[Dec-2023] Latest IIA-CRMA Exam Dumps for Pass Guaranteed
Reliable CRMA Certification IIA-CRMA Dumps PDF Dec 07, 2023 Recently Updated Questions
NEW QUESTION # 130
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. 2 and 4 only
- C. 1 and 3 only
- D. 2 and 3 only
Answer: A
NEW QUESTION # 131
An internal audit manager of a furniture manufacturing organization is planning an audit of the procurement process for kiln-dried wood. The procurement department maintains six procurement officers to manage 24 different suppliers used by the organization.
Which of the following controls would best mitigate the risk of employees receiving kickbacks from suppliers?
- A. Periodic inventories of kiln-dried wood at the organization's warehouse.
- B. An automated computer report, organized by supplier, of any invoices for the same amount.
- C. A pre-award financial capacity analysis of suppliers.
- D. The periodic rotation of procurement officers' assignments to supplier accounts.
Answer: D
NEW QUESTION # 132
Which of the following is not a role of the internal audit activity in facilitating risk identification and evaluation?
- A. Evaluating risk management processes.
- B. Providing assurance that risks are evaluated correctly.
- C. Supporting managers to identify ways to mitigate risks.
- D. Recommending accountability for risk management.
Answer: D
NEW QUESTION # 133
Which of the following would be considered a preventive control?
- A. A review of exception reports.
- B. A password lock on a server.
- C. A library control log.
- D. A software scan of financial records for irregularities.
Answer: B
NEW QUESTION # 134
Which of the following activities is most likely to require a fraud specialist to supplement the knowledge and skills of the internal audit activity?
- A. Interrogating a suspected fraudster.
- B. Employing audit tests to detect fraud.
- C. Completing a process review to improve controls to prevent fraud.
- D. Planning an engagement of the area in which fraud is suspected.
Answer: B
NEW QUESTION # 135
According to IIA guidance, which of the following objectives of an assurance engagement for the organization's risk management process is valid?
- A. The board is appropriately addressing intolerable risks.
- B. All risks have been identified and mitigated.
- C. All controls are both adequate and efficient.
- D. Risks have been accurately analyzed and evaluated.
Answer: D
NEW QUESTION # 136
An internal auditor completed an audit of a bank's loan department and found all significant risks to be managed adequately through effective internal controls. Which of the following would be an appropriate conclusion to report to management?
- A. The residual risk is lower than or equal to the risk appetite.
- B. The inherent risk is higher than or equal to the risk tolerance.
- C. The residual risk is higher than or equal to the risk appetite.
- D. The inherent risk is lower than or equal to the risk tolerance.
Answer: A
NEW QUESTION # 137
The chief audit executive (CAE) has assigned an internal auditor to an upcoming engagement. Which of the following requirements would most likely indicate that the internal auditor was assigned to an assurance engagement?
- A. The assigned internal auditor must maintain objectivity while performing the engagement.
- B. The assigned internal auditor must determine the objectives, scope, and techniques of the engagement.
- C. The CAE must personally obtain the needed skills, knowledge, or other competencies if the internal auditor does not have them.
- D. The assigned internal auditor must not assume management responsibilities while performing the engagement.
Answer: B
NEW QUESTION # 138
According to IIA guidance, which of the following statements describes one of the similarities between assurance and consulting services?
- A. Internal auditors determine the engagement objectives, scope, and work program for both assurance and consulting services.
- B. When planning assurance and consulting engagements, internal auditors must consider the strategies and objectives of the activity being reviewed.
- C. Internal auditors must not provide assurance or consulting services for an activity for which they had responsibility within the previous year.
- D. Both assurance and consulting services generally involve the internal auditor, the area under review, senior management, and the board.
Answer: B
NEW QUESTION # 139
Which of the following statements describes a control failure that is not directly attributable to a customer billing application?
1. End users have raised a number of concerns regarding data integrity.
2. An untested program change is transferred from the test environment to production.
3. Purchase history does not reconcile with accounts receivable for some customers.
4. End user security is inadvertently granted to an unauthorized individual by management.
- A. 2 and 4.
- B. 1 and 3.
- C. 1 and 4.
- D. 2 and 3.
Answer: A
NEW QUESTION # 140
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. 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.
- 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. 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.
- D. Delay the engagement and inform the board of the situation, asking them to provide acceptable alternatives for completing the engagement.
Answer: D
NEW QUESTION # 141
Which of the following is not an appropriate activity for internal auditors to perform?
- A. Implement solutions for specific organizational problems.
- B. Recommend management seek a consulting firm to advise on outsourcing.
- C. Accumulate data, obtain varying views, and report information to senior management.
- D. Highlight matters that require management's attention.
Answer: A
NEW QUESTION # 142
The internal audit activity is planning a procurement audit and needs to obtain a thorough understanding of the subcontracting process, which can involve multiple individuals in multiple countries.
Which of the following internal audit tools would be most effective to document the process and the key controls?
- A. Procurement employee survey.
- B. Segregation of duties matrix.
- C. Internal control checklist.
- D. Cross-functional flow chart.
Answer: D
NEW QUESTION # 143
According to IIA guidance, which of the following statements about working papers is false?
- A. They assist in the implementation of recommendations.
- B. They provide support for communication to third parties.
- C. They contribute to development of the internal audit staff.
- D. They demonstrate compliance with auditing standards.
Answer: A
NEW QUESTION # 144
An organization's chief audit executive (CAE) determines that the internal audit staff does not have the requisite skills to conduct an audit of the financial derivatives area. Which of the following would be the best course of action for the CAE to follow?
- A. Outsource the audit engagement to a qualified external auditing firm without burdening the audit committee with the decision.
- B. Employ the skills of a financial derivatives expert to consult on the project, and supplement the consulting with a local seminar on financial derivatives.
- C. Determine the requisite knowledge needed, and obtain the proper training for auditors, even if the training will significantly push back the project's timeframe as outlined by the audit committee.
- D. Notify the audit committee of the problem, and assign the most competent auditors on staff to perform the audit engagement.
Answer: B
NEW QUESTION # 145
According to IIA guidance, which of the following describes the primary reason to implement environmental and social safeguards within an organization?
- A. To achieve and maintain sustainable development.
- B. To enable Triple Bottom Line reporting capability.
- C. To facilitate the conduct of risk assessment.
- D. To fulfill regulatory and compliance requirements.
Answer: A
NEW QUESTION # 146
In which of the following scenarios would a customer service hotline receive a high volume of complaints regarding payments not being applied to customers' accounts?
- A. The customer service department is not forwarding complaints to the accounts receivable department.
- B. Invoices are not being mailed to customers.
- C. An employee is tampering with customer checks.
- D. Employees are submitting fraudulent expense reports.
Answer: C
NEW QUESTION # 147
Which of the following professional development approaches would offer internal auditors the most opportunities to broaden their engagement experiences?
- A. Rotate internal auditors among different engagement assignments.
- B. Assign more experienced internal auditors to mentor the less experienced auditors.
- C. Appraise internal auditors' performance and competencies at least annually and issue constructive feedback.
- D. Send internal auditors to external trainings in advanced internal audit topics.
Answer: A
NEW QUESTION # 148
According to IIA guidance, which of the following statements is true?
- A. IT risks and related controls are operational and best identified using a bottom-up approach.
- B. Risks in IT processes are best mitigated by individual controls.
- C. The overall focus of the framework is on significant controls in all critical IT applications.
- D. Control process risks are found at multiple layers of the IT environment.
Answer: D
NEW QUESTION # 149
A government agency maintains a system of internal control, according to the COSO model, and has made a change to its employee performance reviews and rewards program. This change relates to which of the following components of COSO's internal control framework?
- A. Control activities.
- B. Information and communication.
- C. Control environment.
- D. Monitoring activities.
Answer: C
NEW QUESTION # 150
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 is appropriately able to communicate results.
- C. An auditor is unrestricted in determination of scope.
- D. An auditor avoids conflicts of interest.
Answer: D
NEW QUESTION # 151
The internal audit supervisor is reviewing the workpapers prepared by the staff. According to the Standards, which of the following statements regarding workpaper supervision is not true?
- A. Review notes of questions that arise during the review process must be retained.
- B. Workpapers may be amended during the review process.
- C. Dating and initialing each workpaper provides evidence of review.
- D. Workpaper review allows for staff training and development.
Answer: A
NEW QUESTION # 152
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 budgeting process for the internal audit activity.
- D. The internal audit activity's responsibility for the organization's governance framework.
Answer: B
NEW QUESTION # 153
Which of the following best ensures an internal audit activity has the ability to render impartial and unbiased assessments?
- A. Organizational status and objectivity.
- B. Organizational knowledge and skills.
- C. CAE certification.
- D. Supervision of the chief audit executive (CAE) by senior management.
Answer: A
NEW QUESTION # 154
......
IIA-CRMA (Certification in Risk Management Assurance) Exam is a certification test designed for professionals who are responsible for providing risk management assurance. IIA-CRMA exam is created by the Institute of Internal Auditors (IIA) to help candidates demonstrate their competence and expertise in risk management.
Latest 2023 Realistic Verified IIA-CRMA Dumps: https://www.actualtorrent.com/IIA-CRMA-questions-answers.html
Pass Your IIA IIA-CRMA Exam with Correct 285 Questions and Answers: https://drive.google.com/open?id=1QAFpi8mVEKL2sqgjfiCYIwAC-5TGlQyl