New 2021 Realistic Free IIA IIA-CRMA Exam Dump Questions & Answer
IIA-CRMA Practice Test Engine: Try These 285 Exam Questions
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NEW QUESTION 80
Which of the following statements is true regarding the use of non-statistical sampling in auditing control tests?
- A. Non-statistical sample results must be projected to the population.
- B. Sampling risk will be accurately quantified through non-statistical sampling.
- C. It considers tolerable deviation rate more effectively than does statistical sampling.
- D. Lesser evidence is required to support a conclusion than for statistical sampling.
Answer: A
NEW QUESTION 81
Management has asked the chief audit executive (CAE) to provide assurance on the organization's automated control system related to financial data. The current audit staff does not have the expertise needed to conduct this type of engagement. Which of the following would be the best response by the CAE?
- A. Do not accept the assignment because the internal audit activity lacks the competency to perform the engagement with due professional care.
- B. Accept the assignment if the engagement is included in the current audit plan, but inform senior management that the current audit staff does not have the knowledge and skills required.
- C. Accept the assignment and use control self-assessment to complete the project.
- D. Accept the assignment and use an external provider with the necessary knowledge and skills to perform the engagement.
Answer: D
NEW QUESTION 82
According to IIA guidance, which of the following should be included in the internal audit charter?
- A. Assigned responsibilities for designing and implementing controls.
- B. Identification of the organizational units where engagements are to be performed.
- C. Organizational relationships and reporting lines.
- D. The minimum resources and competencies needed for the internal audit activity.
Answer: C
NEW QUESTION 83
Which of the following activities should the chief audit executive perform to ensure compliance with an organization's code of conduct?
- A. Lead the committee responsible for the oversight of the code.
- B. Implement a system of procedures to inform all employees of the code.
- C. Review and adjudicate all violations of the code of conduct.
- D. Act as an adviser to the committee responsible for reviewing violations of the code.
Answer: D
NEW QUESTION 84
If an engagement client disputes that a specific action or process is within the scope of the internal audit activity, what would be the most appropriate way for the internal audit activity (IAA) to respond?
- A. Terminate the audit engagement in full because an operational audit will not be productive without the client's cooperation.
- B. Refer the client to the IAA's charter and the approved yearly audit plan, which includes the areas designated for audit in the current time period.
- C. Terminate only the specific action or process with which the client disagrees and work to determine a substitute function that will not impede further IAA or the client-audit relationship.
- D. Seek the approval of senior management or the board in mediation, allowing an overseer to clarify the scope of the audit engagement for the client.
Answer: B
NEW QUESTION 85
The management at a national consumer goods organization implements a fair work and pay practice as well as a policy to treat employees equitably and consistently. Which common characteristics of fraud will the practice and policy most likely reduce?
- A. Pressure or incentive.
- B. Commitment.
- C. Opportunity.
- D. Rationalization.
Answer: A
NEW QUESTION 86
According to IIA guidance, which of the following must the internal auditor consider to meet the requirements for due professional care?
- A. The use of innovative technology and data analysis techniques.
- B. The training courses necessary to enhance the internal auditor's knowledge, skills, and other competencies.
- C. The appropriateness of assurance procedures necessary to ensure all significant risks will be identified.
- D. The extent of work needed to achieve the engagement's objectives.
Answer: D
NEW QUESTION 87
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. Detective control.
- B. Corrective control.
- C. Preventive control.
- D. Compensating control.
Answer: C
NEW QUESTION 88
Which two of the following are preventive controls in a check disbursement process?
1. Daily reconciliation of the bank account used for check disbursements and prompt follow-up of un-reconciled items.
2. Segregation of the following duties: establishing new vendors, approving checks, and reconciling the bank account.
3. An activity report detailing who accesses the check disbursement system and the nature of any action taken in the system.
4. Evidence of strong access controls ensuring that authorized individuals have access only to the functions related to their responsibilities.
- A. 1 and 4.
- B. 2 and 3.
- C. 1 and 3.
- D. 2 and 4.
Answer: D
NEW QUESTION 89
Which segregation of duties would best reduce the risk of payroll fraud?
- A. Human resources personnel add employees, and payroll personnel process hours and enter employee bank account numbers. Paychecks are automatically deposited in the employee's bank account.
- B. Human resources personnel add employees, payroll personnel process hours, and human resources personnel deliver paychecks to employees.
- C. Human resources personnel add employees, review and submit payroll hours to the payroll department for processing, and deliver paychecks to employees.
- D. Human resources personnel add employees and enter employee bank information. Payroll personnel process hours, and paychecks are automatically deposited in the employee's bank account.
Answer: A
NEW QUESTION 90
Which of the following is an example of a risk avoidance strategy?
- A. Outsourcing a high-risk activity.
- B. Limiting access to an organization's data center.
- C. Selling a nonstrategic business unit.
- D. Hedging against exchange rate variations.
Answer: C
NEW QUESTION 91
According to the COSO enterprise risk management (ERM) framework, which of the following is not part of the new paradigm in ERM?
- A. Enhancing risk response decisions.
- B. Aligning risk appetite and strategy.
- C. Assessing the risk factors.
- D. Reducing operational surprises and losses.
Answer: C
NEW QUESTION 92
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. Give the prize to a friend or family member and notitfy the organization's audit committee.
- B. Consult with an immediate supervisor and notify 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 review the organization's ethics policy.
Answer: D
NEW QUESTION 93
Why is a code of ethics for the internal audit profession necessary?
- A. It guides internal auditors in their service to others.
- B. It provides auditors with protection from lawsuits.
- C. It requires auditors to exhibit loyalty to their organizations.
- D. It ensures that all members of the profession possess the same level of competence.
Answer: A
NEW QUESTION 94
Evidence discovered during the course of an engagement suggests that multiple incidents of fraud have occurred. There do not appear to be sufficient controls in place to prevent reoccurrence. Which of the following is the internal auditor's most appropriate next step?
- A. Discuss the situation with the engagement supervisor to determine whether fraud investigation experts are required to investigate the matter properly.
- B. Immediately notify management of the area under review and the other internal auditors involved in the engagement.
- C. Provide the evidence that was discovered to local law enforcement for possible prosecution of the suspected fraud.
- D. Fully document in the workpapers the evidence that has been discovered and recommend appropriate controls to address the fraud.
Answer: B
NEW QUESTION 95
When developing the organization's first risk universe, which of the following would the chief audit executive be least likely to consider?
- A. The amount of risk that an organization is willing to seek or accept.
- B. The extent and degree of interdependency for identified key risks.
- C. The exposure to risks following management's risk responses.
- D. The boundaries established to manage the amount of risk taken.
Answer: C
NEW QUESTION 96
Which type of objectives can best be described as broad goals that promote the effective and efficient use of resources?
- A. Strategic objectives.
- B. Reporting objectives.
- C. Compliance objectives.
- D. Operational objectives.
Answer: D
NEW QUESTION 97
Which of the following would be the most appropriate first step for the board to take when developing an effective system of governance?
- A. Determine the organization's overall risk appetite.
- B. Delegate authority to members of senior management.
- C. Identify key stakeholders and their expectations.
- D. Establish a governance committee.
Answer: C
NEW QUESTION 98
According to the Standards, which of the following is not a consideration when exercising due professional care for an assurance engagement?
- A. The cost of providing the assurance services in relation to potential benefits.
- B. The probability of significant errors, irregularities or instances of noncompliance.
- C. The extent of assurance services necessary to ensure that all risks are identified.
- D. The relative complexity, materiality, or significance of matters to which assurance procedures are applied.
Answer: C
NEW QUESTION 99
An internal auditor wants to sample data to test an audit theory in a cost-effective way. Which of the following sampling strategies should she use?
- A. Nonstatistical sampling only
- B. Statistical sampling only
- C. Neither approach to testing the audit theory would be cost effective.
- D. A combination of both statistical and nonstatistical sampling.
Answer: A
NEW QUESTION 100
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