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Exam IIA-CIA-Part3 Online, IIA-CIA-Part3 Real Dump

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IIA-CIA-Part3 certification exam is a vital component of the Certified Internal Auditor (CIA) certification program offered by the Institute of Internal Auditors (IIA). IIA-CIA-Part3 Exam, also known as Business Knowledge for Internal Auditing, assesses an individual's understanding of the key concepts and principles of business management and operations. Business Knowledge for Internal Auditing certification is essential for professionals who wish to succeed in the field of internal auditing and demonstrate their expertise to employers and clients.

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IIA-CIA-Part3 certification exam, also known as Business Knowledge for Internal Auditing, is a highly sought-after certification among internal auditors. Business Knowledge for Internal Auditing certification exam is designed to test the candidate's knowledge of business concepts and their application in an internal audit context. IIA-CIA-Part3 Exam is conducted by the Institute of Internal Auditors (IIA) and serves as an internationally recognized validation of an internal auditor's expertise in business knowledge.

IIA Business Knowledge for Internal Auditing Sample Questions (Q245-Q250):

NEW QUESTION # 245
A firm buys like-new computer equipment from bankrupt companies and resells it in foreign markets at prices significantly below those charged by competitors. The firm is:

A. Engaged in price discrimination.
B. Engaged in dumping.
C. Operating in a black market.
D. Operating in a gray market.

Answer: D

Explanation:
In a gray market, products imported from one country to another are sold by persons trying to make a profit from the difference in retail prices between the two countries. In essence, the seller firm in this case was exploiting a price difference between markets.

NEW QUESTION # 246
Which of the following statements is true regarding outsourced business processes?

A. Generally, independence is improved when the internal audit activity reviews outsourced business processes.
B. Outsourced business processes should not be considered in the internal audit universe because the controls are owned by the external service provider.
C. The key controls of outsourced business processes typically are more difficult to audit because they are designed and managed externally.
D. The system of internal controls may be better and more efficient when the business process is outsourced compared to internally sourced.

Answer: D

NEW QUESTION # 247
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. Checking for errors in the computer programming.
B. Comparing test results with previously validated models.
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 # 248
In an organization where enterprise risk management practices are mature, which of the following is a core internal audit role?

A. Coaching management in responding to risk.
B. Facilitating the identification and evaluation of risks.
C. Developing the risk management strategy for the board's approval.
D. Giving assurance that risks are evaluated correctly.

Answer: D

NEW QUESTION # 249
An internal auditor considers the financial statement of an organization as part of a financial assurance engagement. The auditor expresses the organization's electricity and depreciation expenses as a percentage of revenue to be 10% and 7% respectively. Which of the following techniques was used by the internal auditor In this calculation?

A. Ratio analysis
B. Vertical analysis
C. Trend analysis
D. Horizontal analysis

Answer: B

NEW QUESTION # 250
......

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