IIA IIA-CRMA-ADV Certification in Risk Management Assurance Online Training
IIA IIA-CRMA-ADV Online Training
The questions for IIA-CRMA-ADV were last updated at Nov 22,2024.
- Exam Code: IIA-CRMA-ADV
- Exam Name: Certification in Risk Management Assurance
- Certification Provider: IIA
- Latest update: Nov 22,2024
A staff auditor, nearly finished with an audit engagement, discovers that the director of marketing has a gambling habit. The gambling issue is not directly related to the existing engagement, and there is pressure to complete the current engagement. The auditor notes the problem and forwards the information to the chief audit executive, but performs no further follow-up.
Which of the following statements is true about the auditor’s actions?
- A . They are in violation of the IIA Code of Ethics because the auditor withheld meaningful information.
- B . They are in violation of the Standards because the auditor did not properly follow up on a red flag that might indicate the existence of fraud.
- C . They are in violation of neither the IIA Code of Ethics nor the Standards.
- D . They are not in violation of the Standards but are in violation of the IIA Code of Ethics.
Which of the following is a preventive control?
- A . Creating an audit trail.
- B . Placing controls on physical access to inventory.
- C . Reconciling purchase orders with approvals.
- D . Reviewing expense accounts for irregularities.
A candidate has applied for an entry level internal audit position. The candidate holds a CISA (Certified Information Systems Auditor) designation, and has six months of audit experience, but limited knowledge of accounting principles and techniques. According to the IIA guidance, which of the following is the most relevant reason for the chief audit
executive to consider this candidate?
- A . Other internal auditors possess sufficient knowledge of accounting principles and techniques.
- B . The candidate’s information systems knowledge and real-world experience in internal auditing.
- C . Accounting skills can be learned over time with appropriate training.
- D . An entry level position does not require expertise in any particular area.
The results of an internal audit activity’s (IAA) quality assurance and improvement program are favorable and an external assessment was completed within the last five years.
Which of the following statements may the IAA use to describe its work?
- A . "Completed with the advance certification of the External Assessors Association for Auditing Review."
- B . "Conforms with the International Standards for the Professional Practice of Internal Auditing."
- C . "Certified 100% accuracy, per the International Standards of External Assessment."
- D . "Compliant with all domestic and international legal statutes, and certified quality assured for ten years."
An organization has implemented a new automated payroll system that contains a table of pay rates that are matched to employee job classifications.
Which control should an internal auditor suggest in order to ensure that the table is updated correctly, and is used only for valid pay changes?
- A . Restrict data-table access from management and line supervisors who have the authority to determine pay rates.
- B . Require a supervisor in the department, who has the ability to change the table, to compare the changes to a signed management authorization.
- C . Ensure that adequate edit and reasonableness checks are built into the automated
system. - D . Require a manager, who is independent of the system and who cannot change the table, to authorize and sign-off on any employee pay changes.
According to IIA guidance, which of the following statements regarding the internal audit charter is true?
- A . Senior management should approve the charter before it is submitted to the board.
- B . The charter should describe the purpose and authority of the internal audit activity, consistent with the Standards.
- C . The charter should define the consulting services that the internal audit activity is permitted to perform.
- D . The CEO periodically should assess whether the terms of the charter continue to be adequate.
A chief audit executive (CAE) learns that the brother-in-law of a senior auditor who audits the procurement process was hired as the head of the procurement department six months prior.
Which of the following is the most appropriate action for the CAE to take?
- A . The CAE should not interfere because there is no evidence that a conflict of interest has occurred.
- B . The CAE should remind the senior auditor of his obligation to be objective and impartial.
- C . The CAE should change the senior auditor’s assignment and take corrective action for the auditor’s failure to disclose the conflict of interest.
- D . The CAE should require the senior auditor to disclose the relationship in writing before continuing his responsibility for monitoring procurement.
According to IIA guidance, which of the following objectives of an assurance engagement for the organization’s risk management process is valid?
- A . All risks have been identified and mitigated.
- B . Risks have been accurately analyzed and evaluated.
- C . All controls are both adequate and efficient.
- D . The board is appropriately addressing intolerable risks.
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 . Check inventory levels.
- B . Search for gaps in check numbers.
- C . Compare vendor summaries.
- D . Review raw material purchase quantities.
An internal auditor for a large retail chain suspects that a store manager has been stealing money from cash sales by listing the sales as accounts receivable and then writing off the accounts as bad debts.
Which of the following irregularities is the most likely cause of the auditor’s suspicion?
- A . A much higher bad debt expense as a percentage of sales than that of previous years.
- B . A much higher bad debt expense as a percentage of sales than that of other stores.
- C . A much higher percentage of past-due accounts receivable than that of other stores.
- D . A much higher percentage of past-due accounts receivable than that of previous years.
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