Pass IIA-CRMA Exam with Updated IIA-CRMA Exam Dumps PDF 2024
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IIA-CRMA (Certification in Risk Management Assurance) certification exam is designed to validate the skills and knowledge of individuals who are responsible for risk management in their organizations. Certification in Risk Management Assurance (CRMA) Exam certification is offered by the Institute of Internal Auditors (IIA), a global professional association of internal auditors that sets standards for the profession and provides education, training, and certification programs.
NEW QUESTION # 70
According to IIA guidance, which of the following best describes processes and tools typically used in ongoing internal assessments?
- A. Self-assessments and surveys of stakeholder groups.
- B. Report of internal assessment results, response plans, and outcomes.
- C. Analysis of performance metrics such as cycle times.
- D. Benchmarking of the internal audit activity's practices and performance.
Answer: C
NEW QUESTION # 71
According to IIA guidance, which of the following statements is true regarding periodic internal assessments of the internal audit activity?
- A. Follow-up to ensure appropriate improvements are implemented is a recommended, but not mandatory, element of internal assessments.
- B. An internal auditor may perform a peer review of a colleague's workpapers, as long as the auditor wasn't involved in the audit under review.
- C. Internal assessments must be performed at least once every five years by a qualified assessor.
- D. Internal assessments are conducted to benchmark the internal audit activity's performance against industry best practices.
Answer: B
NEW QUESTION # 72
According to IIA guidance, which of the following is ultimately responsible for seeing that the internal control system of an organization's social responsibility program is effective?
- A. Internal audit activity.
- B. All employees.
- C. Board of directors.
- D. Senior management.
Answer: C
NEW QUESTION # 73
An organization has implemented a software system that requires a supervisor to approve transactions that would cause treasury dealers to exceed their authorized limit. This is an example of which of the following types of controls?
- A. Directive controls.
- B. Soft controls.
- C. Detective controls.
- D. Preventive controls.
Answer: D
NEW QUESTION # 74
According to IIA guidance, which of the following describes the primary reason to implement environmental and social safeguards within an organization?
- A. To fulfill regulatory and compliance requirements.
- B. To enable Triple Bottom Line reporting capability.
- C. To achieve and maintain sustainable development.
- D. To facilitate the conduct of risk assessment.
Answer: C
NEW QUESTION # 75
In which of the following scenarios would a customer service hotline receive a high volume of complaints regarding payments not being applied to customers' accounts?
- A. Employees are submitting fraudulent expense reports.
- B. An employee is tampering with customer checks.
- C. The customer service department is not forwarding complaints to the accounts receivable department.
- D. Invoices are not being mailed to customers.
Answer: B
NEW QUESTION # 76
Which of the following is a second line of defense in effective risk management and control?
- A. Compliance department.
- B. Purchasing department.
- C. Credit department.
- D. Internal audit department.
Answer: A
NEW QUESTION # 77
An IT contractor applied for an internal audit position at a bank. The contractor worked for the bank's IT security manager two years ago. If the audit manager interviewed the contractor and wants to extend a job offer, which of the following actions should the chief audit executive pursue?
- A. Not allow the audit manager to hire the contractor and ask the individual to apply again in one year.
- B. Allow the audit manager to hire the contractor, but state that the individual is not allowed to work on IT security audits for one year.
- C. Not allow the audit manager to hire the contractor, as it would be a conflict of interest.
- D. Allow the audit manager to hire the contractor and state that the individual is free to perform IT audits, including security.
Answer: D
NEW QUESTION # 78
Which of the following is not an appropriate activity for internal auditors to perform?
- A. Highlight matters that require management's attention.
- B. Accumulate data, obtain varying views, and report information to senior management.
- C. Implement solutions for specific organizational problems.
- D. Recommend management seek a consulting firm to advise on outsourcing.
Answer: C
NEW QUESTION # 79
According to the COSO enterprise risk management (ERM) framework, which of the following is not part of the new paradigm in ERM?
- A. Assessing the risk factors.
- B. Reducing operational surprises and losses.
- C. Aligning risk appetite and strategy.
- D. Enhancing risk response decisions.
Answer: A
NEW QUESTION # 80
An internal auditor is reviewing employee travel data to identify opportunities to cut costs while ensuring adequate participation at conferences to support the organization's mission. Which of the following pieces of evidence would be sufficient for completing this task?
- A. A log of conferences titles, dates of travel for each employee, and a detailed summary of conference objectives and how they relate to the organization's mission needs.
- B. A log from the last year that includes dates of travel, conference titles, and conference objectives, all of which correspond with employee names and costs per trip.
- C. A log of employee travel requests, which include the title of each conference, the conference objectives, anticipated dates of travel, and estimated costs.
- D. A log that includes titles of conferences that all employees were invited to attend in the last year, along with the dates of those conferences and average costs per traveler.
Answer: B
NEW QUESTION # 81
Which of the following is an example of a management control technique?
- A. A budget.
- B. The control environment.
- C. The board of directors.
- D. A risk assessment.
Answer: A
NEW QUESTION # 82
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?
- A. Major shareholders of the organization.
- B. Former financial consultants.
- C. Former members of management.
- D. Large customers of the organization.
Answer: B
NEW QUESTION # 83
Which of the following actions indicates a lack of due professional care by an internal auditor performing an audit of a store's cash function?
- A. The auditor discovered an instance of potential fraud and reported it immediately to management, but did not alert authorities outside the organization.
- B. After determining that the cash function internal controls were strong, the audit report assured senior management that fraud was not present.
- C. The auditor tested samples of transactions to test the cash function's process flows.
- D. The audit report included a well-supported recommendation for a reduction in staff even though such a reduction might adversely impact morale.
Answer: B
NEW QUESTION # 84
Which of the following would not be a red flag for fraud?
- A. A weak control environment has been accepted by management to encourage creativity.
- B. Several recent, large expenditures to a new vendor have not been documented.
- C. A manager has bragged about multiple extravagant vacations taken within the last year, which are excessive relative to the manager's salary.
- D. New employees occasionally fail to meet established project deadlines due to staffing shortages.
Answer: D
NEW QUESTION # 85
Who is responsible for setting the risk appetite?
- A. Operations management.
- B. Chief risk officer.
- C. External auditors.
- D. Board of directors.
Answer: D
NEW QUESTION # 86
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?
- A. Maintaining membership in The HA and similar professional organizations and subscribing to relevant email updates or news feeds.
- B. Participating in on-the-job training in various departments of the organization.
- C. Attending annual professional conferences and seminars.
- D. Pursuing as many professional certifications as possible.
Answer: A
NEW QUESTION # 87
Which of the following risk management activities is most appropriate for an internal auditor to undertake?
- A. Review the management of key risks.
- B. Implement risk responses on management's behalf.
- C. Coordinate risk management activities.
- D. Impose risk management processes.
Answer: A
NEW QUESTION # 88
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The Certification in Risk Management Assurance (CRMA) is a highly sought-after certification for professionals who are involved in risk management and assurance. Certification in Risk Management Assurance (CRMA) Exam certification is offered by the Institute of Internal Auditors (IIA) and is designed for individuals who are looking to enhance their knowledge and skills in the field of risk management. Certification in Risk Management Assurance (CRMA) Exam certification exam is a comprehensive test that assesses a candidate's knowledge of risk management concepts and practices.
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