[Jan 31, 2022] Free IIA IIA-CRMA Exam Questions and Answer
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NEW QUESTION 152
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?
- A. Organizational independence.
- B. Individual objectivity.
- C. Due professional care.
- D. Individual independence.
Answer: C
NEW QUESTION 153
Which of the following is most likely to be considered a control weakness?
- A. Department managers initiate purchase requests that must be approved by the plant superintendent.
- B. Buyers promptly update the official vendor listing as new supplier sources become known.
- C. Purchase orders are typed by the purchasing department using prenumbered forms.
- D. Vendor invoice payment requests are accompanied by a purchase order and receiving report.
Answer: B
NEW QUESTION 154
Internal auditors must exercise due professional care by considering which of the following?
1. Cost of assurance in relation to potential benefits.
2. Adequacy and effectiveness of governance, risk management, and control processes.
3. Management's competency level in the area being evaluated.
4. Probability of significant errors, fraud, or noncompliance.
- A. 1 and 2 only
- B. 1, 2, and 3 only
- C. 1, 2, and 4 only
- D. 2, 3, and 4 only
Answer: C
NEW QUESTION 155
Which of the following is an example of a detective control?
- A. Safety instructions.
- B. Confirmation with suppliers and vendors.
- C. Automatic shut-off valve.
- D. Auto-correct software functionality.
Answer: B
NEW QUESTION 156
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. Control activities.
- B. Information and communication.
- C. Objective setting.
- D. Event identification.
Answer: A
NEW QUESTION 157
During an audit, the client questions the internal audit activity's authority to perform procedures over fraud allegations. According to HA guidance, which of the following would provide the most relevant support to respond to the client's concerns?
- A. Definition of Internal Auditing.
- B. Internal audit charter.
- C. MA Standards.
- D. The IIA's Code of Ethics.
Answer: B
NEW QUESTION 158
An internal auditor makes a series of observations when performing an analytical review of division operations. The auditor notes the following things: the current ratio is increasing and the quick ratio is decreasing, sales and current liabilities have remained constant, and the number of day sales in inventory is increasing. Which conclusion should the auditor draw from this data?
- A. The division produced fewer items this year than in prior years.
- B. Cash or accounts receivable has decreased.
- C. The gross margin has decreased.
- D. The gross margin has increased.
Answer: B
NEW QUESTION 159
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. Accept the assignment and use control self-assessment to complete the project.
- 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 an external provider with the necessary knowledge and skills to perform the engagement.
- D. Do not accept the assignment because the internal audit activity lacks the competency to perform the engagement with due professional care.
Answer: C
NEW QUESTION 160
According to IIA guidance, which of the following is not a responsibility of the chief audit executive pertaining to documenting information to support internal audit engagement results and conclusions?
- A. Developing retention requirements for engagement records that are consistent with organizational guidelines.
- B. Forming policies governing the custody and retention of consulting engagement records before their release to other parties.
- C. Rating each engagement record to assess its relevance and accessibility for the organization's board.
- D. Controlling access to engagement records, including access by senior management.
Answer: C
NEW QUESTION 161
According to IIA guidance, which of the following statements about working papers is false?
- A. They assist in the implementation of recommendations.
- B. They contribute to development of the internal audit staff.
- C. They demonstrate compliance with auditing standards.
- D. They provide support for communication to third parties.
Answer: A
NEW QUESTION 162
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 tabulate the results in the spreadsheet to ensure the macro has generated the correct results for all calculations.
- B. The auditor should perform a manual recalculation of several results to validate and document the results.
- C. The auditor should review the programming of the macro before its use to ensure that it is appropriate for the required calculations.
- D. The auditor should accept the calculations generated by the function, as any further work or documentation would be inefficient.
Answer: B
NEW QUESTION 163
According to COSO, which of the following describes a principle related to the control environment?
- A. The organization identifies and assesses changes that could significantly impact the system of internal control.
- B. The organization establishes appropriate authorities and responsibilities in the pursuit of objectives.
- C. The organization selects and develops control activities that contribute to the mitigation of risks.
- D. The organization performs evaluations to ascertain whether internal control components are present and functioning.
Answer: B
NEW QUESTION 164
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 environment.
- B. Control activities.
- C. Information and communication.
- D. Commitment.
Answer: A
NEW QUESTION 165
The internal audit supervisor is reviewing the workpapers prepared by the staff. According to the Standards, which of the following statements regarding workpaper supervision is not true?
- A. Dating and initialing each workpaper provides evidence of review.
- B. Workpaper review allows for staff training and development.
- C. Review notes of questions that arise during the review process must be retained.
- D. Workpapers may be amended during the review process.
Answer: C
NEW QUESTION 166
According to the HA Code of Ethics, which of the following statements best describes the principle of competency?
- A. Internal auditors shall perform their work with honesty, diligence, and responsibility.
- B. Internal auditors shall perform their work in accordance with the law and make disclosures expected by the law.
- C. Internal auditors shall perform their work in accordance with the Standards.
- D. Internal auditors shall be prudent in the use of information acquired while performing their work.
Answer: C
NEW QUESTION 167
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 3.
- B. 2 and 4.
- C. 2 and 3.
- D. 1 and 4.
Answer: B
NEW QUESTION 168
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?
- A. Ensure that adequate edit and reasonableness checks are built into the automated system.
- B. Require a supervisor in the department, who has the ability to change the table, to compare the changes to a signed management authorization.
- C. Restrict data-table access from management and line supervisors who have the authority to determine pay rates.
- D. 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.
Answer: D
NEW QUESTION 169
Which of the following is the most significant disadvantage of using checklists to evaluate internal controls?
- A. They do not capture all controls that may exist.
- B. They serve as a reminder of what controls should exist in a process.
- C. They are useful in assessing risk.
- D. They require yes/no responses to specific questions, not open-ended responses.
Answer: A
NEW QUESTION 170
A new chief audit executive (CAE) of a large internal audit activity (IAA) is dissatisfied with the current amount and quality of training being provided to the staff and wishes to implement improvements. According to IIA guidance, which of the following actions would best help the CAE reach this objective?
- A. Require that all staff obtain a minimum of two relevant audit certifications.
- B. Engage a consultant to benchmark the IAA's training program against its peers.
- C. Assign one experienced manager to better coordinate staff training and development activities.
- D. Perform a gap analysis of the IAA's existing knowledge, skills and competencies.
Answer: D
NEW QUESTION 171
After being terminated due to downsizing, an internal auditor finds a different job with an organization in the same industry. Which of the following actions would violate the IIA Code of Ethics?
- A. At the new organization, the auditor is asked to develop forms to implement probability-proportional-to-size sampling. Although unsure of how to perform this type of sampling, the auditor proceeds without asking for assistance.
- B. In preparing for an audit at the previous organization, the auditor had conducted a great deal of research on the Internet at home to identify best practices for the management of a treasury function. The auditor has retained much of the research and uses it to conduct an audit of the new employer's treasury function.
- C. To determine audit priorities in the new job, the auditor uses the audit risk approach that the auditor's previous employer used, without receiving permission to do so.
- D. In the first week at the new organization, the auditor discovers a high fraud risk surrounding the organization's database and suggests that the information technology department implement a new password system to prevent fraudulent actions before they occur.
Answer: A
NEW QUESTION 172
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. 2 and 4.
- C. 3 and 4.
- D. 1 and 2.
Answer: C
NEW QUESTION 173
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What is the Passing Score, Duration & Question for the IIA-CRMA Exam:
Passing Score, Duration & Question for the IIA-CRMA program is given below:
- Success score ranges: 250-750 score
- Duration: 150 Minutes
- No. of questions: 120
- Exam Format: Variety of question type
- Languages: English
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