IIA-CRMA Exam Practice Test Instant Access

Question 1

Which of the following is an example of a risk avoidance strategy?

AHedging against exchange rate variations.

BLimiting access to an organization's data center.

CSelling a nonstrategic business unit.

DOutsourcing a high-risk activity.

Answer : C

Question 2

A snow removal company is conducting a scenario planning exercise where participating employees consider the potential impacts of a significant reduction in annua snowfall for the coming winter. Which of the following best describes this type of risk?

AResidual.

BNet.

CInherent.

DAccepted.

Answer : C

Question 3

According to the HA Code of Ethics, which of the following statements best describes the principle of competency?

AInternal auditors shall perform their work with honesty, diligence, and responsibility.

BInternal auditors shall perform their work in accordance with the Standards.

CInternal auditors shall perform their work in accordance with the law and make disclosures expected by the law.

DInternal auditors shall be prudent in the use of information acquired while performing their work.

Answer : B

Question 4

Which of the following are components of the ISO 31000 risk management process?

1. Setting the context.

2. Risk treatment.

3. Risk avoidance.

4. Communication.

A1 and 2 only.

B2 and 3.

C3 and 4.

D1,2, and 4.

Answer : A

Question 5

Which of the following control activities is the most effective to ensure users' levels of access are appropriate for their current roles?

AThe human resources department generates a monthly list of terminated and transferred employees and requests IT to update the user access as required.

BStandardized user access profiles are developed and the appropriate access profiles are automatically assigned to new or transferred employees.

CSystem administrator rights are assigned to one user in each department who can update user access of terminated or transferred employees immediately.

DDepartment managers are required to perform periodic user access reviews of relevant systems and applications.

Answer : D

Question 6

An organization is facing a financial downturn and needs to impose major budget reductions to all departments. According to MA guidance, which of the following actions is most appropriate for the board to take to evaluate the potential impact on the internal audit activity?

AAsk management to determine which internal audit engagements are lower risk and could be considered for removal from the annual audit plan.

BAsk appropriate stakeholders for their opinion on the potential impacts of reducing the scope of the internal audit plan.

CAsk the chief audit executive to determine whether budgetary limitations impede the ability of the internal audit activity to execute its responsibilities.

DAsk The human resources department to determine how the annual compensation and salary of the audit staff could be adjusted to achieve savings.

Answer : C

Question 7

An IT contractor applied for an internal audit position at a bank. The contractor worked for the bank's IT security manager two years ago. If the audit manager interviewed the contractor and wants to extend a job offer, which of the following actions should the chief audit executive pursue?

AAllow the audit manager to hire the contractor and state that the individual is free to perform IT audits, including security.

BNot allow the audit manager to hire the contractor, as it would be a conflict of interest.

CAllow the audit manager to hire the contractor, but state that the individual is not allowed to work on IT security audits for one year.

DNot allow the audit manager to hire the contractor and ask the individual to apply again in one year.

Answer : A

IIA-CRMA Certification in Risk Management Assurance (CRMA) Exam Practice Test