(2023) PASS IIA-CRMA exam with IIA IIA-CRMA Real Exam Questions
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Valuable information about the IIA-CRMA Exam
The IIA-CRMA certification exam consists of 125 multiple choice questions and must be completed within three hours. The exam is administered by Pearson VUE, a leading provider of computer-based testing services. The exam is available in multiple languages and can be taken at any Pearson VUE testing center around the world.
NEW QUESTION # 123
A snow removal company is conducting a scenario planning exercise where participating employees consider the potential impacts of a significant reduction in annua snowfall for the coming winter. Which of the following best describes this type of risk?
- A. Inherent.
- B. Net.
- C. Accepted.
- D. Residual.
Answer: A
NEW QUESTION # 124
Which of the following is the most effective strategy to manage the risk of foreign exchange losses due to sales to foreign customers?
- A. Insist that customers only pay in a stable currency.
- B. Hire a risk consultant.
- C. Maintain a large foreign currency balance.
- D. Implement a hedging strategy.
Answer: D
NEW QUESTION # 125
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.
- A. 2. 3. 4. and 5 only.
- B. 4 and 5 only.
- C. 1.2, and 3 only.
- D. 1.2. 4. and 5 only.
Answer: D
NEW QUESTION # 126
An internal auditor is evaluating techniques management uses to mitigate risks within a particular product division. Which of the following is an example of risk reduction?
- A. Management sells the product division to a competitor.
- B. Management allows the product division to remain unchanged.
- C. Management outsources the product division to a third party.
- D. Management modifies the product division to minimize errors.
Answer: D
NEW QUESTION # 127
Which of the following is most likely to be considered a control weakness?
- A. Vendor invoice payment requests are accompanied by a purchase order and receiving report.
- B. Buyers promptly update the official vendor listing as new supplier sources become known.
- C. Purchase orders are typed by the purchasing department using prenumbered forms.
- D. Department managers initiate purchase requests that must be approved by the plant superintendent.
Answer: B
NEW QUESTION # 128
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. 2 and 3.
- B. 3 and 4.
- C. 1 and 3.
- D. 1 and 2.
Answer: A
NEW QUESTION # 129
Which of the following best ensures an internal audit activity has the ability to render impartial and unbiased assessments?
- A. Organizational knowledge and skills.
- B. Supervision of the chief audit executive (CAE) by senior management.
- C. Organizational status and objectivity.
- D. CAE certification.
Answer: C
NEW QUESTION # 130
Which of the following is an example of a management control technique?
- A. The board of directors.
- B. A budget.
- C. A risk assessment.
- D. The control environment.
Answer: B
NEW QUESTION # 131
Which of the following situations is most likely to impair internal audit objectivity?
- A. An internal auditor reports both functionally and administratively to the chief financial officer (CFO).
- B. According to policy, the internal auditor must obtain approval from the CFO prior to requesting information for internal audit purposes.
- C. An internal auditor performs an audit in a department that is led by the auditor's close friend.
- D. An internal auditor, who was an accounts receivable intern for the organization three years prior, performs an audit of the accounts receivable cycle.
Answer: C
NEW QUESTION # 132
Which of the following statements best explains why internal auditors map processes?
1. To obtain audit evidence to support auditor's observations.
2. To determine scope and objectives of the audit.
3. To facilitate the identification of ownership and responsibility for key risks.
4. To identify potential efficiency improvements.
- A. 1 and 3.
- B. 2 and 4.
- C. 1 and 2.
- D. 3 and 4.
Answer: D
NEW QUESTION # 133
According to IIA guidance, which of the following statements describes one of the similarities between assurance and consulting services?
- A. When planning assurance and consulting engagements, internal auditors must consider the strategies and objectives of the activity being reviewed.
- 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. Internal auditors determine the engagement objectives, scope, and work program for both assurance and consulting services.
Answer: A
NEW QUESTION # 134
A large trucking organization wants to reduce traffic accidents by improving its system of internal controls.
Which of the following controls is correctly classified?
1. Review of speeding violations to identify repetitive locations and drivers is an example of a preventive control.
2. Defensive driver training is an example of a directive control.
3. The installation of tracking devices in delivery vehicles is an example of a corrective control.
4. Providing a vehicle driver handbook is an example of a detective control.
- A. 1 and 2.
- B. 3 and 4.
- C. 1 and 4.
- D. 2 and 3.
Answer: A
NEW QUESTION # 135
Which of the following is an example of a detective control?
- A. Automatic shut-off valve.
- B. Confirmation with suppliers and vendors.
- C. Safety instructions.
- D. Auto-correct software functionality.
Answer: B
NEW QUESTION # 136
Which of the following is the most common method of fraud detection?
- A. Analytical reviews of high-risk areas.
- B. Unannounced audits or reviews of programs or departments.
- C. Tips received from employees or citizens.
- D. Detective controls built into the daily processes.
Answer: C
NEW QUESTION # 137
Which of the following is an activity that an internal auditor must not perform?
- A. Provide assurance for the effectiveness of anti-money laundering training.
- B. Survey employees for their understanding of anti-money laundering practices.
- C. Assess the risk of being fined for ineffective anti-money laundering practices.
- D. Establish and provide continuing assurance on an anti-money laundering program for new hires.
Answer: D
NEW QUESTION # 138
An internal auditor uses a predefined macro provided in a popular spreadsheet application to verify the present value of the organization's investments. Which of the following is the most appropriate course of action regarding the auditor's use of this functionality?
- A. The auditor should accept the calculations generated by the function, as any further work or documentation would be inefficient.
- B. The auditor should review the programming of the macro before its use to ensure that it is appropriate for the required calculations.
- C. The auditor should tabulate the results in the spreadsheet to ensure the macro has generated the correct results for all calculations.
- D. The auditor should perform a manual recalculation of several results to validate and document the results.
Answer: D
NEW QUESTION # 139
During an audit engagement, the internal auditor discussed a risk mitigation recommendation with the manager of the area under review. The manager disagreed with the risk assessment and recommendation. The two failed to come up with an alternative solution, and the auditor decided to proceed with including the original recommendation in the engagement report. Which of the following is especially important in dealing with this type of situation?
- A. Confidentiality and independence.
- B. Soft skills in communication, negotiation, and collaboration.
- C. Technical skills in the area under review.
- D. Professional qualifications and certification in internal auditing.
Answer: B
NEW QUESTION # 140
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. 1 and 2 only
- B. 2, 3, and 4 only
- C. 1, 3, and 4 only
- D. 3 and 4 only
Answer: B
NEW QUESTION # 141
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