Most Recent IIA-CRMA Exam Questions & Answers

Prepare for the IIA Certification in Risk Management Assurance (CRMA) Exam exam with our extensive collection of questions and answers. These practice Q&A are updated according to the latest syllabus, providing you with the tools needed to review and test your knowledge.

QA4Exam focus on the latest syllabus and exam objectives, our practice Q&A are designed to help you identify key topics and solidify your understanding. By focusing on the core curriculum, These Questions & Answers helps you cover all the essential topics, ensuring you're well-prepared for every section of the exam. Each question comes with a detailed explanation, offering valuable insights and helping you to learn from your mistakes. Whether you're looking to assess your progress or dive deeper into complex topics, our updated Q&A will provide the support you need to confidently approach the IIA-CRMA exam and achieve success.

The questions for IIA-CRMA were last updated on Nov 24, 2024.

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Question No. 1

An internal audit charter, approved by the board, restricts the internal audit activity to providing assurance only on the reliability of financial information and the effectiveness of internal accounting controls. Which of the following statements is true regarding the extent to which the external auditor may rely on the internal audit activity's work?

AThe external auditor may make full use of the work, as the audit charter is very specific as to the work the internal audit activity may undertake.

BThe external auditor may use the work, as the board has approved the charter, thus taking responsibility for any deficiencies.

CThe external auditor must disregard the work, as the scope of the charter may introduce bias and result in a lack of due professional care.

DThe external auditor may use the work with caution, due to the internal audit activity's scope and responsibility restrictions.

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Correct Answer: D

Question No. 2

In which of the following functions would fraud be most likely to occur?

AMaintaining custody of inventory records.

BCollecting payments on accounts.

CApproving changes to employee records.

DPreparing customer statements.

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Correct Answer: B

Question No. 3

Which of the following is true regarding the use of a formal risk management framework?

1. It facilitates a methodical approach to risk mitigation.

2. It defines and standardizes the terminology used in risk communication.

3. It establishes the risk tolerance levels to be accommodated in the strategy.

4. It facilitates the alignment of risk mitigation strategies with management priorities.

A1.2, and 3.

B1,2, and 4.

C1.3, and 4.

D2. 3, and 4.

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Correct Answer: B

Question No. 4

Which of the following would provide the best evidence of errors in the quantities of items received from suppliers?

ASuppliers' reports of over shipments.

BWarehouse receiving logs.

CPurchase requisitions and purchase orders.

DObservation and inspection of inventory.

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Correct Answer: B

Question No. 5

According to IIA guidance, which of the following best describes internal auditors' responsibility regarding fraud?

AInternal auditors should take a leading role in investigating all fraud-related cases.

BInternal auditors must have sufficient knowledge to evaluate the risk of fraud.

CInternal auditors should report all fraud cases to law enforcement agents, in accordance with the Code of Ethics.

DInternal auditors are responsible for ensuring that fraud does not occur.

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Correct Answer: B

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