[Apr-2023] Feel IIA IIA-CRMA Dumps PDF Will likely be The best Option [Q145-Q162]

IIA-CRMA IIA

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April 5, 2023

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[Apr-2023] Feel IIA IIA-CRMA Dumps PDF Will likely be The best Option

IIA-CRMA exam torrent IIA study guide

To be eligible for the CRMA exam, candidates must have a minimum of two years of experience in internal auditing or a related field. They must also meet specific educational requirements, such as holding a bachelor’s degree or higher. Once the candidate has passed the exam, they will earn the CRMA certification, which is valid for three years. To maintain their certification, CRMA holders must complete continuing education and meet other requirements set forth by the IIA.

Q145. While performing an accounts payable engagement, a senior auditor wants to conduct several tests of controls for travel expenses. Which of the following actions are most appropriate for the senior auditor to undertake?
1. Ensure all tests use a random sampling technique.
2. Consider a judgmental approach for the sample size.
3. Assess testing errors through root cause analysis.
4. Ensure that the entire data set is tested.

1 and 2.

1 and 3.

2 and 3.

2 and 4.

Q146. 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?

Senior management.

Internal audit activity.

All employees.

Board of directors.

Q147. A large sales organization maintains a system of internal control according to the COSO model and has updated its code of conduct. This change relates to which component of the COSO framework?

Control activities.

Information and communication.

Commitment.

Control environment.

Q148. According to IIA guidance, which of the following best describes internal auditors’ responsibility regarding fraud?

Internal auditors should take a leading role in investigating all fraud-related cases.

Internal auditors must have sufficient knowledge to evaluate the risk of fraud.

Internal auditors should report all fraud cases to law enforcement agents, in accordance with the Code of Ethics.

Internal auditors are responsible for ensuring that fraud does not occur.

Q149. This chief audit executive (CAE) engaged an internal auditor to consult on an organization’s complex information technology system. Shortly after beginning the engagement, the auditor unexpectedly resigned.
Unfortunately, this auditor was the only available auditor with the necessary expertise. The CAE will not be able to hire someone with similar expertise in time to meet a regulatory deadline.
Which of the following would be the best course of action for the CAE to take?

Continue with the engagement in order to meet the regulatory deadline, but highlight areas in the final report that might need to be revised in the future.

Ask that a senior member of the organization’s IT department with the required systems expertise join the audit team to assist in completing the engagement.

Delay the engagement and inform the board of the situation, asking them to provide acceptable alternatives for completing the engagement.

Remove the planned engagement from the audit plan and explain to senior management the problems with moving forward without an auditor with the necessary expertise.

Q150. An organization’s chief audit executive (CAE) determines that the internal audit staff does not have the requisite skills to conduct an audit of the financial derivatives area. Which of the following would be the best course of action for the CAE to follow?

Outsource the audit engagement to a qualified external auditing firm without burdening the audit committee with the decision.

Determine the requisite knowledge needed, and obtain the proper training for auditors, even if the training will significantly push back the project’s timeframe as outlined by the audit committee.

Notify the audit committee of the problem, and assign the most competent auditors on staff to perform the audit engagement.

Employ the skills of a financial derivatives expert to consult on the project, and supplement the consulting with a local seminar on financial derivatives.

Q151. An internal auditor would like to identify the involvement of various organizational units in handling employee travel reimbursement claims. Which of the following methods would be most effective and efficient in completing this task?

Process mapping.

Interviewing.

Monitoring.

Distributing questionnaires.

Q152. Which of the following statements is true with regard to conducting an effective quality assurance and improvement program?

The IIA’s Quality Assessment Manual for the Internal Audit Activity must be used as the basis for periodic assessments.

Members of the internal audit activity are not permitted to perform quality assessments, as they would not be independent.

Periodic internal assessments provide the most current and independent recommendations for improvement.

The conclusions of periodic internal assessments are intended to assist in achieving conformity to the Standards.

Q153. As a matter of policy, the chief audit executive routinely rotates internal audit staff assignments and periodically interviews the staff to discuss the potential for conflicts of interest. These actions help fulfill which of the following internal audit mandates?

Organizational independence.

Professional objectivity.

Due professional care.

Individual proficiency.

Q154. An organization has implemented a new automated payroll system that contains a table of pay rates that are matched to employee job classifications. Which control should an internal auditor suggest in order to ensure that the table is updated correctly, and is used only for valid pay changes?

Restrict data-table access from management and line supervisors who have the authority to determine pay rates.

Require a supervisor in the department, who has the ability to change the table, to compare the changes to a signed management authorization.

Ensure that adequate edit and reasonableness checks are built into the automated system.

Require a manager, who is independent of the system and who cannot change the table, to authorize and sign-off on any employee pay changes.

Q155. A candidate has applied for an entry level internal audit position. The candidate holds a CISA (Certified Information Systems Auditor) designation, and has six months of audit experience, but limited knowledge of accounting principles and techniques. According to the IIA guidance, which of the following is the most relevant reason for the chief audit executive to consider this candidate?

Other internal auditors possess sufficient knowledge of accounting principles and techniques.

The candidate’s information systems knowledge and real-world experience in internal auditing.

Accounting skills can be learned over time with appropriate training.

An entry level position does not require expertise in any particular area.

Q156. An auditor in charge was reviewing the workpapers submitted by a newly hired internal auditor. She noted that the new auditor’s analytical work did not include any rating or quantification of the risk assessment results, and she returned the workpapers for correction. Which section of the workpapers will the new auditor need to modify?

Condition section.

Criteria section.

Effect section.

Cause section.

Q157. 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.

1 and 4 only

2 and 3 only

3 and 4 only

1, 2, and 4 only

Q158. Which of the following is the most effective strategy to manage the risk of foreign exchange losses due to sales to foreign customers?

Hire a risk consultant.

Implement a hedging strategy.

Maintain a large foreign currency balance.

Insist that customers only pay in a stable currency.

Q159. Which of the following would be considered a preventive control?

A library control log.

A review of exception reports.

A password lock on a server.

A software scan of financial records for irregularities.

Q160. According to The MA Global Internal Audit Competency Framework, which of the following areas of training would best assist the internal audit activity in improving its use of tools and techniques?

Negotiation and conflict resolution.

Project management.

Financial accounting.

Ethics and fraud.

Q161. 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?

Preventive controls.

Detective controls.

Soft controls.

Directive controls.

Q162. An internal audit activity includes in its audit reports the assertion that its work is performed in conformance with the International Standards for the Professional Practice of Internal Auditing {Standards). A recent external quality assessment concluded that the internal audit activity had substantial deficiencies that impact its overall operations. According to IIA guidance, which of the following is the most appropriate action for issuing future audit reports?

Refrain from indicating that the internal audit activity operates in conformance with the Standards until the chief audit executive confirms that the internal audit activity has addressed all areas of nonconformance and the audit committee has been notified.

Refrain from indicating that the internal audit activity operates in conformance with the Standards until another external assessment confirms that the significant areas of nonconformance have been addressed.

Indicate that the internal audit activity operates in partial conformance with the Standards, as the internal audit activity has a quality assurance and improvement program in place to address deficiencies and has met the requirement for conducting an external assessment.

Update and reissue previous audit reports, removing the assertion that the internal audit activity operates in conformance with the Standards, and distribute them to all parties who received the original reports.

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The Certification in Risk Management Assurance (CRMA) offered by the Institute of Internal Auditors (IIA) is a globally recognized certification that demonstrates a professional’s knowledge and expertise in risk management assurance. It is designed for internal auditors, risk management professionals, and individuals who are responsible for assessing and managing risks within their organization. The CRMA certification confirms that an individual has the skills to identify and manage risks to achieve business objectives effectively.

Salary of the IIA-CRMA certified professional:

A candidate can earn a handsome amount after passing with the help of IIA-CRMA exam dumps. The average salary of an IIA-CRMA certified candidate is varying. Most of the candidates are getting 50,000 USD to 90,000 USD per annum. The salary is depending on the experience and designation. The salary of CRMA certification holders ranges are given below:

In Australia: A$60,000 – 90,000
In the United States: $60,000 to 100,000
In Germany: €40,000 to €80,000.
In Canada: 65,000 USD to 90,000 USD

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