IIA IIA-CRMA-ADV Exam Syllabus Topics:
| Section | Weight | Objectives |
|---|---|---|
| Topic 1: Risk Management Assurance | 55% | - Monitoring and reporting - Assurance mapping and coordination - Risk response and mitigation strategies - Risk identification and assessment - Emerging and strategic risks |
| Topic 2: Internal Audit Roles and Responsibilities | 20% | - International Professional Practices Framework (IPPF) - Standards and Code of Ethics - Role in governance and risk management - Independence and objectivity |
| Topic 3: Risk Management Governance | 25% | - Roles of board, audit committee and management - COSO, ISO 31000 and other standards - Governance frameworks and structures - Risk culture and appetite |
IIA Certification in Risk Management Assurance Sample Questions:
1. An organization is facing a financial downturn and needs to impose major budget reductions to all departments. According to MA guidance, which of the following actions is most appropriate for the board to take to evaluate the potential impact on the internal audit activity?
A) Ask The human resources department to determine how the annual compensation and salary of the audit staff could be adjusted to achieve savings.
B) Ask management to determine which internal audit engagements are lower risk and could be considered for removal from the annual audit plan.
C) Ask appropriate stakeholders for their opinion on the potential impacts of reducing the scope of the internal audit plan.
D) Ask the chief audit executive to determine whether budgetary limitations impede the ability of the internal audit activity to execute its responsibilities.
2. According to COSO, which of the following describes a principle related to the control environment?
A) The organization establishes appropriate authorities and responsibilities in the pursuit of objectives.
B) The organization identifies and assesses changes that could significantly impact the system of internal control.
C) The organization performs evaluations to ascertain whether internal control components are present and functioning.
D) The organization selects and develops control activities that contribute to the mitigation of risks.
3. When auditing the award of a major contract, which of the following should an internal auditor suspect as a red flag for a bidding fraud scheme?
1. Subsequent change orders increase requirements for low-bid items.
2. Material contract requirements are different on the actual contract than on the request for bids.
3. A high percentage of employees are charged to indirect accounts.
4. Losing bidders are hired as subcontractors.
A) 1 and 3.
B) 2 and 4.
C) 2 only
D) 1 only
4. Allegations have been made that an organization's share price has been manipulated.
Which of the following would provide an internal auditor with the most objective evidence in this case?
A) Former members of management.
B) Large customers of the organization.
C) Major shareholders of the organization.
D) Former financial consultants.
5. Which of the following controls is not appropriate for sales in a manufacturing organization?
A) Customers' orders are recorded promptly.
B) Sales department approval is required for credit sales transactions.
C) Goods shipped are matched with valid customer orders.
D) Goods returned are inspected for damage by the receiving department for proper disposition.
Solutions:
| Question # 1 Answer: D | Question # 2 Answer: A | Question # 3 Answer: B | Question # 4 Answer: D | Question # 5 Answer: B |
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