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The International Institute of Internal Auditors (IIA) is a professional organization that provides certification programs for internal auditors around the world. One of its most popular certification exams is the IIA-CIA-Part3, which focuses on business knowledge for internal auditing. IIA-CIA-Part3 exam is designed to test the candidate's understanding of business concepts and their ability to apply them in an internal audit context.

IIA-CIA-Part3 Exam is an essential certification exam for anyone who wants to become a CIA. It tests candidates' knowledge of business acumen, which is a critical skill for internal auditors. IIA-CIA-Part3 Exam is challenging, but with adequate preparation, candidates can pass it and advance their careers in internal auditing. Passing the exam is a significant accomplishment that can open doors to new opportunities in the field of internal auditing.

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Quiz 2025 IIA IIA-CIA-Part3: Pass-Sure Exam Business Knowledge for Internal Auditing Cram Review

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IIA-CIA-Part3 certification is an important step for internal auditors looking to advance their careers and increase their value to their organizations. By demonstrating a deep understanding of business processes and organizational structures, certified professionals are better equipped to provide valuable insights and recommendations to their organizations.

IIA Business Knowledge for Internal Auditing Sample Questions (Q176-Q181):

NEW QUESTION # 176
An entity that sprays chemicals in residences to eliminate or prevent infestation of insects requires that customers prepay for 3 months' service at the beginning of each new quarter. Select the term that appropriately describes this situation from the viewpoint of the entity.

A. Deferred income.
B. Earned income.
C. Prepaid expense.
D. Accrued income.

Answer: A

Explanation:
The prepayment does not meet the income recognition criteria the future inflow of economic benefits is not sufficiently certain given that the entity has not done what is required to be entitled to those benefits. Thus, the amount received in advance is considered a liability deferred income) because it represents an obligation to perform a service in the future an outflow of economic benefits) arising from a past transaction.

NEW QUESTION # 177
The bullwhip, or whiplash, effect on inventories begins when retailers face uncertain demand from consumers caused by randomness in buying habits. It can be avoided by:

A. Sharing of information and coordination among the organizations in the supply chain.
B. Changes in price that may encourage purchases in anticipation of future increases.
C. The need to purchase or manufacture goods in cost-efficient batches.
D. Shortages that may lead to rationing by suppliers or manufacturers and hoarding by manufacturers or retailers.

Answer: A

Explanation:
Sharing information about sales, inventory, pricing, advertising campaigns, and sales forecasts by all functions and organizations in the supply chain moderates demand uncertainty for all parties. The desired results are (1) minimization of inventories held by suppliers, manufacturers, and retailers; (2) avoidance of stock outs; (3) fewer rush orders; and (4) production as needed by retailers.

NEW QUESTION # 178
If a just-in-time purchasing policy is successful in reducing the total inventory costs of a manufacturing company, which of the following combinations of cost changes would be most likely to occur?

A. An increase in stockout costs and a decrease in carrying costs.
B. An increase in purchasing costs and a decrease in quality costs.
C. An increase in purchasing costs and a decrease in stockout costs.
D. An increase in quality costs and a decrease in ordering costs.

Answer: A

Explanation:
In this situation, the company will be receiving fewer materials at any point in time, increasing the likelihood of stockout and thereby resulting in an increase in a reduction in the carrying cost. At the same time, the average inventory will be less, resulting in a reduction in the carrying cost.

NEW QUESTION # 179
Through meetings with management, an organization's chief audit executive (CAE) learns of a risk that exceeds the established risk tolerance. What would be an appropriate next action for the CAE to take?

A. Prepare a memo to report the risk to the board
B. Schedule an audit of the risk area to assess the risk likelihood and impact
C. Discuss the risk and the implications of the risk with management responsible for the risk area
D. Design and recommend an appropriate response to the risk

Answer: C

Explanation:
The CAE should first discuss the risk and its implications with the responsible management. This provides management the opportunity to reassess, take corrective action, or explain their position. If the issue remains unresolved and the risk is still deemed excessive, then escalation to senior management or the board may follow.
Option A (designing response) is management's role. Option C (scheduling an audit) may be relevant later, but immediate discussion is the first step. Option D is premature without first engaging management.
Reference:
IIA Standards - Standard 2600: Communicating the Acceptance of Risks.

NEW QUESTION # 180
According to Maslow's hierarchy of needs theory, which of the Mowing best describes a strategy where a manager offers an assignment to a subordinate specifically to support his professional growth and future advancement?

A. Sell-fulfillment
B. Sense of belonging in the organization
C. Job security
D. Esteem by colleagues

Answer: A

NEW QUESTION # 181
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Exam IIA IIA-CIA-Part3 Cram Review | Valid IIA-CIA-Part3 Test Papers

Quiz 2025 IIA IIA-CIA-Part3: Pass-Sure Exam Business Knowledge for Internal Auditing Cram Review

IIA Business Knowledge for Internal Auditing Sample Questions (Q176-Q181):

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