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Free IIA IIA-CRMA-ADV Exam Questions and Answer
NEW QUESTION # 15
According to the Standards, which of the following is not a consideration when exercising due professional care for an assurance engagement?
- A. The cost of providing the assurance services in relation to potential benefits.
- B. The probability of significant errors, irregularities or instances of noncompliance.
- C. The relative complexity, materiality, or significance of matters to which assurance procedures are applied.
- D. The extent of assurance services necessary to ensure that all risks are identified.
Answer: D
NEW QUESTION # 16
Which of the following would be the most important consideration by the internal audit activity when selecting employees to perform an internal quality assessment?
- A. Their reporting line within the organization.
- B. Their understanding of auditing standards.
- C. The nature of their regular duties and responsibilities.
- D. Previous experience working with the internal audit activity.
Answer: B
NEW QUESTION # 17
Which of the following would provide the best evidence of errors in the quantities of items received from suppliers?
- A. Suppliers' reports of over shipments.
- B. Warehouse receiving logs.
- C. Purchase requisitions and purchase orders.
- D. Observation and inspection of inventory.
Answer: B
NEW QUESTION # 18
Which of the following would be considered a preventive control?
- A. A library control log.
- B. A password lock on a server.
- C. A software scan of financial records for irregularities.
- D. A review of exception reports.
Answer: B
NEW QUESTION # 19
A snow removal company is conducting a scenario planning exercise where participating employees consider the potential impacts of a significant reduction in annua snowfall for the coming winter. Which of the following best describes this type of risk?
- A. Accepted.
- B. Inherent.
- C. Net.
- D. Residual.
Answer: B
NEW QUESTION # 20
Which of the following factors have the greatest influence on the independence of the internal audit activity?
- A. Rotational assignments and familiarity of the internal audit activity.
- B. Organizational positioning and scope control of the internal audit activity.
- C. Employee incentives and self review of the internal audit activity.
- D. Quality assessments and cultural biases of the internal audit activity.
Answer: B
NEW QUESTION # 21
Which of the following activities should the chief audit executive perform to ensure compliance with an organization's code of conduct?
- A. Implement a system of procedures to inform all employees of the code.
- B. Lead the committee responsible for the oversight of the code.
- C. Review and adjudicate all violations of the code of conduct.
- D. Act as an adviser to the committee responsible for reviewing violations of the code.
Answer: D
NEW QUESTION # 22
Which of the following offers the best evidence that the internal audit activity has achieved organizational independence?
- A. The chief audit executive reports both functionally and administratively to the CEO.
- B. The internal audit charter is drafted properly and approved by the appropriate parties.
- C. The mission statement and strategy of the internal audit activity demonstrates alignment to organizational objectives.
- D. An independent third party has assessed the organization's system of internal controls to be adequate and effective.
Answer: A
NEW QUESTION # 23
Which of the following is most likely to be considered a control weakness?
- A. Vendor invoice payment requests are accompanied by a purchase order and receiving report.
- B. Purchase orders are typed by the purchasing department using prenumbered forms.
- C. Department managers initiate purchase requests that must be approved by the plant superintendent.
- D. Buyers promptly update the official vendor listing as new supplier sources become known.
Answer: D
NEW QUESTION # 24
According to IIA guidance, which of the following external groups is most likely to represent a liability risk, based on activities associated with the organization's corporate social responsibility program?
- A. Activists.
- B. Investors.
- C. Suppliers.
- D. Consumers.
Answer: A
NEW QUESTION # 25
Which of the following combinations of conditions is most likely a red flag for fraud?
- A. Occasional accounting department overrides and discontinuation of the anonymous fraud hotline due to infrequent use.
- B. A veteran employee in upper management experiencing financial difficulties and recently implemented enhanced controls.
- C. The practice of surprise audits and the implementation of an employee support program.
- D. Hiring an employee with a prior fraud conviction and yearly management review.
Answer: A
NEW QUESTION # 26
Sometimes, internal audit staff may partner with operating managers to rank risks. Which of the following outcomes may be the most beneficial aspects of this strategy?
1. Reappraising risks levels.
2. Providing accurate information to management.
3. Marketing the internal audit activity.
4. Planning safeguards for assets in high-risk areas.
- A. 1 and 3.
- B. 2 and 3.
- C. 1 and 2.
- D. 3 and 4.
Answer: A
NEW QUESTION # 27
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?
- A. The CFO determines the scope of internal audit work in the accounting department.
- B. The CFO manages the accounting of the budget for the internal audit function.
- C. The CFO provides feedback on the CAE's audit reports.
- D. The CFO administers the annual evaluation process for the internal auditors.
Answer: A
NEW QUESTION # 28
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. Control activities.
- B. Event identification.
- C. Information and communication.
- D. Objective setting.
Answer: A
NEW QUESTION # 29
According to IIA guidance, which of the following individuals would best be considered independent for the purpose of participating in an external assessment of the quality assurance and improvement program for an internal audit activity (IAA)?
- A. A competent employee of an independent external organization that provides co-sourcing services to the IAA.
- B. An employee in the parent organization who has not had any previous contact with the IAA.
- C. A former employee knowledgeable of the IAA who resigned three years earlier from the organization.
- D. An employee in an affiliated organization who has never worked directly with the IAA.
Answer: C
NEW QUESTION # 30
According to the IIA guidance, who is responsible for periodically assessing the internal audit activity?
- A. The board.
- B. Senior management.
- C. The external auditors.
- D. The chief audit executive.
Answer: D
NEW QUESTION # 31
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