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Pass Guaranteed Quiz IIA - Authoritative IIA-CIA-Part3 - Business Knowledge for Internal Auditing Verified Answers

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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-CIA-Part3 exam covers a wide range of topics related to business knowledge, including finance, economics, risk management, and strategic management. It is a challenging exam that requires candidates to demonstrate their mastery of complex concepts and their ability to apply them in practical situations. Successful candidates not only possess a deep understanding of business concepts but also possess the analytical and critical thinking skills necessary to excel in the internal auditing profession.

IIA Business Knowledge for Internal Auditing Sample Questions (Q407-Q412):

NEW QUESTION # 407
Which of the following is the most appropriate test to assess the privacy risks associated with an organization's workstations?

A. Vulnerability test.
B. Penetration test.
C. Social engineering test.
D. Physical control test.

Answer: D

NEW QUESTION # 408
Using the balanced scorecard approach, an organization evaluates managerial performance based on

A. Multiple financial measures only.
B. Multiple financial and nonfinancial measures.
C. Multiple nonfinancial measures only.
D. A single ultimate measure of operating results, such as residual income.

Answer: B

Explanation:
The trend in managerial performance evaluation is the balanced scorecard approach. Multiple measures of performance permit a determination as to whether a manager is achieving certain objectives at the expense of others that may be equally or more important. These measures may be financial or nonfinancial and usually include items in four categories: I) financial; 2) customer; 3) internal business processes; and 4) learning, growth, and innovation.

NEW QUESTION # 409
Which of the following are elements of risk management and mitigation?
I. Threat events and cost/benefit analysis
II. Safeguards, controls, and POI analysis
III. Frequency and uncertainty
IV.
Safeguard and control costs

A. I and Ill only.
B. I only
C. II and IV only.
D. II only.

Answer: C

Explanation:
The elements relating to risk management and mitigation include safeguards and controls, safeguard and control costs, and cost/benefit or POI analysis. The other elements of risk threat events, single loss exposure value, frequency, and uncertainty- comprise risk identification and quantification.

NEW QUESTION # 410
One consequence of the imposition of tariffs or quotas on imported products is:

A. Additional consumption of the affected imported products.
B. Domestic industry opposition to protection from imports.
C. Higher prices for the affected imported products.
D. Lower prices for domestic products that compete with affected imports.

Answer: C

Explanation:
Tariffs lead to higher prices on imported products. Similarly, the imposition of quotas leads to higher prices through an artificial limitation on supply.

NEW QUESTION # 411
What must be monitored in order to manage risk of consumer product inventory obsolescence?
1.Inventory balances. 2.Market share forecasts. 3.Sales returns. 4.Sales trends.

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

Answer: C

NEW QUESTION # 412
......

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Ken Gray Ken Gray

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