Online Access Free IIA.IIA-CRMA.v2022-01-18.q96 Practice Test (Page 20)

IIA-CRMA Exam Question 91

An organization decides to take no action on one of its financial risks because the cost of implementing the control outweighs the value of the asset being protected. Which of the following best describes this risk strategy?

A.Risk-benefit analysis.

B.Risk acceptance.

C.Risk avoidance.

D.Risk sharing.

IIA-CRMA Exam Question 92

According to IIA guidance, which of the following best describes internal auditors' responsibility regarding fraud?

A.Internal auditors should take a leading role in investigating all fraud-related cases.

B.Internal auditors are responsible for ensuring that fraud does not occur.

C.Internal auditors must have sufficient knowledge to evaluate the risk of fraud.

D.Internal auditors should report all fraud cases to law enforcement agents, in accordance with the Code of Ethics.

IIA-CRMA Exam Question 93

Which of the following would be the most appropriate first step for the board to take when developing an effective system of governance?

A.Establish a governance committee.

B.Identify key stakeholders and their expectations.

C.Delegate authority to members of senior management.

D.Determine the organization's overall risk appetite.

IIA-CRMA Exam Question 94

An organization's chief audit executive (CAE) determines that the internal audit staff does not have the requisite skills to conduct an audit of the financial derivatives area. Which of the following would be the best course of action for the CAE to follow?

A.Notify the audit committee of the problem, and assign the most competent auditors on staff to perform the audit engagement.

B.Employ the skills of a financial derivatives expert to consult on the project, and supplement the consulting with a local seminar on financial derivatives.

C.Determine the requisite knowledge needed, and obtain the proper training for auditors, even if the training will significantly push back the project's timeframe as outlined by the audit committee.

D.Outsource the audit engagement to a qualified external auditing firm without burdening the audit committee with the decision.

IIA-CRMA Exam Question 95

Which of the following controls is not appropriate for sales in a manufacturing organization?

A.Goods returned are inspected for damage by the receiving department for proper disposition.

B.Customers' orders are recorded promptly.

C.Sales department approval is required for credit sales transactions.

D.Goods shipped are matched with valid customer orders.

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IIA-CRMA Exam Question 91

IIA-CRMA Exam Question 92

IIA-CRMA Exam Question 93

IIA-CRMA Exam Question 94

IIA-CRMA Exam Question 95

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