IIA IIA-CRMA-ADV Exam : Certification in Risk Management Assurance

IIA-CRMA-ADV
  • Exam Code: IIA-CRMA-ADV
  • Exam Name: Certification in Risk Management Assurance
  • Updated: Jul 16, 2026
  • Q & A: 285 Questions and Answers

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About IIA IIA-CRMA-ADV Exam

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IIA Certification in Risk Management Assurance Sample Questions:

1. 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) Notify the audit committee of the problem, and assign the most competent auditors on staff to perform the audit engagement.
B) Outsource the audit engagement to a qualified external auditing firm without burdening the audit committee with the decision.
C) 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.
D) Employ the skills of a financial derivatives expert to consult on the project, and supplement the consulting with a local seminar on financial derivatives.


2. 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) Move the CAE's functional reporting to the audit committee.
B) Move the CAE's functional reporting to an executive who is not on the board.
C) Obtain full board approval of the internal audit activity's annual audit plan.
D) Appoint the CAE as a member of the board.


3. While auditing an organization's credit approval process, an internal auditor learns that the organization has made a large loan to another auditor's relative. Which course of action should the auditor take?

A) Immediately withdraw from the audit engagement.
B) Disclose in the engagement final communication that the relative is a customer.
C) Have the chief audit executive and management determine whether the auditor should continue with the audit engagement.
D) Proceed with the audit engagement, but do not include the relative's information.


4. A former line supervisor from the Financial Services Department has completed six months of a two-year development opportunity with the internal audit activity (IAA). She is assigned to a team that will audit the organization's payroll function, which is managed by the Human Resources Department. Which of the following statements is most relevant regarding her independence and objectivity with respect to the payroll audit?

A) She may participate, but she must be supervised by the auditor in charge.
B) She may participate for training purposes, to build her knowledge of the IAA.
C) She may participate, because she did not previously work in the Human Resources Department.
D) She may participate, but only after she has completed one year with the IAA.


5. According to IIA guidance, the results of a formal quality assessment should be reported to which of the following groups?

A) Senior management and management of the audited area.
B) Senior management and the external auditors.
C) The audit committee and senior management.
D) The audit committee and the external auditors.


Solutions:

Question # 1
Answer: D
Question # 2
Answer: A
Question # 3
Answer: C
Question # 4
Answer: C
Question # 5
Answer: C

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