[Aug-2023 Newly Released] IIA-CRMA Dumps for CRMA Certification Certified
Updated Verified IIA-CRMA dumps Q&As - 100% Pass
NEW QUESTION # 90
Which of the following best explains why integrity is a necessary personal quality for internal auditors at all levels?
- A. Internal auditor integrity enables the internal auditor to avoid being challenged by any party in the organization.
- B. Internal auditor integrity enables stakeholders to constantly question the work of the internal audit activity.
- C. Internal auditor integrity enables users of internal auditors' work to make important business decisions.
- D. Internal auditor integrity enables the internal audit activity to be able to demonstrate independence.
Answer: C
NEW QUESTION # 91
Which of the following audit procedures would provide the most relevant information to identify discrepancies between budgeted versus actual raw material consumption in a production facility?
- A. Document verification.
- B. Observation.
- C. Inquiry.
- D. Analytical review.
Answer: D
NEW QUESTION # 92
A former line supervisor from the Financial Services Department has completed six months of a two-year development opportunity with the internal audit activity (IAA). She is assigned to a team that will audit the organization's payroll function, which is managed by the Human Resources Department. Which of the following statements is most relevant regarding her independence and objectivity with respect to the payroll audit?
- A. She may participate, but only after she has completed one year with the IAA.
- B. She may participate, but she must be supervised by the auditor in charge.
- C. She may participate, because she did not previously work in the Human Resources Department.
- D. She may participate for training purposes, to build her knowledge of the IAA.
Answer: C
NEW QUESTION # 93
An internal audit charter should do which of the following?
- A. Establish the size of the internal audit activity.
- B. Define the scope of internal audit activities.
- C. Outline the schedule of future audits.
- D. Communicate the internal audit activity's goals.
Answer: B
NEW QUESTION # 94
A government agency maintains a system of internal control, according to the COSO model, and has made a change to its employee performance reviews and rewards program. This change relates to which of the following components of COSO's internal control framework?
- A. Control environment.
- B. Information and communication.
- C. Monitoring activities.
- D. Control activities.
Answer: A
NEW QUESTION # 95
According to IIA guidance, which of the following statements describes one of the similarities between assurance and consulting services?
- A. Internal auditors determine the engagement objectives, scope, and work program for both assurance and consulting services.
- B. Internal auditors must not provide assurance or consulting services for an activity for which they had responsibility within the previous year.
- C. Both assurance and consulting services generally involve the internal auditor, the area under review, senior management, and the board.
- D. When planning assurance and consulting engagements, internal auditors must consider the strategies and objectives of the activity being reviewed.
Answer: D
NEW QUESTION # 96
A chief audit executive (CAE) is selecting an internal audit team to perform an audit engagement that requires a high level of knowledge in the areas of finance, investment portfolio management, and taxation. If neither the CAE nor the existing internal audit staff possess the required knowledge, which of the following actions should the CAE take?
- A. Ask the audit committee to decide the course of action.
- B. Select the most experienced auditors in the department to perform the engagement.
- C. Postpone the audit until the CAE hires internal audit staff with the required knowledge.
- D. Hire consultants who possess the required knowledge to perform the engagement.
Answer: D
NEW QUESTION # 97
An assurance mapping exercise helps an organization do which of the following?
1. Provide assurance to stakeholders that risks are managed and reported, and regulatory and legal obligations are met.
2. Fulfill best practices in the industry.
3. Identify and address any gaps in the risk management process.
4. Identify fraud.
- A. 3 and 4.
- B. 2 and 3.
- C. 1 and 3.
- D. 1 and 4.
Answer: C
NEW QUESTION # 98
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. 1 and 4
- B. 1, 2, and 3
- C. 2 and 3 only
- D. 2, 3, and 4
Answer: D
NEW QUESTION # 99
An internal audit activity (IAA) provided assurance services for an activity it was responsible for during the preceding year.
As a result, which IIA Code of Ethics principle is presumed to be impaired?
- A. Independence.
- B. Objectivity.
- C. Flexibility.
- D. Competence.
Answer: B
NEW QUESTION # 100
Which of the following is the most common method of fraud detection?
- A. Analytical reviews of high-risk areas.
- B. Detective controls built into the daily processes.
- C. Tips received from employees or citizens.
- D. Unannounced audits or reviews of programs or departments.
Answer: C
NEW QUESTION # 101
According to IIA guidance, which of the following objectives of an assurance engagement for the organization's risk management process is valid?
- A. The board is appropriately addressing intolerable risks.
- B. All controls are both adequate and efficient.
- C. Risks have been accurately analyzed and evaluated.
- D. All risks have been identified and mitigated.
Answer: C
NEW QUESTION # 102
Which segregation of duties would best reduce the risk of payroll fraud?
- A. Human resources personnel add employees, and payroll personnel process hours and enter employee bank account numbers. Paychecks are automatically deposited in the employee's bank account.
- B. Human resources personnel add employees, review and submit payroll hours to the payroll department for processing, and deliver paychecks to employees.
- C. Human resources personnel add employees, payroll personnel process hours, and human resources personnel deliver paychecks to employees.
- D. Human resources personnel add employees and enter employee bank information. Payroll personnel process hours, and paychecks are automatically deposited in the employee's bank account.
Answer: A
NEW QUESTION # 103
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. Interviews.
- C. Observation.
- D. Workshops.
Answer: A
NEW QUESTION # 104
According to COSO, which of the following describes a principle related to the control environment?
- A. The organization establishes appropriate authorities and responsibilities in the pursuit of objectives.
- B. The organization identifies and assesses changes that could significantly impact the system of internal control.
- C. The organization performs evaluations to ascertain whether internal control components are present and functioning.
- D. The organization selects and develops control activities that contribute to the mitigation of risks.
Answer: A
NEW QUESTION # 105
According to the IIA guidance, who is responsible for periodically assessing the internal audit activity?
- A. Senior management.
- B. The chief audit executive.
- C. The external auditors.
- D. The board.
Answer: B
NEW QUESTION # 106
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?
- A. Graph A only
- B. Neither A nor B.
- C. Graph B only
- D. Both A and B.
Answer: D
NEW QUESTION # 107
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. 1,2, 3, and 4.
- B. 2, 3, and 4 only.
- C. 3 and 4 only.
- D. 1 and 4 only.
Answer: C
NEW QUESTION # 108
An internal auditor notes that employees are able to download files from the internet. According to IIA guidance, which of the following strategies would best protect the organization from the risk of copyright infringement and licensing violations resulting from this practice?
- A. Apply antivirus and patch management software.
- B. Utilize secure socket layer encryption.
- C. Utilize dedicated and encrypted network connections.
- D. Install a software inventory management application.
Answer: D
NEW QUESTION # 109
According to IIA guidance, which of the following is the best example of a system application control?
- A. A program change management control.
- B. An input control over data integrity.
- C. A system development life cycle control.
- D. A physical security control over a data center.
Answer: B
NEW QUESTION # 110
An organization is facing a financial downturn and needs to impose major budget reductions to all departments. According to MA guidance, which of the following actions is most appropriate for the board to take to evaluate the potential impact on the internal audit activity?
- A. Ask management to determine which internal audit engagements are lower risk and could be considered for removal from the annual audit plan.
- B. Ask appropriate stakeholders for their opinion on the potential impacts of reducing the scope of the internal audit plan.
- C. Ask The human resources department to determine how the annual compensation and salary of the audit staff could be adjusted to achieve savings.
- D. Ask the chief audit executive to determine whether budgetary limitations impede the ability of the internal audit activity to execute its responsibilities.
Answer: D
NEW QUESTION # 111
Which of the following would be considered a preventive control?
- A. A password lock on a server.
- B. A library control log.
- C. A software scan of financial records for irregularities.
- D. A review of exception reports.
Answer: A
NEW QUESTION # 112
Which of the following conditions is the most likely indicator of fraud?
- A. A manager regularly assumes subordinates' duties.
- B. Departmental reports are consistently issued in an untimely manner.
- C. Lower earnings occur during the industry's down cycle.
- D. Commissions are paid based on verified increases to sales.
Answer: A
NEW QUESTION # 113
An internal auditor is reviewing the accounts receivable when she discovers account balances more than three years old. The auditor was previously supervising the area during this time, and she subsequently advises the chief audit executive (CAE) of a potential conflict.
Which of the following is the most appropriate course of action for the CAE to take?
- A. Withdraw the audit team and outsource the financial audit of the division.
- B. Replace the auditor with another audit staff member.
- C. Continue with the present auditor, as more than one year has passed.
- D. Work with the division's management to resolve the situation.
Answer: B
NEW QUESTION # 114
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.
- A. 2, 3, and 4 only
- B. 3 and 4 only
- C. 1 and 2 only
- D. 1, 3, and 4 only
Answer: A
NEW QUESTION # 115
......
IIA-CRMA exam covers a range of topics related to risk management and assurance, including risk assessment, risk evaluation, risk response, risk monitoring, and control activities. IIA-CRMA exam is designed to test a candidate's knowledge of these topics and their ability to apply them in real-world scenarios. The IIA-CRMA certification exam consists of 100 multiple-choice questions that must be completed within a 2.5-hour time frame. Candidates must achieve a passing score of 600 or higher to earn the certification. Overall, the IIA-CRMA certification is an excellent way for professionals to demonstrate their expertise in risk management and assurance and advance their careers in this field.
Latest IIA-CRMA Exam Dumps IIA Exam from Training: https://www.pass4leader.com/IIA/IIA-CRMA-exam.html
New 2023 Latest Questions IIA-CRMA Dumps - Use Updated IIA Exam: https://drive.google.com/open?id=1tt7utiN-KdFsoHVsw2aeuaLc53ajGyYq