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IIA-CIA-Part3-3P – CIA Exam Part Three: Business Knowledge for Internal Auditing

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Showing 19–20 of 20 questions

Question 19 (Exam Pool B)

When would a contract be closed out?

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    When there's a dispute between the contracting parties.
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    When all contractual obligations have been discharged.
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    When there is a force majeure.
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    When the termination clause is enacted.
Question 20 (Exam Pool B)

During an audit of the organization's annual financial statements, the internal auditor notes that the current cost of goods sold percentage is substantially higher than in prior years. Which of the following is the most likely explanation for this increase?

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    Cost of raw material inventory items is decreasing.
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    Process to manufacture goods is more efficient.
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    Labor productivity to produce goods is increasing.
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    Write-off of inventory is increasing.