CIA Exam Part Three: Business Knowledge for Internal Auditing
Last Update May 17, 2024
Total Questions : 488
Our CIA IIA-CIA-Part3-3P exam questions and answers cover all the topics of the latest CIA Exam Part Three: Business Knowledge for Internal Auditing exam, See the topics listed below. We also provide IIA IIA-CIA-Part3-3P exam dumps with accurate exam content to help you prepare for the exam quickly and easily. Additionally, we offer a range of IIA IIA-CIA-Part3-3P resources to help you understand the topics covered in the exam, such as CIA video tutorials, IIA-CIA-Part3-3P study guides, and IIA-CIA-Part3-3P practice exams. With these resources, you can develop a better understanding of the topics covered in the exam and be better prepared for success.
| Exam Name | CIA Exam Part Three: Business Knowledge for Internal Auditing |
| Exam Code | IIA-CIA-Part3-3P |
| Actual Exam Duration | The duration of the IIA IIA-CIA-Part3-3P exam is 120 minutes. |
| Expected no. of Questions in Actual Exam | 100 |
| What exam is all about | The IIA-CIA-Part3-3P exam is a certification exam offered by the Institute of Internal Auditors (IIA) for individuals seeking to become Certified Internal Auditors (CIA). The exam focuses on the knowledge and skills required for effective internal auditing, including risk management, governance, and internal control. It is a three-part exam, with Part 3 specifically covering internal audit knowledge elements related to business analysis and information technology. Passing the exam demonstrates a candidate's proficiency in internal auditing and their commitment to professional development in the field. |
| Passing Score required | The passing score required in the IIA IIA-CIA-Part3-3P exam is 600 out of 800. This means that candidates must answer at least 75% of the questions correctly to pass the exam. The exam consists of 100 multiple-choice questions and candidates have 2.5 hours to complete it. The exam covers topics such as risk management, governance, and business processes. Candidates who pass the exam will earn the Certified Internal Auditor (CIA) designation. |
| Competency Level required | The IIA-CIA-Part3-3P exam is designed for individuals who have a strong understanding of internal auditing principles and practices. To pass this exam, candidates must demonstrate a high level of competency in the following areas: 1. Governance, Risk Management, and Control: Candidates must have a thorough understanding of the principles and practices of governance, risk management, and control, including the role of internal audit in these areas. 2. Business Processes: Candidates must be able to identify and evaluate key business processes, including financial, operational, and compliance processes. 3. Communication: Candidates must be able to effectively communicate audit findings and recommendations to stakeholders, including senior management and the audit committee. 4. Leadership and Management: Candidates must have strong leadership and management skills, including the ability to manage teams, prioritize tasks, and make strategic decisions. Overall, candidates must have a deep understanding of internal auditing principles and practices, as well as the ability to apply this knowledge in real-world situations. They must also be able to think critically, analyze complex information, and communicate effectively with stakeholders at all levels of the organization. |
| Questions Format | The IIA-CIA-Part3-3P exam consists of multiple-choice questions. |
| Delivery of Exam | The IIA-CIA-Part3-3P exam is a computer-based exam that is delivered through Pearson VUE testing centers. It consists of 100 multiple-choice questions and has a time limit of 2 hours and 45 minutes. |
| Language offered | The IIA-CIA-Part3-3P exam offered by the Institute of Internal Auditors (IIA) is available in English language only. |
| Cost of exam | You can visit the IIA website or contact their customer service for the latest pricing information. |
| Target Audience | The target audience for the IIA-CIA-Part3-3P exam is individuals who are seeking to become Certified Internal Auditors (CIA) and have already completed the CIA Part 1 and Part 2 exams. This exam is specifically designed for those who are pursuing the CIA certification through the 3-year experience pathway, which requires candidates to have at least 24 months of internal auditing experience. The exam is also suitable for internal auditors who are looking to enhance their knowledge and skills in risk management, governance, and business processes. Additionally, the exam is relevant for professionals who work in compliance, risk management, and internal control functions. |
| Average Salary in Market | The average salary for a Certified Internal Auditor (CIA) in the United States is around $75,000 per year. The salary may vary depending on factors such as location, industry, and experience. Obtaining the IIA-CIA-Part3-3P certification may increase your earning potential and open up new career opportunities. |
| Testing Provider | You can visit the official website of the Institute of Internal Auditors (IIA) to register for the exam or contact their customer support for further assistance. |
| Recommended Experience | I can provide you with the recommended experience for the IIA-CIA-Part3-3P exam as per the official website of the Institute of Internal Auditors (IIA): The IIA recommends that candidates have at least two years of internal auditing experience or equivalent before taking the IIA-CIA-Part3-3P exam. Additionally, candidates should have a strong understanding of risk management, governance, and internal control principles. It is also recommended that candidates have completed the IIA-CIA-Part1 and IIA-CIA-Part2 exams before attempting the IIA-CIA-Part3-3P exam. |
| Prerequisite | The prerequisites for the IIA-CIA-Part3-3P exam may vary depending on the country or region where the exam is being taken. It is recommended to check the official website of the Institute of Internal Auditors (IIA) for the latest information on the exam prerequisites. |
| Retirement (If Applicable) | It is recommended to check with the official website of the Institute of Internal Auditors (IIA) or contact their customer service for the latest information on exam retirement dates. |
| Certification Track (RoadMap): | The certification track or roadmap for the IIA-CIA-Part3-3P exam is as follows: 1. Obtain the Certified Internal Auditor (CIA) certification by passing all three parts of the CIA exam. 2. Complete the CIA Continuing Professional Education (CPE) requirements to maintain the CIA certification. 3. Gain three years of internal audit experience. 4. Meet the eligibility requirements for the IIA-CIA-Part3-3P exam, which includes having a CIA certification in good standing and at least three years of internal audit experience. 5. Prepare for the IIA-CIA-Part3-3P exam by studying the exam content outline and taking practice exams. 6. Pass the IIA-CIA-Part3-3P exam to earn the CIA Professional (CIA-P) certification. 7. Maintain the CIA-P certification by completing the required CPE hours and meeting other certification requirements. Overall, the certification track for the IIA-CIA-Part3-3P exam involves obtaining the CIA certification, gaining experience, and passing the IIA-CIA-Part3-3P exam to earn the CIA-P certification. |
| Official Information | https://na.theiia.org/certification/CIA-Certification/Pages/CIA-2019-Exam-Syllabus-Part-3.aspx |
| See Expected Questions | IIA IIA-CIA-Part3-3P Expected Questions in Actual Exam |
| Take Self-Assessment | Use IIA IIA-CIA-Part3-3P Practice Test to Assess your preparation - Save Time and Reduce Chances of Failure |
| Section | Weight | Objectives |
|---|---|---|
| I. Business Acumen | 35% | 1. Organizational Objectives, Behavior, and Performance A Describe the strategic planning process and key activities (objective setting, globalization and competitive considerations, alignment to the organization's mission and values, etc.) B Examine common performance measures (financial, operational, qualitative vs. quantitative, productivity, quality, efficiency, effectiveness, etc.) C Explain organizational behavior (individuals in organizations, groups, and how organizations behave, etc.) and different performance management techniques (traits, organizational politics, motivation, job design, rewards, work schedules, etc.) D Describe management’s effectiveness to lead, mentor, guide people, build organizational commitment, and demonstrate entrepreneurial ability 2. Organizational Structure and Business Processes A Appraise the risk and control implications of different organizational configuration structures (centralized vs. decentralized, flat structure vs. traditional, etc.) B Examine the risk and control implications of common business processes (human resources, procurement, product development, sales, marketing, logistics, management of outsourced processes, etc.) C Identify project management techniques (project plan and scope, time/team/resources/cost management, change management, etc.) D Recognize the various forms and elements of contracts (formality, consideration, unilateral, bilateral, etc.) 3. Data Analytics A Describe data analytics, data types, data governance, and the value of using data analytics in internal auditing B Explain the data analytics process (define questions, obtain relevant data, clean/normalize data, analyze data, communicate results) C Recognize the application of data analytics methods in internal auditing (anomaly detection, diagnostic analysis, predictive analysis, network analysis, text analysis, etc.) |
| II. Information Security | 25% | 1. Information Security A Differentiate types of common physical security controls (cards, keys, biometrics, etc.) B Differentiate the various forms of user authentication and authorization controls (password, two-level authentication, biometrics, digital signatures, etc.) and identify potential risks C Explain the purpose and use of various information security controls (encryption, firewalls, antivirus, etc.) D Recognize data privacy laws and their potential impact on data security policies and practices E Recognize emerging technology practices and their impact on security (bring your own device [BYOD], smart devices, internet of things [IoT], etc.) F Recognize existing and emerging cybersecurity risks (hacking, piracy, tampering, ransomware attacks, phishing attacks, etc.) G Describe cybersecurity and information security-related policies |
| III. Information Technology | 20% | 1. Application and System Software A Recognize core activities in the systems development lifecycle and delivery (requirements definition, design, developing, testing, debugging, deployment, maintenance, etc.) and the importance of change controls throughout the process B Explain basic database terms (data, database, record, object, field, schema, etc.) and internet terms (HTML, HTTP, URL, domain name, browser, click-through, electronic data interchange [EDI], cookies, etc.) C Identify key characteristics of software systems (customer relationship management [CRM] systems; enterprise resource planning [ERP] systems; and governance, risk, and compliance [GRC] systems; etc.) 2. IT Infrastructure and IT Control Frameworks A Explain basic IT infrastructure and network concepts (server, mainframe, client-server configuration, gateways, routers, LAN, WAN, VPN, etc.) and identify potential risks B Define the operational roles of a network administrator, database administrator, and help desk C Recognize the purpose and applications of IT control frameworks (COBIT, ISO 27000, ITIL, etc.) and basic IT controls 3. Disaster Recovery A Explain disaster recovery planning site concepts (hot, warm, cold, etc.) B Explain the purpose of systems and data backup C ?Explain the purpose of systems and data recovery procedures |
| IV. Financial Management | 20% | 1. Financial Accounting and Finance A Identify concepts and underlying principles of financial accounting (types of financial statements and terminologies such as bonds, leases, pensions, intangible assets, research and development, etc.) B Recognize advanced and emerging financial accounting concepts (consolidation, investments, fair value, partnerships, foreign currency transactions, etc.) C Interpret financial analysis (horizontal and vertical analysis and ratios related to activity, profitability, liquidity, leverage, etc.) D Describe revenue cycle, current asset management activities and accounting, and supply chain management (including inventory valuation and accounts payable) Basic? E Describe capital budgeting, capital structure, basic taxation, and transfer pricing 2. Managerial Accounting A Explain general concepts of managerial accounting (cost-volume-profit analysis, budgeting, expense allocation, cost- benefit analysis, etc.) B Differentiate costing systems (absorption, variable, fixed, activity-based, standard, etc.) C Distinguish various costs (relevant and irrelevant costs, incremental costs, etc.) and their use in decision making |
TESTED 18 May 2024
