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IIA IIA-CRMA-ADV Exam Syllabus Topics:
| Section | Weight | Objectives |
|---|---|---|
| Risk Management Assurance | 55% | - Emerging and strategic risks - Assurance mapping and coordination - Risk identification and assessment - Risk response and mitigation strategies - Monitoring and reporting |
| Risk Management Governance | 25% | - Risk culture and appetite - Roles of board, audit committee and management - Governance frameworks and structures - COSO, ISO 31000 and other standards |
| Internal Audit Roles and Responsibilities | 20% | - International Professional Practices Framework (IPPF) - Independence and objectivity - Standards and Code of Ethics - Role in governance and risk management |
IIA Certification in Risk Management Assurance Sample Questions:
1. Which of the following is an example of a risk avoidance strategy?
A) Limiting access to an organization's data center.
B) Hedging against exchange rate variations.
C) Outsourcing a high-risk activity.
D) Selling a nonstrategic business unit.
2. Which of the following would most likely be considered a red flag for fraud?
A) An employee with significant personal debt is in charge of handling large wire transfers for the organization.
B) An employee in charge of payroll disbursements has rotated these duties with several colleagues.
C) A senior manager has been delegating the authority to sign-off on small dollar amount purchases to a subordinate.
D) An organization lacks a whistleblower hotline for reporting suspicious activity.
3. According to IIA guidance, which of the following best describes internal auditors' responsibility regarding fraud?
A) Internal auditors should take a leading role in investigating all fraud-related cases.
B) Internal auditors should report all fraud cases to law enforcement agents, in accordance with the Code of Ethics.
C) Internal auditors are responsible for ensuring that fraud does not occur.
D) Internal auditors must have sufficient knowledge to evaluate the risk of fraud.
4. An internal auditor finds during an engagement that payment for the organization's general insurance policy is two months overdue. The issue is informally mentioned tothe finance department which immediately submits the invoice for payment. The auditor decides to exclude this finding from the final audit report as the oversight was immediately corrected and there were no consequences because of this late payment.
Which of the following rules of conduct as described in the IIA Code of Ethics, did the auditor fail to uphold?
A) Confidentiality.
B) Objectivity.
C) Integrity.
D) Competency.
5. Forty-five percent of an organization's customer payments are submitted online. Eight percent of online payments are rejected. Executive management decides to outsource its online payment services to a contractor that will assume 75 percent of the total value of rejected payments. The organization estimates $1.25 million customer payments due during the contract period.
Which of the following represents the organization's residual risk for online customer payments due?
A) $45, 000
B) $25, 000
C) $33, 750
D) $11, 250
Solutions:
| Question # 1 Answer: D | Question # 2 Answer: A | Question # 3 Answer: D | Question # 4 Answer: B | Question # 5 Answer: D |
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