Authentic Best resources for IIA-CRMA Test Engine Practice Exam [Q52-Q66]

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Authentic Best resources for IIA-CRMA Test Engine Practice Exam

[2022] IIA-CRMA PDF Questions – Perfect Prospect To Go With ActualCollection Practice Exam

NEW QUESTION 52
Which two of the following are preventive controls in a check disbursement process?
1. Daily reconciliation of the bank account used for check disbursements and prompt follow-up of un-reconciled items.
2. Segregation of the following duties: establishing new vendors, approving checks, and reconciling the bank account.
3. An activity report detailing who accesses the check disbursement system and the nature of any action taken in the system.
4. Evidence of strong access controls ensuring that authorized individuals have access only to the functions related to their responsibilities.

1 and 3.

1 and 4.

2 and 3.

2 and 4.

NEW QUESTION 53
Which of the following are generally recognized as essential elements of a corporate social responsibility program?

Human rights and the environment.

Organizational governance and financial reporting.

Fair operating practices and government regulation.

Consumer issues and return on investment.

NEW QUESTION 54
An internal auditor makes a series of observations when performing an analytical review of division operations. The auditor notes the following things: the current ratio is increasing and the quick ratio is decreasing, sales and current liabilities have remained constant, and the number of day sales in inventory is increasing. Which conclusion should the auditor draw from this data?

Cash or accounts receivable has decreased.

The gross margin has decreased.

The division produced fewer items this year than in prior years.

The gross margin has increased.

NEW QUESTION 55
Which of the following is the primary engagement responsibility of an entry-level internal auditor?

Leadership.

Documentation.

Analysis.

Reporting.

NEW QUESTION 56
Which of the following statements is true regarding assurance services provided to clients outside of the organization?

Assurance services for outside clients are not covered under the internal audit charter.

Assurance services for outside clients must be approved on a case-by-case basis by the board of directors.

The nature of assurance services for outside clients should be defined in the internal audit charter.

The nature of assurance services for outside clients is the same as for internal clients.

NEW QUESTION 57
Which of the following is a detective control strategy against fraud?

Requiring employees to attend ethics training.

Performing background checks on employees.

Implementing a control self-assessment.

Performing a surprise audit.

NEW QUESTION 58
Which of the following audit procedures would provide the most relevant information to identify discrepancies between budgeted versus actual raw material consumption in a production facility?

Analytical review.

Inquiry.

Document verification.

Observation.

NEW QUESTION 59
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.

1 and 3 only

1 and 4 only

2 and 3 only

2 and 4 only

NEW QUESTION 60
While auditing an organization’s credit approval process, an internal auditor learns that the organization has made a large loan to another auditor’s relative. Which course of action should the auditor take?

Proceed with the audit engagement, but do not include the relative’s information.

Have the chief audit executive and management determine whether the auditor should continue with the audit engagement.

Disclose in the engagement final communication that the relative is a customer.

Immediately withdraw from the audit engagement.

NEW QUESTION 61
Which of the following controls is not appropriate for sales in a manufacturing organization?

Customers’ orders are recorded promptly.

Goods shipped are matched with valid customer orders.

Goods returned are inspected for damage by the receiving department for proper disposition.

Sales department approval is required for credit sales transactions.

NEW QUESTION 62
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?

The overall effectiveness of the internal audit activity’s periodic self assessments.

The type of audit productivity and performance statistics reported.

The adequacy of the day-to-day supervision and review process.

The scope and frequency of external assessments.

NEW QUESTION 63
Which of the following statements is true about The IIA Global Internal Audit Competency Framework?

The core competencies outlined in the framework are not expected of a person undertaking an entry-level position as an internal auditor.

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.

The framework lists the core competencies internal auditors should possess before attempting to attain The IIA’s Certified Internal Auditor certification.

The framework describes competencies needed for individual internal auditors, but not those necessary at the chief audit executive level.

NEW QUESTION 64
What should the internal auditor’s role be in assessing the organization’s ethical climate?

Perform ongoing surveys of the employees, customers, and partners of the organization to assess the organization’s ethical climate. ^Evaluate the effectiveness of the organization’s strategies and B.
processes for achieving the desired level of legal and ethical compliance.

Maintain a whistleblower hotline to identify inappropriate or illegal activity within the organization.

Perform background checks of potential new employees before they are hired by the organization.

NEW QUESTION 65
According to IIA guidance, which of the following statements about working papers is false?

They assist in the implementation of recommendations.

They provide support for communication to third parties.

They demonstrate compliance with auditing standards.

They contribute to development of the internal audit staff.

NEW QUESTION 66
According to IIA guidance, which of the following should be included in the internal audit charter?

The minimum resources and competencies needed for the internal audit activity.

Identification of the organizational units where engagements are to be performed.

Organizational relationships and reporting lines.

Assigned responsibilities for designing and implementing controls.

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