[Apr 11, 2025] Step by Step Guide to Prepare for IIA-CRMA Exam BrainDumps [Q152-Q172]

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Apr 11, 2025 Step by Step Guide to Prepare for IIA-CRMA Exam BrainDumps

CRMA Certification IIA-CRMA Real Exam Questions and Answers FREE Updated on 2025

IIA-CRMA (Certification in Risk Management Assurance) Certification Exam is a globally recognized certification that is designed to validate the skills and expertise of risk management professionals. IIA-CRMA exam is offered by the Institute of Internal Auditors (IIA), which is the leading international professional association for internal auditors. The IIA-CRMA certification is a comprehensive program that covers a wide range of topics related to risk management, including risk assessment, risk analysis, risk evaluation, and risk mitigation.

IIA-CRMA certification exam is a rigorous exam that tests candidates on their knowledge of risk management, assurance, and governance. IIA-CRMA exam covers topics such as risk management frameworks, risk assessment methodologies, risk response strategies, and internal control frameworks. Individuals who pass the exam are recognized as experts in risk management and are able to provide valuable insights to organizations looking to manage risk effectively.

Q152. A chief audit executive (CAE) of an international charity reports functionally to the audit committee of the board of directors and administratively to the charity’s chief financial officer (CFO).
Which of the following would impair the internal audit function’s independence?

The CFO determines the scope of internal audit work in the accounting department.

The CFO manages the accounting of the budget for the internal audit function.

The CFO administers the annual evaluation process for the internal auditors.

The CFO provides feedback on the CAE’s audit reports.

Q153. A manufacturing line supervisor joins the internal audit activity for a two-year rotational job assignment and is assigned to an accounts receivable audit. With regard to this assignment, which of the following should be the primary concern of the audit manager?

Due professional care.

Individual independence.

Individual objectivity.

Organizational independence.

Q154. The chief audit executive (CAE) is planning to conduct an internal assessment of the internal audit activity (IAA). Part of this assessment will include benchmarking. According to IIA guidance, which of the following qualitative metrics would be appropriate for the CAE to use?
1. Average client customer satisfaction score for a given year.
2. Client survey comments on how to improve the IAA.
3. Auditor interviews once an audit has been completed.
4. Percentage of audits completed within 90 days.

1 and 2.

1 and 3.

2 and 3.

3 and 4.

Q155. Which of the following options is the most cost-effective and efficient way for internal auditors to keep current with the latest developments in the internal audit profession?

Attending annual professional conferences and seminars.

Participating in on-the-job training in various departments of the organization.

Pursuing as many professional certifications as possible.

Maintaining membership in The HA and similar professional organizations and subscribing to relevant email updates or news feeds.

Q156. Which of the following activities is most likely to require a fraud specialist to supplement the knowledge and skills of the internal audit activity?

Planning an engagement of the area in which fraud is suspected.

Employing audit tests to detect fraud.

Interrogating a suspected fraudster.

Completing a process review to improve controls to prevent fraud.

Q157. Which of the following responsibilities would fall under the role of the chief audit executive, rather than internal audit staff or the audit manager?

Manage and support a quality assurance and improvement program.

Maintain industry-specific knowledge appropriate to the audit engagements

Set clear performance standards for internal auditors and the internal audit activity.

Apply problem-solving techniques for routine situations.

Q158. Which of the following is the most significant disadvantage of using checklists to evaluate internal controls?

They serve as a reminder of what controls should exist in a process.

They require yes/no responses to specific questions, not open-ended responses.

They do not capture all controls that may exist.

They are useful in assessing risk.

Q159. Which of the following is a detective control strategy against fraud?

Requiring employees to attend ethics training.

Performing background checks on employees.

Implementing a control self-assessment.

Performing a surprise audit.

Q160. Which of the following scenarios best illustrates a rationalization as the root cause of potential fraud?

Managers who have been with the organization for several decades become aware that newly hired, younger managers are being moved more quickly into senior positions.

The controller at a nationwide manufacturing company recently opted to no longer require two-week mandatory vacations for accounting staff.

Security cameras that monitor cash handling at the register are not functioning.

The organization is slowly phasing out three mature products that produce the highest commissions for the sales staff.

Q161. An organization has implemented a new automated payroll system that contains a table of pay rates that are matched to employee job classifications. Which control should an internal auditor suggest in order to ensure that the table is updated correctly, and is used only for valid pay changes?

Restrict data-table access from management and line supervisors who have the authority to determine pay rates.

Require a supervisor in the department, who has the ability to change the table, to compare the changes to a signed management authorization.

Ensure that adequate edit and reasonableness checks are built into the automated system.

Require a manager, who is independent of the system and who cannot change the table, to authorize and sign-off on any employee pay changes.

Q162. A government agency maintains a system of internal control, according to the COSO model, and has made a change to its employee performance reviews and rewards program. This change relates to which of the following components of COSO’s internal control framework?

Control environment.

Control activities.

Information and communication.

Monitoring activities.

Q163. Suspecting fraud, the chief financial officer (CFO) asked the internal audit activity to investigate a significant increase in travel related expenditures. Work was performed by a qualified internal auditor. Following the completion of the engagement, the chief audit executive (CAE) reported to the CFO that no violations were found and no fraud had occurred.
According to the Standards, which of the following principles did the CAE violate?

Due professional care.

Individual objectivity.

Proficiency.

Organizational independence.

Q164. While reviewing first quarter sales transactions, an internal auditor discovered that 10 invoices for a new customer had not been posted into the accounts receivable subsidiary ledger. Those 10 invoices were listed in an error report automatically generated by the sales processing system. The system had rejected the invoices because the customer’s account number was not found in the customer master file. In this scenario, which of the following controls was lacking?

Corrective control.

Preventive control.

Detective control.

Directive control.

Q165. According to IIA guidance, which of the following individuals would best be considered independent for the purpose of participating in an external assessment of the quality assurance and improvement program for an internal audit activity (IAA)?

A former employee knowledgeable of the IAA who resigned three years earlier from the organization.

A competent employee of an independent external organization that provides co-sourcing services to the IAA.

An employee in an affiliated organization who has never worked directly with the IAA.

An employee in the parent organization who has not had any previous contact with the IAA.

Q166. The security department uncovered what appears to be a complex fraud in the accounting department. The CEO has requested the internal audit activity to investigate the fraud. If the internal audit staff lacks the expertise to conduct the investigation, how should the chief audit executive proceed?

Disclose the deficiency, and request that the investigation be reassigned to the first line of defense.

Proceed with the investigation, as internal auditors are not required to have fraud expertise.

Outsource the sensitive investigation to a third-party consultant with fraud expertise.

Select a member of the accounting department who is not involved in the fraud to join the investigation team in a consulting capacity.

Q167. An internal auditor is conducting an assessment of the organization’s fraud prevention program using the COSO enterprise risk management framework. According to this framework, which of the following activities would fall under the control environment component for preventing fraud?
1. The organization uses an automated authority approval matrix to control payments.
2. The organization has a whistleblower hotline that is available to employees.
3. Annually, every manager completes a comprehensive fraud assessment of his or her department.
4. Annually, the organization reviews and communicates the code of expected behavior.

1 and 2.

1 and 3.

2 and 3.

2 and 4.

Q168. According to IIA guidance, which of the following is least compliant with the requirements regarding an internal auditor’s need for objectivity?

An internal auditor assessed the effectiveness of controls over payroll software, which he had helped implement with a previous employer.

An internal auditor participated in an audit of controls around absenteeism, despite providing some consultation on controls in this area earlier in the year.

An internal auditor performed an assurance engagement for the effectiveness of accounts payable access controls, one of which he previously helped to design.

An internal auditor, previously employed in the quality assurance operations area, performed a consulting engagement for the operations manager.

Q169. 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.

1,2, and 3.

1.2, and 4.

1.3, and 4.

2, 3, and 4.

Q170. Which of the following techniques would provide the most compelling evidence that a safety hazard exists within a manufacturing facility?

Observation of the facility during operations.

Questioning of facility management, including the facility safety officer.

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

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

Q171. Which of the following documents is most appropriate in promoting the objectivity of the internal audit activity?

Usage of IT system policy.

Risk management framework.

Acceptance of gifts policy.

Personal responsibility policy.

Q172. 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?

Consult with an immediate supervisor and notify the organization’s audit committee.

Consult with an immediate supervisor and review the organization’s ethics policy.

Give the prize to a friend or family member and notitfy the organization’s audit committee.

Give the prize to a friend or family member and review the organization’s ethics policy.