Make success possible with our Latest and Unique CRMA Certification IIA-CRMA-ADV Practice Exam!
Name: Certification in Risk Management Assurance
Exam Code: IIA-CRMA-ADV
Certification: CRMA Certification
Vendor: IIA
Total Questions: 283
Last Updated: April 24, 2025
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A medical insurance provider uses an electronic claims-submission process and suspectsthat a number of physicians have submitted claims for treatments that were not performed.Which of the following control procedures would be most effective to detect this type offraud?
A. Require the physician to submit a signed statement attesting that the treatments hadbeen performed.
B. Send confirmations to the physicians, requesting them to verify the exact nature of theclaims submitted to the insurance provider.
C. Develop an integrated test facility and submit false claims to verify that the system isdetecting such claims on a consistent basis.
D. Use computer software to identify abnormal claims based on the insured's age andmedical history.
ANSWER : D
An internal auditor needs to recommend a policy element to be included in anorganization's code of ethics. Which of the following recommendations would be mosteffective?
A. Ethics should vary with local customs in the organization's foreign operations.
B. Whistleblowing should be discouraged because it can cause distrust among employees.
C. Ethical behavior should be incorporated into performance evaluations.
D. Senior management should be granted specific exemptions to the code of ethics.
ANSWER : C
An internal auditor is performing analytical reviews as part of an audit of a supermarket's merchandising department. Because the economy has declined since midyear, the auditor can expect to encounter which of the following?
A. Higher inventory turnover.
B. Higher operating margin.
C. Lower obsolete stock disposal.
D. Lower sales volume.
ANSWER : D
Forty-five percent of an organization's customer payments are submitted online. Eightpercent of online payments are rejected. Executive management decides to outsource itsonline payment services to a contractor that will assume 75 percent of the total value ofrejected payments. The organization estimates $1.25 million customer payments dueduring the contract period.Which of the following represents the organization's residual risk for online customerpayments due?
A. $11, 250
B. $25, 000
C. $33, 750
D. $45, 000
ANSWER : A
Internal auditors must exercise due professional care by considering which of thefollowing?1. Cost of assurance in relation to potential benefits.2. Adequacy and effectiveness of governance, risk management, and control processes.3. Management's competency level in the area being evaluated. 4. Probability of significant errors, fraud, or noncompliance.
A. 1 and 2 only
B. 1, 2, and 3 only
C. 1, 2, and 4 only
D. 2, 3, and 4 only
ANSWER : C
A government agency maintains a system of internal control, according to the COSOmodel, and has made a change to its employee performance reviews and rewardsprogram. This change relates to which of the following components of COSO's internalcontrol framework?
A. Control environment.
B. Control activities.
C. Information and communication.
D. Monitoring activities.
ANSWER : A
Which of the following statements describes impairment to the internal auditor's objectivity?
A. An internal auditor reviews a purchasing agent's contract drafts prior to their execution.
B. An internal auditor reduces the scope of an audit engagement due to budget restrictions.
C. An internal auditor receives a promotional gift that is available to the organization'semployees.
D. An internal auditor performs an assessment of the operations for which he was recentlyresponsible.
ANSWER : D
Evidence discovered during the course of an engagement suggests that multiple incidentsof fraud have occurred. There do not appear to be sufficient controls in place to preventreoccurrence. Which of the following is the internal auditor's most appropriate next step?
A. Immediately notify management of the area under review and the other internal auditorsinvolved in the engagement.
B. Discuss the situation with the engagement supervisor to determine whether fraudinvestigation experts are required to investigate the matter properly.
C. Fully document in the workpapers the evidence that has been discovered andrecommend appropriate controls to address the fraud.
D. Provide the evidence that was discovered to local law enforcement for possibleprosecution of the suspected fraud.
ANSWER : A
Which of the following control activities is the most effective to ensure users' levels ofaccess are appropriate for their current roles?
A. The human resources department generates a monthly list of terminated and transferredemployees and requests IT to update the user access as required.
B. Standardized user access profiles are developed and the appropriate access profilesare automatically assigned to new or transferred employees.
C. System administrator rights are assigned to one user in each department who canupdate user access of terminated or transferred employees immediately.
D. Department managers are required to perform periodic user access reviews of relevantsystems and applications.
ANSWER : D
An internal auditor who is carrying out an engagement to review controls related tocorporate tax reporting must possess which of the following competencies?1. Proficiency in analyzing key IT risks and controls.2. The ability to recognize significant deviations from good business practices.3. Knowledge of key indicators of fraud in tax reporting.4. The ability to recognize the existence of problems related to tax accounting
A. 1 and 4 only.
B. 3 and 4 only.
C. 2, 3, and 4 only.
D. 1,2, 3, and 4.
ANSWER : B
During an audit engagement, the internal auditor discussed a risk mitigationrecommendation with the manager of the area under review. The manager disagreed withthe risk assessment and recommendation. The two failed to come up with an alternativesolution, and the auditor decided to proceed with including the original recommendation inthe engagement report. Which of the following is especially important in dealing with thistype of situation?
A. Soft skills in communication, negotiation, and collaboration.
B. Technical skills in the area under review.
C. Professional qualifications and certification in internal auditing.
D. Confidentiality and independence.
ANSWER : A
An internal auditor uses a predefined macro provided in a popular spreadsheet application to verify the present value of the organization's investments. Which of the following is themost appropriate course of action regarding the auditor's use of this functionality
A. The auditor should accept the calculations generated by the function, as any furtherwork or documentation would be inefficient.
B. The auditor should perform a manual recalculation of several results to validate anddocument the results.
C. The auditor should review the programming of the macro before its use to ensure that itis appropriate for the required calculations.
D. The auditor should tabulate the results in the spreadsheet to ensure the macro hasgenerated the correct results for all calculations.
ANSWER : B
A furniture manufacturer has installed a new fire sprinkler system at its central warehouseand canceled the existing fire insurance policy on that property. What change of riskresponse strategy does this course of action most likely reflect?
A. From sharing to reduction.
B. From acceptance to reduction.
C. From sharing to avoidance.
D. From acceptance to avoidance.
ANSWER : A
Management would like to self-assess the overall effectiveness of the controls in place forits 200-person manufacturing department. Which of the following client-facilitatedapproaches is likely to be the most efficient way to accomplish this objective?
A. Workshops.
B. Surveys.
C. Interviews.
D. Observation.
ANSWER : B
According to IIA guidance, which of the following is an area in which the internal auditorshould be proficient?
A. Management principles.
B. Computerized information systems.
C. Internal audit standards, procedures, and techniques.
D. Fundamentals of accounting, economics, and finance.
ANSWER : C
Which of the following best describes the details that must be included in the qualityassurance and improvement program (QAIP) report to senior management and the board?
A. The scope and frequency of internal and external assessments as well as thequalifications and independence of the assessor.
B. The scope and cost of the QAIP. frequency of internal and external assessments, andconclusions of the assessor.
C. The scope, findings, risks, recommendations, and agreed-upon improvement actions.
D. The number and types of people involved in the assessment, costs, and duration of theQAIP
ANSWER : C
An internal audit activity includes in its audit reports the assertion that its work is performedin conformance with the International Standards for the Professional Practice of InternalAuditing {Standards). A recent external quality assessment concluded that the internalaudit activity had substantial deficiencies that impact its overall operations. According to IIAguidance, which of the following is the most appropriate action for issuing future auditreports?
A. Refrain from indicating that the internal audit activity operates in conformance with theStandards until the chief audit executive confirms that the internal audit activity hasaddressed all areas of nonconformance and the audit committee has been notified
B. Refrain from indicating that the internal audit activity operates in conformance with theStandards until another external assessment confirms that the significant areas ofnonconformance have been addressed.
C. Indicate that the internal audit activity operates in partial conformance with theStandards, as the internal audit activity has a quality assurance and improvement programin place to address deficiencies and has met the requirement for conducting an externalassessment.
D. Update and reissue previous audit reports, removing the assertion that the internal auditactivity operates in conformance with the Standards, and distribute them to all parties whoreceived the original reports.
ANSWER : B
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 used to test the existence assertion.
C. It cannot be used to test the occurrence assertion.
D. It cannot be relied upon because the evidence is not persuasive.
ANSWER : A
According to IIA guidance, which of the following is least compliant with the requirementsregarding an internal auditor's need for objectivity?
A. An internal auditor assessed the effectiveness of controls over payroll software, whichhe had helped implement with a previous employer.
B. An internal auditor participated in an audit of controls around absenteeism, despiteproviding some consultation on controls in this area earlier in the year.
C. An internal auditor performed an assurance engagement for the effectiveness ofaccounts payable access controls, one of which he previously helped to design.
D. An internal auditor, previously employed in the quality assurance operations area,performed a consulting engagement for the operations manager.
ANSWER : C
In the area of business acumen, which of the following competencies would be the soleresponsibility of an internal audit staff member?
A. Maintaining industry-specific knowledge appropriate to the organization.
B. Assessing how IT contributes to organization objectives, risks, and relevance to audit.
C. Maintaining technical aspects of accounting standards and reporting processes.
D. Understanding regulatory and legal framework and assessing its relevance.
ANSWER : D
According to the COSO enterprise risk management framework, which of the following bestdescribes the activity that helps ensure risk responses are carried out effectively?
A. Objective setting.
B. Control activities.
C. Information and communication.
D. Event identification.
ANSWER : B
An internal auditor is evaluating techniques management uses to mitigate risks within aparticular product division. Which of the following is an example of risk reduction?
A. Management sells the product division to a competitor.
B. Management outsources the product division to a third party.
C. Management allows the product division to remain unchanged.
D. Management modifies the product division to minimize errors.
ANSWER : D
Which of the following is most likely to function as a directive control?
A. Security dogs.
B. Alert employees.
C. Insurance claims.
D. Cycle counts.
ANSWER : B
A chief audit executive (CAE) is selecting an internal audit team to perform an auditengagement that requires a high level of knowledge in the areas of finance, investmentportfolio management, and taxation. If neither the CAE nor the existing internal audit staffpossess the required knowledge, which of the following actions should the CAE take?
A. Postpone the audit until the CAE hires internal audit staff with the required knowledge.
B. Ask the audit committee to decide the course of action.
C. Select the most experienced auditors in the department to perform the engagement.
D. Hire consultants who possess the required knowledge to perform the engagement.
ANSWER : D
A headquarters-based internal auditor has been sent to a major overseas subsidiary toconduct various engagements. Initially, the internal auditor spends time to become familiarwith local customs and organization's practices while embarking on the first engagement.Which of the following competencies does the internal auditor exercise?
A. Communication.
B. Persuasion and collaboration.
C. Business acumen.
D. Governance, risk, and control.
ANSWER : A
Which of the following is an example of a risk avoidance strategy?
A. Hedging against exchange rate variations.
B. Limiting access to an organization's data center.
C. Selling a nonstrategic business unit.
D. Outsourcing a high-risk activity.
ANSWER : C
Which of the following statements is true about The IIA Global Internal Audit CompetencyFramework?
A. The core competencies outlined in the framework are not expected of a personundertaking an entry-level position as an internal auditor.
B. The framework is designed to be used primarily by chief audit executives that aredeveloping indicators to measure the performance of the internal audit activity for whichthey are responsible.
C. The framework lists the core competencies internal auditors should possess beforeattempting to attain The IIA's Certified Internal Auditor certification.
D. The framework describes competencies needed for individual internal auditors, but notthose necessary at the chief audit executive level.
ANSWER : B
Which of the following best explains why integrity is a necessary personal quality forinternal auditors at all levels?
A. Internal auditor integrity enables stakeholders to constantly question the work of theinternal audit activity.
B. Internal auditor integrity enables the internal auditor to avoid being challenged by anyparty in the organization.
C. Internal auditor integrity enables the internal audit activity to be able to demonstrateindependence.
D. Internal auditor integrity enables users of internal auditors' work to make importantbusiness decisions.
ANSWER : D
A credit card company detects potential errors in credit card numbers by checking whetherall entered numbers contain the correct amount of digits. This is an example of which of thefollowing IT controls?
A. Logic test.
B. Check digits.
C. Data integrity tests.
D. Balancing control activities.
ANSWER : A
Which of the following statements accurately describes the responsibility of the internalaudit activity regarding IT governance?1. The internal audit activity does not have any responsibility because IT governance is theresponsibility of the board and senior management of the organization.2. The internal audit activity must assess whether the IT governance of the organizationsupports the organization's strategies and objectives.3. The internal audit activity may assess whether the IT governance of the organizationsupports the organization's strategies and objectives.4. The internal audit activity may accept requests from management to perform advisoryservices regarding how the IT governance of the organization supports the organization'sstrategies and objectives.
A. 1 only.
B. 4 only.
C. 2 and 4.
D. 3 and 4.
ANSWER : A
According to COSO, which of the following is not considered one of the components of an organization's internal environment?
A. Authority and responsibility to resolve issues.
B. Framework to plan, execute and monitor activities.
C. Integrated responses to multiple risks.
D. Knowledge and skills needed to perform activities.
ANSWER : C
According to IIA guidance, which of the following should be included in the internal auditcharter?
A. The minimum resources and competencies needed for the internal audit activity.
B. Identification of the organizational units where engagements are to be performed.
C. Organizational relationships and reporting lines.
D. Assigned responsibilities for designing and implementing controls.
ANSWER : C
An internal auditor is conducting an assessment of the organization's fraud preventionprogram using the COSO enterprise risk management framework. According to thisframework, which of the following activities would fall under the control environmentcomponent for preventing fraud?1. The organization uses an automated authority approval matrix to control payments.2. The organization has a whistleblower hotline that is available to employees.3. Annually, every manager completes a comprehensive fraud assessment of his or herdepartment.4. Annually, the organization reviews and communicates the code of expected behavior.
A. 1 and 2.
B. 1 and 3.
C. 2 and 3.
D. 2 and 4.
ANSWER : D
Which segregation of duties would best reduce the risk of payroll fraud?
A. Human resources personnel add employees, and payroll personnel process hours andenter employee bank account numbers. Paychecks are automatically deposited in theemployee's bank account.
B. Human resources personnel add employees, payroll personnel process hours, andhuman resources personnel deliver paychecks to employees.
C. Human resources personnel add employees, review and submit payroll hours to thepayroll department for processing, and deliver paychecks to employees.
D. Human resources personnel add employees and enter employee bank information.Payroll personnel process hours, and paychecks are automatically deposited in theemployee's bank account.
ANSWER : A
Which of the following types of social responsibilities is voluntary and guided purely by theorganization's desire to make social contributions?
A. The bottom of the pyramid responsibility.
B. Innovative responsibility.
C. Ethical responsibility.
D. Discretionary responsibility.
ANSWER : C
Non-statistical sampling does not require which of the following?
A. The sample to be representative of the population.
B. The sample to be selected haphazardly.
C. A smaller sample size than if selected using statistical sampling.
D. Projecting the results to the population.
ANSWER : C
Which of the following activities should the chief audit executive perform to ensurecompliance with an organization's code of conduct?
A. Act as an adviser to the committee responsible for reviewing violations of the code.
B. Review and adjudicate all violations of the code of conduct.
C. Lead the committee responsible for the oversight of the code.
D. Implement a system of procedures to inform all employees of the code.
ANSWER : A
A chief audit executive (CAE) is reviewing the internal audit activity's performance and isconcerned that the average number of revisions to findings is steadily rising, making itincreasingly 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'squality assurance and improvement program would provide the CAE with the most helpfulinsight into the cause of this problem?
A. The overall effectiveness of the internal audit activity's periodic self assessments.
B. The type of audit productivity and performance statistics reported.
C. The adequacy of the day-to-day supervision and review process.
D. The scope and frequency of external assessments.
ANSWER : C
Which of the following statements is true with regard to conducting an effective qualityassurance and improvement program?
A. The IIA's Quality Assessment Manual for the Internal Audit Activity must be used as thebasis for periodic assessments.
B. Members of the internal audit activity are not permitted to perform quality assessments,as they would not be independent.
C. Periodic internal assessments provide the most current and independentrecommendations for improvement.
D. The conclusions of periodic internal assessments are intended to assist in achievingconformity to the Standards.
ANSWER : D
According to the International Professional Practices Framework, which of the following areallowable activities for an internal auditor?1. Advocating the establishment of a risk management function.2. Identifying and evaluating significant risk exposures during audit engagements.3. Developing a risk response for the organization if there is no chief risk officer.4. Benchmarking risk management activities with other organizations.5. Documenting risk mitigation strategies and techniques.
A. 4 and 5 only.
B. 1.2, and 3 only.
C. 1.2. 4. and 5 only.
D. 2. 3. 4. and 5 only.
ANSWER : C
According to The MA Global Internal Audit Competency Framework, which of the followingareas of training would best assist the internal audit activity in improving its use of tools andtechniques?
A. Negotiation and conflict resolution.
B. Project management.
C. Financial accounting.
D. Ethics and fraud.
ANSWER : B
Sometimes, internal audit staff may partner with operating managers to rank risks. Which ofthe following outcomes may be the most beneficial aspects of this strategy?1. Reappraising risks levels.2. Providing accurate information to management.3. Marketing the internal audit activity.4. Planning safeguards for assets in high-risk areas.
A. 1 and 2.
B. 1 and 3.
C. 2 and 3.
D. 3 and 4.
ANSWER : B
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