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The IIA IIA-CRMA exam covers four domains, including risk management governance, risk management assurance, risk management processes, and strategy and risk management. Candidates must pass the exam with a score of 600 or higher out of 800 to earn the certification. They must also meet the eligibility requirements, which include having a bachelor's degree and two years of experience in risk management assurance or internal auditing.

Passing the IIA-CRMA certification exam is a significant achievement for internal auditors who want to demonstrate their expertise in risk management assurance. Certification in Risk Management Assurance (CRMA) Exam certification demonstrates a strong commitment to the internal audit profession and a dedication to continuous learning and development. It also provides internal auditors with a competitive advantage in the job market and can lead to new opportunities for career advancement. Overall, the IIA-CRMA certification exam is an excellent way for internal auditors to enhance their professional skills and knowledge and demonstrate their value to their organizations.

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 # 28
When conducting an interview, an internal auditor is most likely to ask open-ended questions in order to:

• A. Obtain specific answers and maximize efficiency.
• B. Gather factual data on several different topics.
• C. Determine agreement or disagreement with a stated viewpoint.
• D. Obtain information based on the person's own perspective.

Answer: D

NEW QUESTION # 29
Which of the following are components of the COSO enterprise risk management framework?
1. Objective setting.
2. External environment.
3. Data collection.
4. Control activities.

• A. 2 and 4 only
• B. 1 and 4 only
• C. 2 and 3 only
• D. 1 and 3 only

Answer: B

NEW QUESTION # 30
Which of the following statements best explains why internal auditors map processes?
1. To obtain audit evidence to support auditor's observations.
2. To determine scope and objectives of the audit.
3. To facilitate the identification of ownership and responsibility for key risks.
4. To identify potential efficiency improvements.

• A. 1 and 2.
• B. 2 and 4.
• C. 1 and 3.
• D. 3 and 4.

Answer: D

NEW QUESTION # 31
Why is a code of ethics for the internal audit profession necessary?

• A. It requires auditors to exhibit loyalty to their organizations.
• B. It ensures that all members of the profession possess the same level of competence.
• C. It guides internal auditors in their service to others.
• D. It provides auditors with protection from lawsuits.

Answer: C

NEW QUESTION # 32
During an account receivables audit, an internal auditor found a significant number of input errors resulting in a $500, 000 balance understatement.
Which of the following is the most important question the internal auditor should ask to develop an appropriate recommendation for this finding?

• A. Why?
• B. When?
• C. Who?
• D. How?

Answer: A

NEW QUESTION # 33
Which of the following would not be a red flag for fraud?

• A. Several recent, large expenditures to a new vendor have not been documented.
• B. New employees occasionally fail to meet established project deadlines due to staffing shortages.
• C. A weak control environment has been accepted by management to encourage creativity.
• D. A manager has bragged about multiple extravagant vacations taken within the last year, which are excessive relative to the manager's salary.

Answer: B

NEW QUESTION # 34
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.

• A. 1 and 4 only
• B. 1, 2, and 4 only
• C. 3 and 4 only
• D. 2 and 3 only

Answer: B

NEW QUESTION # 35
A chief audit executive (CAE) learns that the brother-in-law of a senior auditor who audits the procurement process was hired as the head of the procurement department six months prior. Which of the following is the most appropriate action for the CAE to take?

• A. The CAE should not interfere because there is no evidence that a conflict of interest has occurred.
• B. The CAE should require the senior auditor to disclose the relationship in writing before continuing his responsibility for monitoring procurement.
• C. The CAE should change the senior auditor's assignment and take corrective action for the auditor's failure to disclose the conflict of interest.
• D. The CAE should remind the senior auditor of his obligation to be objective and impartial.

Answer: C

NEW QUESTION # 36
Which of the following professional development approaches would offer internal auditors the most opportunities to broaden their engagement experiences?

• A. Rotate internal auditors among different engagement assignments.
• B. Send internal auditors to external trainings in advanced internal audit topics.
• C. Appraise internal auditors' performance and competencies at least annually and issue constructive feedback.
• D. Assign more experienced internal auditors to mentor the less experienced auditors.

Answer: A

NEW QUESTION # 37
Which of the following types of fraud includes embezzlement?

• A. Fraudulent statements.
• B. Corruption.
• C. Bribery.
• D. Misappropriation of assets.

Answer: D

NEW QUESTION # 38
Management has asked the chief audit executive (CAE) to provide assurance on the organization's automated control system related to financial data. The current audit staff does not have the expertise needed to conduct this type of engagement. Which of the following would be the best response by the CAE?

• A. Do not accept the assignment because the internal audit activity lacks the competency to perform the engagement with due professional care.
• B. Accept the assignment and use control self-assessment to complete the project.
• C. Accept the assignment if the engagement is included in the current audit plan, but inform senior management that the current audit staff does not have the knowledge and skills required.
• D. Accept the assignment and use an external provider with the necessary knowledge and skills to perform the engagement.

Answer: D

NEW QUESTION # 39
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?

• A. Process mapping.
• B. Interviewing.
• C. Distributing questionnaires.
• D. Monitoring.

Answer: A

NEW QUESTION # 40
An organization invests its savings in a volatile stock with the potential for high gains rather than a mutual fund with a lower expected return and lower volatility. This best describes which of the following risk concepts?

• A. Risk capacity.
• B. Risk tolerance.
• C. Risk appetite.
• D. Risk identification.

Answer: B

NEW QUESTION # 41
Which of the following factors should be considered when determining the appropriate combination of manual techniques and computer-assisted audit techniques (CAATs) to be used during an audit?
1. Acceptance of CAATs findings by entity management.
2. Computer knowledge and expertise of the auditor.
3. Time constraints.
4. Level of audit risk.

• A. 1 and 4
• B. 1, 2, and 3
• C. 2, 3, and 4
• D. 2 and 3 only

Answer: C

NEW QUESTION # 42
What type of risk management strategy is being employed when an organization installs two firewalls to provide protection from unauthorized access to the network?

• A. Sharing the risk that either firewall could be compromised by hackers.
• B. Diversifying the risk that network access will not be available to legitimate, authorized users.
• C. Avoiding the risk of having a direct network connection to un-trusted networks.
• D. Accepting the risk that there may be attempts at unauthorized access to the network.

Answer: B

NEW QUESTION # 43
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