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NEW QUESTION # 67
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 details of an audit report to colleagues from a different organization.
- C. An internal auditor performing an audit on an operation that they managed less than a year ago.
- D. An internal auditor disclosing confidential information in response to a lawsuit.
Answer: D
NEW QUESTION # 68
According to IIA guidance, which of the following practices by the chief audit executive (CAE) best enhances the organizational independence of the internal audit activity?
- A. CAE reports to the board regarding audit staff performance evaluation and compensation.
- B. CAE meets privately with The board at least annually.
- C. CAE meets privately with The CEO at least annually.
- D. CAE reviews and approves the annual audit plan.
Answer: A
NEW QUESTION # 69
A furniture manufacturer has installed a new fire sprinkler system at its central warehouse and canceled the existing fire insurance policy on that property. What change of risk response strategy does this course of action most likely reflect?
- A. From acceptance to avoidance.
- B. From sharing to reduction.
- C. From sharing to avoidance.
- D. From acceptance to reduction.
Answer: B
NEW QUESTION # 70
According to the Standards, for how long should internal auditors who have previously performed or had management responsibility for an operation wait to become involved in future internal audit activity with that same operation?
- A. One year.
- B. Six months.
- C. Two years.
- D. Three months.
Answer: A
NEW QUESTION # 71
Which of the following factors should be considered when determining the appropriate combination of manual techniques and computer-assisted audit techniques (CAATs) to be used during an audit?
1. Acceptance of CAATs findings by entity management.
2. Computer knowledge and expertise of the auditor.
3. Time constraints.
4. Level of audit risk.
- A. 2, 3, and 4
- B. 1 and 4
- C. 1, 2, and 3
- D. 2 and 3 only
Answer: A
NEW QUESTION # 72
Which of the following risk management activities is most appropriate for an internal auditor to undertake?
- A. Coordinate risk management activities.
- B. Implement risk responses on management's behalf.
- C. Impose risk management processes.
- D. Review the management of key risks.
Answer: D
NEW QUESTION # 73
According to IIA guidance, which of the following statements is true?
- A. The overall focus of the framework is on significant controls in all critical IT applications.
- B. Risks in IT processes are best mitigated by individual controls.
- C. IT risks and related controls are operational and best identified using a bottom-up approach.
- D. Control process risks are found at multiple layers of the IT environment.
Answer: D
NEW QUESTION # 74
Which of the following control activities is the most effective to ensure users' levels of access are appropriate for their current roles?
- A. The human resources department generates a monthly list of terminated and transferred employees and requests IT to update the user access as required.
- B. Department managers are required to perform periodic user access reviews of relevant systems and applications.
- C. Standardized user access profiles are developed and the appropriate access profiles are automatically assigned to new or transferred employees.
- D. System administrator rights are assigned to one user in each department who can update user access of terminated or transferred employees immediately.
Answer: B
NEW QUESTION # 75
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 4 only
- C. 2 and 3 only
- D. 1 and 4 only
Answer: D
NEW QUESTION # 76
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. Individual proficiency.
- B. Professional objectivity.
- C. Organizational independence.
- D. Due professional care.
Answer: B
NEW QUESTION # 77
Which of the following is the most significant disadvantage of using checklists to evaluate internal controls?
- A. They are useful in assessing risk.
- B. They serve as a reminder of what controls should exist in a process.
- C. They do not capture all controls that may exist.
- D. They require yes/no responses to specific questions, not open-ended responses.
Answer: C
NEW QUESTION # 78
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 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.
- B. 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.
- C. 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.
- D. 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.
Answer: B
NEW QUESTION # 79
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. Suppliers.
- C. Consumers.
- D. Activists.
Answer: D
NEW QUESTION # 80
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 demonstrate compliance with auditing standards.
- C. They contribute to development of the internal audit staff.
- D. They assist in the implementation of recommendations.
Answer: D
NEW QUESTION # 81
A fraud investigation was completed by management, and a proven fraud was communicated to relevant authorities. According to MA guidance, which of the following roles would be most appropriate for the internal audit activity to undertake after the investigation?
- A. Conduct lessons learned sessions to ascertain how the fraud occurred and which controls failed.
- B. Review the investigation and implement any improvements to the process.
- C. Determine why The fraud was not detected earlier and design controls to strengthen early detection.
- D. Plan employee sessions and team building strategies for the organization to improve awareness of fraud among employees.
Answer: A
NEW QUESTION # 82
According to the COSO enterprise risk management framework, which of the following best describes the activity that helps ensure risk responses are carried out effectively?
- A. Control activities.
- B. Information and communication.
- C. Event identification.
- D. Objective setting.
Answer: A
NEW QUESTION # 83
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The Certification in Risk Management Assurance (CRMA) exam is a professional certification offered by the Institute of Internal Auditors (IIA). The CRMA certification is designed for internal auditors who wish to demonstrate their expertise and knowledge in risk management assurance. Certification in Risk Management Assurance (CRMA) Exam certification is a globally recognized standard in the field of internal auditing, and it is highly valued by employers and organizations around the world.
Total cost for the IIA-CRMA Exam:
The IIA-CRMA is 445 USD for IIA members and $580 for non-members. The candidate has to pay the application fee, which is 95 USD for members and 210 USD for non-members.
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