Free Access IIA.IIA-CRMA.v2023-07-05.q92 Practice Test (Page 10)

Question 41

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

A.The training courses necessary to enhance the internal auditor's knowledge, skills, and other competencies.

B.The use of innovative technology and data analysis techniques.

C.The appropriateness of assurance procedures necessary to ensure all significant risks will be identified.

D.The extent of work needed to achieve the engagement's objectives.

Question 42

An internal auditor is using a spreadsheet application to review a cash flow forecast prepared by management.
Which of the following correctly identifies the type of evidence this information represents?

A.Competent, corroborative evidence of future working capital requirements.

B.Sufficient, circumstantial evidence of the future solvency of the organization.

C.Sufficient, analytical evidence of the cash flow position at a given point of time in the future.

D.Competent, documentary evidence of future cash flow changes within the organization.

Question 43

According to IIA guidance, which of the following is ultimately responsible for seeing that the internal control system of an organization's social responsibility program is effective?

A.Board of directors.

B.All employees.

C.Senior management.

D.Internal audit activity.

Question 44

According to COSO, which of the following describes a principle related to the control environment?

A.The organization identifies and assesses changes that could significantly impact the system of internal control.

B.The organization establishes appropriate authorities and responsibilities in the pursuit of objectives.

C.The organization selects and develops control activities that contribute to the mitigation of risks.

D.The organization performs evaluations to ascertain whether internal control components are present and functioning.

Question 45

An organization decides to take no action on one of its financial risks because the cost of implementing the control outweighs the value of the asset being protected. Which of the following best describes this risk strategy?

A.Risk acceptance.

B.Risk-benefit analysis.

C.Risk avoidance.

D.Risk sharing.

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Question 41

Question 42

Question 43

Question 44

Question 45

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