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The CRMA certification exam is designed to assess the knowledge and skills of professionals in risk management assurance. IIA-CRMA exam is a computer-based test that is administered at Pearson VUE testing centers worldwide. IIA-CRMA Exam consists of 100 multiple-choice questions and candidates have two hours and thirty minutes to complete it. IIA-CRMA exam covers four domains: governance, risk management, assurance, and consulting.
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IIA-CRMA certification is highly respected in the industry and is recognized by employers around the world. Certification in Risk Management Assurance (CRMA) Exam certification demonstrates that professionals have the knowledge and skills necessary to effectively manage risks within their organizations. It also serves as a testament to their commitment to professional development and continuous improvement. Overall, the IIA-CRMA Certification is an excellent investment for professionals who are looking to advance their careers in risk management and internal auditing.
IIA Certification in Risk Management Assurance (CRMA) Exam Sample Questions (Q222-Q227):
NEW QUESTION # 222
Which of the following is most likely to be considered a control weakness?
- A. Purchase orders are typed by the purchasing department using prenumbered forms.
- B. Buyers promptly update the official vendor listing as new supplier sources become known.
- C. Department managers initiate purchase requests that must be approved by the plant superintendent.
- D. Vendor invoice payment requests are accompanied by a purchase order and receiving report.
Answer: B
NEW QUESTION # 223
An internal auditor completed an audit of a bank's loan department and found all significant risks to be managed adequately through effective internal controls. Which of the following would be an appropriate conclusion to report to management?
- A. The residual risk is lower than or equal to the risk appetite.
- B. The inherent risk is higher than or equal to the risk tolerance.
- C. The residual risk is higher than or equal to the risk appetite.
- D. The inherent risk is lower than or equal to the risk tolerance.
Answer: A
NEW QUESTION # 224
An internal auditor is performing analytical reviews as part of an audit of a supermarket's merchandising department. Because the economy has declined since midyear, the auditor can expect to encounter which of the following?
- A. Higher operating margin.
- B. Lower sales volume.
- C. Higher inventory turnover.
- D. Lower obsolete stock disposal.
Answer: B
NEW QUESTION # 225
An organization has implemented a new automated payroll system that contains a table of pay rates that are matched to employee job classifications. Which control should an internal auditor suggest in order to ensure that the table is updated correctly, and is used only for valid pay changes?
- A. Restrict data-table access from management and line supervisors who have the authority to determine pay rates.
- B. Ensure that adequate edit and reasonableness checks are built into the automated system.
- C. Require a manager, who is independent of the system and who cannot change the table, to authorize and sign-off on any employee pay changes.
- D. Require a supervisor in the department, who has the ability to change the table, to compare the changes to a signed management authorization.
Answer: C
NEW QUESTION # 226
Which of the following is a second line of defense in effective risk management and control?
- A. Credit department.
- B. Internal audit department.
- C. Purchasing department.
- D. Compliance department.
Answer: D
NEW QUESTION # 227
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