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Prerequisites of IIA CIA Part 3 Exam
IIA CIA Part 3 Prerequisites - Bachelor's degree from an accredited college or university or a non-U.S. equivalent, at least five years of professional experience in internal auditing, and have attained the age of 21. Or have a combination of education and/or professional experience that provides for the same level of knowledge.
IIA CIA Experience Requirements - At least two years of professional experience in internal auditing, governance, risk management, control, or related experience in one or more areas examined by the CIA exam.
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.
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IIA Business Knowledge for Internal Auditing Sample Questions (Q120-Q125):
NEW QUESTION # 120
Which of the following should internal auditors be attentive of when reviewing personal data consent and opt-in/opt-out management process?
Answer: D
NEW QUESTION # 121
Using absorption costing, the company's operating profit was:
Answer: B
Explanation:
Under absorption costing, product costs include fixed and variable manufacturing costs. The unit product cost under absorption costing is US $10 [ $600,000 + $400,000) 100,000 units produced]. All nonmanufacturing costs are expensed in the period incurred. Thus operating profit is US $900.000.
A company manufactures and sells a single product. Planned and actual production in its first year of operation was 100,000 units. Planned and actual costs for that year were as follow:
The company sold 85.000 units of product at a selling price of US $30 per unit.
NEW QUESTION # 122
An internal auditor was asked to review an equal equity partnership. In one sampled transaction, Partner A transferred equipment into the partnership with a self-declared value of $10,000, and Partner B contributed equipment with a self-declared value of $15,000. The capital accounts of each partner were subsequently credited with $12,500. Which of the following statements is true regarding this transaction?
Answer: A
Explanation:
Comprehensive and Detailed In-Depth Explanation:
Partnership contributions should be recorded at their fair market value (FMV) at the time of contribution, ensuring equitable financial representation.
Option A (Original cost of the equipment) - Not appropriate since the asset's current fair value is relevant, not its historical cost.
Option B (Weighted average approach) - Not applicable; capital accounts should reflect actual contributed value.
Option C (No action necessary) - Incorrect because partners contributed assets of different values, making an equal capital credit unfair.
Since partnership accounting requires fair market value for capital accounts, Option D is correct.
Reference: IIA Financial Accounting - Partnership Equity Contributions
NEW QUESTION # 123
Which of the following techniques would be least effective in resolving the conflict created by an internal audit client's perception of the audit report as a personal attack on his management performance?
Answer: C
Explanation:
Explanation
NEW QUESTION # 124
The percentage of sales method, rather than the percentage of receivables method, would be used to estimate uncollectible accounts if an organization seeks to:
Answer: B
NEW QUESTION # 125
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