[Jul-2023] IIA-CRMA Dumps PDF - IIA-CRMA Real Exam Questions Answers
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IIA-CRMA (Certification in Risk Management Assurance) certification exam is an internationally recognized certification that validates an individual's skills and knowledge in risk management assurance. Certification in Risk Management Assurance (CRMA) Exam certification is offered by the Institute of Internal Auditors (IIA) and is intended for professionals who are involved in risk management and internal auditing, as well as those who are responsible for ensuring that their organizations are compliant with regulatory requirements.
IIA-CRMA certification exam is designed for individuals who have experience in risk management or internal auditing. Candidates are required to have a minimum of two years of experience in one or more of these fields. Additionally, candidates must have a bachelor's degree or higher from an accredited university or college.
NEW QUESTION # 154
According to IIA guidance, which of the following individuals would best be considered independent for the purpose of participating in an external assessment of the quality assurance and improvement program for an internal audit activity (IAA)?
- A. A competent employee of an independent external organization that provides co-sourcing services to the IAA.
- B. An employee in the parent organization who has not had any previous contact with the IAA.
- C. A former employee knowledgeable of the IAA who resigned three years earlier from the organization.
- D. An employee in an affiliated organization who has never worked directly with the IAA.
Answer: C
NEW QUESTION # 155
An internal auditor is reviewing the accounts receivable when she discovers account balances more than three years old. The auditor was previously supervising the area during this time, and she subsequently advises the chief audit executive (CAE) of a potential conflict.
Which of the following is the most appropriate course of action for the CAE to take?
- A. Continue with the present auditor, as more than one year has passed.
- B. Withdraw the audit team and outsource the financial audit of the division.
- C. Work with the division's management to resolve the situation.
- D. Replace the auditor with another audit staff member.
Answer: D
NEW QUESTION # 156
Which of the following are components of the COSO enterprise risk management framework?
1. Objective setting.
2. External environment.
3. Data collection.
4. Control activities.
- A. 1 and 4 only
- B. 1 and 3 only
- C. 2 and 3 only
- D. 2 and 4 only
Answer: A
NEW QUESTION # 157
Which of the following scenarios best illustrates a rationalization as the root cause of potential fraud?
- A. The controller at a nationwide manufacturing company recently opted to no longer require two-week mandatory vacations for accounting staff.
- B. The organization is slowly phasing out three mature products that produce the highest commissions for the sales staff.
- C. Managers who have been with the organization for several decades become aware that newly hired, younger managers are being moved more quickly into senior positions.
- D. Security cameras that monitor cash handling at the register are not functioning.
Answer: A
NEW QUESTION # 158
According to IIA guidance, which of the following best describes internal auditors' responsibility regarding fraud?
- A. Internal auditors must have sufficient knowledge to evaluate the risk of fraud.
- B. Internal auditors are responsible for ensuring that fraud does not occur.
- C. Internal auditors should report all fraud cases to law enforcement agents, in accordance with the Code of Ethics.
- D. Internal auditors should take a leading role in investigating all fraud-related cases.
Answer: A
NEW QUESTION # 159
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. Engagement supervision.
- C. Resource management.
- D. Due professional care.
Answer: D
NEW QUESTION # 160
According to the COSO internal control framework, which of the following best describes the use of continuous auditing programs by the internal audit activity?
- A. Monitoring.
- B. Risk assessment.
- C. Control activities.
- D. Control environment.
Answer: A
NEW QUESTION # 161
An internal auditor is using a spreadsheet application to review a cash flow forecast prepared by management.
Which of the following correctly identifies the type of evidence this information represents?
- A. Competent, corroborative evidence of future working capital requirements.
- B. Sufficient, circumstantial evidence of the future solvency of the organization.
- C. Sufficient, analytical evidence of the cash flow position at a given point of time in the future.
- D. Competent, documentary evidence of future cash flow changes within the organization.
Answer: D
NEW QUESTION # 162
According to IIA guidance, which of the following best describes processes and tools typically used in ongoing internal assessments?
- A. Analysis of performance metrics such as cycle times.
- B. Report of internal assessment results, response plans, and outcomes.
- C. Benchmarking of the internal audit activity's practices and performance.
- D. Self-assessments and surveys of stakeholder groups.
Answer: A
NEW QUESTION # 163
Which of the following is an example of a risk avoidance strategy?
- A. Selling a nonstrategic business unit.
- B. Outsourcing a high-risk activity.
- C. Limiting access to an organization's data center.
- D. Hedging against exchange rate variations.
Answer: A
NEW QUESTION # 164
An organization is beginning to implement an enterprise risk management program. One of the first steps is to develop a common risk language. Which of the following statements about a common risk language is true?
- A. Internal auditors will be able to reduce their sample sizes because controls will be more consistent.
- B. Management will be able to reduce inherent risk because they will have a better understanding of risk.
- C. Stakeholders will have more assurance that the risks are assessed consistently.
- D. Decision makers will understand that the likelihood of missing or ineffective controls will be reduced.
Answer: C
NEW QUESTION # 165
According to IIA guidance, which of the following statements is true?
- A. The overall focus of the framework is on significant controls in all critical IT applications.
- B. Risks in IT processes are best mitigated by individual controls.
- C. Control process risks are found at multiple layers of the IT environment.
- D. IT risks and related controls are operational and best identified using a bottom-up approach.
Answer: C
NEW QUESTION # 166
Which of the following actions should the audit committee take to promote organizational independence for the internal audit activity?
- A. Approve the annual budget and resource plan for the internal audit activity.
- B. Encourage the CAE to communicate and coordinate with the external auditor.
- C. Assist the CAE with hiring objective and competent internal audit staff.
- D. Delegate final approval of the risk-based internal audit plan to the chief audit executive (CAE).
Answer: D
NEW QUESTION # 167
Which of the following is considered a violation of The IIA's Code of Ethics?
- A. An auditor receives allegations of fraud from a whistleblower and immediately reports the allegations to senior management.
- B. An auditor conveys public information about an organization's financial condition.
- C. An auditor reports material deficiencies, despite the fact that management is already aware of the defects.
- D. An auditor reports a manager's illegal activity to senior management, rather than reporting the incident to the appropriate external authority.
Answer: A
NEW QUESTION # 168
An internal audit team is performing an audit of workplace accident claims.
Which of the following actions by the audit team best demonstrates due professional care?
- A. Determining that the claims have been classified properly.
- B. Placing reliance on medical reports from the injured worker's doctor.
- C. Having an occupational health officer on the engagement team.
- D. Reviewing claims to ensure all accidents actually occurred in the workplace.
Answer: C
NEW QUESTION # 169
What is the primary purpose of a fishbone diagram?
- A. To plan and control complex projects, such as internal audits.
- B. To identify the possible causes of adverse conditions.
- C. To represent the frequencies of adverse conditions in a given process.
- D. To depict the areas of responsibility for departments in an organization.
Answer: B
NEW QUESTION # 170
According to IIA guidance, which of the following roles would be appropriate for an internal auditor regarding fraud risk?
1. Identification.
2. Mitigation.
3. Remediation.
4. Reduction.
- A. 1 only. |
- B. 1,2, 3, and 4.
- C. 1 and 4 only.
- D. 1, 3, and 4 only.
Answer: C
NEW QUESTION # 171
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. Interviews.
- B. Surveys.
- C. Observation.
- D. Workshops.
Answer: B
NEW QUESTION # 172
If appropriate safeguards exist, which of the following is considered a legitimate internal audit role within risk management at an organization?
- A. Imposing risk management processes.
- B. Taking accountability for risk management.
- C. Making decisions on risk responses.
- D. Providing consolidated reporting on risks.
Answer: D
NEW QUESTION # 173
According to IIA guidance, which of the following statements is true regarding periodic internal assessments of the internal audit activity?
- A. An internal auditor may perform a peer review of a colleague's workpapers, as long as the auditor wasn't involved in the audit under review.
- B. Internal assessments are conducted to benchmark the internal audit activity's performance against industry best practices.
- C. Follow-up to ensure appropriate improvements are implemented is a recommended, but not mandatory, element of internal assessments.
- D. Internal assessments must be performed at least once every five years by a qualified assessor.
Answer: A
NEW QUESTION # 174
An internal auditor in a small broadcasting organization was assigned to review the revenue collection process.
The auditor discovered that some checks from three customers were never recorded in the organization's financial records. Which of the following documents would be the least useful for the auditor to verify the finding?
- A. Copies of deposit slips.
- B. Customer confirmation letters.
- C. Bank statements.
- D. Copies of sales invoices.
Answer: A
NEW QUESTION # 175
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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.
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