[Feb-2023] Get 100% Real Free CRMA Certification IIA-CRMA Sample Questions [Q124-Q139]

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[Feb-2023] Get 100% Real Free CRMA Certification IIA-CRMA Sample Questions

Accurate IIA-CRMA Questions with Free and Fast Updates

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You will face difficulty if you are not well-prepared for this exam. You need to focus very hard, memorize the questions thoroughly and crack the exam scenario in an effective manner. You need to have a good understanding of the concepts in order to answer the questions in a better way. Failing this exam is very stressful and depressing. Auditor candidates need to be very careful, as the exam is a challenging one.

If you are not prepared for the IIA-CRMA exam, then you will start feeling nervous and tense. You may feel restless and impatient when you are sitting for the exam. You may want to get that paper done as quickly as possible, but when you start answering the questions, that makes it even more difficult. It leads to nerves and tension, which leads to failure in the exam. Interactive demonstration of things is very important. IIA-CRMA exam dumps will give you the executive solutions and explanations according to trusted terms in multiple domains of the official syllabus.

Q124. 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.

Q125. Which of the following is a requirement for an assurance engagement that may not be for a consulting engagement?

The internal audit activity has to ensure team members’ objectivity is not impaired.

Auditors cannot participate in an assurance engagement of a function for which they previously performed a consulting engagement.

The scope and objective of the engagement is agreed upon based on the engagement client’s needs.

The internal audit activity must ensure management actions have been implemented effectively or risk accepted.

Q126. Which of the following is most likely to enhance an internal auditor’s objectivity?

An auditor is appropriately able to communicate results.

An auditor performs his work free from interference.

An auditor is unrestricted in determination of scope.

An auditor avoids conflicts of interest.

Q127. In the area of business acumen, which of the following competencies would be the sole responsibility of an internal audit staff member?

Maintaining industry-specific knowledge appropriate to the organization.

Assessing how IT contributes to organization objectives, risks, and relevance to audit.

Maintaining technical aspects of accounting standards and reporting processes.

Understanding regulatory and legal framework and assessing its relevance.

Q128. An internal audit activity is using the auditing-by-element approach to audit the organization’s controls around corporate social responsibility. Which of the following would be an element for the internal audit activity to consider?

Working conditions.

Employees’ families.

Marketplace competition.

Shareholders and investors.

Q129. An organization invests its savings in a volatile stock with the potential for high gains rather than a mutual fund with a lower expected return and lower volatility. This best describes which of the following risk concepts?

Risk identification.

Risk appetite.

Risk capacity.

Risk tolerance.

Q130. According to the COSO internal control framework, which of the following best describes the use of continuous auditing programs by the internal audit activity?

Control environment.

Control activities.

Risk assessment.

Monitoring.

Q131. Which of the following best demonstrates the authority of the internal audit activity?

Suggesting alternatives to decision makers.

Improving the integrity of information.

Determining the scope of internal audit services.

Achieving engagement objectives.

Q132. Which of the following situations is most likely to impair internal audit objectivity?

An internal auditor reports both functionally and administratively to the chief financial officer (CFO).

An internal auditor, who was an accounts receivable intern for the organization three years prior, performs an audit of the accounts receivable cycle.

According to policy, the internal auditor must obtain approval from the CFO prior to requesting information for internal audit purposes.

An internal auditor performs an audit in a department that is led by the auditor’s close friend.

Q133. Given the highly technical and legal nature of privacy issues, which of the following statements best describes the internal audit activity’s responsibility with regard to assessing an organization’s privacy framework?

If an organization does not have a mature privacy framework, the internal audit activity should assist in developing and implementing an appropriate privacy framework.

Because the audit committee is ultimately responsible for ensuring that appropriate control processes are in place to mitigate risks associated with personal information, the internal audit activity is C. required to conduct privacy assessments.

The internal audit activity may delegate to nonaudit IT specialists the responsibility of determining whether personal information has been secured adequately and data protection controls are sufficient.

The internal audit activity should have appropriate knowledge and competence to conduct an asses …….framework.

Q134. Which of the following is a preventive control?

Creating an audit trail.

Placing controls on physical access to inventory.

Reconciling purchase orders with approvals.

Reviewing expense accounts for irregularities.

Q135. Allegations have been made that an organization’s share price has been manipulated.
Which of the following would provide an internal auditor with the most objective evidence in this case?

Major shareholders of the organization.

Large customers of the organization.

Former members of management.

Former financial consultants.

Q136. A new internal audit activity is creating its first charter. According to IIA guidance, which of the following objectives would be appropriate for inclusion in the charter?

Continuously monitor the organization’s overall risk activities in relation to its risk appetite.

Evaluate the adequacy and effectiveness of the organization’s governance activities.

Oversee the establishment and administration of an effective risk management program.

Assist management in implementing recommended control improvements.

Q137. 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.

Q138. Which of the following actions should an internal auditor take to exercise due professional care?
1. Consider the probability of significant noncompliance in each audit engagement.
2. Weigh the cost of assurance against the benefits.
3. Perform assurance procedures with sufficient care to ensure that all risks are identified.

1 and 2 only

1 and 3 only

2 and 3 only

1, 2, and 3

Q139. 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.

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