IIA CRMA Practice Questions - Certification in Risk Management Assurance (CRMA) Exam - IIA CRMA Practice Questions - Certification in Risk Management Assurance (CRMA) Exam

Question 1

Under the 2024 Global Internal Audit Standards, who has primary accountability for ensuring an organization has an effective risk management framework?

The chief audit executive (CAE) The board of directors (or equivalent governing body) The chief risk officer Senior operating management

Correct Answer:

The board of directors (or equivalent governing body)

Question 2

The IIA's Three Lines Model (2020) replaced the Three Lines of Defense. Which statement best describes a key change introduced by the new model?

It eliminates the second line and merges its activities into internal audit It emphasizes collaboration and value creation rather than rigid 'defense' against threats It places internal audit in the first line for operational efficiency It removes the governing body from the model entirely

Correct Answer:

It emphasizes collaboration and value creation rather than rigid 'defense' against threats

Question 3

How many components are in the COSO ERM 2017 'Enterprise Risk Management — Integrating with Strategy and Performance' framework?

5 components and 17 principles 5 components and 20 principles 8 components and 90 principles 4 components and 12 principles

Correct Answer:

5 components and 20 principles

Question 4

ISO 31000:2018 defines risk as the:

Probability of a negative event occurring Effect of uncertainty on objectives Loss expected from operational failures Difference between expected and actual outcomes

Correct Answer:

Effect of uncertainty on objectives

Question 5

An audit committee is reviewing the company's risk appetite statement. Which characteristic is MOST important for the statement to be useful in governance?

It is approved annually by external auditors It is expressed exclusively in quantitative dollar limits It is approved by the board and aligned with strategy and objectives It is identical to the risk appetite of industry peers

Correct Answer:

It is approved by the board and aligned with strategy and objectives

Exam overview

About this Exam

Prepare with the IIA CRMA Practice Questions - Certification in Risk Management Assurance (CRMA) Exam practice quiz. This question bank includes 100 questions covering risk, audit, internal, management, and global. Use it to review important concepts, identify knowledge gaps, and build confidence for the related exam, course, or assessment.

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IIA CRMA Practice Questions - Certification in Risk Management Assurance (CRMA) Exam

This practice set contains 100 questions from the matching question bank and focuses on risk, audit, internal, management, and global. Work through each question carefully, review the provided solutions, and revisit topics that need more study before your next attempt.

This is an independent study resource intended for practice and review; it is not an official examination or an endorsement by any organization named in the title.

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IIA CRMA Practice Questions - Certification in Risk Management Assurance (CRMA) Exam

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