IIA-CRMA-ADV V1

According to the Standards, which of the following is not a consideration when exercising due professional care for an assurance engagement?A . The relative complexity, materiality, or significance of matters to which assurance procedures are applied.B . The extent of assurance services necessary to ensure that all risks are identified.C...

Which of the following would be considered a preventive control?A . A library control log.B . A review of exception reports.C . A password lock on a server.D . A software scan of financial records for irregularities.View AnswerAnswer: C

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.View AnswerAnswer: A

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...

According to IIA guidance, which of the following statements is false regarding continuing professional education for the internal audit activity (IAA)?A . Continuing professional education can be obtained through IAA involvement in research projects.B . Employers are responsible for ensuring that the continuing professional education needs of the IAA are...

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...

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...

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...

To identify potential efficiency improvements.A . 1 and 2.B . 1 and 3.C . 2 and 4.D . 3 and 4.View AnswerAnswer: B

Which of the following is a second line of defense in effective risk management and control?A . Purchasing department.B . Compliance department.C . Credit department.D . Internal audit department.View AnswerAnswer: B