Current IIA-CRMA-ADV Exam Dumps [2024] Complete IIA Exam Smoothly [Q81-Q95]

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Current IIA-CRMA-ADV Exam Dumps [2024] Complete IIA Exam Smoothly

IIA-CRMA-ADV Premium PDF & Test Engine Files with 285 Questions & Answers

NO.81 Which of the following behaviors could represent a significant ethical risk if exhibited by an organization’s board?

Requesting a private meeting with senior management, without the presence of the chief audit executive.

Intervening during an audit involving ethical wrongdoing.

Discussing periodic reports of ethical breaches.

Authorizing an investigation of an unsafe product.

NO.82 An internal audit charter should do which of the following?

Outline the schedule of future audits.

Define the scope of internal audit activities.

Establish the size of the internal audit activity.

Communicate the internal audit activity’s goals.

NO.83 Which of the following would be considered a violation of The IIA’s mandatory guidance on independence?

The chief audit executive (CAE) reports functionally to the board and administratively to the chief financial officer.

The board seeks senior management’s recommendation before approving the annual salary adjustment of the CAE.

The CAE confirms to the board, at least once every five years, the organizational independence of the internal audit activity.

The CAE updates the internal audit charter and presents it to the board for approval periodically, not on a specific timeline.

NO.84 Given the highly technical and legal nature of privacy issues, which of the following statements best describes the internal audit activity’s responsibility with regard to assessing an organization’s privacy framework?

If an organization does not have a mature privacy framework, the internal audit activity should assist in developing and implementing an appropriate privacy framework.

Because the audit committee is ultimately responsible for ensuring that appropriate control processes are in place to mitigate risks associated with personal information, the internal audit activity is C. required to conduct privacy assessments.

The internal audit activity may delegate to nonaudit IT specialists the responsibility of determining whether personal information has been secured adequately and data protection controls are sufficient.

The internal audit activity should have appropriate knowledge and competence to conduct an asses
…….framework.

NO.85 A staff auditor, nearly finished with an audit engagement, discovers that the director of marketing has a gambling habit. The gambling issue is not directly related to the existing engagement, and there is pressure to complete the current engagement. The auditor notes the problem and forwards the information to the chief audit executive, but performs no further follow-up.
Which of the following statements is true about the auditor’s actions?

They are in violation of the IIA Code of Ethics because the auditor withheld meaningful information.

They are in violation of the Standards because the auditor did not properly follow up on a red flag that might indicate the existence of fraud.

They are in violation of neither the IIA Code of Ethics nor the Standards.

They are not in violation of the Standards but are in violation of the IIA Code of Ethics.

NO.86 In which of the following functions would fraud be most likely to occur?

Maintaining custody of inventory records.

Collecting payments on accounts.

Approving changes to employee records.

Preparing customer statements.

NO.87 A chief audit executive (CAE) of an international charity reports functionally to the audit committee of the board of directors and administratively to the charity’s chief financial officer (CFO).
Which of the following would impair the internal audit function’s independence?

The CFO determines the scope of internal audit work in the accounting department.

The CFO manages the accounting of the budget for the internal audit function.

The CFO administers the annual evaluation process for the internal auditors.

The CFO provides feedback on the CAE’s audit reports.

NO.88 Which of the following offers the best evidence that the internal audit activity has achieved organizational independence?

An independent third party has assessed the organization’s system of internal controls to be adequate and effective.

The chief audit executive reports both functionally and administratively to the CEO.

The internal audit charter is drafted properly and approved by the appropriate parties.

The mission statement and strategy of the internal audit activity demonstrates alignment to organizational objectives.

NO.89 According to IIA guidance, which of the following scenarios demonstrates an internal auditor exercising due professional care?

When auditing investments, the auditor identified instruments with which he was unfamiliar. He decided not to select that type of investment in his sample, as he did not have the knowledge needed to A. perform a proper assessment.

An auditor was reviewing inventory counts conducted by the warehouse staff. One truck containing an immaterial amount of inventory was off-site and wasn’t verified by the auditor.

An auditor visited a plant that produces a significant portion of the organization’s inventory. The day he arrived, the plant manager was out sick, so the auditor issued the report without interviewing the manager.

An auditor in charge needed to have testing completed by the end of the month, but was behind schedule.He identified a junior auditor to conduct the work for him on a complex area of the organization.

NO.90 Which of the following actions should the audit committee take to promote organizational independence for the internal audit activity?

Delegate final approval of the risk-based internal audit plan to the chief audit executive (CAE).

Approve the annual budget and resource plan for the internal audit activity.

Assist the CAE with hiring objective and competent internal audit staff.

Encourage the CAE to communicate and coordinate with the external auditor.

NO.91 Which of the following is the most effective strategy to manage the risk of foreign exchange losses due to sales to foreign customers?

Hire a risk consultant.

Implement a hedging strategy.

Maintain a large foreign currency balance.

Insist that customers only pay in a stable currency.

NO.92 According to the Standards, which of the following best describes why initial audit test results should be reported to the auditor-in-charge prior to advising management?

It increases the likelihood of obtaining the audit client’s agreement with the results.

It ensures that an appropriate chain of evidence is maintained through the workpapers.

It helps ensure that appropriate professional judgments and conclusions are made.

It is required to demonstrate that effective engagement supervision has occurred.

NO.93 Which of the following audit techniques is used to evaluate control design while also embodying auditing’s analytical process?

A risk and control matrix.

A flowchart.

A walk-through.

A process narrative.

NO.94 An internal auditor would like to identify the involvement of various organizational units in handling employee travel reimbursement claims. Which of the following methods would be most effective and efficient in completing this task?

Process mapping.

Interviewing.

Monitoring.

Distributing questionnaires.

NO.95 A manufacturing organization discovers that the waste water released has failed to meet permitted limits.
Which control function will be least effective in correcting the issue?

Performing a chemical analysis of the water, prior to discharge, for components specified in the permit.

Posting signs that tell employees which substances may be disposed of via sinks and floor drains within the facility.

Diluting pollutants by flushing sinks and floor drains daily with large volumes of clean water.

Establishing a preventive maintenance program for the pretreatment system.

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Current IIA-CRMA-ADV Exam Dumps [2024] Complete IIA Exam Smoothly [Q81-Q95]

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