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IIA-CRMA-ADV
Certification in Risk Management Assurance Questions and Answers

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Viewing questions 11-20 out of questions

Questions # 11:

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?

Options:

Workshops.

Surveys.

Interviews.

Observation.

Answer

Questions # 12:

Which of the following is a requirement for an assurance engagement that may not be for a consulting engagement?

Options:

The internal audit activity has to ensure team members' objectivity is not impaired.

Auditors cannot participate in an assurance engagement of a function for which they previously performed a consulting engagement.

The scope and objective of the engagement is agreed upon based on the engagement client's needs.

The internal audit activity must ensure management actions have been implemented effectively or risk accepted.

Answer

Questions # 13:

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?

Options:

Soft skills in communication, negotiation, and collaboration.

Technical skills in the area under review.

Professional qualifications and certification in internal auditing.

Confidentiality and independence.

Answer

Questions # 14:

What is the additional advantage of facilitated workshops, in comparison with structured interviews, used when testing the effectiveness of entity-level controls?

Options:

During facilitated workshops, people more openly say things to internal auditors than during private interviews.

Internal auditors do not need other sources of information, as the data gathered during facilitated workshops is sufficient.

Facilitated workshops create a synergy of discussion that can bring multiple perspectives to the same issue.

The testimonial evidence obtained during facilitated workshops is generally considered more reliable.

Answer

Questions # 15:

According to COSO, which of the following is not considered one of the components of an organization's internal environment?

Options:

Authority and responsibility to resolve issues.

Framework to plan, execute and monitor activities.

Integrated responses to multiple risks.

Knowledge and skills needed to perform activities.

Answer

Questions # 16:

Which of the following best demonstrates the authority of the internal audit activity?

Options:

Suggesting alternatives to decision makers.

Improving the integrity of information.

Determining the scope of internal audit services.

Achieving engagement objectives.

Answer

Questions # 17:

Which of the following describes a key characteristic related to effective organizational communication?

Options:

Comprehensive supervisory and verification procedures.

A well-designed system of internal controls.

A culture of integrity and transparency.

Unique operating environments with varying complexity.

Answer

Questions # 18:

Which of the following factors should be considered when determining the appropriate combination of manual techniques and computer-assisted audit techniques (CAATs) to be used during an audit?

1. Acceptance of CAATs findings by entity management.

2. Computer knowledge and expertise of the auditor.

3. Time constraints.

4. Level of audit risk.

Options:

1 and 4

2 and 3 only

1, 2, and 3

2, 3, and 4

Answer

Questions # 19:

Which of the following is an example of a directive control?

Options:

Segregation of duties.

Exception reports.

Incentive compensation plans.

Automated reconciliations.

Answer

Questions # 20:

The internal audit activity is planning a procurement audit and needs to obtain a thorough understanding of the subcontracting process, which can involve multiple individuals in multiple countries.

Which of the following internal audit tools would be most effective to document the process and the key controls?