[Nov-2021] IIA-CRMA Exam Questions and Valid IIA-CRMA Dumps PDF
IIA-CRMA Brain Dump: A Study Guide with Tips & Tricks for passing Exam
IIA IIA-CRMA Exam Syllabus Topics:
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NEW QUESTION 30
Which of the following types of social responsibilities is voluntary and guided purely by the organization's desire to make social contributions?
- A. Discretionary responsibility.
- B. The bottom of the pyramid responsibility.
- C. Innovative responsibility.
- D. Ethical responsibility.
Answer: D
NEW QUESTION 31
According to IIA guidance, which of the following should be formally documented in the internal audit charter?
- A. The internal audit activity's responsibility for the organization's governance framework.
- B. The internal audit activity's responsibility for imposing risk management processes.
- C. The budgeting process for the internal audit activity.
- D. The nature of consulting services provided by the internal audit activity.
Answer: D
NEW QUESTION 32
Which of the following is not an appropriate activity for internal auditors to perform?
- A. Highlight matters that require management's attention.
- B. Implement solutions for specific organizational problems.
- C. Recommend management seek a consulting firm to advise on outsourcing.
- D. Accumulate data, obtain varying views, and report information to senior management.
Answer: B
NEW QUESTION 33
What is the primary benefit to the internal audit activity for undertaking an internal quality assessment?
- A. To identify key risks and areas of concern within the organization.
- B. To identify inefficiencies within the internal audit team.
- C. To help the internal audit activity complete its annual assurance plan.
- D. To help improve the overall quality of the internal audit activity's work.
Answer: D
NEW QUESTION 34
According to IIA guidance, which of the following scenarios demonstrates an internal auditor exercising due professional care?
When auditing investments, the auditor identified instruments with which he was unfamiliar.
- A. An auditor was reviewing inventory counts conducted by the warehouse staff. One truck containing an immaterial amount of inventory was off-site and wasn't verified by the auditor.
- B. An auditor visited a plant that produces a significant portion of the organization's inventory. The day he arrived, the plant manager was out sick, so the auditor issued the report without interviewing the manager.
- C. He decided not to select that type of investment in his sample, as he did not have the knowledge needed to perform a proper assessment.
- D. An auditor in charge needed to have testing completed by the end of the month, but was behind schedule. He identified a junior auditor to conduct the work for him on a complex area of the organization.
Answer: C
NEW QUESTION 35
Which of the following best demonstrates the authority of the internal audit activity?
- A. Achieving engagement objectives.
- B. Suggesting alternatives to decision makers.
- C. Improving the integrity of information.
- D. Determining the scope of internal audit services.
Answer: D
NEW QUESTION 36
Which of the following statements is true regarding the use of non-statistical sampling in auditing control tests?
- A. Non-statistical sample results must be projected to the population.
- B. Lesser evidence is required to support a conclusion than for statistical sampling.
- C. Sampling risk will be accurately quantified through non-statistical sampling.
- D. It considers tolerable deviation rate more effectively than does statistical sampling.
Answer: A
NEW QUESTION 37
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. Employees are submitting fraudulent expense reports.
- B. The customer service department is not forwarding complaints to the accounts receivable department.
- C. Invoices are not being mailed to customers.
- D. An employee is tampering with customer checks.
Answer: D
NEW QUESTION 38
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. Assurance services for outside clients must be approved on a case-by-case basis by the board of directors.
- C. Assurance services for outside clients are not covered under the internal audit charter.
- D. The nature of assurance services for outside clients should be defined in the internal audit charter.
Answer: D
NEW QUESTION 39
Management would like to self-assess the overall effectiveness of the controls in place for its 200-person manufacturing department. Which of the following client-facilitated approaches is likely to be the most efficient way to accomplish this objective?
- A. Observation.
- B. Interviews.
- C. Workshops.
- D. Surveys.
Answer: D
NEW QUESTION 40
According to IIA guidance, which of the following statements about working papers is false?
- A. They provide support for communication to third parties.
- B. They assist in the implementation of recommendations.
- C. They contribute to development of the internal audit staff.
- D. They demonstrate compliance with auditing standards.
Answer: B
NEW QUESTION 41
Which of the following actions does not violate the IIA Code of Ethics or Standards?
- A. An internal auditor performing an audit on an operation that they managed less than a year ago.
- B. An internal auditor disclosing confidential information in response to a lawsuit.
- C. An internal auditor performing an audit on procedures that they were responsible for creating.
- D. An internal auditor disclosing details of an audit report to colleagues from a different organization.
Answer: B
NEW QUESTION 42
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. 1 and 3.
- C. 2 and 3.
- D. 1 and 2.
Answer: A
NEW QUESTION 43
Which of the following control methods is effective in reducing the risk of purchasing-scheme fraud?
1. Periodically reviewing the vendor list for unusual vendors and addresses.
2. Segregating duties for amount purchasing, receiving, shipping, and accounting.
3. Validating sequential integrity of purchase orders.
4. Verifying the validity of invoices with post office box addresses.
- A. 1, 2, 3, and 4
- B. 1, 2, and 4 only
- C. 1 and 2 only
- D. 3 and 4 only
Answer: D
NEW QUESTION 44
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. 1,2, 3, and 4.
- D. 2, 3, and 4 only.
Answer: B
NEW QUESTION 45
Which of the following is the most effective strategy to manage the risk of foreign exchange losses due to sales to foreign customers?
- A. Insist that customers only pay in a stable currency.
- B. Maintain a large foreign currency balance.
- C. Implement a hedging strategy.
- D. Hire a risk consultant.
Answer: C
NEW QUESTION 46
Which of the following statements accurately describes an internal auditor's responsibility with regard to due professional care?
- A. An internal auditor's opinion should be based on factual evidence.
- B. An internal auditor's opinion should be based on experience and free of all bias.
- C. An internal auditor's opinion should be limited to the effectiveness of internal controls.
- D. An internal auditor should express an opinion only when consensus with top management has been achieved.
Answer: A
NEW QUESTION 47
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