Practice on 2025 LATEST IIA-CRMA Exam Updated 285 Questions [Q134-Q149]

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Practice on 2025 LATEST IIA-CRMA Exam Updated 285 Questions

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IIA-CRMA (Certification in Risk Management Assurance) certification exam is designed to validate the skills and knowledge of professionals who are responsible for managing risks and providing assurance in their organization. This globally recognized certification exam is offered by the Institute of Internal Auditors (IIA), a leading professional association for internal auditors. The IIA-CRMA certification exam is designed to help professionals develop a comprehensive understanding of risk management principles, identify potential risks and their impact on an organization, and implement effective risk management strategies. IIA-CRMA exam covers various topics such as risk management frameworks, risk assessment methodologies, risk management processes, and risk communication and reporting.

To qualify for the IIA-CRMA Certification Exam, candidates must meet certain education and experience requirements. They must also complete a rigorous exam that tests their knowledge of risk management principles and practices. IIA-CRMA exam consists of 100 multiple-choice questions and is administered at Pearson VUE testing centers around the world. Candidates who pass the exam receive a certificate of completion and are authorized to use the IIA-CRMA designation after their name.

NO.134 While auditing an organization’s credit approval process, an internal auditor learns that the organization has made a large loan to another auditor’s relative. Which course of action should the auditor take?

Proceed with the audit engagement, but do not include the relative’s information.

Have the chief audit executive and management determine whether the auditor should continue with the audit engagement.

Disclose in the engagement final communication that the relative is a customer.

Immediately withdraw from the audit engagement.

NO.135 A large trucking organization wants to reduce traffic accidents by improving its system of internal controls.
Which of the following controls is correctly classified?
1. Review of speeding violations to identify repetitive locations and drivers is an example of a preventive control.
2. Defensive driver training is an example of a directive control.
3. The installation of tracking devices in delivery vehicles is an example of a corrective control.
4. Providing a vehicle driver handbook is an example of a detective control.

1 and 2.

1 and 4.

2 and 3.

3 and 4.

NO.136 Which of the following would not be considered part of preliminary survey of an engagement area?

Interviews with individuals affected by the entity.

Functional walk through test.

Analytical reviews.

Sampling scope.

NO.137 Which of the following activities best reflects the scope and status of the internal audit activity as defined in the internal audit policy statement?

The internal auditor reviews the physical access to merchandise during an inventory count.

The audit manager conducts an internal quality assessment of the internal audit activity’s adherence to the Standards.

The audit manager refrains from assigning an auditor who was a former payroll clerk to conduct a payroll audit.

The board approves the annual performance evaluation of the chief audit executive.

NO.138 While performing an accounts payable engagement, a senior auditor wants to conduct several tests of controls for travel expenses. Which of the following actions are most appropriate for the senior auditor to undertake?
1. Ensure all tests use a random sampling technique.
2. Consider a judgmental approach for the sample size.
3. Assess testing errors through root cause analysis.
4. Ensure that the entire data set is tested.

1 and 2.

1 and 3.

2 and 3.

2 and 4.

NO.139 According to IIA guidance, which of the following statements is true regarding the reporting of results from an external quality assessment of the internal audit activity?

The external assessment results are reported upon completion in confidence directly to the board, and senior management is advised only of the recommendations and improvement action plans.

The results of self-assessments with independent external validation are shared with the board upon completion, and monitoring of recommended improvements must be reported monthly.

The external assessment results are communicated upon completion to senior management and the board, but action plans for recommended improvements do not have to be reported.

The requirements for reporting quality assessment results are the same for external assessments and self-assessments with independent external validation.

NO.140 Which of the following scenarios would represent the greatest threat to the authority of the internal audit activity (IAA)?

A change was implemented requiring the IAA to report administratively to the organization’s chief legal counsel rather than the board.

Responsibility for risk management processes were removed from the IAA and placed under a newly created chief risk officer.

The IAA was denied access to expenditure and budget requirement reports because the reports were considered to be financial administrative matters.

An internal auditor was informed by the chief financial officer that client survey results would be unfavorable unless the auditor changed a finding in the report.

NO.141 Which of the following is not one of the 10 core competencies identified in the IIA Competency Framework?

Governance, risk, and control.

Performance management.

Business acumen.

Internal audit delivery.

NO.142 The chief audit executive (CAE) of a mid-sized pharmaceutical organization has operational responsibility for the regulatory compliance function. The audit committee requests an assessment of regulatory compliance.
According to IIA guidance, which of the following is the CAE’s best course of action?

Have a proficient internal audit staff member perform the assessment and disclose the impairment in the audit report and to the board.

Have a regulatory compliance staff member perform a self-assessment, to be reviewed by a proficient internal auditor.

Have a proficient internal audit staff member perform the audit and report the results of the assessment directly to senior management and the board.

Contract with a third-party entity or external auditor to complete the assessment and report the results to senior management and the board.

NO.143 Management would like to self-assess the overall effectiveness of the controls in place for its 200-person manufacturing department. Which of the following client-facilitated approaches is likely to be the most efficient way to accomplish this objective?

Workshops.

Surveys.

Interviews.

Observation.

NO.144 During an audit engagement, the internal auditor discussed a risk mitigation recommendation with the manager of the area under review. The manager disagreed with the risk assessment and recommendation. The two failed to come up with an alternative solution, and the auditor decided to proceed with including the original recommendation in the engagement report. Which of the following is especially important in dealing with this type of situation?

Soft skills in communication, negotiation, and collaboration.

Technical skills in the area under review.

Professional qualifications and certification in internal auditing.

Confidentiality and independence.

NO.145 Which of the following is an example of a risk avoidance strategy?

Hedging against exchange rate variations.

Limiting access to an organization’s data center.

Selling a nonstrategic business unit.

Outsourcing a high-risk activity.

NO.146 Which of the following best ensures the independence of the internal audit activity?
1. The CEO and audit committee review and endorse any changes to the approved audit plan on an annual basis.
2. The audit committee reviews the performance of the chief audit executive (CAE) periodically.
3. The internal audit charter requires the CAE to report functionally to the audit committee.

3 only

1 and 2 only

2 and 3 only

1, 2, and 3

NO.147 Which of the following is the primary engagement responsibility of an entry-level internal auditor?

Leadership.

Documentation.

Analysis.

Reporting.

NO.148 This chief audit executive (CAE) engaged an internal auditor to consult on an organization’s complex information technology system. Shortly after beginning the engagement, the auditor unexpectedly resigned.
Unfortunately, this auditor was the only available auditor with the necessary expertise. The CAE will not be able to hire someone with similar expertise in time to meet a regulatory deadline.
Which of the following would be the best course of action for the CAE to take?

Continue with the engagement in order to meet the regulatory deadline, but highlight areas in the final report that might need to be revised in the future.

Ask that a senior member of the organization’s IT department with the required systems expertise join the audit team to assist in completing the engagement.

Delay the engagement and inform the board of the situation, asking them to provide acceptable alternatives for completing the engagement.

Remove the planned engagement from the audit plan and explain to senior management the problems with moving forward without an auditor with the necessary expertise.

NO.149 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.

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