Certification in Risk Management Assurance (CRMA): IIA-CRMA

Which of the following best ensures an internal audit activity has the ability to render impartial and unbiased assessments?

A. Organizational status and objectivity.

B. Supervision of the chief audit executive (CAE) by senior management.

C. Organizational knowledge and skills.

D. CAE certification.

Which of the following are components of the COSO enterprise risk management framework?

1.

Objective setting.

2.

External environment.

3.

Data collection.

4.

Control activities.

A. 1 and 3 only

B. 1 and 4 only

C. 2 and 3 only

D. 2 and 4 only

An internal auditor is performing analytical reviews as part of an audit of a supermarket's merchandising department. Because the economy has declined since midyear, the auditor can expect to encounter which of the following?

A. Higher inventory turnover.

B. Higher operating margin.

C. Lower obsolete stock disposal.

D. Lower sales volume.