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IIA IIA-CRMA Exam Syllabus Topics:
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NEW QUESTION 124
Which of the following scenarios exemplifies a potential internal control weakness?
- A. The same employee who records cash receipts in the accounts receivable subsidiary ledger ensures that the ledger automatically updates the information.
- B. The same employee who makes deposits at the bank prepares the monthly bank reconciliation.
- C. The same employee who restrictively endorses checks received from customers prepares the bank's check deposit slips.
- D. The same employee who receives cash from customers prepares a prelisting of cash receipts.
Answer: B
NEW QUESTION 125
According to the HA Code of Ethics, which of the following statements best describes the principle of competency?
- A. Internal auditors shall perform their work in accordance with the law and make disclosures expected by the law.
- B. Internal auditors shall perform their work with honesty, diligence, and responsibility.
- C. Internal auditors shall perform their work in accordance with the Standards.
- D. Internal auditors shall be prudent in the use of information acquired while performing their work.
Answer: C
NEW QUESTION 126
According to IIA guidance, which of the following is the best example of a system application control?
- A. A system development life cycle control.
- B. A physical security control over a data center.
- C. An input control over data integrity.
- D. A program change management control.
Answer: C
NEW QUESTION 127
Which of the following decisions made during the testing phase of a compliance audit requires the most judgment by an internal auditor?
- A. Which fields to examine on each invoice.
- B. Which sampling methodology to select for testing.
- C. What level of noncompliance is acceptable.
- D. Whether an individual expenditure is allowable.
Answer: C
NEW QUESTION 128
Which of the following is not an objective of internal control?
- A. Accuracy.
- B. Validation.
- C. Efficiency.
- D. Compliance.
Answer: B
NEW QUESTION 129
Which of the following is most likely to be considered a control weakness?
- A. Buyers promptly update the official vendor listing as new supplier sources become known.
- B. Vendor invoice payment requests are accompanied by a purchase order and receiving report.
- C. Department managers initiate purchase requests that must be approved by the plant superintendent.
- D. Purchase orders are typed by the purchasing department using prenumbered forms.
Answer: A
NEW QUESTION 130
An accounts receivable clerk receives cash payments, posts the payments to customer accounts, and prepares the daily cash deposit.
The clerk has been stealing some cash and manipulating the customer payments to hide the theft.
This fraud could be detected with which of the following controls?
- A. Monthly bank reconciliations are performed by the clerk on a timely basis.
- B. Total cash deposits are compared with the bank reconciliation.
- C. Names, amounts, and dates on remittance advices are reconciled with the names, amounts, and dates recorded in the cash receipts journal.
- D. Total cash deposits for the month are reconciled to the cash receipts journal.
Answer: C
NEW QUESTION 131
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. Accept the assignment and use control self-assessment to complete the project.
- B. Do not accept the assignment because the internal audit activity lacks the competency to perform the engagement with due professional care.
- C. Accept the assignment and use an external provider with the necessary knowledge and skills to perform the engagement.
- D. 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.
Answer: C
NEW QUESTION 132
With regard To IT governance, which of the following is the most effective and appropriate role for the internal audit activity?
- A. Assist management in interpreting complex IT-related privacy and security risk exposures and evaluating potential mitigation strategies.
- B. Assess whether governance activities are aligned with the organization's risk appetite and take into consideration emerging risks.
- C. Independently evaluate the skills and experience of potential chief information officer candidates to assess the best fit based on the organization's risk appetite.
- D. Evaluate the organization's governance standards and assess IT-related activities to identify gaps and develop policies, ensuring alignment with the organization's risk appetite.
Answer: B
NEW QUESTION 133
A former line supervisor from the Financial Services Department has completed six months of a two-year development opportunity with the internal audit activity (IAA). She is assigned to a team that will audit the organization's payroll function, which is managed by the Human Resources Department. Which of the following statements is most relevant regarding her independence and objectivity with respect to the payroll audit?
- A. She may participate, but only after she has completed one year with the IAA.
- B. She may participate for training purposes, to build her knowledge of the IAA.
- C. She may participate, because she did not previously work in the Human Resources Department.
- D. She may participate, but she must be supervised by the auditor in charge.
Answer: C
NEW QUESTION 134
A multinational organization has asked the internal audit activity to assist in setting up the organization's risk management system. The chief audit executive (CAE) agrees to take on the engagement as a consultant.
Which of the following tasks is appropriate for the CAE to undertake?
- A. Set risk indicators and mitigation plans for management to implement.
- B. Coordinate and facilitate risk workshops for management to attend.
- C. Establish the degree of risk appetite for management to accept.
- D. Determine the number of significant risks for management to report to the board.
Answer: D
NEW QUESTION 135
According to IIA guidance, which of the following scenarios demonstrates an internal auditor exercising due professional care?
When auditing investments, the auditor identified instruments with which he was unfamiliar.
- A. An auditor was reviewing inventory counts conducted by the warehouse staff. One truck containing an immaterial amount of inventory was off-site and wasn't verified by the auditor.
- B. An auditor visited a plant that produces a significant portion of the organization's inventory. The day he arrived, the plant manager was out sick, so the auditor issued the report without interviewing the manager.
- C. He decided not to select that type of investment in his sample, as he did not have the knowledge needed to perform a proper assessment.
- D. An auditor in charge needed to have testing completed by the end of the month, but was behind schedule. He identified a junior auditor to conduct the work for him on a complex area of the organization.
Answer: C
NEW QUESTION 136
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?
- A. $11, 250
- B. $33, 750
- C. $25, 000
- D. $45, 000
Answer: A
NEW QUESTION 137
According to the Standards, which of the following best describes why initial audit test results should be reported to the auditor-in-charge prior to advising management?
- A. It helps ensure that appropriate professional judgments and conclusions are made.
- B. It increases the likelihood of obtaining the audit client's agreement with the results.
- C. It is required to demonstrate that effective engagement supervision has occurred.
- D. It ensures that an appropriate chain of evidence is maintained through the workpapers.
Answer: A
NEW QUESTION 138
According to IIA guidance, which of the following practices by the chief audit executive (CAE) best enhances the organizational independence of the internal audit activity?
- A. CAE meets privately with The CEO at least annually.
- B. CAE meets privately with The board at least annually.
- C. CAE reviews and approves the annual audit plan.
- D. CAE reports to the board regarding audit staff performance evaluation and compensation.
Answer: D
NEW QUESTION 139
An internal audit charter describes the mission and scope of the internal audit activity (IAA), responsibilities of the IAA, accountability of the chief audit executive, independence of the IAA, and standards followed by the IAA. Which of the following also should be included in the charter?
- A. A detailed audit plan or program for the year.
- B. The IAA's right to have unrestricted access to functions, records, personnel, and physical property.
- C. The job specifications and descriptions of the internal audit staff.
- D. The purpose of the IAA.
Answer: B
NEW QUESTION 140
According to IIA guidance, which of the following are macro-level audit activities performed for an assurance engagement of the purchasing department?
1. Obtain and review all purchasing-related audit reports issued within the past year.
2. Meet with the quality assurance group to discuss its previous reports of any purchasing-related findings.
3. Review a memo written by the purchasing manager that outlines ongoing problems with the purchasing software.
4. Request a copy of the report from a purchasing audit conducted last year by an external service provider.
- A. 1 and 3.
- B. 2 and 4.
- C. 3 and 4.
- D. 1 and 2.
Answer: D
NEW QUESTION 141
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