[Free] Download New Updated (October 2016) IIA IIA-CIA-Part3 Real Exam 51-60

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QUESTION 51

Senior management has decided to implement the Three Lines of Defense model for risk management. Which of the following best describes senior management’s duties with regard to this model?

 

A.

Ensure compliance with the model.

B.

Identify management functions.

C.

Identify emerging issues.

D.

Set goals for implementation.

 

Correct Answer: A

 

 

QUESTION 52

In terms of international business strategy, which of the following is true regarding a multi- domestic strategy?

 

A.

It uses the same products in all countries.

B.

It centralizes control with little decision-making authority given to the local level.

C.

It is an effective strategy when large differences exist between countries.

D.

It provides cost advantages, improves coordinated activities, and speeds product development.

 

Correct Answer: C

 

 

QUESTION 53

An organization had three large centralized divisions: one that received customer orders for service work; one that scheduled the service work at customer locations; and one that answered customer calls about service problems. These three divisions were restructured into seven regional groups, each of which performed all three functions. One advantage of this restructuring would be:

 

A.

Better internal controls.

B.

Greater economies of scale.

C.

Improved work flow.

D.

Increased specialization.

 

Correct Answer: C

 

 

QUESTION 54

According to the Standards, which of the following is based on the assertion that the quality of an organization’s risk management process should improve with time?

 

A.

Process element.

B.

Key principles.

C.

Maturity model.

D.

Assurance.

 

Correct Answer: C

 

 

QUESTION 55

Which of the following steps should an internal auditor take during an audit of an organization’s business continuity plans?

 

1. Evaluate the business continuity plans for adequacy and currency.

 

2. Prepare a business impact analysis regarding the loss of critical business.

 

3. Identify key personnel who will be required to implement the plans.

 

4. Identify and prioritize the resources required to support critical business processes.

 

A.

1 only

B.

2 and 4 only

C.

1, 3, and 4 only

D.

1, 2, 3, and 4

 

Correct Answer: A

 

 

QUESTION 56

Which of the following is an example of a nonfinancial internal failure quality cost?

 

A.

Decreasing gross profit margins over time.

B.

Foregone contribution margin on lost sales.

C.

Defective units shipped to customers.

D.

Excessive time to convert raw materials into finished goods.

 

Correct Answer: D

 

 

 

 

 

 

 

QUESTION 57

Which of the following is a disadvantage of selecting a commercial software package rather than developing an application internally?

 

A.

Lack of flexibility.

B.

Incompatibility with client/server technology.

C.

Employee resistance to change.

D.

Inadequate technical support.

 

Correct Answer: A

 

 

QUESTION 58

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

 

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.

 

Correct Answer: B

 

 

QUESTION 59

Which of the following price adjustment strategies encourages prompt payment?

 

A.

Cash discounts.

B.

Quantity discounts.

C.

Functional discounts.

D.

Seasonal discounts.

 

Correct Answer: A

 

 

QUESTION 60

The market price is the most appropriate transfer price to be charged by one department to another in the same organization for a service provided when:

 

A.

There is an external market for that service.

B.

The selling department operates at 50 percent of its capacity.

C.

The purchasing department has more negotiating power than the selling department.

D.

There is no external market for that service.

 

Correct Answer: A

 

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