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Verified IIA-CRMA dumps Q&As 100% Pass in First Attempt Guaranteed Updated Dump from PremiumVCEDump [Q104-Q128]

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Pass CRMA Certification IIA-CRMA Exam With 285 Questions

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NO.104 An organization is beginning to implement an enterprise risk management program. One of the first steps is to develop a common risk language. Which of the following statements about a common risk language is true?

Management will be able to reduce inherent risk because they will have a better understanding of risk.

Internal auditors will be able to reduce their sample sizes because controls will be more consistent.

Stakeholders will have more assurance that the risks are assessed consistently.

Decision makers will understand that the likelihood of missing or ineffective controls will be reduced.

NO.105 According to IIA guidance, which of the following is the best example of a system application control?

A physical security control over a data center.

A system development life cycle control.

A program change management control.

An input control over data integrity.

NO.106 An organization invests its savings in a volatile stock with the potential for high gains rather than a mutual fund with a lower expected return and lower volatility. This best describes which of the following risk concepts?

Risk identification.

Risk appetite.

Risk capacity.

Risk tolerance.

NO.107 Which of the following activities should the chief audit executive perform to ensure compliance with an organization’s code of conduct?

Act as an adviser to the committee responsible for reviewing violations of the code.

Review and adjudicate all violations of the code of conduct.

Lead the committee responsible for the oversight of the code.

Implement a system of procedures to inform all employees of the code.

NO.108 What is the additional advantage of facilitated workshops, in comparison with structured interviews, used when testing the effectiveness of entity-level controls?

During facilitated workshops, people more openly say things to internal auditors than during private interviews.

Internal auditors do not need other sources of information, as the data gathered during facilitated workshops is sufficient.

Facilitated workshops create a synergy of discussion that can bring multiple perspectives to the same issue.

The testimonial evidence obtained during facilitated workshops is generally considered more reliable.

NO.109 An organization has implemented a new automated payroll system that contains a table of pay rates that are matched to employee job classifications. Which control should an internal auditor suggest in order to ensure that the table is updated correctly, and is used only for valid pay changes?

Restrict data-table access from management and line supervisors who have the authority to determine pay rates.

Require a supervisor in the department, who has the ability to change the table, to compare the changes to a signed management authorization.

Ensure that adequate edit and reasonableness checks are built into the automated system.

Require a manager, who is independent of the system and who cannot change the table, to authorize and sign-off on any employee pay changes.

NO.110 Which of the following audit techniques is used to evaluate control design while also embodying auditing’s analytical process?

A risk and control matrix.

A flowchart.

A walk-through.

A process narrative.

NO.111 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?

Invoices are not being mailed to customers.

An employee is tampering with customer checks.

Employees are submitting fraudulent expense reports.

The customer service department is not forwarding complaints to the accounts receivable department.

NO.112 The manager for an organization’s accounts payable department resigned her post in that capacity. Three months later, she was recruited to the internal audit activity and has been working with the audit team for the last eight months. Which of the following assignments would the newly hired internal auditor be able to execute without any impairments to independence or objectivity?

An operations audit of the accounts payable department.

A consulting engagement related to a new accounts payable optimization initiative.

A review of the employees’ sports club finances, which are overseen by the chief audit executive.

An assurance review for a sales program on which she previously provided consultation.

NO.113 Which of the following best ensures an internal audit activity has the ability to render impartial and unbiased assessments?

Organizational status and objectivity.

Supervision of the chief audit executive (CAE) by senior management.

Organizational knowledge and skills.

CAE certification.

NO.114 Which of the following risk management activities is most appropriate for an internal auditor to undertake?

Impose risk management processes.

Coordinate risk management activities.

Implement risk responses on management’s behalf.

Review the management of key risks.

NO.115 Which of the following are components of the ISO 31000 risk management process?
1. Setting the context.
2. Risk treatment.
3. Risk avoidance.
4. Communication.

1 and 2 only.

2 and 3.

3 and 4.

1,2, and 4.

NO.116 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?

Logic test.

Check digits.

Data integrity tests.

Balancing control activities.

NO.117 While performing an accounts payable engagement, a senior auditor wants to conduct several tests of controls for travel expenses. Which of the following actions are most appropriate for the senior auditor to undertake?
1. Ensure all tests use a random sampling technique.
2. Consider a judgmental approach for the sample size.
3. Assess testing errors through root cause analysis.
4. Ensure that the entire data set is tested.

1 and 2.

1 and 3.

2 and 3.

2 and 4.

NO.118 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.

1 and 3 only

1 and 4 only

2 and 3 only

2 and 4 only

NO.119 Which type of objectives can best be described as broad goals that promote the effective and efficient use of resources?

Strategic objectives.

Operational objectives.

Reporting objectives.

Compliance objectives.

NO.120 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?

Organizational independence.

Professional objectivity.

Due professional care.

Individual proficiency.

NO.121 If appropriate safeguards exist, which of the following is considered a legitimate internal audit role within risk management at an organization?

Imposing risk management processes.

Providing consolidated reporting on risks.

Taking accountability for risk management.

Making decisions on risk responses.

NO.122 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.

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.

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.

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.

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.

NO.123 According to IIA guidance, which of the following individuals would best be considered independent for the purpose of participating in an external assessment of the quality assurance and improvement program for an internal audit activity (IAA)?

A former employee knowledgeable of the IAA who resigned three years earlier from the organization.

A competent employee of an independent external organization that provides co-sourcing services to the IAA.

An employee in an affiliated organization who has never worked directly with the IAA.

An employee in the parent organization who has not had any previous contact with the IAA.

NO.124 Which of the following is an activity that an internal auditor must not perform?

Establish and provide continuing assurance on an anti-money laundering program for new hires.

Survey employees for their understanding of anti-money laundering practices.

Provide assurance for the effectiveness of anti-money laundering training.

Assess the risk of being fined for ineffective anti-money laundering practices.

NO.125 An organization’s chief audit executive (CAE) determines that the internal audit staff does not have the requisite skills to conduct an audit of the financial derivatives area. Which of the following would be the best course of action for the CAE to follow?

Outsource the audit engagement to a qualified external auditing firm without burdening the audit committee with the decision.

Determine the requisite knowledge needed, and obtain the proper training for auditors, even if the training will significantly push back the project’s timeframe as outlined by the audit committee.

Notify the audit committee of the problem, and assign the most competent auditors on staff to perform the audit engagement.

Employ the skills of a financial derivatives expert to consult on the project, and supplement the consulting with a local seminar on financial derivatives.

NO.126 Which of the following offers the best evidence that the internal audit activity has achieved organizational independence?

An independent third party has assessed the organization’s system of internal controls to be adequate and effective.

The chief audit executive reports both functionally and administratively to the CEO.

The internal audit charter is drafted properly and approved by the appropriate parties.

The mission statement and strategy of the internal audit activity demonstrates alignment to organizational objectives.

NO.127 What is the primary benefit to the internal audit activity for undertaking an internal quality assessment?

To help the internal audit activity complete its annual assurance plan.

To identify inefficiencies within the internal audit team.

To help improve the overall quality of the internal audit activity’s work.

To identify key risks and areas of concern within the organization.

NO.128 When developing the organization’s first risk universe, which of the following would the chief audit executive be least likely to consider?

The amount of risk that an organization is willing to seek or accept.

The extent and degree of interdependency for identified key risks.

The boundaries established to manage the amount of risk taken.

The exposure to risks following management’s risk responses.

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Verified IIA-CRMA dumps Q&As 100% Pass in First Attempt Guaranteed Updated Dump from PremiumVCEDump [Q104-Q128]

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