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Changed IIA-CIA-Part3-3P Exam Questions

CIA Exam Part Three: Business Knowledge for Internal Auditing Questions and Answers

Question 49

Which of the following describes the result if an organization records merchandise as a purchase, but fails to include it in the closing inventory count?

Options:

A.

The cost of goods sold for the period will be understated.

B.

The cost of goods sold for the period will be overstated.

C.

The net income for the period will be understated.

D.

There will be no effect on the cost of goods sold or the net income for the period.

Question 50

Which stage of group development is characterized by a decrease in conflict and hostility among group members and an increase in cohesiveness?

Options:

A.

Forming stage.

B.

Norming stage.

C.

Performing stage.

D.

Storming stage.

Question 51

Which of the following descriptions of the internal control system are indicators that risks are managed effectively?

1) Existing controls promote compliance with applicable laws and regulations.

2) The control environment is designed to address all identified risks to the organization.

3) Key controls for significant risks to the organization remain consistent over time.

4) Monitoring systems are in place to alert management to unexpected events.

Options:

A.

1 and 3.

B.

1 and 4.

C.

2 and 3.

D.

2 and 4.

Question 52

Which of the following is not a method for implementing a new application system?

Options:

A.

Direct cutover.

B.

Parallel.

C.

Pilot.

D.

Test.