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IIA IIA-CRMA Exam Syllabus Topics:
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NEW QUESTION 91
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. An employee is tampering with customer checks.
- B. The customer service department is not forwarding complaints to the accounts receivable department.
- C. Employees are submitting fraudulent expense reports.
- D. Invoices are not being mailed to customers.
Answer: A
NEW QUESTION 92
Which of the following is an example of collusion?
- A. A vendor sends a duplicate invoice with a new invoice number, and the accounts payable system fails to detect the duplication.
- B. An employee includes a faked receipt in his expense claim, and the claim is signed by the employee's manager.
- C. An employee works with the IT manager to develop a program for identifying duplicate invoice payments.
- D. A vendor inflates the price of an item and remits a portion of the excess to the purchasing manager.
Answer: D
NEW QUESTION 93
Which of the following is true regarding the use of a formal risk management framework?
1. It facilitates a methodical approach to risk mitigation.
2. It defines and standardizes the terminology used in risk communication.
3. It establishes the risk tolerance levels to be accommodated in the strategy.
4. It facilitates the alignment of risk mitigation strategies with management priorities.
- A. 2. 3, and 4.
- B. 1.2, and 3.
- C. 1.3, and 4.
- D. 1,2, and 4.
Answer: D
NEW QUESTION 94
Which of the following activities should the chief audit executive perform to ensure compliance with an organization's code of conduct?
- A. Lead the committee responsible for the oversight of the code.
- B. Review and adjudicate all violations of the code of conduct.
- C. Act as an adviser to the committee responsible for reviewing violations of the code.
- D. Implement a system of procedures to inform all employees of the code.
Answer: C
NEW QUESTION 95
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. Control process risks are found at multiple layers of the IT environment.
- C. The overall focus of the framework is on significant controls in all critical IT applications.
- D. Risks in IT processes are best mitigated by individual controls.
Answer: B
NEW QUESTION 96
According to IIA guidance, which of the following is least compliant with the requirements regarding an internal auditor's need for objectivity?
- A. An internal auditor performed an assurance engagement for the effectiveness of accounts payable access controls, one of which he previously helped to design.
- B. An internal auditor, previously employed in the quality assurance operations area, performed a consulting engagement for the operations manager.
- C. An internal auditor participated in an audit of controls around absenteeism, despite providing some consultation on controls in this area earlier in the year.
- D. An internal auditor assessed the effectiveness of controls over payroll software, which he had helped implement with a previous employer.
Answer: A
NEW QUESTION 97
Which of the following types of fraud includes embezzlement?
- A. Corruption.
- B. Bribery.
- C. Misappropriation of assets.
- D. Fraudulent statements.
Answer: C
NEW QUESTION 98
An internal auditor for a large retail chain suspects that a store manager has been stealing money from cash sales by listing the sales as accounts receivable and then writing off the accounts as bad debts. Which of the following irregularities is the most likely cause of the auditor's suspicion?
- A. A much higher percentage of past-due accounts receivable than that of previous years.
- B. A much higher percentage of past-due accounts receivable than that of other stores.
- C. A much higher bad debt expense as a percentage of sales than that of previous years.
- D. A much higher bad debt expense as a percentage of sales than that of other stores.
Answer: D
NEW QUESTION 99
A multinational organization has asked the internal audit activity to assist in setting up the organization's risk management system. The chief audit executive (CAE) agrees to take on the engagement as a consultant.
Which of the following tasks is appropriate for the CAE to undertake?
- A. Set risk indicators and mitigation plans for management to implement.
- B. Determine the number of significant risks for management to report to the board.
- C. Coordinate and facilitate risk workshops for management to attend.
- D. Establish the degree of risk appetite for management to accept.
Answer: B
NEW QUESTION 100
An internal auditor finds during an engagement that payment for the organization's general insurance policy is two months overdue. The issue is informally mentioned to the finance department which immediately submits the invoice for payment. The auditor decides to exclude this finding from the final audit report as the oversight was immediately corrected and there were no consequences because of this late payment.
Which of the following rules of conduct as described in the IIA Code of Ethics, did the auditor fail to uphold?
- A. Integrity.
- B. Confidentiality.
- C. Objectivity.
- D. Competency.
Answer: C
NEW QUESTION 101
What is the primary benefit to the internal audit activity for undertaking an internal quality assessment?
- A. To help improve the overall quality of the internal audit activity's work.
- B. To identify inefficiencies within the internal audit team.
- C. To identify key risks and areas of concern within the organization.
- D. To help the internal audit activity complete its annual assurance plan.
Answer: A
NEW QUESTION 102
Which of the following is a preventive control?
- A. Reviewing expense accounts for irregularities.
- B. Reconciling purchase orders with approvals.
- C. Placing controls on physical access to inventory.
- D. Creating an audit trail.
Answer: C
NEW QUESTION 103
Which of the following actions does not violate the IIA Code of Ethics or Standards?
- A. An internal auditor performing an audit on procedures that they were responsible for creating.
- B. An internal auditor disclosing confidential information in response to a lawsuit.
- C. An internal auditor disclosing details of an audit report to colleagues from a different organization.
- D. An internal auditor performing an audit on an operation that they managed less than a year ago.
Answer: B
NEW QUESTION 104
A credit card company detects potential errors in credit card numbers by checking whether all entered numbers contain the correct amount of digits. This is an example of which of the following IT controls?
- A. Balancing control activities.
- B. Check digits.
- C. Logic test.
- D. Data integrity tests.
Answer: C
NEW QUESTION 105
Which of the following behaviors could represent a significant ethical risk if exhibited by an organization's board?
- A. Requesting a private meeting with senior management, without the presence of the chief audit executive.
- B. Intervening during an audit involving ethical wrongdoing.
- C. Authorizing an investigation of an unsafe product.
- D. Discussing periodic reports of ethical breaches.
Answer: B
NEW QUESTION 106
A medical insurance provider uses an electronic claims-submission process and suspects that a number of physicians have submitted claims for treatments that were not performed. Which of the following control procedures would be most effective to detect this type of fraud?
- A. Send confirmations to the physicians, requesting them to verify the exact nature of the claims submitted to the insurance provider.
- B. Develop an integrated test facility and submit false claims to verify that the system is detecting such claims on a consistent basis.
- C. Use computer software to identify abnormal claims based on the insured's age and medical history.
- D. Require the physician to submit a signed statement attesting that the treatments had been performed.
Answer: C
NEW QUESTION 107
According to IIA guidance, which of the following statements is true when an internal auditor performs consulting services that improve an organization's operations?
- A. The services may preclude assurance services from the consulting engagement.
- B. The services impose no responsibility to communicate information other than to the engagement client.
- C. The services must be aligned with those defined in the internal audit charter.
- D. The services must not be performed by the same internal auditor who performed assurance services, in order to maintain objectivity.
Answer: D
NEW QUESTION 108
Which of the following is an example of a transaction-level control?
- A. Human resource policies.
- B. Inventory counts.
- C. Tone at the top.
- D. Reconciliations of primary accounts.
Answer: D
NEW QUESTION 109
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