Ace IIA-CRMA Certification with 285 Actual Questions
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NEW QUESTION # 118
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?
- A. Control activities.
- B. Commitment.
- C. Control environment.
- D. Information and communication.
Answer: C
NEW QUESTION # 119
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?
- A. 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.
- B. 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.
- C. 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.
- D. 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.
Answer: B
NEW QUESTION # 120
According to IIA guidance, which of the following must internal auditors consider to conform with the requirements for due professional care during a consulting engagement?
1. The cost of the engagement, as it pertains to audit time and expenses in relation to the potential benefits.
2. The needs and expectation of clients, including the nature, timing, and communication of engagement results.
3. The application of technology-based audit and other data analysis techniques, where appropriate.
4. The relative complexity and extent of work needed to achieve the engagement's objectives.
- A. 2, 3, and 4
- B. 1, 2, and 3
- C. 1, 2, and 4
- D. 1, 3, and 4
Answer: C
NEW QUESTION # 121
Upon joining the internal audit activity, each new auditor receives a copy of the audit handbook. Which of the following handbook policies has the greatest risk of compromising audit objectivity?
- A. Internal auditors should rotate to other areas of the organization for nonaudit assignments to gain an understanding of the organization's operations.
- B. Internal auditors should have direct and unrestricted access to personnel and information throughout the organization and the governing board.
- C. Internal auditors should obtain 80 hours of continuing professional education every two years, 20 of which should be audit-related, and the remainder may be operations-related.
- D. Internal auditors should undergo annual performance appraisals conducted by the chief audit executive, who reports administratively to the chief financial officer.
Answer: A
NEW QUESTION # 122
Which of the following statements is true about The IIA Global Internal Audit Competency Framework?
- A. The framework lists the core competencies internal auditors should possess before attempting to attain The IIA's Certified Internal Auditor certification.
- B. The framework is designed to be used primarily by chief audit executives that are developing indicators to measure the performance of the internal audit activity for which they are responsible.
- C. The framework describes competencies needed for individual internal auditors, but not those necessary at the chief audit executive level.
- D. The core competencies outlined in the framework are not expected of a person undertaking an entry-level position as an internal auditor.
Answer: B
NEW QUESTION # 123
Which of the following techniques would best assist an internal auditor in evaluating the efficiency of a wholesale grocery distributor`s process to fill and package orders for shipping?
- A. Decision trees rating actual performance against requirements.
- B. A program evaluation and review technique chart.
- C. A Bedford analysis of orders filled to average delivery times.
- D. Queuing theory to assess potential bottlenecks in the process.
Answer: D
NEW QUESTION # 124
The manager for an organization's accounts payable department resigned her post in that capacity. Three months later, she was recruited to the internal audit activity and has been working with the audit team for the last eight months. Which of the following assignments would the newly hired internal auditor be able to execute without any impairments to independence or objectivity?
- A. A consulting engagement related to a new accounts payable optimization initiative.
- B. An operations audit of the accounts payable department.
- C. An assurance review for a sales program on which she previously provided consultation.
- D. A review of the employees' sports club finances, which are overseen by the chief audit executive.
Answer: D
NEW QUESTION # 125
Which of the following is the most significant disadvantage of using checklists to evaluate internal controls?
- A. They serve as a reminder of what controls should exist in a process.
- B. They do not capture all controls that may exist.
- C. They are useful in assessing risk.
- D. They require yes/no responses to specific questions, not open-ended responses.
Answer: B
NEW QUESTION # 126
A chief audit executive (CAE) of an international charity reports functionally to the audit committee of the board of directors and administratively to the charity's chief financial officer (CFO).
Which of the following would impair the internal audit function's independence?
- A. The CFO administers the annual evaluation process for the internal auditors.
- B. The CFO manages the accounting of the budget for the internal audit function.
- C. The CFO determines the scope of internal audit work in the accounting department.
- D. The CFO provides feedback on the CAE's audit reports.
Answer: C
NEW QUESTION # 127
The internal audit activity is planning a procurement audit and needs to obtain a thorough understanding of the subcontracting process, which can involve multiple individuals in multiple countries.
Which of the following internal audit tools would be most effective to document the process and the key controls?
- A. Cross-functional flow chart.
- B. Internal control checklist.
- C. Segregation of duties matrix.
- D. Procurement employee survey.
Answer: A
NEW QUESTION # 128
Which of the following types of social responsibilities is voluntary and guided purely by the organization's desire to make social contributions?
- A. Ethical responsibility.
- B. Discretionary responsibility.
- C. Innovative responsibility.
- D. The bottom of the pyramid responsibility.
Answer: A
NEW QUESTION # 129
According to IIA guidance, which of the following must the internal auditor consider to meet the requirements for due professional care?
- A. The training courses necessary to enhance the internal auditor's knowledge, skills, and other competencies.
- B. The appropriateness of assurance procedures necessary to ensure all significant risks will be identified.
- C. The use of innovative technology and data analysis techniques.
- D. The extent of work needed to achieve the engagement's objectives.
Answer: D
NEW QUESTION # 130
A chief audit executive (CAE) is reviewing the internal audit activity's performance and is concerned that the average number of revisions to findings is steadily rising, making it increasingly difficult to trace the finding to the supporting evidence and workpapers. According to MA guidance, which of the following elements of the internal audit activity's quality assurance and improvement program would provide the CAE with the most helpful insight into the cause of this problem?
- A. The type of audit productivity and performance statistics reported.
- B. The adequacy of the day-to-day supervision and review process.
- C. The overall effectiveness of the internal audit activity's periodic self assessments.
- D. The scope and frequency of external assessments.
Answer: B
NEW QUESTION # 131
Which of the following would be considered a violation of The IIA's mandatory guidance on independence?
- A. The CAE updates the internal audit charter and presents it to the board for approval periodically, not on a specific timeline.
- B. The chief audit executive (CAE) reports functionally to the board and administratively to the chief financial officer.
- C. The CAE confirms to the board, at least once every five years, the organizational independence of the internal audit activity.
- D. The board seeks senior management's recommendation before approving the annual salary adjustment of the CAE.
Answer: D
NEW QUESTION # 132
Given the highly technical and legal nature of privacy issues, which of the following statements best describes the internal audit activity's responsibility with regard to assessing an organization's privacy framework?
- A. Because the audit committee is ultimately responsible for ensuring that appropriate control processes are in place to mitigate risks associated with personal information, the internal audit activity is C. required to conduct privacy assessments.
- B. The internal audit activity should have appropriate knowledge and competence to conduct an asses .......framework.
- C. The internal audit activity may delegate to nonaudit IT specialists the responsibility of determining whether personal information has been secured adequately and data protection controls are sufficient.
- D. If an organization does not have a mature privacy framework, the internal audit activity should assist in developing and implementing an appropriate privacy framework.
Answer: B
NEW QUESTION # 133
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