[Dec 31, 2021] Powerful IIA-CRMA PDF Dumps for IIA-CRMA Questions
Authentic IIA-CRMA Dumps - Free PDF Questions to Pass
IIA IIA-CRMA Exam Syllabus Topics:
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NEW QUESTION 24
According to IIA guidance, which of the following objectives of an assurance engagement for the organization's risk management process is valid?
- A. Risks have been accurately analyzed and evaluated.
- B. The board is appropriately addressing intolerable risks.
- C. All controls are both adequate and efficient.
- D. All risks have been identified and mitigated.
Answer: A
NEW QUESTION 25
According to IIA guidance, which of the following are considerations of due professional care when an internal auditor conducts a formal consulting engagement?
1. The complexity of the work required.
2. The needs and expectations of the client.
3. The potential value of the engagement compared to the effort.
4. Information regarding assumptions and procedures to be employed.
- A. 1, 2, 3, and 4
- B. 2 and 3 only
- C. 1, 2, and 3 only
- D. 1 and 4 only
Answer: C
NEW QUESTION 26
A manufacturing organization discovers that the waste water released has failed to meet permitted limits.
Which control function will be least effective in correcting the issue?
- A. Establishing a preventive maintenance program for the pretreatment system.
- B. Posting signs that tell employees which substances may be disposed of via sinks and floor drains within the facility.
- C. Diluting pollutants by flushing sinks and floor drains daily with large volumes of clean water.
- D. Performing a chemical analysis of the water, prior to discharge, for components specified in the permit.
Answer: C
NEW QUESTION 27
Management would like to self-assess the overall effectiveness of the controls in place for its 200-person manufacturing department. Which of the following client-facilitated approaches is likely to be the most efficient way to accomplish this objective?
- A. Observation.
- B. Interviews.
- C. Workshops.
- D. Surveys.
Answer: D
NEW QUESTION 28
While reviewing the workpapers of a new auditor, the auditor in charge discovered that additional audit procedures might be necessary. According to IIA guidance, which of the following would be most relevant for the auditor in charge to consider when making this decision?
- A. Coordination.
- B. Resource management.
- C. Due professional care.
- D. Engagement supervision.
Answer: C
NEW QUESTION 29
Which of the following is not a standard technique that the chief audit executive (CAE) would use to provide evidence of supervisory review of working papers?
- A. The CAE prepares a memorandum discussing the results of the working paper review.
- B. The CAE completes an engagement working paper checklist.
- C. The CAE initials and dates every working paper after it has been reviewed.
- D. The CAE utilizes an external third party to make an objective recommendation after each working paper review.
Answer: D
NEW QUESTION 30
Why is a code of ethics for the internal audit profession necessary?
- A. It requires auditors to exhibit loyalty to their organizations.
- B. It provides auditors with protection from lawsuits.
- C. It ensures that all members of the profession possess the same level of competence.
- D. It guides internal auditors in their service to others.
Answer: D
NEW QUESTION 31
According to the Standards, which of the following is not a consideration when exercising due professional care for an assurance engagement?
- A. The extent of assurance services necessary to ensure that all risks are identified.
- B. The probability of significant errors, irregularities or instances of noncompliance.
- C. The cost of providing the assurance services in relation to potential benefits.
- D. The relative complexity, materiality, or significance of matters to which assurance procedures are applied.
Answer: A
NEW QUESTION 32
During an engagement, an internal auditor decided to use variance analysis as an auditing techniques. Which of the following steps should the auditor pursue if he discovers unexpected deviations of actual results from budget?
- A. Conclude that the budget was unreasonably set and accept the deviations.
- B. Gather additional information to determine the cause of the deviations.
- C. Report the deviations immediately to the audit committee.
- D. Perform alternative forms of analytical procedures which provide no deviations.
Answer: B
NEW QUESTION 33
An internal audit activity is using the auditing-by-element approach to audit the organization's controls around corporate social responsibility. Which of the following would be an element for the internal audit activity to consider?
- A. Marketplace competition.
- B. Employees' families.
- C. Working conditions.
- D. Shareholders and investors.
Answer: B
NEW QUESTION 34
A medical insurance provider uses an electronic claims-submission process and suspects that a number of physicians have submitted claims for treatments that were not performed. Which of the following control procedures would be most effective to detect this type of fraud?
- A. Require the physician to submit a signed statement attesting that the treatments had been performed.
- B. Use computer software to identify abnormal claims based on the insured's age and medical history.
- C. Send confirmations to the physicians, requesting them to verify the exact nature of the claims submitted to the insurance provider.
- D. Develop an integrated test facility and submit false claims to verify that the system is detecting such claims on a consistent basis.
Answer: B
NEW QUESTION 35
A manufacturing line supervisor joins the internal audit activity for a two-year rotational job assignment and is assigned to an accounts receivable audit. With regard to this assignment, which of the following should be the primary concern of the audit manager?
- A. Individual independence.
- B. Due professional care.
- C. Organizational independence.
- D. Individual objectivity.
Answer: B
NEW QUESTION 36
According to IIA guidance, which of the following should be included in the internal audit charter?
- A. Organizational relationships and reporting lines.
- B. Identification of the organizational units where engagements are to be performed.
- C. The minimum resources and competencies needed for the internal audit activity.
- D. Assigned responsibilities for designing and implementing controls.
Answer: A
NEW QUESTION 37
Which of the following is not a role of the internal audit activity in facilitating risk identification and evaluation?
- A. Recommending accountability for risk management.
- B. Providing assurance that risks are evaluated correctly.
- C. Supporting managers to identify ways to mitigate risks.
- D. Evaluating risk management processes.
Answer: A
NEW QUESTION 38
Why is it important for the chief audit executive to periodically review the audit charter and present the results to senior management and the board?
- A. Because management requires the review to measure effectiveness of the internal audit activity.
- B. Because changes in the organization may impair the internal audit activity's ability to meet its objectives.
- C. So that the individual objectivity of the internal audit staff can be more clearly established.
- D. So that there is assurance of the internal audit staff's proficiency to complete audit activities.
Answer: B
NEW QUESTION 39
To fill a critical vacancy, an internal auditor is assigned temporarily to a nonaudit role in the purchasing department, where she worked previously before joining the internal audit activity. According to IIA guidance, which of the following statements is true regarding these circumstances?
- A. The chief audit executive (CAE) should review all work performed by the auditor during her temporary assignment to ensure no impairments.
- B. The auditor should obtain the CAE's approval as to the nature and scope of the duties she is permitted to perform during her temporary assignment.
- C. Any work performed by the auditor during her temporary assignment must conform to the internal audit charter.
- D. The CAE may conduct audits in the purchasing department during the auditor's temporary assignment.
Answer: B
NEW QUESTION 40
A new internal audit activity is creating its first charter. According to IIA guidance, which of the following objectives would be appropriate for inclusion in the charter?
- A. Oversee the establishment and administration of an effective risk management program.
- B. Evaluate the adequacy and effectiveness of the organization's governance activities.
- C. Assist management in implementing recommended control improvements.
- D. Continuously monitor the organization's overall risk activities in relation to its risk appetite.
Answer: A
NEW QUESTION 41
An internal auditor is evaluating techniques management uses to mitigate risks within a particular product division. Which of the following is an example of risk reduction?
- A. Management sells the product division to a competitor.
- B. Management allows the product division to remain unchanged.
- C. Management outsources the product division to a third party.
- D. Management modifies the product division to minimize errors.
Answer: D
NEW QUESTION 42
An accounts receivable clerk receives cash payments, posts the payments to customer accounts, and prepares the daily cash deposit.
The clerk has been stealing some cash and manipulating the customer payments to hide the theft.
This fraud could be detected with which of the following controls?
- A. Monthly bank reconciliations are performed by the clerk on a timely basis.
- B. Total cash deposits are compared with the bank reconciliation.
- C. Names, amounts, and dates on remittance advices are reconciled with the names, amounts, and dates recorded in the cash receipts journal.
- D. Total cash deposits for the month are reconciled to the cash receipts journal.
Answer: C
NEW QUESTION 43
Which of the following statements is true regarding assurance services provided to clients outside of the organization?
- A. The nature of assurance services for outside clients is the same as for internal clients.
- B. Assurance services for outside clients must be approved on a case-by-case basis by the board of directors.
- C. Assurance services for outside clients are not covered under the internal audit charter.
- D. The nature of assurance services for outside clients should be defined in the internal audit charter.
Answer: D
NEW QUESTION 44
Given the highly technical and legal nature of privacy issues, which of the following statements best describes the internal audit activity's responsibility with regard to assessing an organization's privacy framework?
- A. The internal audit activity may delegate to nonaudit IT specialists the responsibility of determining whether personal information has been secured adequately and data protection controls are sufficient.
- B. If an organization does not have a mature privacy framework, the internal audit activity should assist in developing and implementing an appropriate privacy framework.
- C. Because the audit committee is ultimately responsible for ensuring that appropriate control processes are in place to mitigate risks associated with personal information, the internal audit activity is C. required to conduct privacy assessments.
- D. The internal audit activity should have appropriate knowledge and competence to conduct an asses .......framework.
Answer: D
NEW QUESTION 45
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