How to Pass the IIA IIA-CIA-Part3 Exam: Comprehensive Business Knowledge for Internal Auditing Guide and Tips

The cash dividends received increase the investee investment account accordingly.

The investee must adjust the investment account by the ownership interest

The investment account is adjusted downward by the percentage of ownership.

The investee must record the cash dividends as dividend revenue

Risk and uncertainty increase over the life of the project.

Costs and staffing levels are typically high as the project draws to a close.

Costs related to making changes increase as the project approaches completion.

The project life cycle corresponds with the life cycle of the product produced by or modified by the project.

Veracity, velocity, and variety.

Integrity, availability, and confidentiality.

Accessibility, accuracy, and effectiveness.

Authorization, logical access, and physical access.

The organization sells inventory to an overseas subsidiary at fair value.

The local subsidiary purchases inventory at a discounted price.

The organization sells inventory to an overseas subsidiary at the original cost.

The local subsidiary purchases inventory at the depreciated cost.

Normalize the data,

Obtain the data

Identify the risks.

Analyze the data.

A flat structure results in lower operating and support costs than a hierarchical structure.

A flat structure results in a stable and very collaborative environment.

A flat structure enables field auditors to report to and learn from senior auditors.

A flat structure is more dynamic and offers more opportunities for advancement than a hierarchical structure.

Total tire production labor hours for the operating period.

Total tire production costs for the operating period.

Plant production employee headcount average for the operating period.

The production machinery utilization rates.

A debit to office supplies on hand for S2.500

A debit to office supplies on hand for $11.500

A debit to office supplies on hand for $20,500

A debit to office supplies on hand for $42,500

Identify data anomalies and outliers.

Define questions to be answered.

Identify data sources available.

Determine the scope of the data extract

Assign a team with a trained audit manager to plan each audit and distribute field work tasks to various staff auditors.

Assign a team of personnel who have different specialties to each audit and empower Team members to participate fully in key decisions

Assign a team to each audit, designate a single person to be responsible for each phase of the audit, and limit decision making outside of their area of responsibility.

Assign a team of personnel who have similar specialties to specific engagements that would benefit from those specialties and limit Key decisions to the senior person.