Pass the IIA CRMA Certification IIA-CRMA-ADV Questions and answers with ExamsMirror

Human rights and the environment.

Organizational governance and financial reporting.

Fair operating practices and government regulation.

Consumer issues and return on investment.

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

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

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

Assist management in implementing recommended control improvements.

Management may be concerned about its reputation in the financial markets.

Management is following best-practice protocol, as stipulated by the Standards, which states that internal auditors must review quarterly financial statements.

Management may be concerned about potential penalties that could occur if quarterly financial statements are misstated.

Management may perceive that having quarterly financial information examined by the internal auditors enhances the information's value to internal decision making.

Have a proficient internal audit staff member perform the assessment and disclose the impairment in the audit report and to the board.

Have a regulatory compliance staff member perform a self-assessment, to be reviewed by a proficient internal auditor.

Have a proficient internal audit staff member perform the audit and report the results of the assessment directly to senior management and the board.

Contract with a third-party entity or external auditor to complete the assessment and report the results to senior management and the board.

Demonstrated compliance with procedures.

Due professional care.

Engagement supervision.

Employment of tools and techniques.

Continue with the engagement in order to meet the regulatory deadline, but highlight areas in the final report that might need to be revised in the future.

Ask that a senior member of the organization's IT department with the required systems expertise join the audit team to assist in completing the engagement.

Delay the engagement and inform the board of the situation, asking them to provide acceptable alternatives for completing the engagement.

Remove the planned engagement from the audit plan and explain to senior management the problems with moving forward without an auditor with the necessary expertise.

Other internal auditors possess sufficient knowledge of accounting principles and techniques.

The candidate's information systems knowledge and real-world experience in internal auditing.

Accounting skills can be learned over time with appropriate training.

An entry level position does not require expertise in any particular area.

Assess the actions necessary to reduce the likelihood and/or impact of risk to tolerable levels.

Assess the likelihood and/or impact of risk on the achievement of organizational objectives.

Assess the amount of risk an organization can accept while pursuing its objectives.

Assess alternative strategies to reduce or eliminate major risks.

Benchmarking of the internal audit activity's practices and performance.

Report of internal assessment results, response plans, and outcomes.

Analysis of performance metrics such as cycle times.

Self-assessments and surveys of stakeholder groups.

An organization lacks a whistleblower hotline for reporting suspicious activity.

A senior manager has been delegating the authority to sign-off on small dollar amount purchases to a subordinate.

An employee in charge of payroll disbursements has rotated these duties with several colleagues.

An employee with significant personal debt is in charge of handling large wire transfers for the organization.