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Test IIA-CIA-Part3 Dump - Exam IIA-CIA-Part3 Cram Review

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IIA-CIA-Part3 exam is a critical component of the certification process for internal auditors. It tests the candidate's understanding of business processes, financial management, and risk management frameworks. Passing IIA-CIA-Part3 exam demonstrates that the candidate has the necessary knowledge and skills to provide valuable insights into the business operations of their organization. It is an essential step for internal auditors who want to advance their careers and increase their value to their organizations.

IIA-CIA-Part3 (Business Knowledge for Internal Auditing) certification exam is a globally recognized certification exam that is designed to test the knowledge and skills of internal auditors in the area of business knowledge. Business Knowledge for Internal Auditing certification exam is offered by the Institute of Internal Auditors (IIA) and is considered one of the most respected certifications in the field of internal auditing.

IIA-CIA-Part3 exam covers a wide range of topics, including financial management, operations management, risk management, and governance. It tests the candidate's knowledge of business processes, financial statements, internal controls, and risk management frameworks. IIA-CIA-Part3 Exam is designed to ensure that internal auditors have a deep understanding of the business environment and can effectively assess the risks and controls within an organization.

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IIA Business Knowledge for Internal Auditing Sample Questions (Q187-Q192):

NEW QUESTION # 187
What is the deferred tax asset or liability reported on Lally's balance sheet on December 31 Year 2?

A. US $32,000
B. US $8,000
C. US $40,000
D. US $0

Answer: D

Explanation:
Deferred tax assets arise from deductible temporary differences and the carry Forward of unused tax losses and credits. Deferred tax liabilities arise from taxable temporary differences. The interest income not subject to tax resulted in neither future taxable nor future deductible amounts and therefore no deferred tax item was recognized for it. The only item resulting in a temporary difference was the rental income. A deferred tax liability would have been created at the end of Year I _ Given that the difference reversed in Year
2. no deferred amount existed at the end of Year 2.

NEW QUESTION # 188
The following financial statement notes are extracts from the audited financial statements of public entities. Which note describes a change in accounting estimate?

A. Prior to Year 5, plant and equipment other than customer service replacement parts were depreciated using the diminishing-balance method. Plant and equipment are now depreciated on a straight-line basis.
B. During the year, the entity changed a method of accounting pursuant to a change in an International Financial Reporting Standard.
C. The entity changed its amortization of capital assets based on a reassessment of the useful lives of the assets. Accordingly, the entity changed its rate of amortization from 5% and 6% to 8% and 10%, for machinery and equipment.
D. Effective January 1. Year 5, the entity changed to the LIFO method of inventory valuation. Prior to Year 5, the FIFO method was used.

Answer: C

Explanation:
Accounting estimates, e.g., service lives, residual values, warranty costs, uncollectible accounts, and inventory obsolescence are a necessary part of preparing financial statements. However, they inevitably change as no casts occur and as additional experience and information are obtained. When altered conditions require a change in estimate, it is accounted for prospectively. Thus, a change in the estimate of the service lives of depreciable assets is a change in accounting estimate.

NEW QUESTION # 189
Which mindset promotes the most comprehensive risk management strategy?

A. Improve operational efficiency.
B. Mitigate losses.
C. Increase shareholder value.
D. Maximize market share.

Answer: C

NEW QUESTION # 190
Which of the following phases of a business cycle are marked by an underuse of resources?
1. The trough.
2. The peak.
3. The recovery.
4. The recession.

A. 1 and 3 only
B. 2 and 4 only
C. 1 and 4 only
D. 2 and 3 only

Answer: C

NEW QUESTION # 191
A large retail customer made an offer to buy 10.000 units at a special price of $7 per unit. The manufacturer usually sells each unit for §10, Variable Manufacturing costs are 55 per unit and fixed manufacturing costs are
$3 per unit. For the manufacturer to accept the offer, which of the following assumptions needs to be true?

A. Fixed and Variable manufacturing costs are less than the special offer selling price.
B. Costs related to accepting this offer can be absorbed through the sale of other products.
C. The manufacturer can fulfill the order without expanding the capacities of the production facilities.
D. The manufacturer's production facilities are currently operating at full capacity.

Answer: C

Explanation:
When evaluating a special order, the manufacturer must determine if accepting it will be profitable without disrupting normal operations. The key consideration is whether the company has spare production capacity to handle the order without increasing fixed costs.
* Correct Answer (B - The Manufacturer Can Fulfill the Order Without Expanding Production Facilities)
* Fixed costs ($3 per unit) are already incurred and will not change if the order is accepted.
* The special price ($7 per unit) covers the variable costs ($5 per unit), contributing $2 per unit to profit.
* If the manufacturer has excess production capacity, the order is profitable.
* The IIA Practice Guide: Auditing Financial Performance emphasizes that special order decisions should be based on incremental cost analysis, ensuring no need for capacity expansion.
* Why Other Options Are Incorrect:
* Option A (Fixed and Variable Manufacturing Costs Are Less Than the Special Offer Selling Price):
* Fixed costs should not be considered in short-term pricing decisions if they are already incurred.
* Option C (Costs Related to Accepting This Offer Can Be Absorbed Through the Sale of Other Products):
* The decision should be based on whether the order is profitable on its own, not relying on other products.
* Option D (The Manufacturer's Production Facilities Are Operating at Full Capacity):
* If the company is at full capacity, accepting the order would require sacrificing existing sales or expanding capacity, which increases costs.
* IIA Practice Guide: Auditing Financial Performance - Discusses cost analysis for special pricing decisions.
* IIA GTAG 13: Business Performance - Covers incremental cost and profitability analysis in pricing decisions.
Step-by-Step Explanation:IIA References for Validation:Thus, B is the correct answer because accepting the order is only profitable if the manufacturer has excess capacity.

NEW QUESTION # 192
......

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