IIA IIA-CRMA-ADV - Certification in Risk Management Assurance

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IIA IIA-CRMA-ADV Exam Syllabus Topics:

IIA Certification in Risk Management Assurance Sample Questions:

Question 1

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. $45, 000
B. $33, 750
C. $25, 000
D. $11, 250

Question 2

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 scope and frequency of external assessments.
C. The overall effectiveness of the internal audit activity's periodic self assessments.
D. The adequacy of the day-to-day supervision and review process.

Question 3

Which of the following are core responsibilities to be included in the internal audit charter?
1. Review reliability and integrity of financial and operating information and the means used to identify, measure, classify, and report such information.
2. Determine the adequacy and effectiveness of the organization's systems of internal accounting and operating controls.
3. Participate in the planning and performance of audits of potential acquisitions with the organization's outside accountants and other members of the corporate staff.
4. Report to those members of management who should be informed of results of audit examinations, the audit opinions formed, and the recommendations made.

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

Question 4

Which of the following is a weakness of observation as audit evidence?

A. It cannot be used to test the completeness assertion.
B. It cannot be relied upon because the evidence is not persuasive.
C. It cannot be used to test the occurrence assertion.
D. It cannot be used to test the existence assertion.

Question 5

Evidence discovered during the course of an engagement suggests that multiple incidents of fraud have occurred. There do not appear to be sufficient controls in place to prevent reoccurrence. Which of the following is the internal auditor's most appropriate next step?

A. Fully document in the workpapers the evidence that has been discovered and recommend appropriate controls to address the fraud.
B. Discuss the situation with the engagement supervisor to determine whether fraud investigation experts are required to investigate the matter properly.
C. Provide the evidence that was discovered to local law enforcement for possible prosecution of the suspected fraud.
D. Immediately notify management of the area under review and the other internal auditors involved in the engagement.

Solutions: