Released IIA IIA-CRMA Updated Questions PDF
IIA-CRMA Dumps and Practice Test (285 Exam Questions)
The IIA-CRMA (Certification in Risk Management Assurance) is a specialized certification exam offered by the Institute of Internal Auditors (IIA). This certification is designed for individuals who are interested in enhancing their knowledge and skills in risk management assurance. The IIA-CRMA certification is globally recognized and is an excellent way to demonstrate your expertise in risk management.
NEW QUESTION # 79
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. Risks have been accurately analyzed and evaluated.
- C. All controls are both adequate and efficient.
- D. All risks have been identified and mitigated.
Answer: B
NEW QUESTION # 80
When auditing the award of a major contract, which of the following should an internal auditor suspect as a red flag for a bidding fraud scheme?
1. Subsequent change orders increase requirements for low-bid items.
2. Material contract requirements are different on the actual contract than on the request for bids.
3. A high percentage of employees are charged to indirect accounts.
4. Losing bidders are hired as subcontractors.
- A. 2 only
- B. 2 and 4.
- C. 1 and 3.
- D. 1 only
Answer: B
NEW QUESTION # 81
Which of the following is an example of a detective control?
- A. Auto-correct software functionality.
- B. Safety instructions.
- C. Confirmation with suppliers and vendors.
- D. Automatic shut-off valve.
Answer: C
NEW QUESTION # 82
An organization is facing a financial downturn and needs to impose major budget reductions to all departments. According to MA guidance, which of the following actions is most appropriate for the board to take to evaluate the potential impact on the internal audit activity?
- A. Ask the chief audit executive to determine whether budgetary limitations impede the ability of the internal audit activity to execute its responsibilities.
- B. Ask appropriate stakeholders for their opinion on the potential impacts of reducing the scope of the internal audit plan.
- C. Ask The human resources department to determine how the annual compensation and salary of the audit staff could be adjusted to achieve savings.
- D. Ask management to determine which internal audit engagements are lower risk and could be considered for removal from the annual audit plan.
Answer: A
NEW QUESTION # 83
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. IT risks and related controls are operational and best identified using a bottom-up approach.
- C. Risks in IT processes are best mitigated by individual controls.
- D. Control process risks are found at multiple layers of the IT environment.
Answer: D
NEW QUESTION # 84
Which of the following would be considered a preventive control?
- A. A library control log.
- B. A review of exception reports.
- C. A software scan of financial records for irregularities.
- D. A password lock on a server.
Answer: D
NEW QUESTION # 85
An internal auditor uses a predefined macro provided in a popular spreadsheet application to verify the present value of the organization's investments. Which of the following is the most appropriate course of action regarding the auditor's use of this functionality?
- A. The auditor should review the programming of the macro before its use to ensure that it is appropriate for the required calculations.
- B. The auditor should tabulate the results in the spreadsheet to ensure the macro has generated the correct results for all calculations.
- C. The auditor should accept the calculations generated by the function, as any further work or documentation would be inefficient.
- D. The auditor should perform a manual recalculation of several results to validate and document the results.
Answer: D
NEW QUESTION # 86
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. Internal control checklist.
- B. Cross-functional flow chart.
- C. Segregation of duties matrix.
- D. Procurement employee survey.
Answer: B
NEW QUESTION # 87
Which of the following is the primary engagement responsibility of an entry-level internal auditor?
- A. Documentation.
- B. Reporting.
- C. Leadership.
- D. Analysis.
Answer: D
NEW QUESTION # 88
Which of the following scenarios would represent the greatest threat to the authority of the internal audit activity (IAA)?
- A. An internal auditor was informed by the chief financial officer that client survey results would be unfavorable unless the auditor changed a finding in the report.
- B. The IAA was denied access to expenditure and budget requirement reports because the reports were considered to be financial administrative matters.
- C. Responsibility for risk management processes were removed from the IAA and placed under a newly created chief risk officer.
- D. A change was implemented requiring the IAA to report administratively to the organization's chief legal counsel rather than the board.
Answer: B
NEW QUESTION # 89
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. Evaluate the adequacy and effectiveness of the organization's governance activities.
- B. Oversee the establishment and administration of an effective risk management program.
- C. Assist management in implementing recommended control improvements.
- D. Continuously monitor the organization's overall risk activities in relation to its risk appetite.
Answer: B
NEW QUESTION # 90
An internal auditor who is carrying out an engagement to review controls related to corporate tax reporting must possess which of the following competencies?
1. Proficiency in analyzing key IT risks and controls.
2. The ability to recognize significant deviations from good business practices.
3. Knowledge of key indicators of fraud in tax reporting.
4. The ability to recognize the existence of problems related to tax accounting.
- A. 1 and 4 only.
- B. 3 and 4 only.
- C. 2, 3, and 4 only.
- D. 1,2, 3, and 4.
Answer: B
NEW QUESTION # 91
According to the COSO enterprise risk management framework, which of the following best describes the activity that helps ensure risk responses are carried out effectively?
- A. Objective setting.
- B. Control activities.
- C. Information and communication.
- D. Event identification.
Answer: B
NEW QUESTION # 92
During an internal audit, an organization's processing department is found to have incidences of both duplicate invoices and notices from customers that purchased goods were not received. The department under review insists that some of these reports are false and that others were isolated oversights due to understaffing.
Which of the following tests would best help the internal auditor detect fraudulent activity?
- A. Review raw material purchase quantities.
- B. Search for gaps in check numbers.
- C. Check inventory levels.
- D. Compare vendor summaries.
Answer: C
NEW QUESTION # 93
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. Employing audit tests to detect fraud.
- B. Planning an engagement of the area in which fraud is suspected.
- C. Interrogating a suspected fraudster.
- D. Completing a process review to improve controls to prevent fraud.
Answer: A
NEW QUESTION # 94
Why are preventative controls generally preferred to detective controls?
- A. Because preventive controls promote doing the right thing in the first place, and lessen the need for corrective action.
- B. Because preventive controls are more sensitive and identify more exceptions than detective controls.
- C. Because preventive controls include output procedures, which cover the full range of possible reviews, reconciliations and analysis.
- D. Because preventive controls identify exceptions after-the-fact, allowing them to be used after the entire review is complete and therefore finding exceptions that detective controls may have missed.
Answer: A
NEW QUESTION # 95
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 # 96
An internal audit activity (IAA) provided assurance services for an activity it was responsible for during the preceding year.
As a result, which IIA Code of Ethics principle is presumed to be impaired?
- A. Flexibility.
- B. Objectivity.
- C. Independence.
- D. Competence.
Answer: B
NEW QUESTION # 97
Which of the following is a requirement for an assurance engagement that may not be for a consulting engagement?
- A. The scope and objective of the engagement is agreed upon based on the engagement client's needs.
- B. The internal audit activity must ensure management actions have been implemented effectively or risk accepted.
- C. Auditors cannot participate in an assurance engagement of a function for which they previously performed a consulting engagement.
- D. The internal audit activity has to ensure team members' objectivity is not impaired.
Answer: C
NEW QUESTION # 98
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The IIA-CRMA Certification Exam is a rigorous exam that requires candidates to demonstrate their knowledge and skills through a combination of multiple-choice questions and case studies. The exam is computer-based and is administered at Pearson VUE testing centers around the world. Candidates must have at least two years of experience in internal auditing or risk management in order to be eligible to take the IIA-CRMA Certification Exam. Once certified, individuals must maintain their certification through continuing education and professional development.
The IIA-CRMA certification is recognized globally and is highly valued by employers in a range of industries. By obtaining this certification, professionals can demonstrate their expertise in the field of risk management assurance and enhance their career prospects. The certification is also an excellent way to show commitment to ongoing professional development and to stay up-to-date with the latest trends and best practices in the field.
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