CIA-IV health - The Certified Internal Auditor Part 4 Updated: 2024
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CIA-IV The Certified Internal Auditor Part 4
Exam: CIA-IV (Certified Internal Auditor Part 4)
Exam Details:
- Number of Questions: The test consists of multiple-choice questions and case studies.
- Time: Candidates are given a specified amount of time to complete the exam.
Course Outline:
The Certified Internal Auditor (CIA) Part 4 course is designed to provide candidates with an in-depth understanding of internal audit practices and procedures. The course outline includes the following topics:
1. Governance and Business Ethics
- Corporate governance principles and best practices
- Ethical considerations in business
- Fraud risks and prevention
2. Risk Management
- Enterprise risk management frameworks
- Risk assessment methodologies
- Internal controls for risk mitigation
3. Organizational Structure and Business Processes
- Understanding organizational structure and its impact on internal audit
- Business process mapping and evaluation
- Internal control frameworks and their application
4. Communication and Reporting
- Effective communication within the organization
- Developing internal audit reports
- Presenting audit findings and recommendations
5. Information Technology and Business Continuity
- IT governance and control frameworks
- IT auditing techniques and tools
- Business continuity planning and disaster recovery
6. Financial Management
- Financial statement analysis and interpretation
- Financial risk assessment and control
- Fraud detection and prevention in financial processes
Exam Objectives:
The CIA-IV test aims to assess candidates' knowledge and understanding of advanced internal audit principles, practices, and procedures. The test objectives include:
1. Demonstrating knowledge of corporate governance principles, business ethics, and fraud risks.
2. Understanding and applying risk management frameworks and methodologies.
3. Evaluating organizational structure and business processes for effective internal control.
4. Communicating audit findings and recommendations clearly and effectively.
5. Understanding information technology controls and business continuity planning.
6. Applying financial management principles and practices to internal auditing.
Exam Syllabus:
The test syllabus covers the following topics:
- Governance and Business Ethics
- Risk Management
- Organizational Structure and Business Processes
- Communication and Reporting
- Information Technology and Business Continuity
- Financial Management
Candidates are expected to have a deep understanding of these Topics and demonstrate their ability to apply internal audit concepts and techniques in practical scenarios. The test assesses their knowledge, critical thinking skills, and proficiency in various aspects of internal auditing.
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CIA-IV
The Certified Internal Auditor Part 4
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Question: 180
The managerial factor that may lead to overbuilding in an industry is
A. Management's belief that the career consequences of overcapacity appear to be more serious
than those of under capacity.
B. Management's production orientation.
C. Inflation of expectations by industry buzz.
D. Uncertainty caused by changes in industry structure.
Answer: B
Management that is production-oriented may be more likely to overbuild than marketing-or
finance- oriented management.
Question: 181
What governmental factor most likely will lead to overbuilding in a global industry?
A. Tax incentives are given to local subsidiaries of foreign firms.
B. The government favors an indigenous industry that has a small minimum efficient scale.
C. Environmental regulations are imposed on domestic firms.
D. Anti-bribery laws impede domestic firms from competing globally.
Answer: A
Governmental factors may lead to overbuilding. For example, tax incentives may promote
excess capacity by permitting foreign subsidiaries to pay no tax on earnings retained in the
business. A nation also may wish to create an indigenous industry. When the minimum
efficient scale is great in relation to world demand, the excess production in the country may
contribute to global overcapacity. Furthermore, governmental employment pressures may
result in overbuilding to create jobs or avoid job loss.
Question: 182
Which factor is most likely to limit expansion of a firm's productive capacity?
A. Senior managers have production backgrounds.
B. The firm operates in one industry.
C. Current technology will soon be obsolete.
D. Demand uncertainty is low.
Answer: C
A firm's behavior may send signals to competitors that building is unwise. For example, it may
announce an expansion project or indicate in some way that forecasts of demand are
unfavorable or that current technology will soon be obsolete.
Question: 183
What condition is most likely necessary to the success of a strategy of preemptive expansion?
A. Competitors believe that the move is preemptive.
B. The result is intense industry conflict.
C. The firm does not know the expectations of competitors about the market.
D. The learning-curve effect is small.
Answer: A
Competitors must believe that the move is preemptive. Hence, the firm should know
competitors' expectations about the market or be able to influence them favorably. Moreover,
the preempting firm must have credibility, such as resources, technology, and a history of
credibility, to support its statements and moves.
Question: 184
Entry into a new business may be made by internal development or acquisition. Entry through
internal development usually involves creation of a full-fledged new business entity. The costs
likely to be incurred by an internal entrant include
II. nvestments to overcome entry barriers
II. Change in the equilibrium level of supply and demand
III. Lower prices charged by competitors
IV. Higher marketing costs
A. I and II only.
B. I and IV only.
C. II, Ill, and IV only.
D. I, II, Ill, and IV.
Answer: D
An internal entrant must cope with structural barriers and retaliation by existing firms. Costs
incurred by the internal entrant include initial investments to overcome entry barriers
(facilities, inventory, branding, technology, distribution channels, sources of materials, etc.),
operating losses in the start-up phase, and the effects of retaliation (e.g., higher marketing
costs, capacity expansion, or lower prices). Other costs include the price increases for factors
of production that may result because of the new entry. Also, the capacity added to the industry
by the entrant may affect the equilibrium level of supply and demand. The result may be
additional competitive costs as firms with excess capacity cut prices.
Question: 185
Entry into a new business may be made by acquisition. The analysis differs from that for entry
by internal development. A key point is that prices are set in the market for acquisitions.
Accordingly, a buyer should most likely expect to make above- average profits when the
A. Market is active and well organized.
B. Seller can choose to continue operating the business.
C. Market for acquisitions is imperfect.
D. Buyer adopts a sequential entry strategy.
Answer: C
Acquisitions are more likely to earn above-average profits when the expected present value to
the seller of continuing operations is low, e.g., because the seller needs funds, has capital
limits, or has management weaknesses. Above-average profits also are more likely when the
market for acquisitions is imperfect. For example, (1) the buyer may have better information,
(2) there are few bidders, (3) the economy is weak, (4) the seller is weak, or (5) the seller has
reasons to sell other than profit maximization. Moreover, the buyer may have a unique ability
to operate the seller.
Question: 186
A firm enters a new business by creating a full-fledged new entity (an internal entrant). The
internal entrant is least likely to cause disruption and retaliation in a
A. Slow-growth industry.
B. Fragmented industry.
C. Commodity-producing industry.
D. Highly-concentrated industry.
Answer: B
In a fragmented industry, many firms might be affected but not significantly. These firms also
might have no ability to retaliate. Firms in a fragmented industry have insignificant market
shares and little influence on industry outcomes.
Question: 187
Entry by a firm into a new business may be through the creation of a full-fledged new business
entity. The new entrant is most likely to cause industry disruption and retaliation when
A. The industry is fast-growing.
B. The industry is highly concentrated.
C. Fixed costs are low.
D. The market is segmented.
Answer: B
In a highly concentrated industry, the internal entrant is more likely to have a significant and
noticeable effect on particular firms with the ability to retaliate. In a fragmented industry, many
firms might be affected but not significantly. These firms also might have no ability to
retaliate.
Question: 188
A firm may decide to enter a new business by creating a new entity. After undertaking a
structural analysis, the internal entrant chooses an appropriate target industry. The most likely
target is an industry in which the entrant
A. Will have to develop its own distribution network.
B. Can raise mobility barriers after entry.
C. Will not have to compete with a dominant firm that seeks to protect the industry.
D. Calculates that the costs of retaliation to existing firms are less than the benefits.
Answer: B
A distinctive ability to influence industry structure is another basis for earning above-average
profits. Thus, an ability to raise mobility barriers after the firm has entered the industry is a
reason to target that industry. Moreover, a firm may be able to recognize that entering a
fragmented industry will start a process of consolidation and increased entry barriers.
Question: 189
A firm wishes to enter a new business by creating a new entity (an internal entrant). The
internal entrant is most likely to achieve above-average profits by targeting which industry?
A. An industry with high entry costs.
B. An industry with a stabilized structure.
C. A new industry.
D. An industry in equilibrium if entry positively affects the firm's existing businesses.
Answer: C
A firm may be able to achieve above-average profits by choosing appropriate targets. For
example, an industry may be in disequilibrium because it is new, entry barriers are rising, or
firms have poor information. In a new industry,
(1) the structure is not established,
(2) entry barriers are low, (3) retaliation is unlikely,
(4) resource supplies have not been locked up, and
(5) brands are not well developed.
However, initial firms may have greater costs than later entrants. Rising entry barriers favor an
early entrant whose subsequent competitors will face higher costs. The early entrant also may
have an edge in product differentiation. Poor information may perpetuate disequilibrium
because firms that might enter the industry may not be aware of its potential.
Question: 190
According to the behavioral theory of management.
A. Employees are motivated to fulfill needs.
B. Morale problems are not goal related.
C. Compensation is a universal motivator.
D. Productivity is not correlated with job satisfaction.
Answer: A
The behavioral theory of management holds that all people including employees) have
complex needs, desires, and attitudes. The fulfillment of needs is the goal toward which
employees are motivated. Effective leadership matches need-fulfillment rewards with desired
behavior tasks) that accomplishes organizational goals.
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By Hanna Horvath, Next Avenue
The end of the year is a great time to look back on what you've accomplished and set goals for the year to come. One area you should not overlook is your finances.
In fact, reviewing your finances now and acting before the end of the year can empower you to start 2024 off strong — and save some money in the process.
Start by taking a close look at your income, expenses and debt. Really taking the time to review your finances gives you a clear picture of where you stand and helps you identify areas for improvement.
"Think of an end-of-year financial audit as a 'financial health check-up' to make sure you are still on pace with your plan," says Sean Lovison, a Certified Financial Planner and founder of Purpose Built Financial Services in Moorestown, New Jersey. "It's all about taking stock of what's coming in, what's going out and how your savings and investments are shaping up."
Are You On the Right Path?
Once you know where you're at, you can start setting goals for the year ahead. This is an essential way to stay motivated and focused.
Take some time to reflect on what you want to achieve financially in 2024. Do you want to save a certain amount, pay off debts or invest in your future? Think about short-term goals, like building an emergency fund, and long-term goals, like saving for retirement.
"Whether setting a short- or long-term goal, you need to be specific to make the goal 'real.' Instead of 'I need to save more for retirement,' try 'I want to max out my 401(k) this year,'" says Christopher Lazzaro, a Certified Financial Planner and founder of Plan for It Financial in Swampscott, Massachusetts. "The key to achieving financial goals is to establish saving and investing as a habit," he adds. "If you automate the habit, it becomes that much easier and more powerful."
Achieving Your Financial Goals in 2024
Here are some money moves to make now to set yourself up for success in 2024.
1. Make some last-minute tax moves. There are a few things you can do now to reduce your tax bill in 2024.
If you haven't maxed out your contributions to your retirement accounts, now is the time to do so. The contribution limit on 401(k) plans is $22,500, rising to $23,000 next year. IRA contributions are capped at $6,500 this year and $7,000 in 2024. If you're 50 or older, you can make additional "catch-up" contributions — $7,500 for 401(k) accounts and $1,000 for IRAs in both 2023 and 2024.
Contributions to retirement accounts are, with one exception, tax deferred. You will not have to pay taxes on the money before you add it to your savings; instead, you will pay income tax on funds as you withdraw them as a retiree and you will likely be in a lower tax bracket. The exception to this are Roth IRAs, which require you to pay taxes on your retirement contributions now but let you avoid taxes on the long-term capital gains and corporate dividends when you withdraw funds.
There are other last-minute moves you can make to lower your tax bill. If you're considering making any charitable donations in the near future, doing so before the year ends can provide deductions that may reduce your taxable income.
The same is true for health care expenses: If you have a Health Savings Account (HSA), you can make contributions up until the tax filing deadline and enjoy tax-free growth and withdrawals for qualified medical expenses.
2. Reassess that retirement plan. Life is constantly changing, so it's important to make sure your goals and strategy are aligned, especially as you approach retirement.
Has anything changed over the past year? Maybe you want to retire earlier, or you received a windfall that you want to put toward your savings. Review the investments in your retirement savings accounts to see if they are performing as expected. This will help you determine if you need to make any adjustments.
Once you've reviewed your retirement plan and adjusted your strategy to meet your new goals, make sure you're maximizing your contributions to your 401(k), IRA and any other tax-advantaged retirement plan. Take advantages of any employer match that's offered — you're leaving money on the table if you don't.
Aim to set aside a percentage of your income for retirement. If you're looking to diversify your retirement savings, consider moving some of it to certificates of deposit. These fixed-income accounts pay higher interest rates than other savings plans but require you to lock up your money for a set period of time (if you withdraw your money early, you'll pay a fee). CD rates have risen to levels last seen more than a decade ago, making them a tempting option to grow your money risk-free.
3. Prepare your investment portfolio. accurate market volatility, accelerating inflation, and forecasts of slower economic growth may leave you feeling uneasy about your investments. This is especially true if retirement is approaching and you need to start withdrawing from your retirement accounts before markets bounce back. But rather than reacting to short-term fluctuations, focus on building a diversified portfolio that aligns with your risk tolerance and financial goals.
Our risk tolerance tends to change as we age. The end of the year is an ideal time to reassess how comfortable you are with your current level of risk. Are you willing to take on more risk for potentially higher returns, or would you prefer a more conservative approach? A typical portfolio has a 60/40 allocation: 60% to stocks and 40% to bonds. Depending on your goals, that may not be the best allocation for you.
"The last three years have been challenging for bonds, so year-end may be an opportune time to rebalance your target allocations," says Lazzaro.
Stick to a Schedule
Advisers generally recommend rebalancing your portfolio on a regular schedule rather than trying to time the markets by guessing when they are poised to make significant moves up or down.
"Rebalancing should be done at the same time every year and not based on if you 'feel like it's the right time,'" says Lovison. "If you aren't doing it on a regular basis, you are trying to market time, which has been proven to not work."
Diversification is the key to reducing risk. Review your portfolio to ensure it is well-diversified across different asset classes, such as stocks, bonds and real estate. This can help protect against the ups and downs of any single investment.
If you're panic about stock market volatility, consider adding some defensive assets to your portfolio, such as bonds or dividend-paying stocks, to provide stability during uncertain times. These assets can act as a cushion during market downturns while still generating income.
4. Review your insurance coverage. As you age, your insurance needs may change. You might have new health concerns, new assets to protect or different financial goals. Reviewing your coverage ensures you have the proper protection for your current situation.
Your review should include health insurance as well as auto insurance and homeowners' coverage. Make sure your health insurance adequately covers your evolving medical needs and includes provisions for prescription drugs, regular check-ups and hospital stays.
This may be a good time to start thinking about long-term care insurance. Although it may seem unnecessary now, having coverage for potential future health care needs can save you from unexpected financial strain down the road.
5. Consider a legacy plan. While it may not be the most pleasant Topic to discuss, planning for your legacy is essential, especially as you approach retirement.
Drafting and updating wills, trusts and other estate documents can accelerate the distribution of your unspent retirement savings, life insurance benefits and other assets according to your wishes. Consider consulting an estate lawyer to help you navigate estate laws' complexities and ensure that your plan is solid.
Starting Next Year Strong
While combing through your budget and reviewing your investments isn't the most exciting way to spend the holiday season, it can make a huge difference for next year's finances. The more you know about your situation, the better equipped you'll be to make informed decisions about your money.
Make sure to continue to track your progress throughout the year. Regularly review your finances, assess your goals, and adjust as needed. Celebrate your achievements, and don't be too hard on yourself if you encounter setbacks. Financial success is a journey, and it requires patience and perseverance.
FRESNO, Calif. (FOX26) — Certified Financial Planner and Partner at Bridgewealth Advisory Group, Derek Elrod, joined Great Day to talk about making financial resolutions for 2024.
Click here to visit Bridgewealth Advisory Group online or call (559) 432-6100.
Derek Elrod is a partner at Bridgewealth Advisory Group, LLC and Chairman of the Board of the Financial Planning Association of Central California. He received his undergraduate degree at Santa Clara University with a Bachelor of Science in Commerce with a focus on Finance, his Masters in Business and Administration from California State University Fresno, and a Masters in Financial Planning & Taxation from Golden Gate University. Derek is a Certified Financial Planner and also possesses a Series 7 securities license, a Series 66 license, and has a California Life & Health Insurance license.
Clark Fork Valley Hospital in Plains, Mont., closed its home health agency, effective Jan. 1.
The decision was made as Clark Fork Valley continued to battle ongoing labor shortages, financial losses and the regulatory burdens of operating home health organizations.
Hospice services are unaffected by the decision, the hospital said in a news release. Clark Fork Valley was the last remaining critical access hospital in western Montana to operate home health and hospice services. These burdens have been particularly challenging for rural agencies given the low population density and broad areas that are served.
"We try to offer every service possible for Sanders County residents, but the obstacles of operating a certified home health program have grown more challenging in accurate years," CEO Greg Hanson, MD, said.
The hospital said it contacted current patients and providers who regularly used its home health agency to explain the changes.
"This is another unfortunate change that is increasingly common in rural areas of our country," Dr. Hanson said. "Our governing board struggled but in the end we believe this was the best decision that would allow us to retain the majority of home-based services for Sanders County residents in a sustainable manner well into the future."
MISSOULA, Mont. — Clark Fork Valley Hospital will close its Medicare-certified home health agency effective Jan. 1.
Hospice services will continue, unchanged.
The hospital says labor shortages and regulatory burdens are the cause for the closure.
A press release from the hospital says it was the last remaining critical access hospital in western Montana to operate home health and hospice services.
Full release: Clark Fork Valley Hospital has announced it will close its Medicare certified Home Health agency effective January 1, 2024. Hospice services are unaffected by this decision and will continue unchanged. Like many rural organizations across the country CFVH has felt the impact of ongoing labor shortages, financial losses, and the regulatory burdens of operating Home Health organizations. These burdens have been particularly difficult for rural agencies given the low population density and broad areas that are served.
CFVH is the last remaining critical access hospital in western Montana to operate home health and hospice services, and the decision to close was a difficult one. “We try to offer every service possible for Sanders county residents, but the obstacles of operating a certified home health program have grown more challenging in accurate years,” said hospital CEO Dr. Greg Hanson.
Dr. Hanson explained CFVH is making every effort to maintain as many services offered by home health agencies as possible. For homebound patients, Physical Therapy treatment can now occur at home through the hospital’s rehabilitation department, and CFVH has obtained approval from Medicare to provide home nurse visits through our Family Medicine Clinic. In an effort to ease the transition the hospital has contacted its current patients to explain these changes and has reached out to providers who regularly use our current home health agency to explain the changes.
“This is another unfortunate change that is increasingly common in rural areas of our country,” said Hanson. “Our governing board struggled but in the end we believe this was the best decision that would allow us to retain the majority of home based services for Sanders county residents in a sustainable manner well into the future.”
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