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The CIA exam consists of 3 parts that you can sit for separately in no particular order. Parts 1 and 2 focus on internal audit, while part 3 focuses on other knowledge required of internal auditors.

The CIA exam Part 3 includes four domains focused on business acumen, information security, information technology, and financial management. Part 3 is designed to test candidates' knowledge, skills, and abilities, particularly as they relate to these core business concepts.

Exam Code: IIA-CIA-Part3

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

Number of Questions: 100 questions

Duration: 120 minutes

Format: Multiple choice questions

Score: 250 to 750 points

Business Acumen: 35%

Information Security: 25%

Information Technology: 20%

Financial Management: 20%

●The number of topics covered on the Part Three exam has been greatly refocused to the core areas that are most critical for internal auditors.

●The exam syllabus features a new subdomain on data analytics.

●The information security portion of the exam has been expanded to include additional topics such as cybersecurity risks and emerging technology practices.

●The largest domain is "Business Acumen," which makes up 35% of the exam.

●A portion of the exam requires candidates to demonstrate a basic comprehension of concepts; another portion requires candidates to demonstrate proficiency in their knowledge, skills, and abilities.

1.Which of the following best describes the purpose of fixed manufacturing costs?

A. To ensure availability of production facilities.

B. To decrease direct expenses related to production.

C. To incur stable costs despite operating capacity.

D. To increase the total unit cost under absorption costing

Answer: D

2.Which of the following is a characteristic of using a hierarchical control structure?

A. Less use of policies and procedures.

B. Less organizational commitment by employees.

C. Less emphasis on extrinsic rewards.

D. Less employee’s turnover.

Answer: B

3.An internal auditor is reviewing key phases of a software development project.

Which of the following would; the auditor most likely use to measure the project team's performance related to how project tasks are completed?

A. A balanced scorecard.

B. A quality audit

C. Earned value analysis.

D. Trend analysis

Answer: B

4.According to 11A guidance on IT, which of the following spreadsheets is most likely to be considered a high-risk user-developed application?

A. A revenue calculation spreadsheet supported with price and volume reports from the production department.

B. An asset retirement calculation spreadsheet comprised of multiple formulas and assumptions.

C. An ad-hoc inventory listing spreadsheet comprising details of written-off inventory quantities.

D. An accounts receivable reconciliation spreadsheet used by the accounting manager to verify balances

Answer: C

5.Which of the following scenarios indicates an effective use of financial leverage?

A. An organisation has a rate of return on equity of 20% and a rate of return on assets of 15%.

B. An organization has a current ratio of 2 and an inventory turnover of 12.

C. An organization has a debt to total assets ratio of 0.2 and an interest coverage ratio of 10.

D. An organization has a profit margin of 30% and an assets turnover of 7%.

Answer: B

6.Which of the following is the most appropriate beginning step of a work program for an assurance engagement involving smart devices?

A. Train all employees on bring-your-own-device (BYOD) policies.

B. Understand what procedures are in place for locking lost devices

C. Obtain a list of all smart devices in use

D. Test encryption of all smart devices

Answer: C

7.Which of the following situations best illustrates a "false positive" in the performance of a spam filter?

A. The spam filter removed Incoming communication that included certain keywords and domains.

B. The spam filter deleted commercial ads automatically, as they were recognized as unwanted.

C. The spam filter routed to the "junk|r folder a newsletter that appeared to include links to fake websites.

D. The spam filter blocked a fitness club gift card that coworkers sent to an employee for her birthday.

Answer: D

8.Which of the following parties is most likely to be responsible for maintaining the infrastructure required to prevent the failure of a real-time backup of a database?

A. IT database administrator.

B. IT data center manager.

C. IT help desk function.

D. IT network administrator.

Answer: B