Free Access IIA.IIA-CRMA.v2024-04-20.q105 Practice Test (Page 14)

Question 61

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

A.Projecting the results to the population.

B.A smaller sample size than if selected using statistical sampling.

C.The sample to be representative of the population.

D.The sample to be selected haphazardly.

Question 62

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

A.Their reporting line within the organization.

B.The nature of their regular duties and responsibilities.

C.Their understanding of auditing standards.

D.Previous experience working with the internal audit activity.

Question 63

Which of the following would most likely be considered a red flag for fraud?

A.An employee in charge of payroll disbursements has rotated these duties with several colleagues.

B.A senior manager has been delegating the authority to sign-off on small dollar amount purchases to a subordinate.

C.An organization lacks a whistleblower hotline for reporting suspicious activity.

D.An employee with significant personal debt is in charge of handling large wire transfers for the organization.

Question 64

Which of the following audit procedures would provide the most relevant information to identify discrepancies between budgeted versus actual raw material consumption in a production facility?

A.Document verification.

B.Analytical review.

C.Observation.

D.Inquiry.

Question 65

A chief audit executive (CAE) reports functionally to the CEO and administratively to the chief financial officer, both of whom serve on the company's board of directors. According to IIA guidance, which of the following would offer the greatest protection for the independence of the internal audit activity?

A.Appoint the CAE as a member of the board.

B.Move the CAE's functional reporting to the audit committee.

C.Obtain full board approval of the internal audit activity's annual audit plan.

D.Move the CAE's functional reporting to an executive who is not on the board.

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Question 61

Question 62

Question 63

Question 64

Question 65

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