IIA Certification in Risk Management Assurance (CRMA) - IIA-CRMA FREE EXAM DUMPS QUESTIONS & ANSWERS

A. Determine the requisite knowledge needed, and obtain the proper training for auditors, even if the training will significantly push back the project's timeframe as outlined by the audit committee. B. Outsource the audit engagement to a qualified external auditing firm without burdening the audit committee with the decision. C. Notify the audit committee of the problem, and assign the most competent auditors on staff to perform the audit engagement. D. Employ the skills of a financial derivatives expert to consult on the project, and supplement the consulting with a local seminar on financial derivatives.

A. Risk-benefit analysis. B. Risk sharing. C. Risk acceptance. D. Risk avoidance.

A. Taking accountability for risk management. B. Making decisions on risk responses. C. Imposing risk management processes. D. Providing consolidated reporting on risks.

A. Rotational assignments and familiarity of the internal audit activity. B. Employee incentives and self review of the internal audit activity. C. Quality assessments and cultural biases of the internal audit activity. D. Organizational positioning and scope control of the internal audit activity.

A. 2 and 3 only B. 1, 2, and 3 only C. 1, 2, 3, and 4 D. 1 and 4 only

A. The appropriateness of assurance procedures necessary to ensure all significant risks will be identified. B. The training courses necessary to enhance the internal auditor's knowledge, skills, and other competencies. C. The extent of work needed to achieve the engagement's objectives. D. The use of innovative technology and data analysis techniques.

A. Internal auditors shall perform their work in accordance with the Standards. B. Internal auditors shall perform their work in accordance with the law and make disclosures expected by the law. C. Internal auditors shall be prudent in the use of information acquired while performing their work. D. Internal auditors shall perform their work with honesty, diligence, and responsibility.

A. Implement risk responses on management's behalf. B. Impose risk management processes. C. Coordinate risk management activities. D. Review the management of key risks.

A. The organization establishes appropriate authorities and responsibilities in the pursuit of objectives. B. The organization identifies and assesses changes that could significantly impact the system of internal control. C. The organization performs evaluations to ascertain whether internal control components are present and functioning. D. The organization selects and develops control activities that contribute to the mitigation of risks.

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.

A. A log of employee travel requests, which include the title of each conference, the conference objectives, anticipated dates of travel, and estimated costs. B. A log that includes titles of conferences that all employees were invited to attend in the last year, along with the dates of those conferences and average costs per traveler. C. A log from the last year that includes dates of travel, conference titles, and conference objectives, all of which correspond with employee names and costs per trip. D. A log of conferences titles, dates of travel for each employee, and a detailed summary of conference objectives and how they relate to the organization's mission needs.

A. The CAE confirms to the board, at least once every five years, the organizational independence of the internal audit activity. B. The chief audit executive (CAE) reports functionally to the board and administratively to the chief financial officer. C. The board seeks senior management's recommendation before approving the annual salary adjustment of the CAE. D. The CAE updates the internal audit charter and presents it to the board for approval periodically, not on a specific timeline.

A. They require yes/no responses to specific questions, not open-ended responses. B. They serve as a reminder of what controls should exist in a process. C. They are useful in assessing risk. D. They do not capture all controls that may exist.

A. The internal audit activity's responsibility for the organization's governance framework. B. The internal audit activity's responsibility for imposing risk management processes. C. The nature of consulting services provided by the internal audit activity. D. The budgeting process for the internal audit activity.