CRMA Coordinating Assurance Efforts 3

Question 1

Under the IIA's Three Lines Model (2020), which entity bears primary responsibility for managing risks day-to-day?

Accepted Answer

Management and operational staff (first line)

Answer

The first line — operational management and staff — owns and manages risks as part of their day-to-day activities.

Question 2

Which statement BEST defines 'combined assurance' as used in the CRMA context?

Accepted Answer

An integrated approach where multiple assurance providers coordinate to optimize total risk coverage

Answer

Combined assurance integrates efforts across all lines of defense so that coverage is comprehensive, efficient, and free of major gaps.

Question 3

Under IIA Standard 2050, internal audit may rely on the work of other internal and external providers if the CAE determines that the work is adequate for internal audit purposes. What does 'adequate' primarily require?

Accepted Answer

The work was performed with due professional care by a competent and objective provider

Answer

Adequacy under Standard 2050 requires the provider to demonstrate competence, objectivity, and professional care in performing their work.

Question 4

When internal audit relies on the work of the risk management function to reduce its own testing scope, what must be documented in the workpapers?

Accepted Answer

The basis for the reliance decision, the scope relied upon, and any limitations identified

Answer

Proper documentation of reliance includes the rationale, scope of reliance, and any caveats so the decision is transparent and auditable.

Question 5

Which of the following BEST describes 'integrated assurance' as distinguished from 'combined assurance'?

Accepted Answer

Integrated assurance is a deeper form where assurance activities are jointly planned and reported across providers from the outset

Answer

Integrated assurance goes beyond coordination to joint planning and unified reporting, while combined assurance may simply align separately planned activities.

(CRMA) Certification in Risk Management Assurance Practice Test

(CRMA) Certification in Risk Management Assurance Practice Test

CRMA Coordinating Assurance Efforts 3