Grab latest IIA IIA-CRMA Dumps as PDF Updated on 2023
Newly Released IIA-CRMA Dumps for CRMA Certification Certified
What are the Prerequisites for the IIA-CRMA Exam?
To take the exam, you must have an active IIA membership and active CIA designation. Your membership must have been verified with your name, membership number, email address, last three digits of your social security number, and confirmation of your date of birth. Eligibility also includes the requirement that the candidate should have equivalent to 5 years of internal audit and/or risk management experience.
Who should take IIA-CRMA Exam?
The IIA-CRMA Exam is designed for Risk Management practitioners who are involved in all the phases of the achievement of an organization's Risk Strategy design, development, implementation, monitoring, and control. This includes design, development, implementation and monitoring, and control of the risk management framework. IIA-CRMA exam dumps predict that located in the center of the exam, you will have to work as a member of an internal audit team that is part of a risk management team within an organization. Responses to questions will support key concepts and ideas related to managing and controlling risk in an organization.
NEW QUESTION 110
Which of the following is the most common method of fraud detection?
- A. Analytical reviews of high-risk areas.
- B. Detective controls built into the daily processes.
- C. Tips received from employees or citizens.
- D. Unannounced audits or reviews of programs or departments.
Answer: C
NEW QUESTION 111
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. Check inventory levels.
- B. Review raw material purchase quantities.
- C. Search for gaps in check numbers.
- D. Compare vendor summaries.
Answer: A
NEW QUESTION 112
According to IIA guidance, which of the following statements regarding the internal audit charter is true?
- A. The CEO periodically should assess whether the terms of the charter continue to be adequate.
- B. The charter should define the consulting services that the internal audit activity is permitted to perform.
- C. Senior management should approve the charter before it is submitted to the board.
- D. The charter should describe the purpose and authority of the internal audit activity, consistent with the Standards.
Answer: C
NEW QUESTION 113
Which of the following best ensures the independence of the internal audit activity?
1. The CEO and audit committee review and endorse any changes to the approved audit plan on an annual basis.
2. The audit committee reviews the performance of the chief audit executive (CAE) periodically.
3. The internal audit charter requires the CAE to report functionally to the audit committee.
- A. 1, 2, and 3
- B. 2 and 3 only
- C. 3 only
- D. 1 and 2 only
Answer: B
NEW QUESTION 114
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 management to determine which internal audit engagements are lower risk and could be considered for removal from the annual audit plan.
- B. Ask The human resources department to determine how the annual compensation and salary of the audit staff could be adjusted to achieve savings.
- C. Ask appropriate stakeholders for their opinion on the potential impacts of reducing the scope of the internal audit plan.
- D. Ask the chief audit executive to determine whether budgetary limitations impede the ability of the internal audit activity to execute its responsibilities.
Answer: D
NEW QUESTION 115
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 must be performed at least once every five years by a qualified assessor.
- C. Internal assessments are conducted to benchmark the internal audit activity's performance against industry best practices.
- D. Follow-up to ensure appropriate improvements are implemented is a recommended, but not mandatory, element of internal assessments.
Answer: A
NEW QUESTION 116
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 3 only
- B. 2 and 3 only
- C. 1 and 4 only
- D. 2 and 4 only
Answer: C
NEW QUESTION 117
Which of the following actions best demonstrates that an internal auditor is exercising due professional care?
- A. The auditor recommends improvements for all of the organization's procedures and practices.
- B. The auditor is alert to the possibility of fraud and activities where irregularities are most likely to occur.
- C. The auditor is cognizant of reducing travel expenses by combining a personal vacation with a business trip.
- D. The auditor performs thorough reviews and provides absolute assurance of regulatory compliance.
Answer: B
NEW QUESTION 118
Which of the following professional development approaches would offer internal auditors the most opportunities to broaden their engagement experiences?
- A. Assign more experienced internal auditors to mentor the less experienced auditors.
- B. Rotate internal auditors among different engagement assignments.
- 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: B
NEW QUESTION 119
Which of the following describes a key characteristic related to effective organizational communication?
- A. A culture of integrity and transparency.
- B. A well-designed system of internal controls.
- C. Comprehensive supervisory and verification procedures.
- D. Unique operating environments with varying complexity.
Answer: B
NEW QUESTION 120
Which of the following decisions made during the testing phase of a compliance audit requires the most judgment by an internal auditor?
- A. Whether an individual expenditure is allowable.
- B. Which fields to examine on each invoice.
- C. Which sampling methodology to select for testing.
- D. What level of noncompliance is acceptable.
Answer: D
NEW QUESTION 121
According to The MA Code of Ethics, which of the following is one of the rules of conduct for objectivity?
- A. Internal auditors shall be prudent in the use and protection of information acquired in the course of their duties.
- B. Internal auditors shall continually improve their proficiency and effectiveness and quality of their services.
- C. Internal auditors shall respect and contribute to legitimate and ethical objectives of the organization.
- D. Internal auditors shall not accept anything that may impair or be presumed to impair their professional judgment.
Answer: D
NEW QUESTION 122
Which of the following risk management activities is most appropriate for an internal auditor to undertake?
- A. Review the management of key risks.
- B. Coordinate risk management activities.
- C. Impose risk management processes.
- D. Implement risk responses on management's behalf.
Answer: A
NEW QUESTION 123
Which of the following would be considered a preventive control?
- A. A library control log.
- B. A password lock on a server.
- C. A software scan of financial records for irregularities.
- D. A review of exception reports.
Answer: B
NEW QUESTION 124
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 higher 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 lower than or equal to the risk appetite.
- D. The inherent risk is lower than or equal to the risk tolerance.
Answer: C
NEW QUESTION 125
According to the Standards, which of the following is not a consideration when exercising due professional care for an assurance engagement?
- A. The extent of assurance services necessary to ensure that all risks are identified.
- B. The relative complexity, materiality, or significance of matters to which assurance procedures are applied.
- C. The probability of significant errors, irregularities or instances of noncompliance.
- D. The cost of providing the assurance services in relation to potential benefits.
Answer: A
NEW QUESTION 126
Which of the following statements accurately describes the responsibility of the internal audit activity regarding IT governance?
1. The internal audit activity does not have any responsibility because IT governance is the responsibility of the board and senior management of the organization.
2. The internal audit activity must assess whether the IT governance of the organization supports the organization's strategies and objectives.
3. The internal audit activity may assess whether the IT governance of the organization supports the organization's strategies and objectives.
4. The internal audit activity may accept requests from management to perform advisory services regarding how the IT governance of the organization supports the organization's strategies and objectives.
- A. 4 only.
- B. 3 and 4.
- C. 1 only.
- D. 2 and 4.
Answer: C
NEW QUESTION 127
As a matter of policy, the chief audit executive routinely rotates internal audit staff assignments and periodically interviews the staff to discuss the potential for conflicts of interest. These actions help fulfill which of the following internal audit mandates?
- A. Organizational independence.
- B. Individual proficiency.
- C. Due professional care.
- D. Professional objectivity.
Answer: D
NEW QUESTION 128
An internal audit charter, approved by the board, restricts the internal audit activity to providing assurance only on the reliability of financial information and the effectiveness of internal accounting controls. Which of the following statements is true regarding the extent to which the external auditor may rely on the internal audit activity's work?
- A. The external auditor must disregard the work, as the scope of the charter may introduce bias and result in a lack of due professional care.
- B. The external auditor may make full use of the work, as the audit charter is very specific as to the work the internal audit activity may undertake.
- C. The external auditor may use the work with caution, due to the internal audit activity's scope and responsibility restrictions.
- D. The external auditor may use the work, as the board has approved the charter, thus taking responsibility for any deficiencies.
Answer: C
NEW QUESTION 129
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. Engagement supervision.
- B. Resource management.
- C. Coordination.
- D. Due professional care.
Answer: D
NEW QUESTION 130
According to IIA guidance, which of the following statements is false regarding continuing professional education for the internal audit activity (IAA)?
- A. Employers are responsible for ensuring that the continuing professional education needs of the IAA are met.
- B. Specialized education that meets unique organizational needs cannot qualify as IAA professional development.
- C. Continuing professional education can be obtained through IAA involvement in research projects.
- D. Completion of self-study courses fulfills IAA continuing professional education requirements.
Answer: A
NEW QUESTION 131
According to IIA guidance, which of the following external groups is most likely to represent a liability risk, based on activities associated with the organization's corporate social responsibility program?
- A. Investors.
- B. Consumers.
- C. Suppliers.
- D. Activists.
Answer: D
NEW QUESTION 132
What is the purpose of a secondary control?
- A. lt combines with other controls to help reduce significant risk exposures to an acceptable level.
- B. It partially reduces the residual risk level when a key control does not operate effectively.
- C. It helps to ensure the completeness and accuracy of automated controls in a system environment.
- D. It replaces primary controls that are either ineffective or cannot fully mitigate a risk.
Answer: A
NEW QUESTION 133
......
IIA-CRMA Exam covers the following topics:
IIA-CRMA exam dumps cover the following topics of the IIA-CRMA Exam.
- Internal Audit Roles and Responsibilities: 20%
- Risk Management Governance: 25%
- Risk Management Assurance: 55%
Latest IIA-CRMA Exam Dumps IIA Exam from Training: https://www.realexamfree.com/IIA-CRMA-real-exam-dumps.html
Updated Verified IIA-CRMA dumps Q&As - 100% Pass: https://drive.google.com/open?id=12Jln73_Qp8VyopGJi7ylg_hG5zlLiDrJ
