Excellent IIA-CRMA-ADV Updated 2023 Dumps With 100% Exam Passing Guarantee
Best way to practice test for IIA IIA-CRMA-ADV
NEW QUESTION # 144
To fill a critical vacancy, an internal auditor is assigned temporarily to a nonaudit role in the purchasing department, where she worked previously before joining the internal audit activity. According to IIA guidance, which of the following statements is true regarding these circumstances?
- A. The chief audit executive (CAE) should review all work performed by the auditor during her temporary assignment to ensure no impairments.
- B. The auditor should obtain the CAE's approval as to the nature and scope of the duties she is permitted to perform during her temporary assignment.
- C. The CAE may conduct audits in the purchasing department during the auditor's temporary assignment.
- D. Any work performed by the auditor during her temporary assignment must conform to the internal audit charter.
Answer: B
NEW QUESTION # 145
Non-statistical sampling does not require which of the following?
- A. A smaller sample size than if selected using statistical sampling.
- B. Projecting the results to the population.
- C. The sample to be representative of the population.
- D. The sample to be selected haphazardly.
Answer: A
NEW QUESTION # 146
Why is a code of ethics for the internal audit profession necessary?
- A. It requires auditors to exhibit loyalty to their organizations.
- B. It provides auditors with protection from lawsuits.
- C. It guides internal auditors in their service to others.
- D. It ensures that all members of the profession possess the same level of competence.
Answer: C
NEW QUESTION # 147
Which of the following scenarios would represent the greatest threat to the authority of the internal audit activity (IAA)?
- A. An internal auditor was informed by the chief financial officer that client survey results would be unfavorable unless the auditor changed a finding in the report.
- B. The IAA was denied access to expenditure and budget requirement reports because the reports were considered to be financial administrative matters.
- C. A change was implemented requiring the IAA to report administratively to the organization's chief legal counsel rather than the board.
- D. Responsibility for risk management processes were removed from the IAA and placed under a newly created chief risk officer.
Answer: B
NEW QUESTION # 148
Which of the following would be the most appropriate first step for the board to take when developing an effective system of governance?
- A. Identify key stakeholders and their expectations.
- B. Delegate authority to members of senior management.
- C. Determine the organization's overall risk appetite.
- D. Establish a governance committee.
Answer: A
NEW QUESTION # 149
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. Commitment.
- B. Information and communication.
- C. Control activities.
- D. Control environment.
Answer: D
NEW QUESTION # 150
The chief audit executive (CAE) has been asked to manage the regulatory compliance function for the organization's retail store operations. Store operations are included in the annual audit plan.
Which of the following strategies best fulfills the requirements of the Standards regarding these audits?
- A. Store operations audits can be fully executed with appropriate disclosure to the board.
- B. The scope of store operations audits should exclude compliance.
- C. A store operations compliance audit should be performed by a staff internal auditor under the direction of the CAE.
- D. Store operations audits should be performed by an external service provider.
Answer: D
NEW QUESTION # 151
Which of the following actions does not violate the IIA Code of Ethics or Standards?
- A. An internal auditor disclosing details of an audit report to colleagues from a different organization.
- B. An internal auditor performing an audit on procedures that they were responsible for creating.
- C. An internal auditor performing an audit on an operation that they managed less than a year ago.
- D. An internal auditor disclosing confidential information in response to a lawsuit.
Answer: D
NEW QUESTION # 152
According to IIA guidance, which of the following is not a responsibility of the chief audit executive pertaining to documenting information to support internal audit engagement results and conclusions?
- A. Controlling access to engagement records, including access by senior management.
- B. Developing retention requirements for engagement records that are consistent with organizational guidelines.
- C. Forming policies governing the custody and retention of consulting engagement records before their release to other parties.
- D. Rating each engagement record to assess its relevance and accessibility for the organization's board.
Answer: D
NEW QUESTION # 153
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. $33, 750
- B. $25, 000
- C. $45, 000
- D. $11, 250
Answer: D
NEW QUESTION # 154
A snow removal company is conducting a scenario planning exercise where participating employees consider the potential impacts of a significant reduction in annua snowfall for the coming winter. Which of the following best describes this type of risk?
- A. Inherent.
- B. Residual.
- C. Accepted.
- D. Net.
Answer: A
NEW QUESTION # 155
Which of the following techniques would provide the most compelling evidence that a safety hazard exists within a manufacturing facility?
- A. Questioning of facility management, including the facility safety officer.
- B. Observation of the facility during operations.
- C. Analysis of facility operating reports, focusing on instances when breakdowns occurred.
- D. Review of records involving safety violations, filed by facility production employees.
Answer: B
NEW QUESTION # 156
After being terminated due to downsizing, an internal auditor finds a different job with an organization in the same industry. Which of the following actions would violate the IIA Code of Ethics?
- A. In preparing for an audit at the previous organization, the auditor had conducted a great deal of research on the Internet at home to identify best practices for the management of a treasury function. The auditor has retained much of the research and uses it to conduct an audit of the new employer's treasury function.
- B. In the first week at the new organization, the auditor discovers a high fraud risk surrounding the organization's database and suggests that the information technology department implement a new password system to prevent fraudulent actions before they occur.
- C. At the new organization, the auditor is asked to develop forms to implement probability-proportional-to-size sampling. Although unsure of how to perform this type of sampling, the auditor proceeds without asking for assistance.
- D. To determine audit priorities in the new job, the auditor uses the audit risk approach that the auditor's previous employer used, without receiving permission to do so.
Answer: C
NEW QUESTION # 157
An organization has implemented a new automated payroll system that contains a table of pay rates that are matched to employee job classifications. Which control should an internal auditor suggest in order to ensure that the table is updated correctly, and is used only for valid pay changes?
- A. Require a manager, who is independent of the system and who cannot change the table, to authorize and sign-off on any employee pay changes.
- B. Require a supervisor in the department, who has the ability to change the table, to compare the changes to a signed management authorization.
- C. Ensure that adequate edit and reasonableness checks are built into the automated system.
- D. Restrict data-table access from management and line supervisors who have the authority to determine pay rates.
Answer: A
NEW QUESTION # 158
This chief audit executive (CAE) engaged an internal auditor to consult on an organization's complex information technology system. Shortly after beginning the engagement, the auditor unexpectedly resigned.
Unfortunately, this auditor was the only available auditor with the necessary expertise. The CAE will not be able to hire someone with similar expertise in time to meet a regulatory deadline.
Which of the following would be the best course of action for the CAE to take?
- A. Continue with the engagement in order to meet the regulatory deadline, but highlight areas in the final report that might need to be revised in the future.
- B. Ask that a senior member of the organization's IT department with the required systems expertise join the audit team to assist in completing the engagement.
- C. Remove the planned engagement from the audit plan and explain to senior management the problems with moving forward without an auditor with the necessary expertise.
- D. Delay the engagement and inform the board of the situation, asking them to provide acceptable alternatives for completing the engagement.
Answer: D
NEW QUESTION # 159
Which of the following control activities is the most effective to ensure users' levels of access are appropriate for their current roles?
- A. The human resources department generates a monthly list of terminated and transferred employees and requests IT to update the user access as required.
- B. Standardized user access profiles are developed and the appropriate access profiles are automatically assigned to new or transferred employees.
- C. System administrator rights are assigned to one user in each department who can update user access of terminated or transferred employees immediately.
- D. Department managers are required to perform periodic user access reviews of relevant systems and applications.
Answer: D
NEW QUESTION # 160
A fraud investigation was completed by management, and a proven fraud was communicated to relevant authorities. According to MA guidance, which of the following roles would be most appropriate for the internal audit activity to undertake after the investigation?
- A. Review the investigation and implement any improvements to the process.
- B. Plan employee sessions and team building strategies for the organization to improve awareness of fraud among employees.
- C. Conduct lessons learned sessions to ascertain how the fraud occurred and which controls failed.
- D. Determine why The fraud was not detected earlier and design controls to strengthen early detection.
Answer: C
NEW QUESTION # 161
According to COSO, which of the following is not considered one of the components of an organization's internal environment?
- A. Framework to plan, execute and monitor activities.
- B. Authority and responsibility to resolve issues.
- C. Knowledge and skills needed to perform activities.
- D. Integrated responses to multiple risks.
Answer: D
NEW QUESTION # 162
Which of the following enhances the independence of the internal audit activity?
- A. The audit committee approves the CAE's annual salary increase.
- B. The CAE administratively reports to the board.
- C. The chief executive officer approves the internal audit charter.
- D. The chief audit executive (CAE) approves the annual internal audit plan.
Answer: A
NEW QUESTION # 163
......
Certification in Risk Management Assurance Certification Sample Questions and Practice Exam: https://www.premiumvcedump.com/IIA/valid-IIA-CRMA-ADV-premium-vce-exam-dumps.html
Real Exam Questions and Answers - IIA IIA-CRMA-ADV Dump is Ready: https://drive.google.com/open?id=1r8wrmFlqtgrT7u1ZE2mnojsb9IWT2SrL