Certification in Risk Management Assurance (CRMA) Exam

Question 1

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. Determine the organization's overall risk appetite.

C. Establish a governance committee.

D. Delegate authority to members of senior management.

Correct Answer: A

Question 2

According to IIA guidance, which of the following statements is true?

A. Control process risks are found at multiple layers of the IT environment.

B. Risks in IT processes are best mitigated by individual controls.

C. IT risks and related controls are operational and best identified using a bottom-up approach.

D. The overall focus of the framework is on significant controls in all critical IT applications.

Correct Answer: A

Question 3

According to IIA guidance, which of the following describes the primary reason to implement environmental and social safeguards within an organization?

A. To fulfill regulatory and compliance requirements.

B. To achieve and maintain sustainable development.

C. To enable Triple Bottom Line reporting capability.

D. To facilitate the conduct of risk assessment.

Correct Answer: B

Question 4

Which of the following is an example of a detective control?

A. Safety instructions.

B. Auto-correct software functionality.

C. Confirmation with suppliers and vendors.

D. Automatic shut-off valve.

Correct Answer: C

Question 5

Which of the following techniques would provide the most compelling evidence that a safety hazard exists within a manufacturing facility?

A. Analysis of facility operating reports, focusing on instances when breakdowns occurred.

B. Review of records involving safety violations, filed by facility production employees.

C. Observation of the facility during operations.

D. Questioning of facility management, including the facility safety officer.

Correct Answer: C

Question 6

Which of the following is the most effective strategy to manage the risk of foreign exchange losses due to sales to foreign customers?

A. Hire a risk consultant.

B. Maintain a large foreign currency balance.

C. Insist that customers only pay in a stable currency.

D. Implement a hedging strategy.

Correct Answer: D

Question 7

Which of the following best explains why integrity is a necessary personal quality for internal auditors at all levels?

A. Internal auditor integrity enables stakeholders to constantly question the work of the internal audit activity.

B. Internal auditor integrity enables the internal auditor to avoid being challenged by any party in the organization.

C. Internal auditor integrity enables the internal audit activity to be able to demonstrate independence.

D. Internal auditor integrity enables users of internal auditors' work to make important business decisions.

Correct Answer: D

Question 8

Which of the following types of social responsibilities is voluntary and guided purely by the organization's desire to make social contributions?

A. Ethical responsibility.

B. Innovative responsibility.

C. Discretionary responsibility.

D. The bottom of the pyramid responsibility.

Correct Answer: A

Question 9

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. Control activities.

B. Commitment.

C. Control environment.

D. Information and communication.

Correct Answer: C

IIA Certification in Risk Management Assurance (CRMA) - IIA-CRMA Exam Practice Test

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