[Q53-Q71] Best Quality IIA IIA-CRMA Exam Questions Free4Dump Realistic Practice Exams [2024]

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Best Quality IIA IIA-CRMA Exam Questions Free4Dump Realistic Practice Exams [2024]

Critical Information To Certification in Risk Management Assurance (CRMA) Exam Pass the First Time

The Institute of Internal Auditors (IIA) is an international professional organization dedicated to the advancement and support of internal auditing. One of the IIA’s key offerings is the Certification in Risk Management Assurance (CRMA). The CRMA is a globally recognized certification program designed for internal auditors who specialize in risk management assurance. It is an excellent way for professionals to demonstrate their expertise in this critical area of internal audit.

NEW QUESTION 53
According to IIA guidance, which of the following statements is false regarding continuing professional education for the internal audit activity (IAA)?

Continuing professional education can be obtained through IAA involvement in research projects.

Employers are responsible for ensuring that the continuing professional education needs of the IAA are met.

Completion of self-study courses fulfills IAA continuing professional education requirements.

Specialized education that meets unique organizational needs cannot qualify as IAA professional development.

NEW QUESTION 54
Which of the following is an example of a risk management avoidance response?

Exiting a marketplace.

Recalling a product.

Obtaining product insurance.

Outsourcing production.

NEW QUESTION 55
Click the Exhibit.

Internal auditors are asked to keep track of how many hours per day they spend planning the audit, conducting the engagement, and writing the audit report. The data for two days has been collected as follows:
Day 1
Day 2
Planning the audit
2 hours
3 hours
Conducting the engagement
1 hour
1 hour
Writing the audit report
2 hours
4 hours
Which of the following graphs depicts the data accurately?

Graph A only

Graph B only

Both A and B.

Neither A nor B.

NEW QUESTION 56
According to the COSO internal control framework, which of the following best describes the use of continuous auditing programs by the internal audit activity?

Control environment.

Control activities.

Risk assessment.

Monitoring.

NEW QUESTION 57
The management at a national consumer goods organization implements a fair work and pay practice as well as a policy to treat employees equitably and consistently. Which common characteristics of fraud will the practice and policy most likely reduce?

Pressure or incentive.

Opportunity.

Rationalization.

Commitment.

NEW QUESTION 58
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.

NEW QUESTION 59
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.

NEW QUESTION 60
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.

NEW QUESTION 61
A headquarters-based internal auditor has been sent to a major overseas subsidiary to conduct various engagements. Initially, the internal auditor spends time to become familiar with local customs and organization’s practices while embarking on the first engagement. Which of the following competencies does the internal auditor exercise?

Communication.

Persuasion and collaboration.

Business acumen.

Governance, risk, and control.

NEW QUESTION 62
Which of the following statements is true with regard to conducting an effective quality assurance and improvement program?

The IIA’s Quality Assessment Manual for the Internal Audit Activity must be used as the basis for periodic assessments.

Members of the internal audit activity are not permitted to perform quality assessments, as they would not be independent.

Periodic internal assessments provide the most current and independent recommendations for improvement.

The conclusions of periodic internal assessments are intended to assist in achieving conformity to the Standards.

NEW QUESTION 63
Which the following activities should be performed by the internal audit activity to facilitate an effective relationship with the audit committee?
1. Periodically report about the accounting standards followed by the organization.
2. Provide assurance to the audit committee that its charter, activities, and processes are appropriate.
3. Ensure that the role and activities of the internal audit activity are clearly understood and responsive to the needs of the audit committee.
4. Maintain open and effective communications with the audit committee.

1 and 2 only

3 and 4 only

1, 3, and 4 only

2, 3, and 4 only

NEW QUESTION 64
Which of the following situations is most likely to impair internal audit objectivity?

An internal auditor reports both functionally and administratively to the chief financial officer (CFO).

An internal auditor, who was an accounts receivable intern for the organization three years prior, performs an audit of the accounts receivable cycle.

According to policy, the internal auditor must obtain approval from the CFO prior to requesting information for internal audit purposes.

An internal auditor performs an audit in a department that is led by the auditor’s close friend.

NEW QUESTION 65
Which of the following controls is not appropriate for sales in a manufacturing organization?

Customers’ orders are recorded promptly.

Goods shipped are matched with valid customer orders.

Goods returned are inspected for damage by the receiving department for proper disposition.

Sales department approval is required for credit sales transactions.

NEW QUESTION 66
According to IIA guidance, which of the following statements is true when an internal auditor performs consulting services that improve an organization’s operations?

The services must be aligned with those defined in the internal audit charter.

The services must not be performed by the same internal auditor who performed assurance services, in order to maintain objectivity.

The services may preclude assurance services from the consulting engagement.

The services impose no responsibility to communicate information other than to the engagement client.

NEW QUESTION 67
According to the International Professional Practices Framework, which of the following are allowable activities for an internal auditor?
1. Advocating the establishment of a risk management function.
2. Identifying and evaluating significant risk exposures during audit engagements.
3. Developing a risk response for the organization if there is no chief risk officer.
4. Benchmarking risk management activities with other organizations.
5. Documenting risk mitigation strategies and techniques.

4 and 5 only.

1.2, and 3 only.

1.2. 4. and 5 only.

2. 3. 4. and 5 only.

NEW QUESTION 68
Which of the following professional development approaches would offer internal auditors the most opportunities to broaden their engagement experiences?

Assign more experienced internal auditors to mentor the less experienced auditors.

Send internal auditors to external trainings in advanced internal audit topics.

Appraise internal auditors’ performance and competencies at least annually and issue constructive feedback.

Rotate internal auditors among different engagement assignments.

NEW QUESTION 69
Which of the following would most likely be considered a red flag for fraud?

An organization lacks a whistleblower hotline for reporting suspicious activity.

A senior manager has been delegating the authority to sign-off on small dollar amount purchases to a subordinate.

An employee in charge of payroll disbursements has rotated these duties with several colleagues.

An employee with significant personal debt is in charge of handling large wire transfers for the organization.

NEW QUESTION 70
With regard To IT governance, which of the following is the most effective and appropriate role for the internal audit activity?

Independently evaluate the skills and experience of potential chief information officer candidates to assess the best fit based on the organization’s risk appetite.

Evaluate the organization’s governance standards and assess IT-related activities to identify gaps and develop policies, ensuring alignment with the organization’s risk appetite.

Assist management in interpreting complex IT-related privacy and security risk exposures and evaluating potential mitigation strategies.

Assess whether governance activities are aligned with the organization’s risk appetite and take into consideration emerging risks.

NEW QUESTION 71
A new internal audit activity is creating its first charter. According to IIA guidance, which of the following objectives would be appropriate for inclusion in the charter?

Continuously monitor the organization’s overall risk activities in relation to its risk appetite.

Evaluate the adequacy and effectiveness of the organization’s governance activities.

Oversee the establishment and administration of an effective risk management program.

Assist management in implementing recommended control improvements.

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IIA-CRMA (Certification in Risk Management Assurance) Certification Exam is a globally recognized certification program that tests candidates on their understanding of risk management principles and practices. Certification in Risk Management Assurance (CRMA) Exam certification is designed for internal auditors, risk management professionals, and other professionals who are responsible for identifying, assessing, and managing risks within their organizations. IIA-CRMA exam covers topics such as risk assessment, risk management, governance, and internal controls.

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