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IIA-CRMA PDF Dumps Exam Questions – Valid IIA-CRMA Dumps
IIA-CRMA (Certification in Risk Management Assurance) is a certification exam offered by the Institute of Internal Auditors (IIA). Certification in Risk Management Assurance (CRMA) Exam certification is designed for individuals who want to demonstrate their knowledge and expertise in risk management assurance. The IIA-CRMA exam covers a wide range of topics related to risk management, including risk assessment, risk response, risk monitoring, and risk reporting.
The CRMA certification exam is a comprehensive exam that assesses an individual’s knowledge and skills in risk management assurance. IIA-CRMA exam is divided into four domains: Risk management governance, Risk management assurance, Risk management control, and Risk management consulting. IIA-CRMA exam consists of 100 multiple-choice questions and must be completed within two hours and thirty minutes. IIA-CRMA exam is available in both English and Spanish.
IIA-CRMA exam is a comprehensive exam that measures an individual's knowledge and expertise in risk management assurance. IIA-CRMA exam is composed of 100 multiple-choice questions that cover four domains: Risk Management Governance, Risk Assessment, Risk Response, and Risk Monitoring. IIA-CRMA exam can be taken in English, Spanish, or Portuguese, and candidates have four hours to complete it.
NEW QUESTION # 144
Which of the following is an activity that an internal auditor must not perform?
- A. Assess the risk of being fined for ineffective anti-money laundering practices.
- B. Survey employees for their understanding of anti-money laundering practices.
- C. Provide assurance for the effectiveness of anti-money laundering training.
- D. Establish and provide continuing assurance on an anti-money laundering program for new hires.
Answer: D
NEW QUESTION # 145
According to IIA guidance, which of the following should be formally documented in the internal audit charter?
- A. The nature of consulting services provided by the internal audit activity.
- B. The internal audit activity's responsibility for imposing risk management processes.
- C. The internal audit activity's responsibility for the organization's governance framework.
- D. The budgeting process for the internal audit activity.
Answer: A
NEW QUESTION # 146
During an account receivables audit, an internal auditor found a significant number of input errors resulting in a $500, 000 balance understatement.
Which of the following is the most important question the internal auditor should ask to develop an appropriate recommendation for this finding?
- A. Who?
- B. When?
- C. Why?
- D. How?
Answer: C
NEW QUESTION # 147
An internal audit charter, approved by the board, restricts the internal audit activity to providing assurance only on the reliability of financial information and the effectiveness of internal accounting controls. Which of the following statements is true regarding the extent to which the external auditor may rely on the internal audit activity's work?
- A. The external auditor may use the work, as the board has approved the charter, thus taking responsibility for any deficiencies.
- B. The external auditor may make full use of the work, as the audit charter is very specific as to the work the internal audit activity may undertake.
- C. The external auditor must disregard the work, as the scope of the charter may introduce bias and result in a lack of due professional care.
- D. The external auditor may use the work with caution, due to the internal audit activity's scope and responsibility restrictions.
Answer: D
NEW QUESTION # 148
Which of the following options is the most cost-effective and efficient way for internal auditors to keep current with the latest developments in the internal audit profession?
- A. Participating in on-the-job training in various departments of the organization.
- B. Pursuing as many professional certifications as possible.
- C. Maintaining membership in The HA and similar professional organizations and subscribing to relevant email updates or news feeds.
- D. Attending annual professional conferences and seminars.
Answer: C
NEW QUESTION # 149
Which of the following is an example of a detective control?
- A. Confirmation with suppliers and vendors.
- B. Auto-correct software functionality.
- C. Safety instructions.
- D. Automatic shut-off valve.
Answer: A
NEW QUESTION # 150
According to IIA guidance, which of the following must internal auditors consider to conform with the requirements for due professional care during a consulting engagement?
1. The cost of the engagement, as it pertains to audit time and expenses in relation to the potential benefits.
2. The needs and expectation of clients, including the nature, timing, and communication of engagement results.
3. The application of technology-based audit and other data analysis techniques, where appropriate.
4. The relative complexity and extent of work needed to achieve the engagement's objectives.
- A. 1, 2, and 3
- B. 1, 2, and 4
- C. 1, 3, and 4
- D. 2, 3, and 4
Answer: B
NEW QUESTION # 151
An IT contractor applied for an internal audit position at a bank. The contractor worked for the bank's IT security manager two years ago. If the audit manager interviewed the contractor and wants to extend a job offer, which of the following actions should the chief audit executive pursue?
- A. Not allow the audit manager to hire the contractor, as it would be a conflict of interest.
- B. Not allow the audit manager to hire the contractor and ask the individual to apply again in one year.
- C. Allow the audit manager to hire the contractor, but state that the individual is not allowed to work on IT security audits for one year.
- D. Allow the audit manager to hire the contractor and state that the individual is free to perform IT audits, including security.
Answer: D
NEW QUESTION # 152
Which of the following would provide the best evidence of errors in the quantities of items received from suppliers?
- A. Purchase requisitions and purchase orders.
- B. Warehouse receiving logs.
- C. Suppliers' reports of over shipments.
- D. Observation and inspection of inventory.
Answer: B
NEW QUESTION # 153
Allegations have been made that an organization's share price has been manipulated.
Which of the following would provide an internal auditor with the most objective evidence in this case?
- A. Large customers of the organization.
- B. Major shareholders of the organization.
- C. Former financial consultants.
- D. Former members of management.
Answer: C
NEW QUESTION # 154
According to IIA guidance, which of the following describes the primary reason to implement environmental and social safeguards within an organization?
- A. To achieve and maintain sustainable development.
- B. To facilitate the conduct of risk assessment.
- C. To enable Triple Bottom Line reporting capability.
- D. To fulfill regulatory and compliance requirements.
Answer: A
NEW QUESTION # 155
According to the COSO enterprise risk management (ERM) framework, which of the following is not part of the new paradigm in ERM?
- A. Aligning risk appetite and strategy.
- B. Assessing the risk factors.
- C. Enhancing risk response decisions.
- D. Reducing operational surprises and losses.
Answer: B
NEW QUESTION # 156
Why is a code of ethics for the internal audit profession necessary?
- A. It requires auditors to exhibit loyalty to their organizations.
- B. It provides auditors with protection from lawsuits.
- C. It guides internal auditors in their service to others.
- D. It ensures that all members of the profession possess the same level of competence.
Answer: C
NEW QUESTION # 157
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. Hire consultants who possess the required knowledge to perform the engagement.
- C. Select the most experienced auditors in the department to perform the engagement.
- D. Postpone the audit until the CAE hires internal audit staff with the required knowledge.
Answer: B
NEW QUESTION # 158
According to IIA guidance, which of the following statements is true regarding periodic internal assessments of the internal audit activity?
- A. Internal assessments are conducted to benchmark the internal audit activity's performance against industry best practices.
- B. Follow-up to ensure appropriate improvements are implemented is a recommended, but not mandatory, element of internal assessments.
- C. An internal auditor may perform a peer review of a colleague's workpapers, as long as the auditor wasn't involved in the audit under review.
- D. Internal assessments must be performed at least once every five years by a qualified assessor.
Answer: C
NEW QUESTION # 159
Which of the following is true regarding the use of a formal risk management framework?
1. It facilitates a methodical approach to risk mitigation.
2. It defines and standardizes the terminology used in risk communication.
3. It establishes the risk tolerance levels to be accommodated in the strategy.
4. It facilitates the alignment of risk mitigation strategies with management priorities.
- A. 1.3, and 4.
- B. 1.2, and 3.
- C. 2. 3, and 4.
- D. 1,2, and 4.
Answer: D
NEW QUESTION # 160
Which of the following would be considered a preventive control?
- A. A software scan of financial records for irregularities.
- B. A password lock on a server.
- C. A review of exception reports.
- D. A library control log.
Answer: B
NEW QUESTION # 161
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