[Nov-2021] Updated CRMA Certification IIA-CRMA Exam Questions BUNDLE PACK
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IIA IIA-CRMA Exam Syllabus Topics:
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NEW QUESTION 168
According to IIA guidance, which of the following statements regarding the internal audit charter is true?
- A. Senior management should approve the charter before it is submitted to the board.
- B. The CEO periodically should assess whether the terms of the charter continue to be adequate.
- C. The charter should describe the purpose and authority of the internal audit activity, consistent with the Standards.
- D. The charter should define the consulting services that the internal audit activity is permitted to perform.
Answer: A
NEW QUESTION 169
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 allows the product division to remain unchanged.
- B. Management modifies the product division to minimize errors.
- C. Management sells the product division to a competitor.
- D. Management outsources the product division to a third party.
Answer: B
NEW QUESTION 170
A large trucking organization wants to reduce traffic accidents by improving its system of internal controls.
Which of the following controls is correctly classified?
1. Review of speeding violations to identify repetitive locations and drivers is an example of a preventive control.
2. Defensive driver training is an example of a directive control.
3. The installation of tracking devices in delivery vehicles is an example of a corrective control.
4. Providing a vehicle driver handbook is an example of a detective control.
- A. 1 and 4.
- B. 2 and 3.
- C. 1 and 2.
- D. 3 and 4.
Answer: C
NEW QUESTION 171
Which of the following statements is true about The IIA Global Internal Audit Competency Framework?
- A. The framework lists the core competencies internal auditors should possess before attempting to attain The IIA's Certified Internal Auditor certification.
- B. The framework describes competencies needed for individual internal auditors, but not those necessary at the chief audit executive level.
- C. The framework is designed to be used primarily by chief audit executives that are developing indicators to measure the performance of the internal audit activity for which they are responsible.
- D. The core competencies outlined in the framework are not expected of a person undertaking an entry-level position as an internal auditor.
Answer: C
NEW QUESTION 172
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. Governance, risk, and control.
- B. Persuasion and collaboration.
- C. Business acumen.
- D. Communication.
Answer: D
NEW QUESTION 173
According to IIA guidance, which of the following is ultimately responsible for seeing that the internal control system of an organization's social responsibility program is effective?
- A. All employees.
- B. Senior management.
- C. Board of directors.
- D. Internal audit activity.
Answer: C
NEW QUESTION 174
An internal auditor wants to sample data to test an audit theory in a cost-effective way. Which of the following sampling strategies should she use?
- A. A combination of both statistical and nonstatistical sampling.
- B. Statistical sampling only
- C. Nonstatistical sampling only
- D. Neither approach to testing the audit theory would be cost effective.
Answer: C
NEW QUESTION 175
Which of the following offers the best evidence that the internal audit activity has achieved organizational independence?
- A. An independent third party has assessed the organization's system of internal controls to be adequate and effective.
- B. The chief audit executive reports both functionally and administratively to the CEO.
- C. The internal audit charter is drafted properly and approved by the appropriate parties.
- D. The mission statement and strategy of the internal audit activity demonstrates alignment to organizational objectives.
Answer: B
NEW QUESTION 176
Which of the following is not one of the 10 core competencies identified in the IIA Competency Framework?
- A. Governance, risk, and control.
- B. Internal audit delivery.
- C. Business acumen.
- D. Performance management.
Answer: D
NEW QUESTION 177
Which of the following conditions is the most likely indicator of fraud?
- A. Lower earnings occur during the industry's down cycle.
- B. A manager regularly assumes subordinates' duties.
- C. Commissions are paid based on verified increases to sales.
- D. Departmental reports are consistently issued in an untimely manner.
Answer: B
NEW QUESTION 178
Which of the following best describes the misdirection of payments on accounts receivable to an employee's bank account?
- A. Fraud off the books.
- B. Fraud hidden on the books.
- C. Fraud on the balance sheet.
- D. Fraud open on the books.
Answer: A
NEW QUESTION 179
The management at a national consumer goods organization implements a fair work and pay practice as well as a policy to treat employees equitably and consistently. Which common characteristics of fraud will the practice and policy most likely reduce?
- A. Pressure or incentive.
- B. Commitment.
- C. Rationalization.
- D. Opportunity.
Answer: A
NEW QUESTION 180
Which of the following is a weakness of observation as audit evidence?
- A. It cannot be relied upon because the evidence is not persuasive.
- B. It cannot be used to test the occurrence assertion.
- C. It cannot be used to test the existence assertion.
- D. It cannot be used to test the completeness assertion.
Answer: D
NEW QUESTION 181
Which of the following are components of the ISO 31000 risk management process?
1. Setting the context.
2. Risk treatment.
3. Risk avoidance.
4. Communication.
- A. 1 and 2 only.
- B. 2 and 3.
- C. 1,2, and 4.
- D. 3 and 4.
Answer: A
NEW QUESTION 182
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. Dating and initialing each workpaper provides evidence of review.
- C. Workpaper review allows for staff training and development.
- D. Workpapers may be amended during the review process.
Answer: A
NEW QUESTION 183
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. 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.
- B. Notify the audit committee of the problem, and assign the most competent auditors on staff to perform the audit engagement.
- C. Outsource the audit engagement to a qualified external auditing firm without burdening the audit committee with the decision.
- D. Employ the skills of a financial derivatives expert to consult on the project, and supplement the consulting with a local seminar on financial derivatives.
Answer: D
NEW QUESTION 184
Which of the following techniques would best assist an internal auditor in evaluating the efficiency of a wholesale grocery distributor`s process to fill and package orders for shipping?
- A. Decision trees rating actual performance against requirements.
- B. A Bedford analysis of orders filled to average delivery times.
- C. Queuing theory to assess potential bottlenecks in the process.
- D. A program evaluation and review technique chart.
Answer: C
NEW QUESTION 185
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