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

Certification in Risk Management Assurance

Last Update 17 hours ago Total Questions : 283

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Question # 1

A new director was hired to lead the internal audit activity at a small start-up company. Which of the following assignments would impair the director's independence?

Preparing the financial statements for the company's defined contribution plan.

Performing a pre-implementation review of the company's payroll application.

Providing the COBIT framework as a possible IT management tool.

Reviewing the company's policy for foreign currency translation adjustments for compliance with accounting standards.

Question # 2

According to IIA guidance, which of the following is the best example of a system application control?

A physical security control over a data center.

A system development life cycle control.

A program change management control.

An input control over data integrity.

Question # 3

An organization is beginning to implement an enterprise risk management program. One of the first steps is to develop a common risk language. Which of the following statements about a common risk language is true?

Management will be able to reduce inherent risk because they will have a better understanding of risk.

Internal auditors will be able to reduce their sample sizes because controls will be more consistent.

Stakeholders will have more assurance that the risks are assessed consistently.

Decision makers will understand that the likelihood of missing or ineffective controls will be reduced.

Question # 4

The director of purchasing, a certified internal auditor (CIA), signs a contract to procure a large order from a supplier whose products provide the best price, quality, and performance. A few days after signing the contract, the supplier presents the CIA with $1, 000 as a gift. Which statement regarding acceptance of the money is correct?

Accepting the money would be prohibited only if it were non-customary.

Accepting the money would violate the IIA Code of Ethics.

Because the CIA is not acting as an internal auditor, accepting the money would be governed only by the organization's code of conduct.

Because the contract was signed before the money was offered, accepting the money would not violate the IIA Code of Ethics.

Question # 5

According to IIA guidance, when preparing the charter for the internal audit activity, the chief audit executive (CAE), board, and senior management should agree on which of the following?

1. The standards to be used by the internal audit activity.

2. The internal audit activity's code of ethics.

3. The CAE's reporting line.

4. The internal audit activity's responsibilities.

4 only.

1 and 2 only.

3 and 4.

1,2, and 3.

Question # 6

An internal auditor for a large retail chain suspects that a store manager has been stealing money from cash sales by listing the sales as accounts receivable and then writing off the accounts as bad debts. Which of the following irregularities is the most likely cause of the auditor's suspicion?

A much higher bad debt expense as a percentage of sales than that of previous years.

A much higher bad debt expense as a percentage of sales than that of other stores.

A much higher percentage of past-due accounts receivable than that of other stores.

A much higher percentage of past-due accounts receivable than that of previous years.

Question # 7

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.

Question # 8

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?

Definition of Internal Auditing.

MA Standards.

Internal audit charter.

The IIA's Code of Ethics.

Question # 9

A credit card company detects potential errors in credit card numbers by checking whether all entered numbers contain the correct amount of digits. This is an example of which of the following IT controls?

Logic test.

Check digits.

Data integrity tests.

Balancing control activities.

Question # 10

Forty-five percent of an organization's customer payments are submitted online. Eight percent of online payments are rejected. Executive management decides to outsource its online payment services to a contractor that will assume 75 percent of the total value of rejected payments. The organization estimates $1.25 million customer payments due during the contract period.

Which of the following represents the organization's residual risk for online customer payments due?

$11, 250

$25, 000

$33, 750

$45, 000