forty-five minutes. To be eligible to take IIA-CIA-Part3 Exam, candidates must have completed the CIA Part 1 and CIA Part 2 exams or have obtained other approved certifications.

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Actual IIA-CIA-Part3 Test Answers, Study IIA-CIA-Part3 Center

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IIA Business Knowledge for Internal Auditing Sample Questions (Q166-Q171):

NEW QUESTION # 166
Which of the following controls would an internal auditor consider the most relevant to reduce risks of project cost overruns?

A. Cost overruns are reviewed and approved by a control committee led by the project manager.
B. Scope change requests are reviewed and approved by a manager with a proper level of authority.
C. There is a formal quality assurance process to review scope change requests before they are implemented
D. There is a formal process to monitor the status of the project and compare it to the cost baseline

Answer: D

Explanation:
* Understanding Project Cost Overruns and Controls
* Cost overruns occur when actual project costs exceed the budgeted or planned costs. Effective controls are required to prevent, detect, and correct deviations from the cost baseline.
* The most effective way to control cost overruns is through continuous monitoring and comparison of project costs against the approved cost baseline.
* Why Option D is Correct?
* A formal process to monitor the project status and compare it to the cost baseline ensures that deviations are identified early and corrective actions are taken.
* This aligns with the IIA's International Standards for the Professional Practice of Internal Auditing (IPPF), specifically:
* Standard 2120 - Risk Management: Internal auditors must evaluate how organizations manage risks, including financial risks related to project cost overruns.
* Standard 2500 - Monitoring Progress: Ensures that corrective actions are implemented when issues arise.
* IIA Practice Advisory 2130-1: Stresses the importance of monitoring activities to mitigate financial risks.
* The Project Management Body of Knowledge (PMBOK) also supports cost monitoring as a key control to prevent overruns.
* Why Other Options Are Incorrect?
* Option A: Reviewing and approving scope change requests is important, but it does not directly monitor or control cost overruns. Scope creep is a risk, but cost monitoring is a more direct control.
* Option B: Having a control committee review overruns after they occur is a reactive measure.
Proactive monitoring (option D) is more effective.
* Option C: A quality assurance process for scope changes is valuable but does not directly prevent cost overruns. It focuses on project quality rather than financial control.
* Effective internal controls for cost management emphasize real-time monitoring and comparison against the cost baseline to prevent and mitigate cost overruns.
* IIA Standards 2120, 2500, and 2130-1 support proactive risk management and monitoring as essential best practices for internal auditors.
Final Justification:IIA References:
* IPPF Standard 2120 - Risk Management
* IPPF Standard 2500 - Monitoring Progress
* IIA Practice Advisory 2130-1 - Internal Control and Risk Management
* PMBOK - Cost Monitoring and Control
c

NEW QUESTION # 167
Which of the following attributes of data are cybersecurity controls primarily designed to protect?

A. Veracity, velocity, and variety.
B. Authorization, logical access, and physical access.
C. Accessibility, accuracy, and effectiveness.
D. Integrity, availability, and confidentiality.

Answer: C

NEW QUESTION # 168
Which of the following statements regarding program change management is not correct?

A. All changes should be tested in a non-production environment before migrating to the production environment.
B. In order to protect the production environment, changes must be managed in a repeatable, defined, and predictable manner.
C. The degree of risk associated with a proposed change determines if the change request requires authorization.
D. The goal of the change management process is to sustain and improve organizational operations.

Answer: C

NEW QUESTION # 169
Which audit approach should be employed to test the accuracy of information housed in a database on an un-networked computer?

A. Use a test program to simulate the normal data entering process.
B. Select a sample of records from the database and ensure it matches supporting documentation.
C. Evaluate compliance with the organization's change management process.
D. Submit batches of test transactions through the current system and verify with expected results.

Answer: B

NEW QUESTION # 170
If the bank uses the maxima x criterion for selecting the location of the branch, it will select:

A. L1.
B. L2.
C. L5.
D. L3.

Answer: C

Explanation:
Risk-seeking, optimistic decision makers employ the maximax criterion. It is the strategy with the highest potential payoff, regardless of the state of nature. In this case, it is location L5 (US $29).

NEW QUESTION # 171
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