Online Access Free IIA.IIA-CRMA-ADV.v2023-07-19.q136 Practice Test (Page 26)

IIA-CRMA-ADV Exam Question 121

According to IIA guidance, which of the following should be included in the internal audit charter?

A.Organizational relationships and reporting lines.

B.The minimum resources and competencies needed for the internal audit activity.

C.Assigned responsibilities for designing and implementing controls.

D.Identification of the organizational units where engagements are to be performed.

IIA-CRMA-ADV Exam Question 122

A new internal audit activity is creating its first charter. According to IIA guidance, which of the following objectives would be appropriate for inclusion in the charter?

A.Oversee the establishment and administration of an effective risk management program.

B.Evaluate the adequacy and effectiveness of the organization's governance activities.

C.Continuously monitor the organization's overall risk activities in relation to its risk appetite.

D.Assist management in implementing recommended control improvements.

IIA-CRMA-ADV Exam Question 123

After being terminated due to downsizing, an internal auditor finds a different job with an organization in the same industry. Which of the following actions would violate the IIA Code of Ethics?

A.In the first week at the new organization, the auditor discovers a high fraud risk surrounding the organization's database and suggests that the information technology department implement a new password system to prevent fraudulent actions before they occur.

B.To determine audit priorities in the new job, the auditor uses the audit risk approach that the auditor's previous employer used, without receiving permission to do so.

C.At the new organization, the auditor is asked to develop forms to implement probability-proportional-to-size sampling. Although unsure of how to perform this type of sampling, the auditor proceeds without asking for assistance.

D.In preparing for an audit at the previous organization, the auditor had conducted a great deal of research on the Internet at home to identify best practices for the management of a treasury function. The auditor has retained much of the research and uses it to conduct an audit of the new employer's treasury function.

IIA-CRMA-ADV Exam Question 124

Which of the following is the most effective strategy to manage the risk of foreign exchange losses due to sales to foreign customers?

A.Insist that customers only pay in a stable currency.

B.Implement a hedging strategy.

C.Maintain a large foreign currency balance.

D.Hire a risk consultant.

IIA-CRMA-ADV Exam Question 125

Which of the following is not an appropriate activity for internal auditors to perform?

A.Implement solutions for specific organizational problems.

B.Highlight matters that require management's attention.

C.Accumulate data, obtain varying views, and report information to senior management.

D.Recommend management seek a consulting firm to advise on outsourcing.

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IIA-CRMA-ADV Exam Question 121

IIA-CRMA-ADV Exam Question 122

IIA-CRMA-ADV Exam Question 123

IIA-CRMA-ADV Exam Question 124

IIA-CRMA-ADV Exam Question 125

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