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IIA Updated IIA-CIA-Part3 Exam Questions and Answers by rahma

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IIA IIA-CIA-Part3 Exam Overview :

Exam Name: Internal Audit Function
Exam Code: IIA-CIA-Part3 Dumps
Vendor: IIA Certification: CIA
Questions: 791 Q&A's Shared By: rahma
Question 64

When auditing the account receivables for the first time, an internal auditor noted that the finance team had not—over many accounting periods—reviewed the accounts receivables for debts that could no longer be collected. How should the auditor proceed?

Options:

A.

Escalate the finding to the board, due to the significance of the risk

B.

Recommend that management review the receivables for debts that can no longer be collected and remove them from the cash flow statement

C.

Recommend that management review the receivables for debts that can no longer be collected and write them off

D.

Document the finding and conclude that no immediate action is warranted, as bad debt allowances are merely estimates

Discussion
Question 65

Which of the following statements regarding organizational governance is not correct?

Options:

A.

An effective internal audit function is one of the four cornerstones of good governance.

B.

Those performing governance activities are accountable to the customer.

C.

Accountability is one of the key elements of organizational governance.

D.

Governance principles and the need for an internal audit function are applicable to governmental and not-for-profit activities.

Discussion
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Question 66

During an internal audit engagement, numerous deficiencies in the organization ' s management of customer data were discovered, entailing the risk of breaching personal data protection legislation. An improvement plan was approved by senior management. Which of the following conditions observed during the periodic follow-up process best justifies the chief audit executive ' s decision to escalate the issue to the board?

Options:

A.

The organization ' s customer satisfaction index does not show any signs of improvement

B.

No budget or resources have been allocated to implement corrective measures

C.

The board has not been informed about the planned improvements approved by senior management

D.

Employees responsible for improvements are resisting any additional workload

Discussion
Question 67

Which mindset promotes the most comprehensive risk management strategy?

Options:

A.

Increase shareholder value.

B.

Maximize market share.

C.

Improve operational efficiency.

D.

Mitigate losses.

Discussion
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