[Oct-2023] CRMA Certification IIA-CRMA Exam Practice Dumps
2023 IIA-CRMA Premium Files Test pdf - Free Dumps Collection
IIA-CRMA (Certification in Risk Management Assurance) exam is a certification exam offered by the Institute of Internal Auditors (IIA). IIA-CRMA exam is designed to test the skills and knowledge of individuals who are involved in risk management, assurance, and governance. The IIA-CRMA certification is recognized globally and is a valuable credential for individuals who want to advance in their careers in risk management.
NEW QUESTION # 117
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, 2, and 3
- B. 2, 3, and 4
- C. 2 and 3 only
- D. 1 and 4
Answer: B
NEW QUESTION # 118
According to the COSO enterprise risk management (ERM) framework, which of the following is not part of the new paradigm in ERM?
- A. Enhancing risk response decisions.
- B. Aligning risk appetite and strategy.
- C. Assessing the risk factors.
- D. Reducing operational surprises and losses.
Answer: C
NEW QUESTION # 119
Internal auditors must exercise due professional care by considering which of the following?
1. Cost of assurance in relation to potential benefits.
2. Adequacy and effectiveness of governance, risk management, and control processes.
3. Management's competency level in the area being evaluated.
4. Probability of significant errors, fraud, or noncompliance.
- A. 1 and 2 only
- B. 1, 2, and 3 only
- C. 1, 2, and 4 only
- D. 2, 3, and 4 only
Answer: C
NEW QUESTION # 120
An internal auditor finds during an engagement that payment for the organization's general insurance policy is two months overdue. The issue is informally mentioned to the finance department which immediately submits the invoice for payment. The auditor decides to exclude this finding from the final audit report as the oversight was immediately corrected and there were no consequences because of this late payment.
Which of the following rules of conduct as described in the IIA Code of Ethics, did the auditor fail to uphold?
- A. Objectivity.
- B. Confidentiality.
- C. Competency.
- D. Integrity.
Answer: A
NEW QUESTION # 121
Which of the following is the most common way that occupational fraud is detected?
- A. Key controls.
- B. Internal audits.
- C. External audits.
- D. Whistleblower hotline.
Answer: D
NEW QUESTION # 122
Which of the following is an example of collusion?
- A. A vendor inflates the price of an item and remits a portion of the excess to the purchasing manager.
- B. An employee works with the IT manager to develop a program for identifying duplicate invoice payments.
- C. An employee includes a faked receipt in his expense claim, and the claim is signed by the employee's manager.
- D. A vendor sends a duplicate invoice with a new invoice number, and the accounts payable system fails to detect the duplication.
Answer: A
NEW QUESTION # 123
Which of the following is an example of a detective control?
- A. Safety instructions.
- B. Confirmation with suppliers and vendors.
- C. Auto-correct software functionality.
- D. Automatic shut-off valve.
Answer: B
NEW QUESTION # 124
During an internal audit, an organization's processing department is found to have incidences of both duplicate invoices and notices from customers that purchased goods were not received. The department under review insists that some of these reports are false and that others were isolated oversights due to understaffing.
Which of the following tests would best help the internal auditor detect fraudulent activity?
- A. Compare vendor summaries.
- B. Review raw material purchase quantities.
- C. Search for gaps in check numbers.
- D. Check inventory levels.
Answer: D
NEW QUESTION # 125
During the course of an audit, an internal auditor discovers that a valuable employee in the research department has been patenting new developments in the employee's name that are unrelated to the basic business of the organization.
The organization does not have a policy addressing this specific issue, but does have a general policy that all important new discoveries by employees are the property of the organization.
Division management views the employee's actions as extra incentive to retain the employee.
A decision to include the employee's action in the engagement final communication would be:
1. A violation of the IIA Code of Ethics.
2. A violation of the reporting requirements in the Standards.
3. Justified and necessary, according to the IIA Code of Ethics and Standards.
- A. 1 and 2 only
- B. 2 only
- C. 3 only
- D. 1 only
Answer: C
NEW QUESTION # 126
What is the purpose of a secondary control?
- A. lt combines with other controls to help reduce significant risk exposures to an acceptable level.
- B. It partially reduces the residual risk level when a key control does not operate effectively.
- C. It helps to ensure the completeness and accuracy of automated controls in a system environment.
- D. It replaces primary controls that are either ineffective or cannot fully mitigate a risk.
Answer: A
NEW QUESTION # 127
A new chief audit executive (CAE) of a large internal audit activity (IAA) is dissatisfied with the current amount and quality of training being provided to the staff and wishes to implement improvements. According to IIA guidance, which of the following actions would best help the CAE reach this objective?
- A. Assign one experienced manager to better coordinate staff training and development activities.
- B. Require that all staff obtain a minimum of two relevant audit certifications.
- C. Engage a consultant to benchmark the IAA's training program against its peers.
- D. Perform a gap analysis of the IAA's existing knowledge, skills and competencies.
Answer: D
NEW QUESTION # 128
The audit committee is concerned that the small size of the internal audit activity (IAA) makes it impractical to achieve full conformance with the Standards. To address this concern, which of the following actions is most appropriate for the CAE to take?
- A. The CAE should request the audit committee to review the Standards to identify specifically which are creating the greatest concern.
- B. The CAE should seek sufficient funding to increase audit resources to meet the minimum requirements of the Standards.
- C. The CAE should explain that conformance with the Standards is essential and not dependent upon the size of the IAA.
- D. The CAE should agree with the audit committee and implement only those standards appropriate to the size of the IAA.
Answer: C
NEW QUESTION # 129
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 4.
- B. 2 and 3.
- C. 3 and 4.
- D. 1 and 2.
Answer: D
NEW QUESTION # 130
A medical insurance provider uses an electronic claims-submission process and suspects that a number of physicians have submitted claims for treatments that were not performed. Which of the following control procedures would be most effective to detect this type of fraud?
- A. Require the physician to submit a signed statement attesting that the treatments had been performed.
- B. Use computer software to identify abnormal claims based on the insured's age and medical history.
- C. Develop an integrated test facility and submit false claims to verify that the system is detecting such claims on a consistent basis.
- D. Send confirmations to the physicians, requesting them to verify the exact nature of the claims submitted to the insurance provider.
Answer: B
NEW QUESTION # 131
Which of the following control activities is the most effective to ensure users' levels of access are appropriate for their current roles?
- A. System administrator rights are assigned to one user in each department who can update user access of terminated or transferred employees immediately.
- B. The human resources department generates a monthly list of terminated and transferred employees and requests IT to update the user access as required.
- C. Department managers are required to perform periodic user access reviews of relevant systems and applications.
- D. Standardized user access profiles are developed and the appropriate access profiles are automatically assigned to new or transferred employees.
Answer: C
NEW QUESTION # 132
Which of the following is the primary engagement responsibility of an entry-level internal auditor?
- A. Reporting.
- B. Analysis.
- C. Documentation.
- D. Leadership.
Answer: B
NEW QUESTION # 133
While reviewing first quarter sales transactions, an internal auditor discovered that 10 invoices for a new customer had not been posted into the accounts receivable subsidiary ledger. Those 10 invoices were listed in an error report automatically generated by the sales processing system. The system had rejected the invoices because the customer's account number was not found in the customer master file. In this scenario, which of the following controls was lacking?
- A. Directive control.
- B. Detective control.
- C. Preventive control.
- D. Corrective control.
Answer: D
NEW QUESTION # 134
Suspecting fraud, the chief financial officer (CFO) asked the internal audit activity to investigate a significant increase in travel related expenditures. Work was performed by a qualified internal auditor. Following the completion of the engagement, the chief audit executive (CAE) reported to the CFO that no violations were found and no fraud had occurred.
According to the Standards, which of the following principles did the CAE violate?
- A. Individual objectivity.
- B. Organizational independence.
- C. Due professional care.
- D. Proficiency.
Answer: C
NEW QUESTION # 135
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IIA-CRMA certification exam consists of 100 multiple-choice questions that must be completed within two and a half hours. IIA-CRMA exam covers four domains, including risk governance, risk management processes, assurance engagement, and risk management skills and techniques. IIA-CRMA exam assesses the candidate's ability to identify and evaluate risks, develop risk management strategies, and provide assurance on the effectiveness of risk management processes. Certification in Risk Management Assurance (CRMA) Exam certification is globally recognized and provides professionals with the credentials and knowledge to enhance their career prospects in the field of risk management.
The CRMA certification is recognized globally and is highly valued by employers. Individuals who hold this certification are in high demand and are able to command higher salaries than those without the certification. Furthermore, the CRMA certification is recognized by the Global Institute of Internal Auditors, which ensures that individuals who hold the certification are held to the highest standards of professionalism and ethics.
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