IIA-CRMA-ADV IIA Certification in Risk Management Assurance exact Exam Questions

Certification in Risk Management Assurance

Last Update 19 hours ago Total Questions : 283

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Question # 61

What is the primary purpose of a fishbone diagram?

To depict the areas of responsibility for departments in an organization.

To plan and control complex projects, such as internal audits.

To represent the frequencies of adverse conditions in a given process.

To identify the possible causes of adverse conditions.

Question # 62

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?

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

The CAE completes an engagement working paper checklist.

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

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

Question # 63

A staff auditor, nearly finished with an audit engagement, discovers that the director of marketing has a gambling habit. The gambling issue is not directly related to the existing engagement, and there is pressure to complete the current engagement. The auditor notes the problem and forwards the information to the chief audit executive, but performs no further follow-up.

Which of the following statements is true about the auditor's actions?

They are in violation of the IIA Code of Ethics because the auditor withheld meaningful information.

They are in violation of the Standards because the auditor did not properly follow up on a red flag that might indicate the existence of fraud.

They are in violation of neither the IIA Code of Ethics nor the Standards.

They are not in violation of the Standards but are in violation of the IIA Code of Ethics.

Question # 64

Which of the following conditions is the most likely indicator of fraud?

Commissions are paid based on verified increases to sales.

Departmental reports are consistently issued in an untimely manner.

A manager regularly assumes subordinates' duties.

Lower earnings occur during the industry's down cycle.

Question # 65

Which of the following controls could an internal auditor reasonably conclude is effective by observing the physical controls of a large server room?

Adequate signs are in place to assist in locating safety equipment.

Servers are secured individually to their racks by locks.

Foam fire extinguishers are operable to protect against electrical fires.

Swipe card access is required to gain access to the server room.

Question # 66

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.

Question # 67

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.

Question # 68

Which of the following best describes the assessment of risks?

Assess the actions necessary to reduce the likelihood and/or impact of risk to tolerable levels.

Assess the likelihood and/or impact of risk on the achievement of organizational objectives.

Assess the amount of risk an organization can accept while pursuing its objectives.

Assess alternative strategies to reduce or eliminate major risks.

Question # 69

An internal audit activity (IAA) provided assurance services for an activity it was responsible for during the preceding year.

As a result, which IIA Code of Ethics principle is presumed to be impaired?

Competence.

Flexibility.

Objectivity.

Independence.

Question # 70

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.