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IIA-CIA-Part3 exam is a three-hour computer-based test that consists of 100 multiple-choice questions. IIA-CIA-Part3 Exam is administered at Pearson VUE test centers around the world. IIA-CIA-Part3 exam is designed to test the candidate's knowledge of business processes, financial management, risk management, and governance. Candidates who pass the exam are awarded the Certified Internal Auditor (CIA) designation.

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IIA Business Knowledge for Internal Auditing Sample Questions (Q257-Q262):

NEW QUESTION # 257
An internal auditor is assessing the risks related to an organization's mobile device policy. She notes that the organization allows third parties (vendors and visitors) to use outside smart devices to access its proprietary networks and systems. Which of the following types of smart device risks should the internal Auditor be most concerned about?

A. Physical security
B. Strategic
C. Compliance.
D. Privacy

Answer: C

Explanation:
* Understanding Mobile Device Risks in an Organization:
* When an organization allows third parties (vendors and visitors) to use outside smart devices to access its proprietary networks and systems, it introduces significant compliance risks.
* These risks include violations of regulatory requirements, industry standards, and internal security policies.
* Compliance Risks in Smart Device Usage:
* Unauthorized Access: External users may bypass security controls, leading to data breaches or regulatory non-compliance (e.g., GDPR, HIPAA, or PCI-DSS violations).
* Lack of Encryption and Data Protection: If smart devices access sensitive information without proper security protocols, the organization may fail to comply with industry regulations.
* Failure to Enforce Mobile Device Management (MDM): Without proper policy enforcement, organizations risk failing audits and facing penalties.
* Why Other Options Are Incorrect:
* B. Privacy:
* Privacy concerns relate to handling personal data, but in this scenario, the focus is on third-party access risks, which fall under compliance.
* C. Strategic:
* Strategic risks relate to long-term business objectives, whereas compliance risks are more immediate and regulatory in nature.
* D. Physical security:
* Physical security deals with preventing unauthorized access to buildings or devices, not cybersecurity risks from external smart devices.
* IIA's Perspective on Compliance and IT Security:
* IIA Standard 2110 - Governance emphasizes the need to evaluate IT security risks, including third-party access risks.
* IIA GTAG (Global Technology Audit Guide) on IT Risks highlights compliance risks in Bring Your Own Device (BYOD) and third-party access policies.
* ISO 27001 Information Security Standard mandates controls to manage external device access risks.
IIA References:
* IIA Standard 2110 - Governance and IT Security
* IIA GTAG - IT Risks and BYOD Policies
* ISO 27001 Information Security Standard
* NIST Cybersecurity Framework for Mobile Device Security
Thus, the correct and verified answer is A. Compliance.

NEW QUESTION # 258
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 only
B. 4 only
C. 1, 2, and 3 only
D. 1 and 4 only

Answer: D

NEW QUESTION # 259
An account executive has just designed a Monte Carlo model to estimate the costs of a particular type of project. Validating the model could include all except:

A. Comparing test results with previously validated models.
B. Checking for errors in the computer programming.
C. Applying the model.
D. Checking that assumed probability distributions are reasonable.

Answer: C

Explanation:
The Monte Carlo technique is used in a simulation to generate the individual values for a random value. An essential step in the simulation procedure is to validate the mathematical model used. This process involves not only searching for errors but also verifying the assumptions. It also should provide some assurance that the results of the experiment will be realistic. This assurance is often obtained using historical data. If the model gives results equivalent to what actually happened, the model is historically valid. There is still some risk, however, that changes could make the model invalid for the future. The model should not be implemented until this validation process is complete.

NEW QUESTION # 260
An evaluator is rating 100 employees on a bell curve. She is instructed to label five employees "extraordinary" and five employees "unsatisfactory." The evaluator also is instructed to label 10 employees "above average" and 10 employees "below average." All of the other employees will be in the "average" category. Which of the following is the major drawback of using this method?

A. The process of using the method is too time consuming
B. An employee's evaluation will depend on who the evaluator is.
C. The evaluator must place some employees in the lowest and highest tails of a bell-shaped curve.
D. Different evaluators have different standards.

Answer: C

Explanation:
The forced normal distribution method forces evaluators to label employees with ratings that fall along the normal distribution of a bell-shaped curve. The major drawback of this method is that the employees will be labeled with an evaluation regardless of their abilities. No matter what, some people will be evaluated at the bottom of the normal distribution and some people will be evaluated at the top of the II normal distribution.

NEW QUESTION # 261
On June 1 of the current year, XYZ Company purchased British pounds for 10,000 euros. It also acquired land for 25,000 euros. At the end year or XYZ Company's fiscal year on December 31, the spot rate for the pound was 1.20 euros. The land had a value of 27,500 euros. XYZ Company records its nonmonetary items at historical cost. Which of the following is the correct presentation of this transaction on XYZ Company's balance sheet?

A. €12,000 €27,500
B. €12,000 €25,000
C. €10,000 €27,500
D. €10,000 €25,000

Answer: B

Explanation:
At the balance sheet date, monetary items are reported at the closing rate, which is often the spot rate on the balance sheet date. Nonmonetary items measured at historical cost reported at the rate on the transaction date. Thus, the pounds are reported at €12.0001.20
€/￡ x €10,000), and the land is reported at €25,000.

NEW QUESTION # 262
......

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