Free Access IIA.IIA-CRMA.v2022-06-30.q96 Practice Test (Page 2)

Question 1

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.

Question 2

Which of the following is not an appropriate activity for internal auditors to perform?

A.Recommend management seek a consulting firm to advise on outsourcing.

B.Highlight matters that require management's attention.

C.Accumulate data, obtain varying views, and report information to senior management.

D.Implement solutions for specific organizational problems.

Question 3

According to IIA guidance, which of the following individuals would best be considered independent for the purpose of participating in an external assessment of the quality assurance and improvement program for an internal audit activity (IAA)?

A.An employee in an affiliated organization who has never worked directly with the IAA.

B.A former employee knowledgeable of the IAA who resigned three years earlier from the organization.

C.An employee in the parent organization who has not had any previous contact with the IAA.

D.A competent employee of an independent external organization that provides co-sourcing services to the IAA.

Question 4

Management of a publicly-held organization requires the internal audit activity to be involved with quarterly financial statements, which are made public and used internally. Which of the following explanations of management's decision is least plausible?

A.Management may be concerned about potential penalties that could occur if quarterly financial statements are misstated.

B.Management may perceive that having quarterly financial information examined by the internal auditors enhances the information's value to internal decision making.

C.Management is following best-practice protocol, as stipulated by the Standards, which states that internal auditors must review quarterly financial statements.

D.Management may be concerned about its reputation in the financial markets.

Question 5

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.Store operations audits should be performed by an external service provider.

B.The scope of store operations audits should exclude compliance.

C.A store operations compliance audit should be performed by a staff internal auditor under the direction of the CAE.

D.Store operations audits can be fully executed with appropriate disclosure to the board.

Other Version: 931IIA.IIA-CRMA.v2024-04-20.q105; 1849IIA.IIA-CRMA.v2023-07-05.q92; 71IIA.Prepawaypdf.IIA-CRMA.v2021-11-24.by.todd.105q.pdf

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