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IIA-CIA-PART3-3P Exam Questions & Answers

Exam Code: IIA-CIA-PART3-3P

Exam Name: CIA Exam Part Three: Business Knowledge for Internal Auditing

Updated: Nov 12, 2024

Q&As: 413

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Practice These Free Questions and Answers to Pass the CIA Exam

Questions 1

Which of the following is an example of a risk avoidance response?

A. Buying an insurance policy to protect against loss events.

B. Hedging against natural gas price fluctuations.

C. Selling a non-strategic business unit.

D. Outsourcing a high risk process to a third party.

Show Answer
Questions 2

The main reason to establish internal controls in an organization is to:

A. Encourage compliance with policies and procedures.

B. Safeguard the resources of the organization.

C. Ensure the accuracy, reliability, and timeliness of information.

D. Provide reasonable assurance on the achievement of objectives.

Show Answer
Questions 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.

Show Answer
Questions 4

Which mindset promotes the most comprehensive risk management strategy?

A. Increase shareholder value.

B. Maximize market share.

C. Improve operational efficiency.

D. Mitigate losses.

Show Answer
Questions 5

Which of the following is the best example of IT governance controls?

A. Controls that focus on segregation of duties, financial and change management

B. Personnel policies that define and enforce conditions for staff in sensitive IT areas

C. Standards that support IT policies by more specifically defining required actions

D. Controls that focus on data structures and the minimum level of documentation required

Show Answer

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