IIA-CRMA Exam Questions - Real Practice Questions for Guaranteed Success

Question 1

Which of the following is an example of a risk management avoidance response?

AExiting a marketplace.

BRecalling a product.

CObtaining product insurance.

DOutsourcing production.

Correct : A

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AExiting a marketplace.

BRecalling a product.

CObtaining product insurance.

DOutsourcing production.

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Question 2

A manufacturing line supervisor joins the internal audit activity for a two-year rotational job assignment and is assigned to an accounts receivable audit. With regard to this assignment, which of the following should be the primary concern of the audit manager?

ADue professional care.

BIndividual independence.

CIndividual objectivity.

DOrganizational independence.

Correct : A

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ADue professional care.

BIndividual independence.

CIndividual objectivity.

DOrganizational independence.

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Question 3

During an audit engagement, the internal auditor discussed a risk mitigation recommendation with the manager of the area under review. The manager disagreed with the risk assessment and recommendation. The two failed to come up with an alternative solution, and the auditor decided to proceed with including the original recommendation in the engagement report. Which of the following is especially important in dealing with this type of situation?

ASoft skills in communication, negotiation, and collaboration.

BTechnical skills in the area under review.

CProfessional qualifications and certification in internal auditing.

DConfidentiality and independence.

Correct : A

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ASoft skills in communication, negotiation, and collaboration.

BTechnical skills in the area under review.

CProfessional qualifications and certification in internal auditing.

DConfidentiality and independence.

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Question 4

According to IIA guidance, which of the following roles would be appropriate for an internal auditor regarding fraud risk?

1. Identification.

2. Mitigation.

3. Remediation.

4. Reduction.

A1 only. |

B1 and 4 only.

C1, 3, and 4 only.

D1,2, 3, and 4.

Correct : B

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A1 only. |

B1 and 4 only.

C1, 3, and 4 only.

D1,2, 3, and 4.

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Question 5

Which of the following offers the best evidence that the internal audit activity has achieved organizational independence?

AAn independent third party has assessed the organization's system of internal controls to be adequate and effective.

BThe chief audit executive reports both functionally and administratively to the CEO.

CThe internal audit charter is drafted properly and approved by the appropriate parties.

DThe mission statement and strategy of the internal audit activity demonstrates alignment to organizational objectives.

Correct : B

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AAn independent third party has assessed the organization's system of internal controls to be adequate and effective.

BThe chief audit executive reports both functionally and administratively to the CEO.

CThe internal audit charter is drafted properly and approved by the appropriate parties.

DThe mission statement and strategy of the internal audit activity demonstrates alignment to organizational objectives.

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