IIA-CRMA-ADV by IIA Actual Free Exam Questions And Answers

Question 1

Which of the following actions best demonstrates that an internal auditor is exercising due professional care?

A. The auditor is alert to the possibility of fraud and activities where irregularities are most likely to occur.

B. The auditor is cognizant of reducing travel expenses by combining a personal vacation with a business trip.

C. The auditor performs thorough reviews and provides absolute assurance of regulatory compliance.

D. The auditor recommends improvements for all of the organization's procedures and practices.

Discussion 0

Correct Answer: A Vote an answer

Question 2

During an engagement, an internal auditor decided to use variance analysis as an auditing techniques. Which of the following steps should the auditor pursue if he discovers unexpected deviations of actual results from budget?

A. Gather additional information to determine the cause of the deviations.

B. Conclude that the budget was unreasonably set and accept the deviations.

C. Report the deviations immediately to the audit committee.

D. Perform alternative forms of analytical procedures which provide no deviations.

Discussion 0

Correct Answer: A Vote an answer

Question 3

According to IIA guidance, which of the following are considerations of due professional care when an internal auditor conducts a formal consulting engagement?
1. The complexity of the work required.
2. The needs and expectations of the client.
3. The potential value of the engagement compared to the effort.
4. Information regarding assumptions and procedures to be employed.

A. 1, 2, and 3 only

B. 1, 2, 3, and 4

C. 2 and 3 only

D. 1 and 4 only

Discussion 0

Correct Answer: A Vote an answer

Question 4

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. Forming policies governing the custody and retention of consulting engagement records before their release to other parties.

B. Developing retention requirements for engagement records that are consistent with organizational guidelines.

C. Controlling access to engagement records, including access by senior management.

D. Rating each engagement record to assess its relevance and accessibility for the organization's board.

Discussion 0

Correct Answer: D Vote an answer

Question 5

An internal audit charter should do which of the following?

A. Communicate the internal audit activity's goals.

B. Define the scope of internal audit activities.

C. Outline the schedule of future audits.

D. Establish the size of the internal audit activity.

Discussion 0

Correct Answer: B Vote an answer

Question 6

Which of the following is an example of a transaction-level control?

A. Inventory counts.

B. Tone at the top.

C. Reconciliations of primary accounts.

D. Human resource policies.

Discussion 0

Correct Answer: C Vote an answer

Question 7

According to IIA guidance, which of the following is ultimately responsible for seeing that the internal control system of an organization's social responsibility program is effective?

A. Board of directors.

B. Senior management.

C. All employees.

D. Internal audit activity.

Discussion 0

Correct Answer: A Vote an answer

Question 8

In the area of business acumen, which of the following competencies would be the sole responsibility of an internal audit staff member?

A. Assessing how IT contributes to organization objectives, risks, and relevance to audit.

B. Maintaining industry-specific knowledge appropriate to the organization.

C. Understanding regulatory and legal framework and assessing its relevance.

D. Maintaining technical aspects of accounting standards and reporting processes.

Discussion 0

Correct Answer: C Vote an answer

IIA Certification in Risk Management Assurance - IIA-CRMA-ADV Exam Practice Test

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