[2023] Pass IIA-CRMA Exam - Real Questions and Answers
IIA-CRMA Exam Questions Get Updated [2023] with Correct Answers
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The IIA Certification in Risk Management Assurance (CRMA) is the leading global credential for risk professionals. This examination is designed to test for knowledge and understanding of the principles, practices, and concepts related to risk management assurance. The exam is for risk management practitioners who are involved in all phases of the achievement of an organization's risk strategy. This includes design, development, implementation, monitoring, and management of the risk management framework.
In this article, you will learn about the planning, preparation, and execution of your study for the CRMA certification exam. Here we will also discuss the topics, preparation resources like IIA-CRMA exam dumps, and information about this certification. Organizational management processes review, and performance management subjects will also be covered in this article.
NEW QUESTION # 134
According to IIA guidance, which of the following objectives of an assurance engagement for the organization's risk management process is valid?
- A. The board is appropriately addressing intolerable risks.
- B. All controls are both adequate and efficient.
- C. Risks have been accurately analyzed and evaluated.
- D. All risks have been identified and mitigated.
Answer: C
NEW QUESTION # 135
During the course of an audit, an internal auditor discovers that a valuable employee in the research department has been patenting new developments in the employee's name that are unrelated to the basic business of the organization.
The organization does not have a policy addressing this specific issue, but does have a general policy that all important new discoveries by employees are the property of the organization.
Division management views the employee's actions as extra incentive to retain the employee.
A decision to include the employee's action in the engagement final communication would be:
1. A violation of the IIA Code of Ethics.
2. A violation of the reporting requirements in the Standards.
3. Justified and necessary, according to the IIA Code of Ethics and Standards.
- A. 1 only
- B. 3 only
- C. 2 only
- D. 1 and 2 only
Answer: B
NEW QUESTION # 136
While attending a conference, an internal auditor won an all-expense paid trip sponsored by a vendor of the internal auditor's organization.
Which of the following actions are most appropriate for the auditor to take?
- A. Consult with an immediate supervisor and review the organization's ethics policy.
- B. Give the prize to a friend or family member and notitfy the organization's audit committee.
- C. Give the prize to a friend or family member and review the organization's ethics policy.
- D. Consult with an immediate supervisor and notify the organization's audit committee.
Answer: A
NEW QUESTION # 137
An internal audit charter should do which of the following?
- A. Communicate the internal audit activity's goals.
- B. Outline the schedule of future audits.
- C. Establish the size of the internal audit activity.
- D. Define the scope of internal audit activities.
Answer: D
NEW QUESTION # 138
According to the COSO enterprise risk management (ERM) framework, which of the following is not part of the new paradigm in ERM?
- A. Aligning risk appetite and strategy.
- B. Assessing the risk factors.
- C. Reducing operational surprises and losses.
- D. Enhancing risk response decisions.
Answer: B
NEW QUESTION # 139
Which of the following are components of the COSO enterprise risk management framework?
1. Objective setting.
2. External environment.
3. Data collection.
4. Control activities.
- A. 1 and 3 only
- B. 1 and 4 only
- C. 2 and 3 only
- D. 2 and 4 only
Answer: B
NEW QUESTION # 140
When an internal auditor applies due professional care to perform an assurance engagement, which of the following must she consider?
1. Findings of the last audit engagement performed.
2. Probability of significant errors, irregularities, or noncompliance.
3. Extent of work needed to achieve engagement objectives.
4. Cost of the engagement versus the potential benefits.
- A. 2 and 3 only
- B. 2, 3, and 4 only
- C. 1, 2, 3, and 4
- D. 1 and 4 only
Answer: B
NEW QUESTION # 141
A fraud investigation was completed by management, and a proven fraud was communicated to relevant authorities. According to MA guidance, which of the following roles would be most appropriate for the internal audit activity to undertake after the investigation?
- A. Determine why The fraud was not detected earlier and design controls to strengthen early detection.
- B. Review the investigation and implement any improvements to the process.
- C. Plan employee sessions and team building strategies for the organization to improve awareness of fraud among employees.
- D. Conduct lessons learned sessions to ascertain how the fraud occurred and which controls failed.
Answer: D
NEW QUESTION # 142
According to IIA guidance, which of the following statements is true when an internal auditor performs consulting services that improve an organization's operations?
- A. The services must be aligned with those defined in the internal audit charter.
- B. The services impose no responsibility to communicate information other than to the engagement client.
- C. The services must not be performed by the same internal auditor who performed assurance services, in order to maintain objectivity.
- D. The services may preclude assurance services from the consulting engagement.
Answer: C
NEW QUESTION # 143
A computer system automatically locks a user's account after three unsuccessful attempts to log on.
Which type of control does this scenario represent?
- A. Corrective control.
- B. Detective control.
- C. Compensating control.
- D. Preventive control.
Answer: D
NEW QUESTION # 144
Faced with a complex, highly technical construction audit engagement, the chief audit executive (CAE) considered complementing the current internal audit resources by engaging the services of a civil engineer.
Which of the following should the CAE consider in determining whether the engineer possesses the necessary skills to perform the engagement?
1. Professional certification, license, or other recognition of the engineer's competence in the relevant discipline.
2. Experience of the engineer in the type of work being considered.
3. Compensation or other incentives that the engineer may receive.
4. The extent of other ongoing services that the engineer may be performing for the organization.
- A. 2 and 3 only
- B. 3 and 4 only
- C. 1, 2, and 4 only
- D. 1 and 4 only
Answer: C
NEW QUESTION # 145
According to The IIA's Code of Ethics, which of the following is true?
- A. Confidentiality requires that auditors be prudent in the use and protection of client information.
- B. Confidentiality requires that auditors disclose all material facts known to them.
- C. Integrity requires that auditors perform internal audit services in accordance with the Standards.
- D. Objectivity requires that auditors perform their work with honesty, diligence, and responsibility.
Answer: A
NEW QUESTION # 146
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 review of the employees' sports club finances, which are overseen by the chief audit executive.
- B. An operations audit of the accounts payable department.
- C. A consulting engagement related to a new accounts payable optimization initiative.
- D. An assurance review for a sales program on which she previously provided consultation.
Answer: A
NEW QUESTION # 147
Management is developing and implementing a risk and control framework for use throughout the organization. Which of the following elements should be included in the organization's control framework?
1. Appropriate levels of authority and responsibility.
2. Supervision of staff and appropriate review of work.
3. The seniority of management in the organization.
4. The ability to trace each transaction to an accountable and responsible individual.
- A. 1.3, and 4.
- B. 1.2, and 4.
- C. 2, 3, and 4.
- D. 1,2, and 3.
Answer: C
NEW QUESTION # 148
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 number and types of people involved in the assessment, costs, and duration of the QAIP
- B. The scope and cost of the QAIP. frequency of internal and external assessments, and conclusions of the assessor.
- C. The scope and frequency of internal and external assessments as well as the qualifications and independence of the assessor.
- D. The scope, findings, risks, recommendations, and agreed-upon improvement actions.
Answer: D
NEW QUESTION # 149
During an audit engagement, the internal auditor discussed a risk mitigation recommendation with the manager of the area under review. The manager disagreed with the risk assessment and recommendation. The two failed to come up with an alternative solution, and the auditor decided to proceed with including the original recommendation in the engagement report. Which of the following is especially important in dealing with this type of situation?
- A. Soft skills in communication, negotiation, and collaboration.
- B. Confidentiality and independence.
- C. Professional qualifications and certification in internal auditing.
- D. Technical skills in the area under review.
Answer: A
NEW QUESTION # 150
According to IIA guidance, which of the following best describes processes and tools typically used in ongoing internal assessments?
- A. Self-assessments and surveys of stakeholder groups.
- B. Analysis of performance metrics such as cycle times.
- C. Report of internal assessment results, response plans, and outcomes.
- D. Benchmarking of the internal audit activity's practices and performance.
Answer: B
NEW QUESTION # 151
According to IIA guidance, which of the following must internal auditors consider to conform with the requirements for due professional care during a consulting engagement?
1. The cost of the engagement, as it pertains to audit time and expenses in relation to the potential benefits.
2. The needs and expectation of clients, including the nature, timing, and communication of engagement results.
3. The application of technology-based audit and other data analysis techniques, where appropriate.
4. The relative complexity and extent of work needed to achieve the engagement's objectives.
- A. 1, 2, and 3
- B. 1, 2, and 4
- C. 1, 3, and 4
- D. 2, 3, and 4
Answer: B
NEW QUESTION # 152
Which of the following items should the chief audit executive disclose to senior management regarding the results of the internal audit activity's quality assessments?
- A. The number of audits from the annual internal audit plan that were completed last year.
- B. The qualifications and independence of the assessment Team.
- C. The amount of the organization's potential loss prevented by the risk-based auditing of the internal audit activity.
- D. The internal audit activity's plan for resource allocation.
Answer: C
NEW QUESTION # 153
Which of the following is considered a violation of The IIA's Code of Ethics?
- A. An auditor conveys public information about an organization's financial condition.
- B. An auditor reports material deficiencies, despite the fact that management is already aware of the defects.
- C. An auditor receives allegations of fraud from a whistleblower and immediately reports the allegations to senior management.
- D. An auditor reports a manager's illegal activity to senior management, rather than reporting the incident to the appropriate external authority.
Answer: C
NEW QUESTION # 154
What is the purpose of a secondary control?
- A. It partially reduces the residual risk level when a key control does not operate effectively.
- B. lt combines with other controls to help reduce significant risk exposures to an acceptable level.
- C. It helps to ensure the completeness and accuracy of automated controls in a system environment.
- D. It replaces primary controls that are either ineffective or cannot fully mitigate a risk.
Answer: B
NEW QUESTION # 155
An IT contractor applied for an internal audit position at a bank. The contractor worked for the bank's IT security manager two years ago. If the audit manager interviewed the contractor and wants to extend a job offer, which of the following actions should the chief audit executive pursue?
- A. Allow the audit manager to hire the contractor, but state that the individual is not allowed to work on IT security audits for one year.
- B. Not allow the audit manager to hire the contractor, as it would be a conflict of interest.
- C. Allow the audit manager to hire the contractor and state that the individual is free to perform IT audits, including security.
- D. Not allow the audit manager to hire the contractor and ask the individual to apply again in one year.
Answer: C
NEW QUESTION # 156
Which of the following controls is not appropriate for sales in a manufacturing organization?
- A. Goods shipped are matched with valid customer orders.
- B. Sales department approval is required for credit sales transactions.
- C. Goods returned are inspected for damage by the receiving department for proper disposition.
- D. Customers' orders are recorded promptly.
Answer: B
NEW QUESTION # 157
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. Engagement supervision.
- C. Due professional care.
- D. Coordination.
Answer: C
NEW QUESTION # 158
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The IIA-CRMA exam covers a wide range of topics related to risk management, including risk identification, risk assessment, risk response, risk monitoring, and risk reporting. The exam also covers topics related to governance, compliance, and ethics. The exam consists of 100 multiple-choice questions and is administered in a computer-based format. Candidates have four hours to complete the exam.
To be eligible for the CRMA exam, candidates must have a minimum of two years of experience in internal auditing or a related field. They must also meet specific educational requirements, such as holding a bachelor's degree or higher. Once the candidate has passed the exam, they will earn the CRMA certification, which is valid for three years. To maintain their certification, CRMA holders must complete continuing education and meet other requirements set forth by the IIA.
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