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IIA IIA-CRMA-ADV Sample Question Answers

Question # 1

An internal audit activity is using the auditing-by-element approach to audit theorganization's controls around corporate social responsibility. Which of the following wouldbe an element for the internal audit activity to consider?

A. Working conditions.
B. Employees' families.
C. Marketplace competition.
D. Shareholders and investors.

Question # 2

Which of the following best demonstrates the authority of the internal audit activity?

A. Suggesting alternatives to decision makers.
B. Improving the integrity of information.
C. Determining the scope of internal audit services.
D. Achieving engagement objectives.

Question # 3

An internal auditor is reviewing the accounts receivable when she discovers accountbalances more than three years old. The auditor was previously supervising the areaduring this time, and she subsequently advises the chief audit executive (CAE) of apotential conflict.Which of the following is the most appropriate course of action for the CAE to take?

A. Replace the auditor with another audit staff member.
B. Continue with the present auditor, as more than one year has passed.
C. Withdraw the audit team and outsource the financial audit of the division.
D. Work with the division's management to resolve the situation.

Question # 4

Which of the following best describes the misdirection of payments on accounts receivableto an employee's bank account?

A. Fraud open on the books.
B. Fraud hidden on the books.
C. Fraud off the books.
D. Fraud on the balance sheet.

Question # 5

Which of the following documents is most appropriate in promoting the objectivity of the internal audit activity?

A. Usage of IT system policy.
B. Risk management framework.
C. Acceptance of gifts policy.
D. Personal responsibility policy.

Question # 6

Which of the following is most likely to enhance an internal auditor's objectivity?

A. An auditor is appropriately able to communicate results.
B. An auditor performs his work free from interference.
C. An auditor is unrestricted in determination of scope.
D. An auditor avoids conflicts of interest.

Question # 7

The internal audit activity is planning a procurement audit and needs to obtain a thoroughunderstanding of the subcontracting process, which can involve multiple individuals inmultiple countries.Which of the following internal audit tools would be most effective to document the processand the key controls?

A. Internal control checklist.
B. Procurement employee survey.
C. Cross-functional flow chart.
D. Segregation of duties matrix.

Question # 8

Which of the following would be the most important consideration by the internal auditactivity when selecting employees to perform an internal quality assessment?

A. Their understanding of auditing standards.
B. Previous experience working with the internal audit activity.
C. Their reporting line within the organization.
D. The nature of their regular duties and responsibilities.

Question # 9

Which of the following is most likely to be considered a control weakness?

A. Vendor invoice payment requests are accompanied by a purchase order and receivingreport.
B. Purchase orders are typed by the purchasing department using prenumbered forms.
C. Buyers promptly update the official vendor listing as new supplier sources becomeknown.
D. Department managers initiate purchase requests that must be approved by the plantsuperintendent.

Question # 10

Which of the following is an example of a directive control?

A. Segregation of duties.
B. Exception reports.
C. Incentive compensation plans.
D. Automated reconciliations.

Question # 11

Which of the following actions best demonstrates that an internal auditor is exercising dueprofessional care?

A. The auditor performs thorough reviews and provides absolute assurance of regulatorycompliance.
B. The auditor is alert to the possibility of fraud and activities where irregularities are mostlikely to occur.
C. The auditor recommends improvements for all of the organization's procedures andpractices.
D. The auditor is cognizant of reducing travel expenses by combining a personal vacationwith a business trip.

Question # 12

While auditing an organization's credit approval process, an internal auditor learns that theorganization has made a large loan to another auditor's relative. Which course of actionshould the auditor take?

A. Proceed with the audit engagement, but do not include the relative's information.
B. Have the chief audit executive and management determine whether the auditor shouldcontinue with the audit engagement.
C. Disclose in the engagement final communication that the relative is a customer.
D. Immediately withdraw from the audit engagement.

Question # 13

As a matter of policy, the chief audit executive routinely rotates internal audit staffassignments and periodically interviews the staff to discuss the potential for conflicts ofinterest. These actions help fulfill which of the following internal audit mandates?

A. Organizational independence.
B. Professional objectivity.
C. Due professional care.
D. Individual proficiency.

Question # 14

As a matter of policy, the chief audit executive routinely rotates internal audit staffassignments and periodically interviews the staff to discuss the potential for conflicts ofinterest. These actions help fulfill which of the following internal audit mandates?

A. Organizational independence.
B. Professional objectivity.
C. Due professional care.
D. Individual proficiency.

Question # 15

As a matter of policy, the chief audit executive routinely rotates internal audit staffassignments and periodically interviews the staff to discuss the potential for conflicts ofinterest. These actions help fulfill which of the following internal audit mandates?

A. Organizational independence.
B. Professional objectivity.
C. Due professional care.
D. Individual proficiency.

Question # 16

As a matter of policy, the chief audit executive routinely rotates internal audit staffassignments and periodically interviews the staff to discuss the potential for conflicts ofinterest. These actions help fulfill which of the following internal audit mandates?

A. Organizational independence.
B. Professional objectivity.
C. Due professional care.
D. Individual proficiency.

Question # 17

A new director was hired to lead the internal audit activity at a small start-up company.Which of the following assignments would impair the director's independence?

A. Preparing the financial statements for the company's defined contribution plan.
B. Performing a pre-implementation review of the company's payroll application.
C. Providing the COBIT framework as a possible IT management tool.
D. Reviewing the company's policy for foreign currency translation adjustments forcompliance with accounting standards.

Question # 18

What is the additional advantage of facilitated workshops, in comparison with structuredinterviews, used when testing the effectiveness of entity-level controls?

A. During facilitated workshops, people more openly say things to internal auditors thanduring private interviews.
B. Internal auditors do not need other sources of information, as the data gathered duringfacilitated workshops is sufficient.
C. Facilitated workshops create a synergy of discussion that can bring multipleperspectives to the same issue.
D. The testimonial evidence obtained during facilitated workshops is generally consideredmore reliable.

Question # 19

According to IIA guidance, which of the following statements is true when an internalauditor performs consulting services that improve an organization's operations?

A. The services must be aligned with those defined in the internal audit charter.
B. The services must not be performed by the same internal auditor who performedassurance services, in order to maintain objectivity.
C. The services may preclude assurance services from the consulting engagement.
D. The services impose no responsibility to communicate information other than to theengagement client.

Question # 20

According to IIA guidance, which of the following scenarios demonstrates an internalauditor exercising due professional care?When auditing investments, the auditor identified instruments with which he was unfamiliar.He decided not to select that type of investment in his sample, as he did not have theknowledge needed to 

A. perform a proper assessment.
B. An auditor was reviewing inventory counts conducted by the warehouse staff. One truckcontaining an immaterial amount of inventory was off-site and wasn't verified by the auditor.
C. An auditor visited a plant that produces a significant portion of the organization'sinventory. The day he arrived, the plant manager was out sick, so the auditor issued thereport without interviewing the manager.
D. An auditor in charge needed to have testing completed by the end of the month, but wasbehind schedule. He identified a junior auditor to conduct the work for him on a complex area of the organization.

Question # 21

Which of the following combinations of conditions is most likely a red flag for fraud?

A. The practice of surprise audits and the implementation of an employee support program.
B. Hiring an employee with a prior fraud conviction and yearly management review.
C. Occasional accounting department overrides and discontinuation of the anonymousfraud hotline due to infrequent use.
D. A veteran employee in upper management experiencing financial difficulties andrecently implemented enhanced controls.

Question # 22

An internal audit charter, approved by the board, restricts the internal audit activity toproviding assurance only on the reliability of financial information and the effectiveness ofinternal accounting controls. Which of the following statements is true regarding the extentto which the external auditor may rely on the internal audit activity's work?

A. The external auditor may make full use of the work, as the audit charter is very specific as to the work the internal audit activity may undertake.
B. The external auditor may use the work, as the board has approved the charter, thustaking responsibility for any deficiencies.
C. The external auditor must disregard the work, as the scope of the charter may introducebias and result in a lack of due professional care.
D. The external auditor may use the work with caution, due to the internal audit activity'sscope and responsibility restrictions.

Question # 23

Which of the following actions would be characterized as a preventive control to safeguardinventory from the risk of theft?1. Locking doors and physically securing inventory items.2. Independently observing the receipt of materials.3. Conducting monthly inventory counts.4. Requiring the use of employee ID badges at all times.

A. 1 and 3.
B. 1 and 4.
C. 2 and 3.
D. 2 and 4.

Question # 24

The security department uncovered what appears to be a complex fraud in the accountingdepartment. The CEO has requested the internal audit activity to investigate the fraud. Ifthe internal audit staff lacks the expertise to conduct the investigation, how should the chiefaudit executive proceed?

A. Disclose the deficiency, and request that the investigation be reassigned to the first lineof defense.
B. Proceed with the investigation, as internal auditors are not required to have fraudexpertise.
C. Outsource the sensitive investigation to a third-party consultant with fraud expertise.
D. Select a member of the accounting department who is not involved in the fraud to jointhe investigation team in a consulting capacity.

Question # 25

Which of the following offers the best evidence that the internal audit activity has achievedorganizational independence?

A. An independent third party has assessed the organization's system of internal controlsto be adequate and effective.
B. The chief audit executive reports both functionally and administratively to the CEO.
C. The internal audit charter is drafted properly and approved by the appropriate parties.
D. The mission statement and strategy of the internal audit activity demonstrates alignmentto organizational objectives.

Question # 26

The manager for an organization's accounts payable department resigned her post in thatcapacity. Three months later, she was recruited to the internal audit activity and has beenworking with the audit team for the last eight months. Which of the following assignmentswould the newly hired internal auditor be able to execute without any impairments toindependence or objectivity?

A. An operations audit of the accounts payable department.
B. A consulting engagement related to a new accounts payable optimization initiative.
C. A review of the employees' sports club finances, which are overseen by the chief auditexecutive.
D. An assurance review for a sales program on which she previously provided consultation.

Question # 27

A fraud investigation was completed by management, and a proven fraud wascommunicated to relevant authorities. According to MA guidance, which of the followingroles would be most appropriate for the internal audit activity to undertake after theinvestigation?

A. Plan employee sessions and team building strategies for the organization to improveawareness of fraud among employees.
B. Review the investigation and implement any improvements to the process.
C. Conduct lessons learned sessions to ascertain how the fraud occurred and whichcontrols failed.
D. Determine why The fraud was not detected earlier and design controls to strengthenearly detection.

Question # 28

When developing the organization's first risk universe, which of the following would thechief audit executive be least likely to consider?

A. The amount of risk that an organization is willing to seek or accept.
B. The extent and degree of interdependency for identified key risks.
C. The boundaries established to manage the amount of risk taken.
D. The exposure to risks following management's risk responses.

Question # 29

Which of the following describes a key characteristic related to effective organizationalcommunication?

A. Comprehensive supervisory and verification procedures.
B. A well-designed system of internal controls.
C. A culture of integrity and transparency.
D. Unique operating environments with varying complexity.

Question # 30

The chief audit executive (CAE) is planning to conduct an internal assessment of theinternal audit activity (IAA). Part of this assessment will include benchmarking. According toIIA guidance, which of the following qualitative metrics would be appropriate for the CAE touse?1. Average client customer satisfaction score for a given year.2. Client survey comments on how to improve the IAA.3. Auditor interviews once an audit has been completed.4. Percentage of audits completed within 90 days.

A. 1 and 2.
B. 1 and 3.
C. 2 and 3.
D. 3 and 4.

Question # 31

According to IIA guidance, which of the following statements about working papers is false?

A. They assist in the implementation of recommendations.
B. They provide support for communication to third parties.
C. They demonstrate compliance with auditing standards.
D. They contribute to development of the internal audit staff.

Question # 32

According to IIA guidance, which of the following practices by the chief audit executive(CAE) best enhances the organizational independence of the internal audit activity?

A. CAE reviews and approves the annual audit plan.
B. CAE meets privately with The CEO at least annually.
C. CAE meets privately with The board at least annually.
D. CAE reports to the board regarding audit staff performance evaluation andcompensation.

Question # 33

Click the Exhibit. Internal auditors are asked to keep track of how many hours per day they spend planningthe audit, conducting the engagement, and writing the audit report. The data for two dayshas been collected as follows:Day 1Day 2Planning the audit2 hours3 hoursConducting the engagement1 hour1 hourWriting the audit report2 hours4 hoursWhich of the following graphs depicts the data accurately?

A. Graph A only
B. Graph B only
C. Both A and B.
D. Neither A nor B.

Question # 34

Which of the following types of fraud includes embezzlement?

A. Fraudulent statements.
B. Bribery.
C. Misappropriation of assets.
D. Corruption.

Question # 35

Which of the following activities is most likely to require a fraud specialist to supplement theknowledge and skills of the internal audit activity?

A. Planning an engagement of the area in which fraud is suspected.
B. Employing audit tests to detect fraud.
C. Interrogating a suspected fraudster.
D. Completing a process review to improve controls to prevent fraud.

Question # 36

An auditor identifies three errors in the sample of 25 entries selected for review (a 12percent error rate). Based on this result, the auditor assumes that approximately 59 of the total population of 492 entries are incorrect. To reach this assumption, the auditor has useda technique known as which of the following?

A. Variability tolerance.
B. Ratio estimation.
C. Stratification.
D. Acceptance sampling.

Question # 37

Which of the following options is the most cost-effective and efficient way for internalauditors to keep current with the latest developments in the internal audit profession?

A. Attending annual professional conferences and seminars.
B. Participating in on-the-job training in various departments of the organization.
C. Pursuing as many professional certifications as possible.
D. Maintaining membership in The HA and similar professional organizations andsubscribing to relevant email updates or news feeds.

Question # 38

Which of the following scenarios best illustrates the principle of due professional care?

A. An internal auditor evaluates the significant risks arising from a consulting engagement.
B. An internal auditor declares that he would have a conflict of interest in providing plannedaudit support.
C. An internal auditor has been given sufficient authority to access documents needed tomake an appraisal of an issue.
D. An internal auditor uses technology-based audit techniques to ensure that all significantrisks are identified.

Question # 39

A new internal audit activity is creating its first charter. According to IIA guidance, which ofthe following objectives would be appropriate for inclusion in the charter?

A. Continuously monitor the organization's overall risk activities in relation to its riskappetite.
B. Evaluate the adequacy and effectiveness of the organization's governance activities.
C. Oversee the establishment and administration of an effective risk management program.
D. Assist management in implementing recommended control improvements.

Question # 40

Which of the following must be in existence as a precondition to developing an effectivesystem of internal controls?

A. A monitoring process.
B. A risk assessment process.
C. A strategic objective-setting process.
D. An information and communication process.

Question # 41

According to The MA Code of Ethics, which of the following is one of the rules of conductfor objectivity?

A. Internal auditors shall continually improve their proficiency and effectiveness and qualityof their services.
B. Internal auditors shall respect and contribute to legitimate and ethical objectives of theorganization.
C. Internal auditors shall not accept anything that may impair or be presumed to impairtheir professional judgment.
D. Internal auditors shall be prudent in the use and protection of information acquired in thecourse of their duties.

Question # 42

According to IIA guidance, which of the following external groups is most likely to representa liability risk, based on activities associated with the organization's corporate socialresponsibility program?

A. Consumers.
B. Activists.
C. Suppliers.
D. Investors.

Question # 43

According to IIA guidance, which of the following best describes internal auditors'responsibility regarding fraud?

A. Internal auditors should take a leading role in investigating all fraud-related cases.
B. Internal auditors must have sufficient knowledge to evaluate the risk of fraud.
C. Internal auditors should report all fraud cases to law enforcement agents, in accordancewith the Code of Ethics.
D. Internal auditors are responsible for ensuring that fraud does not occur.

Question # 44

According to IIA guidance, the results of a formal quality assessment should be reported towhich of the following groups?

A. The audit committee and senior management.
B. The audit committee and the external auditors.
C. Senior management and management of the audited area.
D. Senior management and the external auditors.

Question # 45

Which of the following responsibilities would fall under the role of the chief audit executive,rather than internal audit staff or the audit manager?

A. Manage and support a quality assurance and improvement program.
B. Maintain industry-specific knowledge appropriate to the audit engagements
C. Set clear performance standards for internal auditors and the internal audit activity.
D. Apply problem-solving techniques for routine situations.

Question # 46

A manufacturing line supervisor joins the internal audit activity for a two-year rotational jobassignment and is assigned to an accounts receivable audit. With regard to thisassignment, which of the following should be the primary concern of the audit manager?

A. Due professional care.
B. Individual independence.
C. Individual objectivity.
D. Organizational independence.

Question # 47

According to IIA guidance, which of the following must the internal auditor consider to meetthe requirements for due professional care?

A. The training courses necessary to enhance the internal auditor's knowledge, skills, andother competencies.
B. The appropriateness of assurance procedures necessary to ensure all significant riskswill be identified.
C. The use of innovative technology and data analysis techniques.
D. The extent of work needed to achieve the engagement’s objectives.

Question # 48

The management at a national consumer goods organization implements a fair work andpay practice as well as a policy to treat employees equitably and consistently. Whichcommon characteristics of fraud will the practice and policy most likely reduce?

A. Pressure or incentive.
B. Opportunity.
C. Rationalization.
D. Commitment.

Question # 49

If appropriate safeguards exist, which of the following is considered a legitimate internalaudit role within risk management at an organization?

A. Imposing risk management processes.
B. Providing consolidated reporting on risks.
C. Taking accountability for risk management.
D. Making decisions on risk responses.

Question # 50

Sometimes, internal audit staff may partner with operating managers to rank risks. Which ofthe following outcomes may be the most beneficial aspects of this strategy?1. Reappraising risks levels.2. Providing accurate information to management.3. Marketing the internal audit activity.4. Planning safeguards for assets in high-risk areas.

A. 1 and 2.
B. 1 and 3.
C. 2 and 3.
D. 3 and 4.

Question # 51

According to The MA Global Internal Audit Competency Framework, which of the followingareas of training would best assist the internal audit activity in improving its use of tools andtechniques?

A. Negotiation and conflict resolution.
B. Project management.
C. Financial accounting.
D. Ethics and fraud.

Question # 52

According to the International Professional Practices Framework, which of the following areallowable activities for an internal auditor?1. Advocating the establishment of a risk management function.2. Identifying and evaluating significant risk exposures during audit engagements.3. Developing a risk response for the organization if there is no chief risk officer.4. Benchmarking risk management activities with other organizations.5. Documenting risk mitigation strategies and techniques.

A. 4 and 5 only.
B. 1.2, and 3 only.
C. 1.2. 4. and 5 only.
D. 2. 3. 4. and 5 only.

Question # 53

Which of the following statements is true with regard to conducting an effective qualityassurance and improvement program?

A. The IIA's Quality Assessment Manual for the Internal Audit Activity must be used as thebasis for periodic assessments.
B. Members of the internal audit activity are not permitted to perform quality assessments,as they would not be independent.
C. Periodic internal assessments provide the most current and independentrecommendations for improvement.
D. The conclusions of periodic internal assessments are intended to assist in achievingconformity to the Standards.

Question # 54

A chief audit executive (CAE) is reviewing the internal audit activity's performance and isconcerned that the average number of revisions to findings is steadily rising, making itincreasingly 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'squality assurance and improvement program would provide the CAE with the most helpfulinsight into the cause of this problem?

A. The overall effectiveness of the internal audit activity's periodic self assessments.
B. The type of audit productivity and performance statistics reported.
C. The adequacy of the day-to-day supervision and review process.
D. The scope and frequency of external assessments.

Question # 55

Which of the following activities should the chief audit executive perform to ensurecompliance with an organization's code of conduct?

A. Act as an adviser to the committee responsible for reviewing violations of the code.
B. Review and adjudicate all violations of the code of conduct.
C. Lead the committee responsible for the oversight of the code.
D. Implement a system of procedures to inform all employees of the code.

Question # 56

Non-statistical sampling does not require which of the following?

A. The sample to be representative of the population.
B. The sample to be selected haphazardly.
C. A smaller sample size than if selected using statistical sampling.
D. Projecting the results to the population.

Question # 57

Which of the following types of social responsibilities is voluntary and guided purely by theorganization's desire to make social contributions?

A. The bottom of the pyramid responsibility.
B. Innovative responsibility.
C. Ethical responsibility.
D. Discretionary responsibility.