IIA-CRMA-ADV Practice Online

Question 1

Which of the following actions would be characterized as a preventive control to safeguard inventory from the risk of theft?

1. Locking doors and physically securing inventory items.

2. Independently observing the receipt of materials.

3. Conducting monthly inventory counts.

4. Requiring the use of employee ID badges at all times.

A : 1 and 3.

B : 1 and 4.

C : 2 and 3.

D : 2 and 4.

Answer: B

Question 2

Which of the following is not a standard technique that the chief audit executive (CAE) would use to provide evidence of supervisory review of working papers?

A : The CAE initials and dates every working paper after it has been reviewed.

B : The CAE completes an engagement working paper checklist.

C : The CAE prepares a memorandum discussing the results of the working paper review.

D : The CAE utilizes an external third party to make an objective recommendation after each working paper review.

Answer: D

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 enable Triple Bottom Line reporting capability.

B : To facilitate the conduct of risk assessment.

C : To achieve and maintain sustainable development.

D : To fulfill regulatory and compliance requirements.

Answer: C

Question 4

A chief audit executive (CAE) reports functionally to the CEO and administratively to the chief financial officer, both of whom serve on the company's board of directors. According to IIA guidance, which of the following would offer the greatest protection for the independence of the internal audit activity?

A :

Appoint the CAE as a member of the board.

B : Move the CAE's functional reporting to an executive who is not on the board.

C : Obtain full board approval of the internal audit activity's annual audit plan.

D : Move the CAE's functional reporting to the audit committee.

Answer: D

Question 5

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 : 1 and 4 only

B : 2 and 3 only

C : 3 and 4 only

D : 1, 2, and 4 only

Answer: D

Name:	Certification in Risk Management Assurance
Exam Code:	IIA-CRMA-ADV
Certification:	Certification in Risk Management Assurance
Vendor:	IIA
Total Questions:	283
Last Updated:	Apr 24, 2024

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