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

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Viewing questions 31-40 out of questions

Questions # 31:

A multinational organization has asked the internal audit activity to assist in setting up the organization's risk management system. The chief audit executive (CAE) agrees to take on the engagement as a consultant. Which of the following tasks is appropriate for the CAE to undertake?

Options:

Coordinate and facilitate risk workshops for management to attend.

Establish the degree of risk appetite for management to accept.

Set risk indicators and mitigation plans for management to implement.

Determine the number of significant risks for management to report to the board.

Answer

Questions # 32:

An internal auditor uses a predefined macro provided in a popular spreadsheet application to verify the present value of the organization's investments. Which of the following is the most appropriate course of action regarding the auditor's use of this functionality?

Options:

The auditor should accept the calculations generated by the function, as any further work or documentation would be inefficient.

The auditor should perform a manual recalculation of several results to validate and document the results.

The auditor should review the programming of the macro before its use to ensure that it is appropriate for the required calculations.

The auditor should tabulate the results in the spreadsheet to ensure the macro has generated the correct results for all calculations.

Answer

Questions # 33:

An auditor in charge was reviewing the workpapers submitted by a newly hired internal auditor. She noted that the new auditor's analytical work did not include any rating or quantification of the risk assessment results, and she returned the workpapers for correction. Which section of the workpapers will the new auditor need to modify?

Options:

Condition section.

Criteria section.

Effect section.

Cause section.

Answer

Questions # 34:

Which of the following is the primary engagement responsibility of an entry-level internal auditor?

Options:

Leadership.

Documentation.

Analysis.

Reporting.

Answer

Questions # 35:

An assurance mapping exercise helps an organization do which of the following?

1. Provide assurance to stakeholders that risks are managed and reported, and regulatory and legal obligations are met.

2. Fulfill best practices in the industry.

3. Identify and address any gaps in the risk management process.

4. Identify fraud.

Options:

1 and 4.

1 and 3.

2 and 3.

3 and 4.

Answer

Questions # 36:

Which of the following actions would be characterized as a preventive control to safeguard inventory from the risk of theft?

1. Locking doors and physically securing inventory items.

2. Independently observing the receipt of materials.

3. Conducting monthly inventory counts.

4. Requiring the use of employee ID badges at all times.

Options:

1 and 3.

1 and 4.

2 and 3.

2 and 4.

Answer

Questions # 37:

An internal audit charter, approved by the board, restricts the internal audit activity to providing assurance only on the reliability of financial information and the effectiveness of internal accounting controls. Which of the following statements is true regarding the extent to which the external auditor may rely on the internal audit activity's work?

Options:

The external auditor may make full use of the work, as the audit charter is very specific as to the work the internal audit activity may undertake.

The external auditor may use the work, as the board has approved the charter, thus taking responsibility for any deficiencies.

The external auditor must disregard the work, as the scope of the charter may introduce bias and result in a lack of due professional care.

The external auditor may use the work with caution, due to the internal audit activity's scope and responsibility restrictions.

Answer

Questions # 38:

Which of the following is a detective control strategy against fraud?

Options:

Requiring employees to attend ethics training.

Performing background checks on employees.

Implementing a control self-assessment.

Performing a surprise audit.

Answer

Questions # 39:

Given the highly technical and legal nature of privacy issues, which of the following statements best describes the internal audit activity's responsibility with regard to assessing an organization's privacy framework?

Options:

If an organization does not have a mature privacy framework, the internal audit activity should assist in developing and implementing an appropriate privacy framework.

Because the audit committee is ultimately responsible for ensuring that appropriate control processes are in place to mitigate risks associated with personal information, the internal audit activity is C. required to conduct privacy assessments.

The internal audit activity may delegate to nonaudit IT specialists the responsibility of determining whether personal information has been secured adequately and data protection controls are sufficient.

The internal audit activity should have appropriate knowledge and competence to conduct an asses .......framework.

Answer

Questions # 40:

Which of the following is most likely to enhance an internal auditor's objectivity?