Jan-2024 Pass Your IIA-CRMA Exam at the First Try with 100% Real Exam
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IIA-CRMA certification provides professionals with a competitive edge in the job market. Employers are increasingly looking for candidates who have specialized knowledge and experience in risk management assurance. Certification in Risk Management Assurance (CRMA) Exam certification also provides a framework for professionals to continue their education and stay up-to-date with emerging trends and best practices in the field.
IIA-CRMA (Certification in Risk Management Assurance) Certification Exam is a professional certification offered by the Institute of Internal Auditors (IIA) to individuals who are interested in pursuing a career in risk management. Certification in Risk Management Assurance (CRMA) Exam certification is designed to help professionals develop their skills and knowledge in risk management, and it is recognized globally as a standard of excellence in the field.
NEW QUESTION # 101
When conducting an interview, an internal auditor is most likely to ask open-ended questions in order to:
- A. Obtain specific answers and maximize efficiency.
- B. Gather factual data on several different topics.
- C. Determine agreement or disagreement with a stated viewpoint.
- D. Obtain information based on the person's own perspective.
Answer: D
NEW QUESTION # 102
According to IIA guidance, which of the following roles would be appropriate for an internal auditor regarding fraud risk?
1. Identification.
2. Mitigation.
3. Remediation.
4. Reduction.
- A. 1,2, 3, and 4.
- B. 1 and 4 only.
- C. 1 only. |
- D. 1, 3, and 4 only.
Answer: B
NEW QUESTION # 103
Which of the following activities should the chief audit executive perform to ensure compliance with an organization's code of conduct?
- A. Review and adjudicate all violations of the code of conduct.
- B. Implement a system of procedures to inform all employees of the code.
- C. Act as an adviser to the committee responsible for reviewing violations of the code.
- D. Lead the committee responsible for the oversight of the code.
Answer: C
NEW QUESTION # 104
An auditor in charge was reviewing the workpapers submitted by a newly hired internal auditor. She noted that the new auditor's analytical work did not include any rating or quantification of the risk assessment results, and she returned the workpapers for correction. Which section of the workpapers will the new auditor need to modify?
- A. Criteria section.
- B. Cause section.
- C. Effect section.
- D. Condition section.
Answer: C
NEW QUESTION # 105
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 and 2 only
- B. 1, 2, 3, and 4
- C. 1, 2, and 4 only
- D. 3 and 4 only
Answer: D
NEW QUESTION # 106
A manufacturing organization discovers that the waste water released has failed to meet permitted limits.
Which control function will be least effective in correcting the issue?
- A. Establishing a preventive maintenance program for the pretreatment system.
- B. Diluting pollutants by flushing sinks and floor drains daily with large volumes of clean water.
- C. Performing a chemical analysis of the water, prior to discharge, for components specified in the permit.
- D. Posting signs that tell employees which substances may be disposed of via sinks and floor drains within the facility.
Answer: B
NEW QUESTION # 107
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. Surveys.
- B. Observation.
- C. Workshops.
- D. Interviews.
Answer: A
NEW QUESTION # 108
An internal auditor is conducting an engagement in the accounts payable department, which includes expressing an opinion at the micro level. According to IIA guidance, which of the following statements is true regarding micro-level opinions?
1. They are most effective when using a combination of current and prior engagement findings to draw conclusions.
2. They typically are based on defined procedures such as those found in an accounts payable reconciliation process.
3. They are discrete and not normally shared with senior management or the board.
4. They can rely on evidence taken from the work of other assurance activities across the organization.
- A. 1 and 3.
- B. 2 and 3.
- C. 3 and 4.
- D. 1 and 2.
Answer: B
NEW QUESTION # 109
Which of the following is a valid statement about the use of visual observations during an audit engagement?
1. Visual observations can be used to detect ineffective controls, idle resources, and safety hazards.
2. Visual observations can be used during both preliminary survey and fieldwork stages of the audit engagement.
3. Visual observations can provide unsubstantiated facts to management if the internal auditor believes the information is useful.
4. Visual observations can assist an auditor in determining if a material observation should be communicated through informal means to the organization's senior management.
- A. 2 and 3 only
- B. 3 and 4 only
- C. 1 and 2 only
- D. 1 and 4 only
Answer: C
NEW QUESTION # 110
An internal auditor would like to identify the involvement of various organizational units in handling employee travel reimbursement claims. Which of the following methods would be most effective and efficient in completing this task?
- A. Distributing questionnaires.
- B. Process mapping.
- C. Monitoring.
- D. Interviewing.
Answer: B
NEW QUESTION # 111
Which of the following statements is true about The IIA Global Internal Audit Competency Framework?
- A. The core competencies outlined in the framework are not expected of a person undertaking an entry-level position as an internal auditor.
- B. 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.
- C. The framework describes competencies needed for individual internal auditors, but not those necessary at the chief audit executive level.
- D. The framework lists the core competencies internal auditors should possess before attempting to attain The IIA's Certified Internal Auditor certification.
Answer: B
NEW QUESTION # 112
An internal auditor is reviewing employee travel data to identify opportunities to cut costs while ensuring adequate participation at conferences to support the organization's mission. Which of the following pieces of evidence would be sufficient for completing this task?
- A. A log that includes titles of conferences that all employees were invited to attend in the last year, along with the dates of those conferences and average costs per traveler.
- B. A log of conferences titles, dates of travel for each employee, and a detailed summary of conference objectives and how they relate to the organization's mission needs.
- C. A log of employee travel requests, which include the title of each conference, the conference objectives, anticipated dates of travel, and estimated costs.
- D. A log from the last year that includes dates of travel, conference titles, and conference objectives, all of which correspond with employee names and costs per trip.
Answer: D
NEW QUESTION # 113
Which of the following would be the most important consideration by the internal audit activity when selecting employees to perform an internal quality assessment?
- A. The nature of their regular duties and responsibilities.
- B. Previous experience working with the internal audit activity.
- C. Their understanding of auditing standards.
- D. Their reporting line within the organization.
Answer: C
NEW QUESTION # 114
Which of the following is the most common way that occupational fraud is detected?
- A. Whistleblower hotline.
- B. External audits.
- C. Internal audits.
- D. Key controls.
Answer: A
NEW QUESTION # 115
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. Professional objectivity.
- D. Due professional care.
Answer: C
NEW QUESTION # 116
Faced with a complex, highly technical construction audit engagement, the chief audit executive (CAE) considered complementing the current internal audit resources by engaging the services of a civil engineer.
Which of the following should the CAE consider in determining whether the engineer possesses the necessary skills to perform the engagement?
1. Professional certification, license, or other recognition of the engineer's competence in the relevant discipline.
2. Experience of the engineer in the type of work being considered.
3. Compensation or other incentives that the engineer may receive.
4. The extent of other ongoing services that the engineer may be performing for the organization.
- A. 2 and 3 only
- B. 3 and 4 only
- C. 1, 2, and 4 only
- D. 1 and 4 only
Answer: C
NEW QUESTION # 117
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