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

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Viewing questions 71-80 out of questions

Questions # 71:

Why are preventative controls generally preferred to detective controls?

Options:

Because preventive controls promote doing the right thing in the first place, and lessen the need for corrective action.

Because preventive controls are more sensitive and identify more exceptions than detective controls.

Because preventive controls include output procedures, which cover the full range of possible reviews, reconciliations and analysis.

Because preventive controls identify exceptions after-the-fact, allowing them to be used after the entire review is complete and therefore finding exceptions that detective controls may have missed.

Answer

Questions # 72:

What type of risk management strategy is being employed when an organization installs two firewalls to provide protection from unauthorized access to the network?

Options:

Diversifying the risk that network access will not be available to legitimate, authorized users.

Accepting the risk that there may be attempts at unauthorized access to the network.

Avoiding the risk of having a direct network connection to un-trusted networks.

Sharing the risk that either firewall could be compromised by hackers.

Answer

Questions # 73:

An internal audit charter describes the mission and scope of the internal audit activity (IAA), responsibilities of the IAA, accountability of the chief audit executive, independence of the IAA, and standards followed by the IAA. Which of the following also should be included in the charter?

Options:

The purpose of the IAA.

The IAA's right to have unrestricted access to functions, records, personnel, and physical property.

A detailed audit plan or program for the year.

The job specifications and descriptions of the internal audit staff.

Answer

Questions # 74:

The results of an internal audit activity's (IAA) quality assurance and improvement program are favorable and an external assessment was completed within the last five years. Which of the following statements may the IAA use to describe its work?

Options:

"Completed with the advance certification of the External Assessors Association for Auditing Review."

"Conforms with the International Standards for the Professional Practice of Internal Auditing."

"Certified 100% accuracy, per the International Standards of External Assessment."

"Compliant with all domestic and international legal statutes, and certified quality assured for ten years."

Answer

Questions # 75:

According to the IIA guidance, who is responsible for periodically assessing the internal audit activity?

Options:

The board.

The chief audit executive.

Senior management.

The external auditors.

Answer

Questions # 76:

Which of the following is a second line of defense in effective risk management and control?

Options:

Purchasing department.

Compliance department.

Credit department.

Internal audit department.

Answer

Questions # 77:

Which of the following actions should an internal auditor take to exercise due professional care?

1. Consider the probability of significant noncompliance in each audit engagement.

2. Weigh the cost of assurance against the benefits.

3. Perform assurance procedures with sufficient care to ensure that all risks are identified.

Options:

1 and 2 only

1 and 3 only

2 and 3 only

1, 2, and 3

Answer

Questions # 78:

Suspecting fraud, the chief financial officer (CFO) asked the internal audit activity to investigate a significant increase in travel related expenditures. Work was performed by a qualified internal auditor. Following the completion of the engagement, the chief audit executive (CAE) reported to the CFO that no violations were found and no fraud had occurred.

According to the Standards, which of the following principles did the CAE violate?

Options:

Due professional care.

Individual objectivity.

Proficiency.

Organizational independence.

Answer

Questions # 79:

Which of the following would not be a red flag for fraud?

Options:

Several recent, large expenditures to a new vendor have not been documented.

A manager has bragged about multiple extravagant vacations taken within the last year, which are excessive relative to the manager's salary.

A weak control environment has been accepted by management to encourage creativity.

New employees occasionally fail to meet established project deadlines due to staffing shortages.

Answer

Questions # 80:

During an internal audit, the internal auditor compares the employee turnover rate in the area being audited with the employee turnover rate in the organization as a whole.

This is an example of which of the following analytical auditing procedures?