IIA-CRMA

A new chief audit executive (CAE) of a large internal audit activity (IAA) is dissatisfied with the current amount and quality of training being provided to the staff and wishes to implement improvements. According to IIA guidance, which of the following actions would best help the CAE reach this objective?A...

An internal audit activity (IAA) provided assurance services for an activity it was responsible for during the preceding year. As a result, which IIA Code of Ethics principle is presumed to be impaired?A . Competence.B . Flexibility.C . Objectivity.D . Independence.View AnswerAnswer: C

The internal audit supervisor is reviewing the workpapers prepared by the staff. According to the Standards, which of the following statements regarding workpaper supervision is not true?A . Review notes of questions that arise during the review process must be retained.B . Dating and initialing each workpaper provides evidence of...

A government agency's policy states that board members' travel and hospitality expenses must be audited annually. Which of following people or groups is most appropriate to perform this audit?A . The government's independent auditor.B . The external auditors from an accounting firm.C . The internal audit activity.D . The agency's...

The chief audit executive (CAE) of a mid-sized pharmaceutical organization has operational responsibility for the regulatory compliance function. The audit committee requests an assessment of regulatory compliance. According to IIA guidance, which of the following is the CAE's best course of action?A . Have a proficient internal audit staff member...

Which of the following is not one of the 10 core competencies identified in the IIA Competency Framework?A . Governance, risk, and control.B . Performance management.C . Business acumen.D . Internal audit delivery.View AnswerAnswer: B

According to IIA guidance, which of the following objectives of an assurance engagement for the organization's risk management process is valid?A . All risks have been identified and mitigated.B . Risks have been accurately analyzed and evaluated.C . All controls are both adequate and efficient.D . The board is appropriately...

Which of the following is the most effective strategy to manage the risk of foreign exchange losses due to sales to foreign customers?A . Hire a risk consultant.B . Implement a hedging strategy.C . Maintain a large foreign currency balance.D . Insist that customers only pay in a stable currency.View...