CIA Certification Exam IIA-CIA-Part3-3P Study
Guide Updated [2022]
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IIA Certified Internal Auditor (CIA) Certification
Requires To Complete All Three Exams
The Certified Internal Auditor (CIA) certification is an important part of IIA certification, it is the premier
designation of IIA for more than 40 years. The CIA certification sets the standard for excellence within the
profession. Earning the CIA is an important step toward demonstrating your core internal audit skills and
knowledge. Candidates who are planning to complete the Certified Internal Auditor (CIA) certification
must meet at least one of the following requirements:
● Earn a Bachelor's degree from an accredited college or university and at least two years of verified
professional experience in internal audit (or its equivalent). A masters degree may count towards one of
the two years of professional experience.
● Complete at least two years of post-secondary education and five years of verified experience in
internal audit (or its equivalent).
● Complete at least seven years of verified experience in internal audit (or its equivalent).
For all, they need to pass all the three exams to complete the Certified Internal Auditor (CIA) certification:
IIA-CIA-Part1 Essentials of Internal Auditing
IIA-CIA-Part1 Essentials of Internal Auditing is well aligned with The IIA's International Professional
Practices Framework (IPPF) and includes six domains covering the foundation of internal auditing;
independence and objectivity; proficiency and due professional care; quality assurance and improvement
programs; governance, risk management, and control; and fraud risk. It tests candidates knowledge,
skills, and abilities related to the International Standards for the Professional Practice of Internal Auditing,
particularly the Attribute Standards (series 1000, 1100, 1200, and 1300) as well as Performance
Standard 2100.
IIA-CIA-Part2 Practice of Internal Auditing
IIA-CIA-Part2 Practice of Internal Auditing includes four domains focused on managing the internal audit
activity, planning the engagement, performing the engagement, and communicating engagement results
and monitoring progress. It tests candidates' knowledge, skills, and abilities particularly related to
Performance Standards (series 2000, 2200, 2300, 2400, 2500, and 2600) and current internal audit
practices.
IIA-CIA-Part3 Business Knowledge for Internal Auditing
IIA-CIA-Part3 Business Knowledge for Internal Auditing includes four domains focused on business
acumen, information security, information technology, and financial management. It is designed to test
candidates' knowledge, skills, and abilities, particularly as they relate to these core business concepts.
Candidates are able to sit for the exam before the professional education requirement has been met, but
will not be certified until then.
The difference between IIA-CIA-Part3 and
IIA-CIA-Part3-3P
When registering IIA Certified Internal Auditor (CIA) certification exam at Pearson VUE, you can find two
kinds of CIA certification exams
IIA-CIA-Part1 CIA Exam Part One: Essentials of Internal Auditing
IIA-CIA-Part2 CIA Exam Part Two: Practice of Internal Auditing
IIA-CIA-Part3 CIA Exam Part Three: Business Knowledge for Internal Auditing
These three exams should be registered and taken at Pearson VUE.
IIA-CIA-Part1-3P CIA Exam Part One: Essentials of Internal Auditing
IIA-CIA-Part2-3P CIA Exam Part Two: Practice of Internal Auditing
IIA-CIA-Part3-3P CIA Exam Part Three: Business Knowledge for Internal Auditing
These three exams can be registered and take at home. To support the continued professional
development of IIA certification candidates around the world and in response to mass Pearson VUE test
center closures, The IIA has adopted online testing to enable candidates to take the Certified Internal
Auditor (CIA) exam from home. So IIA is partnering with Pearson VUE to offer this testing option for a
period of 3 months starting 29 April 2020 (At the end of the 3-month period, The IIA will evaluate and
decide whether to continue or suspend this online testing offer.)
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Guide [2022]
If a bank's activities are categorized under such departments as community banking, institutional
banking, and agricultural banking, what kind of departmentalization is being utilized?
A. Product departmentalization.
B. Process departmentalization.
C. Functional departmentalization.
D. Customer departmentalization.
Answer: D
What must be monitored in order to manage risk of consumer product inventory obsolescence?
1) Inventory balances.
2) Market share forecasts.
3) Sales returns.
4) Sales trends.
A. 1 only
B. 4 only
C. 1 and 4 only
D. 1, 2, and 3 only
Answer: C
Maintenance cost at a hospital was observed to increase as activity level increased.
The following data was gathered:
Activity Level Maintenance Cost
Month
Patient Days
January
5,600
$7,900
February
7,100
$8,500
March
5,000
$7,400
April
6,500
$8,200
May
7,300
$9,100
June
8,000
$9,800
If the cost of maintenance is expressed in an equation, what is the independent variable for this data?
A. Fixed cost.
B. Variable cost.
C. Total maintenance cost.
D. Patient days.
Answer: D
An internal auditor is reviewing physical and environmental controls for an IT organization.
Which control activity should not be part of this review?
A. Develop and test the organization's disaster recovery plan.
B. Install and test fire detection and suppression equipment.
C. Restrict access to tangible IT resources.
D. Ensure that at least one developer has access to both systems and operations.
Answer: D
Preferred stock is less risky for investors than is common stock because:
A. Common stock pays dividends as a stated percentage of face value.
B. Common stock has priority over preferred stock with regard to earnings and assets.
C. Preferred dividends are usually cumulative.
D. Preferred stock with no conversion feature has a higher dividend yield than does convertible preferred
stock.
Answer: C
Which of the following are appropriate reasons for internal auditors to document processes as
part of an audit engagement?
1) To determine areas of primary concern.
2) To establish a standard format for process mapping.
3) To define areas of responsibility within the organization.
4) To assess the performance of employees.
A. 1 and 2 only
B. 1 and 3 only
C. 2 and 3 only
D. 2 and 4 only
Answer: B
An internal auditor is trying to assess control risk and the effectiveness of an organization's
internal controls.
Which of the following audit procedures would not provide assurance to the auditor on this
matter?
A. Interviewing the organization's employees.
B. Observing the organization's operations.
C. Reading the board's minutes.
D. Inspecting manuals and documents.
Answer: C
Which of the following statements is true regarding the relationship between an individual’s
average tax rate and marginal tax rate?
A. In a regressive personal tax system, an individual's marginal tax rate is normally greater than his
average tax rate.
B. In a regressive personal tax system, an individual's marginal tax rate is normally equal to his average
tax rate.
C. In a progressive personal tax system, an individual's marginal tax rate is normally equal to his average
tax rate.
D. In a progressive personal tax system, an individual's marginal tax rate is normally greater than his
average tax rate.
Answer: D
Which of the following is always true regarding the use of encryption algorithms based on public
key infrastructure (PKI)?
A. PKI uses an independent administrator to manage the public key.
B. The public key is authenticated against reliable third-party identification.
C. PKI's public accessibility allows it to be used readily for e-commerce.
D. The private key uniquely authenticates each party to a transaction.
Answer: D
Presented below are partial year-end financial statement data (000 omitted from dollar amounts)
for companies A and B:
If company A has a quick ratio of 2:1, then it has an accounts receivable balance of:
A. $100
B. $200
C. $300
D. $500
Answer: A