IIA IIA-CRMA Certification in Risk Management Assurance (CRMA) Exam Online Training
IIA IIA-CRMA Online Training
The questions for IIA-CRMA were last updated at Nov 23,2024.
- Exam Code: IIA-CRMA
- Exam Name: Certification in Risk Management Assurance (CRMA) Exam
- Certification Provider: IIA
- Latest update: Nov 23,2024
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.
The chief audit executive (CAE) of a mid-sized pharmaceutical organization has operational responsibility for the regulatory compliance function. The audit committee requests an assessment of regulatory compliance.
According to IIA guidance, which of the following is the CAE’s best course of action?
- A . Have a proficient internal audit staff member perform the assessment and disclose the impairment in the audit report and to the board.
- B . Have a regulatory compliance staff member perform a self-assessment, to be reviewed by a proficient internal auditor.
- C . Have a proficient internal audit staff member perform the audit and report the results of the assessment directly to senior management and the board.
- D . Contract with a third-party entity or external auditor to complete the assessment and report the results to senior management and the board.
Which of the following techniques would best assist an internal auditor in evaluating the efficiency of a wholesale grocery distributor`s process to fill and package orders for shipping?
- A . A Bedford analysis of orders filled to average delivery times.
- B . Decision trees rating actual performance against requirements.
- C . Queuing theory to assess potential bottlenecks in the process.
- D . A program evaluation and review technique chart.
During an engagement, an internal auditor decided to use variance analysis as an auditing techniques.
Which of the following steps should the auditor pursue if he discovers unexpected deviations of actual results from budget?
- A . Report the deviations immediately to the audit committee.
- B . Gather additional information to determine the cause of the deviations.
- C . Conclude that the budget was unreasonably set and accept the deviations.
- D . Perform alternative forms of analytical procedures which provide no deviations.
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."
Which of the following risk management activities is most appropriate for an internal auditor to undertake?
- A . Impose risk management processes.
- B . Coordinate risk management activities.
- C . Implement risk responses on management’s behalf.
- D . Review the management of key risks.
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 . Confidentiality.
- B . Objectivity.
- C . Integrity.
- D . Competency.
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 audit procedures would provide the most relevant information to identify discrepancies between budgeted versus actual raw material consumption in a production facility?
- A . Analytical review.
- B . Inquiry.
- C . Document verification.
- D . Observation.
An internal auditor is reviewing employee travel data to identify opportunities to cut costs while ensuring adequate participation at conferences to support the organization’s mission.
Which of the following pieces of evidence would be sufficient for completing this task?
- A . A log from the last year that includes dates of travel, conference titles, and conference objectives, all of which correspond with employee names and costs per trip.
- B . A log that includes titles of conferences that all employees were invited to attend in the last year, along with the dates of those conferences and average costs per traveler.
- C . A log of conferences titles, dates of travel for each employee, and a detailed summary of conference objectives and how they relate to the organization’s mission needs.
- D . A log of employee travel requests, which include the title of each conference, the conference objectives, anticipated dates of travel, and estimated costs.
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