IIA IIA-CRMA actual dump : Certification in Risk Management Assurance (CRMA) Exam

According to the COSO enterprise risk management framework, which of the following best describes the activity that helps ensure risk responses are carried out effectively?

• A. Objective setting.
• B. Control activities.
• C. Information and communication.
• D. Event identification.

When internal auditors are preparing workpapers for the testing stage of an engagement, which of the following guidelines should be observed?
1. Include copies of all client files that were reviewed for the audit.
2. Avoid the use of professional, industry-appropriate jargon and technical terms.
3. Indicate the original sources of all data and information used in the workpapers.
4. Leave blank space for cross-references to be completed during the post-audit process.

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

Which of the following is a valid statement about the use of visual observations during an audit engagement?
1. Visual observations can be used to detect ineffective controls, idle resources, and safety hazards.
2. Visual observations can be used during both preliminary survey and fieldwork stages of the audit engagement.
3. Visual observations can provide unsubstantiated facts to management if the internal auditor believes the information is useful.
4. Visual observations can assist an auditor in determining if a material observation should be communicated through informal means to the organization's senior management.

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

When developing the organization's first risk universe, which of the following would the chief audit executive be least likely to consider?

• A. The exposure to risks following management's risk responses.
• B. The amount of risk that an organization is willing to seek or accept.
• C. The boundaries established to manage the amount of risk taken.
• D. The extent and degree of interdependency for identified key risks.

The director of purchasing, a certified internal auditor (CIA), signs a contract to procure a large order from a supplier whose products provide the best price, quality, and performance. A few days after signing the contract, the supplier presents the CIA with $1, 000 as a gift. Which statement regarding acceptance of the money is correct?

• A. Accepting the money would violate the IIA Code of Ethics.
• B. Accepting the money would be prohibited only if it were non-customary.
• C. Because the CIA is not acting as an internal auditor, accepting the money would be governed only by the organization's code of conduct.
• D. Because the contract was signed before the money was offered, accepting the money would not violate the IIA Code of Ethics.