Pass IIA IIA-CRMA Exam With Practice Test Questions Dumps Bundle
2023 Valid IIA-CRMA test answers & IIA Exam PDF
IIA-CRMA (Certification in Risk Management Assurance) is a certification offered by the Institute of Internal Auditors (IIA) that focuses on the management of risks in organizations. Certification in Risk Management Assurance (CRMA) Exam certification is designed for professionals who are involved in the management and evaluation of risks and who want to develop their skills and knowledge in this area.
IIA-CRMA certification exam is a comprehensive program that is designed to validate the skills and expertise of risk management professionals. IIA-CRMA exam covers a wide range of topics related to risk management, including risk assessment, risk analysis, risk evaluation, and risk mitigation. IIA-CRMA exam is intended for professionals who are involved in the management, assessment, and mitigation of risks in organizations. To be eligible to take the exam, candidates must have at least two years of experience in internal audit, risk management, or other related fields, and must adhere to the IIA's Code of Ethics and Standards of Practice.
NEW QUESTION # 152
Which of the following would be considered a preventive control?
- A. A software scan of financial records for irregularities.
- B. A password lock on a server.
- C. A library control log.
- D. A review of exception reports.
Answer: B
NEW QUESTION # 153
Which of the following types of social responsibilities is voluntary and guided purely by the organization's desire to make social contributions?
- A. The bottom of the pyramid responsibility.
- B. Ethical responsibility.
- C. Innovative responsibility.
- D. Discretionary responsibility.
Answer: B
NEW QUESTION # 154
Which of the following is most likely to function as a directive control?
- A. Insurance claims.
- B. Alert employees.
- C. Cycle counts.
- D. Security dogs.
Answer: B
NEW QUESTION # 155
While attending a conference, an internal auditor won an all-expense paid trip sponsored by a vendor of the internal auditor's organization.
Which of the following actions are most appropriate for the auditor to take?
- A. Consult with an immediate supervisor and notify the organization's audit committee.
- B. Consult with an immediate supervisor and review the organization's ethics policy.
- C. Give the prize to a friend or family member and review the organization's ethics policy.
- D. Give the prize to a friend or family member and notitfy the organization's audit committee.
Answer: B
NEW QUESTION # 156
An internal auditor is conducting an assessment of the organization's fraud prevention program using the COSO enterprise risk management framework. According to this framework, which of the following activities would fall under the control environment component for preventing fraud?
1. The organization uses an automated authority approval matrix to control payments.
2. The organization has a whistleblower hotline that is available to employees.
3. Annually, every manager completes a comprehensive fraud assessment of his or her department.
4. Annually, the organization reviews and communicates the code of expected behavior.
- A. 2 and 4.
- B. 2 and 3.
- C. 1 and 2.
- D. 1 and 3.
Answer: A
NEW QUESTION # 157
Which of the following is an activity that an internal auditor must not perform?
- A. Establish and provide continuing assurance on an anti-money laundering program for new hires.
- B. Survey employees for their understanding of anti-money laundering practices.
- C. Assess the risk of being fined for ineffective anti-money laundering practices.
- D. Provide assurance for the effectiveness of anti-money laundering training.
Answer: A
NEW QUESTION # 158
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. Copies of sales invoices.
- C. Customer confirmation letters.
- D. Bank statements.
Answer: A
NEW QUESTION # 159
Which of the following professional development approaches would offer internal auditors the most opportunities to broaden their engagement experiences?
- A. Appraise internal auditors' performance and competencies at least annually and issue constructive feedback.
- B. Rotate internal auditors among different engagement assignments.
- C. Send internal auditors to external trainings in advanced internal audit topics.
- D. Assign more experienced internal auditors to mentor the less experienced auditors.
Answer: B
NEW QUESTION # 160
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. So that the individual objectivity of the internal audit staff can be more clearly established.
- B. Because changes in the organization may impair the internal audit activity's ability to meet its objectives.
- C. Because management requires the review to measure effectiveness of the internal audit activity.
- D. So that there is assurance of the internal audit staff's proficiency to complete audit activities.
Answer: B
NEW QUESTION # 161
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. Employees' families.
- B. Working conditions.
- C. Marketplace competition.
- D. Shareholders and investors.
Answer: A
NEW QUESTION # 162
Which of the following audit procedures would provide the most relevant information to identify discrepancies between budgeted versus actual raw material consumption in a production facility?
- A. Observation.
- B. Inquiry.
- C. Analytical review.
- D. Document verification.
Answer: C
NEW QUESTION # 163
If appropriate safeguards exist, which of the following is considered a legitimate internal audit role within risk management at an organization?
- A. Taking accountability for risk management.
- B. Providing consolidated reporting on risks.
- C. Imposing risk management processes.
- D. Making decisions on risk responses.
Answer: B
NEW QUESTION # 164
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. The nature of assurance services for outside clients should be defined in the internal audit charter.
- C. Assurance services for outside clients are not covered under the internal audit charter.
- D. Assurance services for outside clients must be approved on a case-by-case basis by the board of directors.
Answer: B
NEW QUESTION # 165
Which of the following is not an appropriate activity for internal auditors to perform?
- A. Recommend management seek a consulting firm to advise on outsourcing.
- B. Implement solutions for specific organizational problems.
- C. Accumulate data, obtain varying views, and report information to senior management.
- D. Highlight matters that require management's attention.
Answer: B
NEW QUESTION # 166
An organization decides to take no action on one of its financial risks because the cost of implementing the control outweighs the value of the asset being protected. Which of the following best describes this risk strategy?
- A. Risk-benefit analysis.
- B. Risk acceptance.
- C. Risk avoidance.
- D. Risk sharing.
Answer: B
NEW QUESTION # 167
Which of the following actions would be characterized as a preventive control to safeguard inventory from the risk of theft?
1. Locking doors and physically securing inventory items.
2. Independently observing the receipt of materials.
3. Conducting monthly inventory counts.
4. Requiring the use of employee ID badges at all times.
- A. 2 and 3.
- B. 1 and 4.
- C. 2 and 4.
- D. 1 and 3.
Answer: B
NEW QUESTION # 168
According to IIA guidance, which of the following is the best example of a system application control?
- A. A physical security control over a data center.
- B. A system development life cycle control.
- C. A program change management control.
- D. An input control over data integrity.
Answer: D
NEW QUESTION # 169
A headquarters-based internal auditor has been sent to a major overseas subsidiary to conduct various engagements. Initially, the internal auditor spends time to become familiar with local customs and organization's practices while embarking on the first engagement. Which of the following competencies does the internal auditor exercise?
- A. Business acumen.
- B. Governance, risk, and control.
- C. Persuasion and collaboration.
- D. Communication.
Answer: D
NEW QUESTION # 170
According to IIA guidance, the results of a formal quality assessment should be reported to which of the following groups?
- A. The audit committee and senior management.
- B. The audit committee and the external auditors.
- C. Senior management and management of the audited area.
- D. Senior management and the external auditors.
Answer: A
NEW QUESTION # 171
An internal auditor is reviewing employee travel data to identify opportunities to cut costs while ensuring adequate participation at conferences to support the organization's mission. Which of the following pieces of evidence would be sufficient for completing this task?
- A. A log of conferences titles, dates of travel for each employee, and a detailed summary of conference objectives and how they relate to the organization's mission needs.
- B. A log that includes titles of conferences that all employees were invited to attend in the last year, along with the dates of those conferences and average costs per traveler.
- C. A log from the last year that includes dates of travel, conference titles, and conference objectives, all of which correspond with employee names and costs per trip.
- D. A log of employee travel requests, which include the title of each conference, the conference objectives, anticipated dates of travel, and estimated costs.
Answer: C
NEW QUESTION # 172
According to IIA guidance, which of the following is not a responsibility of the chief audit executive pertaining to documenting information to support internal audit engagement results and conclusions?
- A. Developing retention requirements for engagement records that are consistent with organizational guidelines.
- B. Forming policies governing the custody and retention of consulting engagement records before their release to other parties.
- C. Controlling access to engagement records, including access by senior management.
- D. Rating each engagement record to assess its relevance and accessibility for the organization's board.
Answer: D
NEW QUESTION # 173
Which of the following is the best way to detect fraud?
- A. Perform background investigations.
- B. Implement process controls.
- C. Conduct anti-fraud training.
- D. Activate a whistleblower hotline.
Answer: D
NEW QUESTION # 174
According to IIA guidance, which of the following statements is true regarding the reporting of results from an external quality assessment of the internal audit activity?
- A. The requirements for reporting quality assessment results are the same for external assessments and self-assessments with independent external validation.
- B. The external assessment results are reported upon completion in confidence directly to the board, and senior management is advised only of the recommendations and improvement action plans.
- C. The external assessment results are communicated upon completion to senior management and the board, but action plans for recommended improvements do not have to be reported.
- D. The results of self-assessments with independent external validation are shared with the board upon completion, and monitoring of recommended improvements must be reported monthly.
Answer: D
NEW QUESTION # 175
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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.
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