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IIA-CIA-Part3 Exam is a computer-based exam that consists of 100 multiple-choice questions. IIA-CIA-Part3 exam is divided into two parts, with the first part consisting of 30 questions that cover general business knowledge, and the second part consisting of 70 questions that cover more specific areas of internal auditing. Candidates are given 2.5 hours to complete the exam, and must achieve a score of at least 600 out of 750 to pass. Successfully passing IIA-CIA-Part3 Exam is a significant achievement for anyone looking to advance their career in internal auditing.

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IIA Business Knowledge for Internal Auditing Sample Questions (Q270-Q275):

NEW QUESTION # 270
Which of the following is not an appropriate measure of quality?

Answer: C

Explanation:
Emphasizing lower input costs may result in more defective output, and higher input costs may or may not reflect the procurement of better raw materials. Financial measures are thus mostly unsuitable for measuring quality.


NEW QUESTION # 271
An internal auditor discovered that the organization was not in full compliance with a regulatory labeling requirement for one of its products. The responsible manager indicated that the current product labeling has been in use for several years without any problems. If discovered, this regulatory breach could result in significant fines for the organization. What should be the chief audit executive's next course of action?

Answer: D

Explanation:
The CAE must communicate significant risk exposures and control issues to the board. A regulatory noncompliance issue that could result in significant fines qualifies as a high residual risk. Internal audit should not implement corrective actions (management's responsibility) or recommend disciplinary action. While discussions with management (Option A) are appropriate, the ultimate duty is to escalate the matter to the board (Option C).
Reference:
IIA Standards - Standard 2060: Reporting to Senior Management and the Board.


NEW QUESTION # 272
Which of me following is applicable to both a job order cost system and a process cost system?

Answer: C


NEW QUESTION # 273
A company purchased a new machine on an installment payment plan and is to make equal annual payments beginning one year from the date of purchase. Using an interest rate of 10%, the cost of the machine can be determined by multiplying one payment by the:

Answer: A

Explanation:
The cost of the machine is the present value of the annuity the series of equal periodic payments). The annuity is an ordinary annuity because the payments begin one period after the date of purchase. The cost therefore equals the periodic payment times the interest factor for an ordinary annuity of one currency unit for a specified number of equal periodic payments discounted at a given interest rate.


NEW QUESTION # 274
An entity uses the retail method of inventory estimation for interim reporting purposes.
Management expects some normal shrinkage in the inventory because of theft. What effect will the failure to consider this shrinkage have on the computation of1) the cost retail ratio, and2) the estimated ending inventory at retail?

Answer: B

Explanation:
The retail method of inventory estimation applies a cost-retail ratio to the ending inventory at retail to determine ending inventory at cost For example, a popular method calculates the ratio as goods available for sale at cost divided by goods available at retail, with markups but not markdowns included in the calculation of the retail amount. Normal inventory is subtracted from the retail amount of goods available because are not available. However, abnormal amounts of theft, etc., are removed from the cost and retail amounts. The reason for the difference in treatment is that normal but not abnormal inventory losses are anticipated and included in the selling retail value). Accordingly, failure to account for normal inventory shrinkage has no effect on the calculate cost-retail ratio but overstates ending inventory at retail.


NEW QUESTION # 275
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