IIA-CIA-Part3-3P certification - Business Knowledge for Internal Auditing Updated: 2023
IIA Knowledge certification
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IIA-CIA-Part1 Certified Internal Auditor - Part 1, The Internal Audit Activitys Role in Governance, Risk, and Control
IIA-CIA-Part2 Certified Internal Auditor - Part 2, Conducting the Internal Audit Engagement
IIA-CIA-Part3 Certified Internal Auditor - Part 3, Business Analysis and Information Technology
IIA-ACCA ACCA CIA Challenge
IIA-CRMA Certification in Risk Management Assurance (CRMA)
IIA-CIA-Part3-3P Business Knowledge for Internal Auditing
IIA-CIA-Part3-3P Braindumps
IIA-CIA-Part3-3P Real Questions
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Business Knowledge for Internal Auditing
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Question: 92
An organization facing rapid growth decides to employ a third party service provider to manage its customer
relationship management function .
Which of the following is true regarding the supporting application software used by that provider compared to an in-
house developed system?
1) Updating documentation is always a priority.
2) System availability is usually more reliable.
3) Data security risks are lower.
4) Overall system costs are lower.
A. 1 and 2 only
B. 1 and 3 only
C. 2 and 4 only
D. 3 and 4 only
Answer: C
Question: 93
Which of the following budgets must be prepared first?
A. Cash budget.
B. Production budget.
C. Sales budget.
D. Selling and administrative expenses budget.
Answer: C
Question: 94
Which is the least effective form of risk management?
A. Systems-based preventive control.
B. People-based preventive control.
C. Systems-based detective control.
D. People-based detective control.
Answer: D
Question: 95
Which of the following statements accurately describes one of the characteristics that distinguishes a multinational
company from a domestic company?
A. A multinational company has stockholders in other countries.
B. A multinational company exports its products to other countries.
C. A multinational company operates outside of its country of origin.
D. A multinational company uses raw materials and components from more than one country.
Answer: C
Question: 96
A holding company set up a centralized group technology department, using a local area network with a mainframe
computer to process accounting information for all companies within the group. An internal auditor would expect to
find all of the following controls within the technology department except:
A. Adequate segregation of duties between data processing controls and file security controls.
B. Documented procedures for remote job entry and for local data file retention.
C. Emergency and disaster recovery procedures and maintenance agreements in place to ensure continuity of
operations.
D. Established procedures to prevent and detect unauthorized changes to data files.
Answer: B
Question: 97
During which phase of disaster recovery planning should an organization identify the business units, assets, and
systems that are critical to continuing an acceptable level of operations?
A. Scope and initiation phase.
B. Business impact analysis.
C. Plan development.
D. Testing.
Answer: B
Question: 98
An organization is considering the outsourcing of its business processes related to payroll and information technology
functions .
Which of the following is the most significant area of concern for management regarding this proposed agreement?
A. Ensuring that payments to the vendor are appropriate and timely for the services delivered.
B. Ensuring that the vendor has complete management control of the outsourced process.
C. Ensuring that there are means of monitoring the efficiency of the outsourced process.
D. Ensuring that there are means of monitoring the effectiveness of the outsourced process.
Answer: D
Question: 99
Which of the following is the best approach to overcome entry barriers into a new business?
A. Offer a standard product that is targeted in the recognized market.
B. Invest in commodity or commodity-like product businesses.
C. Enter into a slow-growing market.
D. Use an established distribution relationship.
Answer: D
Question: 100
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.
Answer: C
Question: 101
According to the Standards, which of the following is based on the assertion that the quality of an organizations risk
management process should Improve with time?
A. Process element.
B. Key principles.
C. Maturity model.
D. Assurance.
Answer: C
Question: 102
At what point during the systems development process should an internal auditor verify that the new applications
connectivity to the organizations other systems has been established correctly?
A. Prior to testing the new application.
B. During testing of the new application.
C. During implementation of the new application.
D. During maintenance of the new application.
Answer: A
Question: 103
In order to provide useful information for an organizations risk management decisions, which of the following factors
is least important to assess?
A. The underlying causes of the risk.
B. The impact of the risk on the organizations objectives.
C. The risk levels of current and future events.
D. The potential for eliminating risk factors.
Answer: D
Question: 104
Which of the following is the best reason for considering the acquisition of a nondomestic organization?
A. Relatively fast market entry.
B. Improved cash flow of the acquiring organization.
C. Increased diversity of corporate culture.
D. Opportunity to influence local government policy.
Answer: A
Question: 105
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
Question: 106
Which of the following is useful for forecasting the required level of inventory?
1) Statistical modeling.
2) Information about seasonal variations in demand.
3) Knowledge of the behavior of different business cycles.
4) Pricing models linked to seasonal demand.
A. 1 and 2 only
B. 2 and 3 only
C. 1, 2, and 3 only
D. 1, 2, 3, and 4
Answer: C
Question: 107
An internal auditor performed a review of IT outsourcing and found that the service provider was failing to meet the
terms of the service level agreement .
Which of the following approaches is most appropriate to address this concern?
A. The organization should review the skill requirements and ensure that the service provider is maintaining sufficient
expertise and retaining skilled resources.
B. The organization should proactively monitor the performance of the service provider, escalate concerns, and use
penalty clauses in the contract where necessary.
C. The organization should ensure that there is a clear management communication strategy and path for evaluating
and reporting on all outsourced services concerns.
D. The organization should work with the service provider to review the current agreement and expectations relating to
objectives, processes, and overall performance.
Answer: B
Question: 108
Which of the following statements is false regarding the internal audit approach when a set of standards other than The
IIAs Standards is applicable to a specific engagement?
A. The internal auditor may cite the use of other standards during audit communications.
B. If the other standards are government-issued, the internal auditor should apply them in conjunction with The IIAs
Standards.
C. If there are inconsistencies between the other standards and The IIAs Standards, the internal auditor must use the
more restrictive standards.
D. If there are inconsistencies between the other standards and The IIAs Standards, the internal auditor must use the
less restrictive standards.
Answer: D
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The Certified Internal Auditor® (CIA®) designation is the only globally accepted certification for internal auditors and remains the standard by which individuals demonstrate their competency and professionalism in the internal auditing field. Candidates leave the program enriched with educational experience, information, and business tools that can be applied immediately in any organization or business environment. The CIA exam is available through computer-based testing, allowing you to test year-round at more than 500 locations worldwide.
The Certified Internal Auditor® (CIA®) exam tests a candidate's knowledge of current internal auditing practices and understanding of internal audit issues, risks and remedies. The exam is offered in four parts, each part consisting of 100 multiple-choice questions.
Parts 1, 2, and 3 are considered the core global syllabus of the CIA exam - offering a strong focus on corporate governance and risk issues and exhibiting alignment with The IIA's Professional Practices Framework. Part IV of the CIA exam is designed for modification for regional and audit specialization testing. Hence, The IIA offers Professional Recognition Credit for Part 4 (PRC-4) for qualified professional certifications.
Established in 1941, The Institute of Internal Auditors (IIA) is an international professional association with global headquarters in Altamonte Springs, Fla., USA. The IIA is the internal audit profession's global voice, recognized authority, acknowledged leader, chief advocate, and principal educator. Members work in internal auditing, risk management, governance, internal control, information technology audit, education, and security.
The Institute of Internal Auditors Global Inc is represented in Sri Lanka by IIA Sri Lanka. IIA Sri Lanka will be having their 2nd National Internal Audit Conference on the 11th of November. Many foreign speakers are expected to be a part of this event. For further information contact: ashanejay@gmail.com
In this four-day basic course you will learn all the essentials about the IRIS certification process, the correct interpretation and understanding of the requirements of IRIS rev.02.1, version 2.4, as well as their specific assessment methodology in a comprehensive manner.
You’ll receive tips and practical solutions on how to introduce the IRIS standard to your company efficiently. It aims amongst other things to train process-oriented auditing, to practice the correct behavior of internal auditors, and deepen your new knowledge through numerous exercises. In this crash course, internal auditors from the industry will follow the same, if not higher, training standards as the auditors of the certification bodies.
After written and oral examination participants will receive an internationally recognised certificate from the IRIS Academy. More than 800 managers from all continents have experienced this course. 98% of them rated this course ‘excellent’ and recommend it to others.
Your trainer, Andreas Heinzmann, has accrued the following experience:
- Many years head of quality for Bombardier
- More than 30 years experiences in the rail industry
- First president and founder of the IRIS Group
- Member of the IRIS working group
- IRIS Future outlook: ‘IRIS goes ISO’ by 2017 / 2018
Key companies that have benefitted from the course include Bombardier, Siemens Mobility, Alstom, ABB, and Passenger Rail Agency of South Africa (PRASA).
For further course information, including price list, registration templates and scheduling, please visit the CC-Rail website.
The development of a valid exam for the CAP® certification process began with a clear and concise definition of the knowledge, skills, and abilities needed for competent job performance. Using interviews, surveys, observation, and group discussions, ISA worked with automation professionals to delineate critical job components. The knowledge and skill bases for the questions on the exam were derived from the genuine practice of the automation professionals as outlined in the 2012 CAP Role Delineation Study.
CAP exam specifications were developed by combining the overall survey evaluations of importance, frequency, and criticality, and converting the results into percentages. Importance, frequency, and criticality ratings were weighted equally in this computation. These percentages are used to determine the number of questions related to each domain and task, as shown in the chart below.
| I. Feasibility Study | 11% | 19 |
| II. Definition | 12% | 21 |
| III. System Design | 20% | 35 |
| IV. Development | 19% | 33 |
| V. Deployment | 16% | 28 |
| VI. Operation and Maintenance | 22% | 39 |
| TOTAL: | 100% | 175 |
In addition to the CAP exam specifications based on the Domains, the exam questions are also distributed by knowledge or technical Topic categories to ensure broad coverage of technical topics. The distribution of exam questions among these technical Topics is particularly important to those preparing for the exam .
| I. Basic Continuous Control | 14% | 24 |
| II. Basic Discrete, Sequencing, and Manufacturing Control | 13% | 23 |
| III. Advanced Control | 9% | 16 |
| IV. Reliability, Safety and Electrical | 13% | 23 |
| V. Integration and Software | 21% | 37 |
| VI. Deployment and Maintenance | 16% | 28 |
| VII. Work Structure | 14% | 24 |
| TOTAL: | 100% | 175 |
The development of a valid test for the CCST® certification process began with a clear and concise definition of the knowledge, skills, and abilities needed for competent job performance. Using interviews, surveys, observation, and group discussions, ISA worked with control systems technicians and supervisors to delineate critical job components. The knowledge and skill bases for the questions on the current versions of the tests were derived from the genuine practice of control systems technicians as outlined in the 2002 CCST Role Delineation Study. The questions on the latest versions of the tests were developed based on the most exact CCST job task analysis study, conducted in 2019.
CCST test specifications were developed by combining the overall survey evaluations of importance, frequency, and criticality, and converting the results into percentages. Importance, frequency, and criticality ratings were weighted equally in this computation. These percentages are used to determine the number of questions related to each domain and task, as shown in the charts below for the current and new versions of the tests.
CCST Performance Domains and Test Specifications
The CCST tests cover the four major domains that have been organized based on the findings in the CCST job task analysis study. The CCST Level l, ll, and lll tests are weighted by a varying number of questions per domain. The percentage of questions per domain is based on each domain's relative importance and criticality in terms of what control systems technicians are expected to know while performing their jobs, by level. The following tables indicate the percentage of questions appearing on the tests by level as they relate to each domain for the current and new versions of the tests:
| Test Domain | Level I Test Average % |
Level II—Specialist Test Average % |
Level III—Master Test Average % |
|---|---|---|---|
| I. Calibration, Maintenance, Repair, Troubleshooting | 75% | 64% | 20% |
| II. Project Start-up, Commissioning, Loop-check, Project Organization, Planning | 15% | 19% | 14% |
| III. Documentation | 10% | 11% | 17% |
| IV. Administration, Supervision, Management | 0% | 6% | 49% |
Additional Documents
Download the CCST Tests Task List Reference Document (PDF).
The goal of the ISO 17029-certified auditor training course is to provide participants the formal education and certification they need to become qualified internal auditors for ISO 17029. Participants will also study the clause-by-clause requirements of the standard. Additionally, they will learn about the auditing procedure, the need to keep audit records, and the documentation called for by the ISO/IEC 17029:2019 standard.
The certified ISO 17029 auditor training course contains a total of six training sessions where the participants learn about the overview and awareness of the quality management system of validation/verification bodies standard, the ISO 17029 clause-wise requirements, the ISO 17029 documented information, the internal audit process, as well as the internal audit records and the steps for ISO 17029 accreditation. All the auditor training sessions consist of lecture videos, handouts, and online session exams as well as a final exam, after completion of all the sessions participants will be awarded ISO/IEC 17029:2019 quality management system of validation/verification bodies Internal Auditor certificate as a trained internal auditor.
Punyam Academy's online ISO 17029 Internal Auditor Training course is also advantageous, particularly for individuals who like to learn auditing methods and techniques from the comfort of their own home, office, or anywhere else at their convenience and become certified as an Internal Auditor. Individuals who seek to become qualified internal auditors for validation/verification bodies' quality management systems, managers of validation/verification bodies who wish to apply standards and evaluate system performance, as well as employees of validation/verification bodies who want to conduct internal audits of the established ISO 17029 management system, are eligible to participate in this course. Also, professionals seeking certification as an ISO 17029 internal auditor, students, and anybody interested in learning about management system audits can enroll in the course. To know more about the ISO 17029 auditor training course, visit here: Punyam Academy Pvt Ltd
Punyam Academy Pvt Ltd is a globally acknowledged training provider company, which offers various types of ISO training courses and conducts classroom training along with webinars for online certification. It is a leading name in E-learning, training, and certification on ISO standards and all other types of management system standards. Punyam Academy specializes in a complete range of courses on awareness, auditor and lead auditor courses on Food safety officer training, ISO 9001, ISO 14001, ISO 45001, ISO 22000, ISO 27001, ISO 45001, ISO/IEC 17025, ISO/IEC 17020, ISO/IEC 17021, FSSC 22000, ISO 27001, ISO 50001, ISO 13485, ISO 20000, ISO/IEC 17024, ISO 28000, ISO 17034, ISO 18788, ISO 41001, FAMI-QS, IMS, HSE, ISO 15189, HACCP, ISO 19770 and more.
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The Nuclear Knowledge Management school is a one week course that provides participants with specialized education and training on the development and implementation of nuclear knowledge management programmes in nuclear science and technology organizations. It is intended for young professionals in current or future leading roles in managing nuclear knowledge.
The School targets young professionals working in nuclear knowledge management related roles and offers intensive training on the implementation of nuclear knowledge management programmes, delivered by an international team of the most renowned specialists in the field.
The School explores various dimensions of nuclear knowledge management, such as processes and tools, challenges and benefits, the influence of organizational culture, the relationship with human resource development, and the use of information technology for knowledge preservation and sharing.
Main Topics include:
- Nuclear knowledge and knowledge management fundamentals;
- Developing policies and strategies in managing nuclear knowledge;
- Managing nuclear information resources;
- Human resource development, risk of knowledge loss and knowledge transfer;
- Practical guidance and best practices.
Learning is supplemented with real-life examples, best practices and lessons learned from different types of nuclear organizations. The aim is to encourage forward thinking and to enable participants to apply the learned theory and gained insights directly in their workplace.
Kenneth Oster's leadership experience includes an Air Force career, pastoral leadership, and business ownership in the automotive repair industry. He has a MBA from Western Governors University, and is working toward a DBA degree from Northcentral University. Oster authored the book, "The Complete Guide to Preserving Meat, Fish and Game: Step-by-Step Instructions to Freezing, Canning, Curing and Smoking."
Dubai, United Arab Emirates:
- Abdulqader: Hosting of 'Great Audit Minds' (GAM) Conference in Abu Dhabi for the first time outside US is a major achievement for governance in UAE AED 600 billion allocated by the UAE under its environmental vision 2050 Citizens invited to turn to internal audit profession; number expected to increase to 44% Banking sector will gain more importance thanks to the development of Sharia-based standards
Abdulqader Obaid Ali, Chairman of the Board of the UAE Internal Auditors Association, called on the professionals to make environmental issues an essential part of their interests due to the absolute importance they bear, especially with the increasing risks of global warming and carbon footprint annually, and to work to keep pace with the efforts of the UAE and enhance its reputation as a country that cares for the environment and contributes effectively to achieving the goals of environmental sustainability globally.
Abdulqader Obaid Ali, Chairman of the Board, UAE Internal Auditors Association
He said,“Our wise government places the environment at the top of its concerns and has allocated about AED 600 billion within its environmental vision 2050 to ensure meeting the demand for energy and sustaining growth in the UAE economy.”
Abdulqader said that the damages resulting from climate deterioration amount to hundreds of billions of dollars annually at the global level, and that internal auditors can play an active role in reducing damage to the environment in the UAE and the world in general, through research and development work, identifying gaps, developing solutions and training in the field of clean energy and spreading the culture of environmental protection and the green economy and harmonizing between the production and consumption sides among the employees of the institutions in which they work, and their closeness to decision makers and the possibility of providing advice to them to spare the risks of environmental damage to their institutions financially and morally.
He stated that the UAE Internal Auditors Association will be hosting the next General Audit Management (GAM) Conference in Abu Dhabi in October 2023 under the title“Great Audit Minds (GAM)”, for the first time outside the US is an international recognition and appreciation for the efforts of the UAE as a leading country in the field of good governance in all sectors.
Enhancing Emiratisation in the internal audit sector:
Abdulqader confirmed that the association has continued to achieve tangible successes in increasing the number of Emiratis working in the internal audit sector in the country through the“HASAAD” program that it launched in 2015. He indicated that in light of the good turnout rates, it is possible to increase the number of employees working in the internal audit sector is expected to increase to 44% in the coming years.
Abdulqader called on employees to join this profession, to be among the decision makers in their institutions, and to contribute to shaping its future and achieving its vision and goals. He said that the number of citizens who graduated from the HASAAD program rose to 166, both male and female. He also called on auditors in general to constantly Improve their knowledge and performance and keep pace with the challenges of the profession in the coming period so that their role will evolve to become decision-makers in their institutions.
Abdulqader's statement and recommendations to internal audit professionals in the UAE came at the conclusion of the three-day 21st Annual Regional Audit Conference, which was held under the auspices of the UAE Ministry of Economy, in the presence of more than 1,000 international specialists and experts in internal audit.
The Conference was supported by strategic partners Beeah, EY, KPMG, PwC and Protiviti.
The experts who participated in the conference shed light on many important issues for internal auditors, including environmental, social and institutional governance, cyber security, digitization and other issues related to the internal auditor's duties.
Achievement for the banking sector:
Abdulqader stressed that the banking sector in the UAE will receive a strong push forward, as he revealed that the UAE IAA will, in cooperation with the Sharia Professionals Association, work on developing standards and practices for the organisations and banks in the country who are working based on Sharia principles, through the establishment of a guide and certification program for internal Sharia auditors in order to Improve their skills in this regard.
International recognition:
Benito Ybarra, Chairman of the Board of directors at the Institute of Internal Auditors (IIA Global), who was invited to be the keynote speaker at the conference, emphasized the achievements made by the UAE and the region in the field of good governance in line with international governance standards.
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A Privileged User is anyone who handles Private or Confidential Information
All RIT people should read and understand the RIT Code of Conduct for Computer and Network Use and the RIT policy regarding Digital Copyright.
All RIT users must understand and comply with all applicable standards. The tables below provide more information on how specific standards and training relate to Privileged Users. The second table is applicable in specific situations.
| Standard | Sections | Training Course | Web Resources | Comments |
|---|---|---|---|---|
| Information Access and Protection | All | RIT Information Handling |
The Information Access and Protection provides requirements for handling RIT Private Information. Training for the standard is provided by RIT Information Handling, a self-paced online class required annually for anyone who handles Private or Confidential Information. RIT Information Handling replaces DSD103 and is accessed through the Talent Roadmap. The disposal and sanitization/media reuse page provides guidance on disposing of and reusing both portable media and hard drives. |
|
| Password | All |
Computing Security Fundamentals |
Creating Strong Passwords (recommended) |
The Password standard provides minimum requirements for password construction and use at RIT. |
| Desktop and Portable Computer | All |
Desktop Checklists (recommended) (General, ITS-Supported, Support Personnel) Securing Your Computer (recommended best practices) |
The Desktop Checklists are designed to help RIT people ensure that they're meeting all security requirements. Note that users of Private information are required to have Full Disk Encryption (FDE) on their RIT computer. Contact the RIT Service Center for more information. Note that use of a VPN is recommended or application-based authentication when accessing Private or Confidential resources. |
|
| Portable Media | All | DSD103 Information Handling |
The Portable Media Standard provides usage requirements for RIT people who access Private or Confidential information and use portable media. Knowledge of and compliance with this standard is required for anyone handling RIT Confidential or Private information. Any portable media used for Private information must be encrypted and disposed of properly. (Generally, use of portable media for Private information is discouraged. ) The disposal and sanitization/media reuse page provides guidance on disposing of and reusing both portable media and hard drives. |
|
| Incident Handling | How to report | Computing Security Fundamentals | Talent Roadmap |
The Incident Handling standard provides an overview of the steps followed in the RIT Computer/Cybersecurity Incident Handling Process. Anyone who loses or suspects the compromise of private or confidential information must report the incident to the RIT Service Center. Computing Security Fundamentals is accessed through the Talent Roadmap. |
| Standard | Situation | Resources | Comments |
|---|---|---|---|
| Web Security | Web site owner, web server or application administrator | Checklist (recommended) | If you own, administer, or maintain an official RIT web page that hosts or provides access to Private or Confidential Information, you must comply with all aspects of this standard. The standard contains primarily technical requirements and also requires compliance with the server standard. Specific data handling requirements are in the Information Access and Protection Standard. Although much of the web standard is technical, information owners must ensure that their technical support adheres to the technical requirements. |
| Server Security | Server system administrator | Checklist (recommended) | If you own or administer any production, training, test, or development server, and/or the operating systems, applications or databases residing on it, you must comply with all aspects of this standard. This is typically a technical role. |
| Network Security | Network administrator for a network or network device | Checklist (recommended) |
If you own or manage a network device that connects to the centrally-managed Institute network infrastructure or processes RIT Confidential or Operationally Critical information, you must comply with all aspects of this standard. This is typically a technical role. |
| Account Management | Account administrators and data owners | Checklist (recommended) |
Anyone who administers accounts that include access to Private or Confidential information must ensure access is granted or removed when appropriate. Data owners of Private information identified by ITS should review all accounts and access privileges at least annually to ensure that they are commensurate with job function, need-to-know, and employment status. We strongly recommend that Data owners document account management procedures for systems not administered by ITS. Segregation of Duties (SOD) Wherever possible, we recommend that Data Owners practice segregation of duties. For example, an administrative account should not be used for non-administrative activities. |
| Solutions Life Cycle Management | When changing or acquiring a solution that accesses Private or Confidential information | Information Access and Protection Questionnaire (IAPQ) | Anyone changing a current solution or acquiring a new solution that involves Private or Confidential information must complete and submit an IAPQ and receive a security review before changing or acquiring a solution a security review. The IAPQ is submitted by the RIT Business Unit to the Information Security Office and the Project Management Office. |
Exceptions to Standards
All instances of non-compliance with published standards must be documented through the exception process.
Questions
If you have questions or feedback about specific information security requirements, please contact us at infosec@rit.edu
ChatGPT retook a practice CPA exam after failing the first time (not so different from the 50% of people who fail on their first attempt) and passed comfortably.
The major difference was that the original Accounting Today experiment used ChatGPT 3.5 and this latest experiment, outlined in a exact academic paper, used Version 4.0.
ChatGPT 4.0's scores were:
AUD - 87.5%;
BEC - 85.7%;
FAR - 78%; and,
REG - 82%.
The researchers, who include the academics behind another study which tested ChatGPT against accounting undergrad questions, first tested GPT 4.0 in a "zero shot" scenario.
ChatGPT explains a "zero shot scenario" as one where the model is provided with a prompt or a question, along with some high-level instructions or descriptions, but no explicit training on the specific task. The model relies solely on its pre-existing knowledge and general understanding to generate a response, without any additional fine-tuning or exposure to specific examples.
In this scenario, ChatGPT 4.0 performed a little better than Version 3.5 but still failed, with an average score of 67.8%. This is the equivalent of sitting down for the CPA exam having not done any real studying, choosing to rely instead on just what one already knows.
The researchers then tried a "10-shot" scenario, where they first primed the AI with 10 sample accounting questions to provide subject matter training and get the AI used to thinking like an accountant. This test also included slight changes to the settings (which is possible when accessing 4.0 via the API versus the web client, which is how Accounting Today did its experiment) in order to eliminate randomness in models' responses and reduce creativity.
In this scenario, ChatGPT 4.0 scored an average of 74.4% across all sections. The bot came up just short of the 75% needed to pass.
Finally, the researchers used "chain of thought" prompting to further prime ChatGPT. Chain-of-thought prompting can be thought of as breaking a larger problem into several intermediate steps to get the final answer, taking advantage of the bot's ability to remember things in the conversation and apply them to its responses, versus seeing every prompt as an independent event. Functionally, this is equivalent to studying before the exam.
It was this setup — using chain-of-thought prompting on a model that was previously primed with 10 accounting questions — that resulted in ChatGPT passing the practice exam with an average of 84.3% across all four sections.
"The results of our study demonstrate that ChatGPT can perform sufficiently well to pass important accounting certifications. This calls into question the 'competitive advantage' of the human accountant relative to the machine," said the study's conclusion. "To our knowledge, for the first time, AI has performed as well as a majority of human accountants on a real-world accounting task. This raises important questions of how will machine and accountant work together in the future. We encourage research to help understand where machine and human abilities are best deployed in accounting. We also encourage research that develops and invents the capabilities for machines to perform greater amounts of accounting work — freeing accountants to innovate and add greater value to their organizations and society."
The paper also found that ChatGPT 4.0, run through similar 10-shot training and chain-of-reasoning prompting techniques, will pass the exam for Certified Management Accountants with an average 86.6%, the exam for Certified Internal Auditors with an average of 85.5%, and the test for Enrolled Agents with an average of 83.8%.
David Wood, a Bringham Young University and one of the main authors on both this paper as well as a previous paper that tested ChatGPT 3.5 against accounting class questions, told Accounting Today that the results show that accountants cannot afford to ignore AI.
"I am amazed and excited by how fast this technology is changing. So far, using ChatGPT in my own work has made me more productive and I enjoy it! It has allowed me to add creativity to my work and remove some of the mundane, boring parts of my job. The more I use this technology, the more I believe it is going to prove disruptive and change what we do as accountants and educators. My overall belief is that the changes will be positive, but I do think it will be a bumpy process implementing this technology into our work," he said.
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