[Mar-2024] Latest IIA-CRMA Exam Dumps for Pass Guaranteed
Reliable CRMA Certification IIA-CRMA Dumps PDF Mar 25, 2024 Recently Updated Questions
IIA-CRMA (Certification in Risk Management Assurance) Certification Exam is a globally recognized certification program that tests candidates on their understanding of risk management principles and practices. Certification in Risk Management Assurance (CRMA) Exam certification is designed for internal auditors, risk management professionals, and other professionals who are responsible for identifying, assessing, and managing risks within their organizations. IIA-CRMA exam covers topics such as risk assessment, risk management, governance, and internal controls.
NEW QUESTION # 146
Which of the following responsibilities would fall under the role of the chief audit executive, rather than internal audit staff or the audit manager?
- A. Maintain industry-specific knowledge appropriate to the audit engagements
- B. Set clear performance standards for internal auditors and the internal audit activity.
- C. Apply problem-solving techniques for routine situations.
- D. Manage and support a quality assurance and improvement program.
Answer: B
NEW QUESTION # 147
Which of the following is a preventive control?
- A. Placing controls on physical access to inventory.
- B. Reviewing expense accounts for irregularities.
- C. Reconciling purchase orders with approvals.
- D. Creating an audit trail.
Answer: A
NEW QUESTION # 148
This chief audit executive (CAE) engaged an internal auditor to consult on an organization's complex information technology system. Shortly after beginning the engagement, the auditor unexpectedly resigned.
Unfortunately, this auditor was the only available auditor with the necessary expertise. The CAE will not be able to hire someone with similar expertise in time to meet a regulatory deadline.
Which of the following would be the best course of action for the CAE to take?
- A. Continue with the engagement in order to meet the regulatory deadline, but highlight areas in the final report that might need to be revised in the future.
- B. Ask that a senior member of the organization's IT department with the required systems expertise join the audit team to assist in completing the engagement.
- C. Delay the engagement and inform the board of the situation, asking them to provide acceptable alternatives for completing the engagement.
- D. Remove the planned engagement from the audit plan and explain to senior management the problems with moving forward without an auditor with the necessary expertise.
Answer: C
NEW QUESTION # 149
Which of the following is a detective control strategy against fraud?
- A. Implementing a control self-assessment.
- B. Performing a surprise audit.
- C. Performing background checks on employees.
- D. Requiring employees to attend ethics training.
Answer: B
NEW QUESTION # 150
A new director was hired to lead the internal audit activity at a small start-up company. Which of the following assignments would impair the director's independence?
- A. Reviewing the company's policy for foreign currency translation adjustments for compliance with accounting standards.
- B. Preparing the financial statements for the company's defined contribution plan.
- C. Providing the COBIT framework as a possible IT management tool.
- D. Performing a pre-implementation review of the company's payroll application.
Answer: B
NEW QUESTION # 151
Why is a code of ethics for the internal audit profession necessary?
- A. It guides internal auditors in their service to others.
- B. It ensures that all members of the profession possess the same level of competence.
- C. It requires auditors to exhibit loyalty to their organizations.
- D. It provides auditors with protection from lawsuits.
Answer: A
NEW QUESTION # 152
Click the Exhibit.
Internal auditors are asked to keep track of how many hours per day they spend planning the audit, conducting the engagement, and writing the audit report. The data for two days has been collected as follows:
Day 1
Day 2
Planning the audit
2 hours
3 hours
Conducting the engagement
1 hour
1 hour
Writing the audit report
2 hours
4 hours
Which of the following graphs depicts the data accurately?
- A. Graph B only
- B. Neither A nor B.
- C. Both A and B.
- D. Graph A only
Answer: C
NEW QUESTION # 153
According to IIA guidance, which of the following statements about working papers is false?
- A. They demonstrate compliance with auditing standards.
- B. They assist in the implementation of recommendations.
- C. They contribute to development of the internal audit staff.
- D. They provide support for communication to third parties.
Answer: B
NEW QUESTION # 154
Which of the following options is the most cost-effective and efficient way for internal auditors to keep current with the latest developments in the internal audit profession?
- A. Maintaining membership in The HA and similar professional organizations and subscribing to relevant email updates or news feeds.
- B. Pursuing as many professional certifications as possible.
- C. Attending annual professional conferences and seminars.
- D. Participating in on-the-job training in various departments of the organization.
Answer: A
NEW QUESTION # 155
A chief audit executive (CAE) is reviewing the internal audit activity's performance and is concerned that the average number of revisions to findings is steadily rising, making it increasingly difficult to trace the finding to the supporting evidence and workpapers. According to MA guidance, which of the following elements of the internal audit activity's quality assurance and improvement program would provide the CAE with the most helpful insight into the cause of this problem?
- A. The overall effectiveness of the internal audit activity's periodic self assessments.
- B. The adequacy of the day-to-day supervision and review process.
- C. The type of audit productivity and performance statistics reported.
- D. The scope and frequency of external assessments.
Answer: B
NEW QUESTION # 156
The chief audit executive (CAE) of a small internal audit activity (IAA) performs all high-risk engagements on the annual audit plan to make use of his knowledge and experience and to maximize the efficient use of audit resources. Which of the following statements is most relevant regarding this practice?
- A. The CAE's work may be reviewed by any other experienced staff member within the IAA.
- B. The CAE's work should be reviewed by an individual with the appropriate background and knowledge.
- C. The CAE should avoid performing engagements to ensure he is able to review all audit work objectively.
- D. The CAE may self-review his work, provided he discloses this practice in the final report.
Answer: B
NEW QUESTION # 157
Which of the following is most likely to enhance an internal auditor's objectivity?
- A. An auditor performs his work free from interference.
- B. An auditor avoids conflicts of interest.
- C. An auditor is unrestricted in determination of scope.
- D. An auditor is appropriately able to communicate results.
Answer: B
NEW QUESTION # 158
Which of the following is a requirement for an assurance engagement that may not be for a consulting engagement?
- A. The internal audit activity must ensure management actions have been implemented effectively or risk accepted.
- B. The scope and objective of the engagement is agreed upon based on the engagement client's needs.
- C. The internal audit activity has to ensure team members' objectivity is not impaired.
- D. Auditors cannot participate in an assurance engagement of a function for which they previously performed a consulting engagement.
Answer: D
NEW QUESTION # 159
Which of the following enhances the independence of the internal audit activity?
- A. The audit committee approves the CAE's annual salary increase.
- B. The chief audit executive (CAE) approves the annual internal audit plan.
- C. The chief executive officer approves the internal audit charter.
- D. The CAE administratively reports to the board.
Answer: A
NEW QUESTION # 160
According to IIA guidance, which of the following should be formally documented in the internal audit charter?
- A. The internal audit activity's responsibility for imposing risk management processes.
- B. The nature of consulting services provided by the internal audit activity.
- C. The internal audit activity's responsibility for the organization's governance framework.
- D. The budgeting process for the internal audit activity.
Answer: B
NEW QUESTION # 161
According to IIA guidance, which of the following statements describes one of the similarities between assurance and consulting services?
- A. Internal auditors must not provide assurance or consulting services for an activity for which they had responsibility within the previous year.
- B. When planning assurance and consulting engagements, internal auditors must consider the strategies and objectives of the activity being reviewed.
- C. Both assurance and consulting services generally involve the internal auditor, the area under review, senior management, and the board.
- D. Internal auditors determine the engagement objectives, scope, and work program for both assurance and consulting services.
Answer: B
NEW QUESTION # 162
The management at a national consumer goods organization implements a fair work and pay practice as well as a policy to treat employees equitably and consistently. Which common characteristics of fraud will the practice and policy most likely reduce?
- A. Rationalization.
- B. Commitment.
- C. Pressure or incentive.
- D. Opportunity.
Answer: C
NEW QUESTION # 163
Which two of the following are preventive controls in a check disbursement process?
1. Daily reconciliation of the bank account used for check disbursements and prompt follow-up of un-reconciled items.
2. Segregation of the following duties: establishing new vendors, approving checks, and reconciling the bank account.
3. An activity report detailing who accesses the check disbursement system and the nature of any action taken in the system.
4. Evidence of strong access controls ensuring that authorized individuals have access only to the functions related to their responsibilities.
- A. 2 and 4.
- B. 1 and 4.
- C. 1 and 3.
- D. 2 and 3.
Answer: A
NEW QUESTION # 164
When an internal auditor applies due professional care to perform an assurance engagement, which of the following must she consider?
1. Findings of the last audit engagement performed.
2. Probability of significant errors, irregularities, or noncompliance.
3. Extent of work needed to achieve engagement objectives.
4. Cost of the engagement versus the potential benefits.
- A. 1 and 4 only
- B. 2, 3, and 4 only
- C. 2 and 3 only
- D. 1, 2, 3, and 4
Answer: B
NEW QUESTION # 165
What should the internal auditor's role be in assessing the organization's ethical climate?
- A. Perform background checks of potential new employees before they are hired by the organization.
- B. Perform ongoing surveys of the employees, customers, and partners of the organization to assess the organization's ethical climate. ^Evaluate the effectiveness of the organization's strategies and B.
processes for achieving the desired level of legal and ethical compliance. - C. Maintain a whistleblower hotline to identify inappropriate or illegal activity within the organization.
Answer: C
NEW QUESTION # 166
A staff auditor, nearly finished with an audit engagement, discovers that the director of marketing has a gambling habit. The gambling issue is not directly related to the existing engagement, and there is pressure to complete the current engagement. The auditor notes the problem and forwards the information to the chief audit executive, but performs no further follow-up.
Which of the following statements is true about the auditor's actions?
- A. They are in violation of the IIA Code of Ethics because the auditor withheld meaningful information.
- B. They are in violation of the Standards because the auditor did not properly follow up on a red flag that might indicate the existence of fraud.
- C. They are not in violation of the Standards but are in violation of the IIA Code of Ethics.
- D. They are in violation of neither the IIA Code of Ethics nor the Standards.
Answer: D
NEW QUESTION # 167
Which of the following documents is most appropriate in promoting the objectivity of the internal audit activity?
- A. Personal responsibility policy.
- B. Usage of IT system policy.
- C. Risk management framework.
- D. Acceptance of gifts policy.
Answer: D
NEW QUESTION # 168
According to IIA guidance, which of the following statements regarding the internal audit charter is true?
- A. Senior management should approve the charter before it is submitted to the board.
- B. The CEO periodically should assess whether the terms of the charter continue to be adequate.
- C. The charter should describe the purpose and authority of the internal audit activity, consistent with the Standards.
- D. The charter should define the consulting services that the internal audit activity is permitted to perform.
Answer: A
NEW QUESTION # 169
Which of the following controls is not appropriate for sales in a manufacturing organization?
- A. Customers' orders are recorded promptly.
- B. Sales department approval is required for credit sales transactions.
- C. Goods shipped are matched with valid customer orders.
- D. Goods returned are inspected for damage by the receiving department for proper disposition.
Answer: B
NEW QUESTION # 170
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