Free Access IIA.IIA-CRMA.v2026-07-03.q97 Practice Test (Page 9)

Question 36

Which of the following is not an objective of internal control?

A.Validation.

B.Compliance.

C.Accuracy.

D.Efficiency.

Question 37

An organization's chief audit executive (CAE) determines that the internal audit staff does not have the requisite skills to conduct an audit of the financial derivatives area. Which of the following would be the best course of action for the CAE to follow?

A.Determine the requisite knowledge needed, and obtain the proper training for auditors, even if the training will significantly push back the project's timeframe as outlined by the audit committee.

B.Employ the skills of a financial derivatives expert to consult on the project, and supplement the consulting with a local seminar on financial derivatives.

C.Notify the audit committee of the problem, and assign the most competent auditors on staff to perform the audit engagement.

D.Outsource the audit engagement to a qualified external auditing firm without burdening the audit committee with the decision.

Question 38

A multinational organization has asked the internal audit activity to assist in setting up the organization's risk management system. The chief audit executive (CAE) agrees to take on the engagement as a consultant.
Which of the following tasks is appropriate for the CAE to undertake?

A.Determine the number of significant risks for management to report to the board.

B.Coordinate and facilitate risk workshops for management to attend.

C.Set risk indicators and mitigation plans for management to implement.

D.Establish the degree of risk appetite for management to accept.

Question 39

A chief audit executive (CAE) learns that the brother-in-law of a senior auditor who audits the procurement process was hired as the head of the procurement department six months prior. Which of the following is the most appropriate action for the CAE to take?

A.The CAE should remind the senior auditor of his obligation to be objective and impartial.

B.The CAE should not interfere because there is no evidence that a conflict of interest has occurred.

C.The CAE should require the senior auditor to disclose the relationship in writing before continuing his responsibility for monitoring procurement.

D.The CAE should change the senior auditor's assignment and take corrective action for the auditor's failure to disclose the conflict of interest.

Question 40

Which of the following statements describes impairment to the internal auditor's objectivity?

A.An internal auditor receives a promotional gift that is available to the organization's employees.

B.An internal auditor reduces the scope of an audit engagement due to budget restrictions.

C.An internal auditor reviews a purchasing agent's contract drafts prior to their execution.

D.An internal auditor performs an assessment of the operations for which he was recently responsible.

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