Latest [Jan 18, 2023] IIA-CRMA Exam Dumps - Valid and Updated Dumps
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NEW QUESTION 58
Which of the following enhances the independence of the internal audit activity?
- A. The chief audit executive (CAE) approves the annual internal audit plan.
- B. The audit committee approves the CAE's annual salary increase.
- C. The CAE administratively reports to the board.
- D. The chief executive officer approves the internal audit charter.
Answer: B
NEW QUESTION 59
What is the additional advantage of facilitated workshops, in comparison with structured interviews, used when testing the effectiveness of entity-level controls?
- A. Facilitated workshops create a synergy of discussion that can bring multiple perspectives to the same issue.
- B. The testimonial evidence obtained during facilitated workshops is generally considered more reliable.
- C. During facilitated workshops, people more openly say things to internal auditors than during private interviews.
- D. Internal auditors do not need other sources of information, as the data gathered during facilitated workshops is sufficient.
Answer: A
NEW QUESTION 60
An internal auditor uses a predefined macro provided in a popular spreadsheet application to verify the present value of the organization's investments. Which of the following is the most appropriate course of action regarding the auditor's use of this functionality?
- A. The auditor should review the programming of the macro before its use to ensure that it is appropriate for the required calculations.
- B. The auditor should accept the calculations generated by the function, as any further work or documentation would be inefficient.
- C. The auditor should tabulate the results in the spreadsheet to ensure the macro has generated the correct results for all calculations.
- D. The auditor should perform a manual recalculation of several results to validate and document the results.
Answer: D
NEW QUESTION 61
Which of the following would be the most appropriate first step for the board to take when developing an effective system of governance?
- A. Identify key stakeholders and their expectations.
- B. Establish a governance committee.
- C. Delegate authority to members of senior management.
- D. Determine the organization's overall risk appetite.
Answer: A
NEW QUESTION 62
The manager for an organization's accounts payable department resigned her post in that capacity. Three months later, she was recruited to the internal audit activity and has been working with the audit team for the last eight months. Which of the following assignments would the newly hired internal auditor be able to execute without any impairments to independence or objectivity?
- A. A consulting engagement related to a new accounts payable optimization initiative.
- B. A review of the employees' sports club finances, which are overseen by the chief audit executive.
- C. An assurance review for a sales program on which she previously provided consultation.
- D. An operations audit of the accounts payable department.
Answer: B
NEW QUESTION 63
Which of the following statements best explains why internal auditors map processes?
1. To obtain audit evidence to support auditor's observations.
2. To determine scope and objectives of the audit.
3. To facilitate the identification of ownership and responsibility for key risks.
4. To identify potential efficiency improvements.
- A. 1 and 3.
- B. 3 and 4.
- C. 1 and 2.
- D. 2 and 4.
Answer: B
NEW QUESTION 64
Who is responsible for setting the risk appetite?
- A. Operations management.
- B. Board of directors.
- C. Chief risk officer.
- D. External auditors.
Answer: B
NEW QUESTION 65
Which of the following actions would be characterized as a preventive control to safeguard inventory from the risk of theft?
1. Locking doors and physically securing inventory items.
2. Independently observing the receipt of materials.
3. Conducting monthly inventory counts.
4. Requiring the use of employee ID badges at all times.
- A. 1 and 4.
- B. 1 and 3.
- C. 2 and 3.
- D. 2 and 4.
Answer: A
NEW QUESTION 66
A large sales organization maintains a system of internal control according to the COSO model and has updated its code of conduct. This change relates to which component of the COSO framework?
- A. Commitment.
- B. Information and communication.
- C. Control environment.
- D. Control activities.
Answer: C
NEW QUESTION 67
Management would like to self-assess the overall effectiveness of the controls in place for its 200-person manufacturing department. Which of the following client-facilitated approaches is likely to be the most efficient way to accomplish this objective?
- A. Observation.
- B. Surveys.
- C. Workshops.
- D. Interviews.
Answer: B
NEW QUESTION 68
According to IIA guidance, which of the following statements is true regarding periodic internal assessments of the internal audit activity?
- A. Internal assessments must be performed at least once every five years by a qualified assessor.
- B. An internal auditor may perform a peer review of a colleague's workpapers, as long as the auditor wasn't involved in the audit under review.
- C. Internal assessments are conducted to benchmark the internal audit activity's performance against industry best practices.
- D. Follow-up to ensure appropriate improvements are implemented is a recommended, but not mandatory, element of internal assessments.
Answer: B
NEW QUESTION 69
Which of the following best describes the details that must be included in the quality assurance and improvement program (QAIP) report to senior management and the board?
- A. The scope and cost of the QAIP. frequency of internal and external assessments, and conclusions of the assessor.
- B. The scope, findings, risks, recommendations, and agreed-upon improvement actions.
- C. The number and types of people involved in the assessment, costs, and duration of the QAIP
- D. The scope and frequency of internal and external assessments as well as the qualifications and independence of the assessor.
Answer: B
NEW QUESTION 70
According to the International Professional Practices Framework, which of the following are allowable activities for an internal auditor?
1. Advocating the establishment of a risk management function.
2. Identifying and evaluating significant risk exposures during audit engagements.
3. Developing a risk response for the organization if there is no chief risk officer.
4. Benchmarking risk management activities with other organizations.
5. Documenting risk mitigation strategies and techniques.
- A. 1.2, and 3 only.
- B. 4 and 5 only.
- C. 2. 3. 4. and 5 only.
- D. 1.2. 4. and 5 only.
Answer: D
NEW QUESTION 71
An auditor in charge was reviewing the workpapers submitted by a newly hired internal auditor. She noted that the new auditor's analytical work did not include any rating or quantification of the risk assessment results, and she returned the workpapers for correction. Which section of the workpapers will the new auditor need to modify?
- A. Condition section.
- B. Effect section.
- C. Cause section.
- D. Criteria section.
Answer: B
NEW QUESTION 72
A chief audit executive (CAE) reports functionally to the CEO and administratively to the chief financial officer, both of whom serve on the company's board of directors. According to IIA guidance, which of the following would offer the greatest protection for the independence of the internal audit activity?
- A. Move the CAE's functional reporting to an executive who is not on the board.
- B. Obtain full board approval of the internal audit activity's annual audit plan.
- C. Move the CAE's functional reporting to the audit committee.
- D. Appoint the CAE as a member of the board.
Answer: C
NEW QUESTION 73
Which of the following statements is true regarding assurance services provided to clients outside of the organization?
- A. Assurance services for outside clients are not covered under the internal audit charter.
- B. Assurance services for outside clients must be approved on a case-by-case basis by the board of directors.
- C. The nature of assurance services for outside clients should be defined in the internal audit charter.
- D. The nature of assurance services for outside clients is the same as for internal clients.
Answer: C
NEW QUESTION 74
According to IIA guidance, which of the following statements about working papers is false?
- A. They demonstrate compliance with auditing standards.
- B. They assist in the implementation of recommendations.
- C. They contribute to development of the internal audit staff.
- D. They provide support for communication to third parties.
Answer: B
NEW QUESTION 75
Which of the following types of fraud includes embezzlement?
- A. Fraudulent statements.
- B. Corruption.
- C. Misappropriation of assets.
- D. Bribery.
Answer: C
NEW QUESTION 76
Allegations have been made that an organization's share price has been manipulated.
Which of the following would provide an internal auditor with the most objective evidence in this case?
- A. Large customers of the organization.
- B. Major shareholders of the organization.
- C. Former members of management.
- D. Former financial consultants.
Answer: D
NEW QUESTION 77
According to the COSO enterprise risk management framework, which of the following best describes the activity that helps ensure risk responses are carried out effectively?
- A. Event identification.
- B. Information and communication.
- C. Control activities.
- D. Objective setting.
Answer: C
NEW QUESTION 78
Which of the following is an example of a risk avoidance strategy?
- A. Selling a nonstrategic business unit.
- B. Hedging against exchange rate variations.
- C. Limiting access to an organization's data center.
- D. Outsourcing a high-risk activity.
Answer: A
NEW QUESTION 79
The internal audit activity is planning a procurement audit and needs to obtain a thorough understanding of the subcontracting process, which can involve multiple individuals in multiple countries.
Which of the following internal audit tools would be most effective to document the process and the key controls?
- A. Internal control checklist.
- B. Cross-functional flow chart.
- C. Segregation of duties matrix.
- D. Procurement employee survey.
Answer: B
NEW QUESTION 80
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