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 26,2024.
- Exam Code: IIA-CRMA-ADV
- Exam Name: Certification in Risk Management Assurance
- Certification Provider: IIA
- Latest update: Nov 26,2024
An organization’s chief audit executive (CAE) determines that the internal audit staff does not have the requisite skills to conduct an audit of the financial derivatives area.
Which of the following would be the best course of action for the CAE to follow?
- A . Outsource the audit engagement to a qualified external auditing firm without burdening the audit committee with the decision.
- B . Determine the requisite knowledge needed, and obtain the proper training for auditors, even if the training will significantly push back the project’s timeframe as outlined by the audit committee.
- C . Notify the audit committee of the problem, and assign the most competent auditors on staff to perform the audit engagement.
- D . Employ the skills of a financial derivatives expert to consult on the project, and supplement the consulting with a local seminar on financial derivatives.
This chief audit executive (CAE) engaged an internal auditor to consult on an organization’s complex information technology system. Shortly after beginning the engagement, the auditor unexpectedly resigned. Unfortunately, this auditor was the only available auditor with the necessary expertise. The CAE will not be able to hire someone with similar expertise in time to meet a regulatory deadline.
Which of the following would be the best course of action for the CAE to take?
- A . Continue with the engagement in order to meet the regulatory deadline, but highlight areas in the final report that might need to be revised in the future.
- B . Ask that a senior member of the organization’s IT department with the required systems expertise join the audit team to assist in completing the engagement.
- C . Delay the engagement and inform the board of the situation, asking them to provide acceptable alternatives for completing the engagement.
- D . Remove the planned engagement from the audit plan and explain to senior management the problems with moving forward without an auditor with the necessary expertise.
While reviewing the workpapers of a new auditor, the auditor in charge discovered that additional audit procedures might be necessary.
According to IIA guidance, which of the following would be most relevant for the auditor in charge to consider when making this decision?
- A . Resource management.
- B . Coordination.
- C . Due professional care.
- D . Engagement supervision.
Which of the following would provide the best evidence of errors in the quantities of items received from suppliers?
- A . Suppliers’ reports of over shipments.
- B . Warehouse receiving logs.
- C . Purchase requisitions and purchase orders.
- D . Observation and inspection of inventory.
The internal audit supervisor is reviewing the workpapers prepared by the staff.
According to the Standards, which of the following statements regarding workpaper supervision is not true?
- A . Review notes of questions that arise during the review process must be retained.
- B . Dating and initialing each workpaper provides evidence of review.
- C . Workpaper review allows for staff training and development.
- D . Workpapers may be amended during the review process.
According to the Standards, which of the following best describes why initial audit test results should be reported to the auditor-in-charge prior to advising management?
- A . It increases the likelihood of obtaining the audit client’s agreement with the results.
- B . It ensures that an appropriate chain of evidence is maintained through the workpapers.
- C . It helps ensure that appropriate professional judgments and conclusions are made.
- D . It is required to demonstrate that effective engagement supervision has occurred.
A government agency’s policy states that board members’ travel and hospitality expenses must be audited annually.
Which of following people or groups is most appropriate to perform this audit?
- A . The government’s independent auditor.
- B . The external auditors from an accounting firm.
- C . The internal audit activity.
- D . The agency’s chief compliance officer.
Management of a publicly-held organization requires the internal audit activity to be involved with quarterly financial statements, which are made public and used internally.
Which of the following explanations of management’s decision is least plausible?
- A . Management may be concerned about its reputation in the financial markets.
- B . Management is following best-practice protocol, as stipulated by the Standards, which states that internal auditors must review quarterly financial statements.
- C . Management may be concerned about potential penalties that could occur if quarterly financial statements are misstated.
- D . Management may perceive that having quarterly financial information examined by the internal auditors enhances the information’s value to internal decision making.
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 agree with the audit committee and implement only those standards appropriate to the size of the IAA.
- B . The CAE should request the audit committee to review the Standards to identify specifically which are creating the greatest concern.
- C . The CAE should seek sufficient funding to increase audit resources to meet the minimum requirements of the Standards.
- D . The CAE should explain that conformance with the Standards is essential and not dependent upon the size of the IAA.
Which of the following does not need to be defined in the internal audit charter?
- A . The audit engagements to be performed during the upcoming year.
- B . The internal audit activity’s position within the organization.
- C . The scope of internal audit activities.
- D . Management and the board of directors’ agreement regarding the roles and responsibilities of the internal audit activity.
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