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| Section | Weight | Objectives |
|---|
| Topic 1: Risk Management Governance | 25% | - Organizational governance structure - Risk culture and risk appetite - Board and audit committee oversight - COSO ERM and ISO 31000 frameworks
|
| Topic 2: Risk Management Assurance | 55% | - Risk identification, assessment, and prioritization - Reporting to management and audit committee - Control self-assessment - Risk response and mitigation strategies - Specialized risk areas: fraud, ESG, IT/cyber, third-party risk - Assurance over risk management processes
|
| Topic 3: Internal Audit Roles and Responsibilities | 20% | - Three Lines Model - Code of Ethics and International Standards - Internal audit charter and authority - Independence and objectivity
|
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IIA Certification in Risk Management Assurance (CRMA) Exam Sample Questions (Q215-Q220):
NEW QUESTION # 215
Which of the following is an example of a transaction-level control?
- A. Tone at the top.
- B. Inventory counts.
- C. Reconciliations of primary accounts.
- D. Human resource policies.
Answer: C
NEW QUESTION # 216
A chief audit executive (CAE) is reviewing the internal audit activity's performance and is concerned that the average number of revisions to findings is steadily rising, making it increasingly difficult to trace the finding to the supporting evidence and workpapers. According to MA guidance, which of the following elements of the internal audit activity's quality assurance and improvement program would provide the CAE with the most helpful insight into the cause of this problem?
- A. The adequacy of the day-to-day supervision and review process.
- B. The type of audit productivity and performance statistics reported.
- C. The scope and frequency of external assessments.
- D. The overall effectiveness of the internal audit activity's periodic self assessments.
Answer: A
NEW QUESTION # 217
The chief audit executive (CAE) has been asked to manage the regulatory compliance function for the organization's retail store operations. Store operations are included in the annual audit plan.
Which of the following strategies best fulfills the requirements of the Standards regarding these audits?
- A. A store operations compliance audit should be performed by a staff internal auditor under the direction of the CAE.
- B. Store operations audits should be performed by an external service provider.
- C. Store operations audits can be fully executed with appropriate disclosure to the board.
- D. The scope of store operations audits should exclude compliance.
Answer: B
NEW QUESTION # 218
According to IIA guidance, which of the following should be included in the internal audit charter?
- A. Identification of the organizational units where engagements are to be performed.
- B. The minimum resources and competencies needed for the internal audit activity.
- C. Organizational relationships and reporting lines.
- D. Assigned responsibilities for designing and implementing controls.
Answer: C
NEW QUESTION # 219
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?
- A. Observation.
- B. Surveys.
- C. Workshops.
- D. Interviews.
Answer: B
NEW QUESTION # 220
......
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