Maine CRMA Certification Exam
Maine CRMA Certification Exam 1 LATEST
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CORRECT ANSWERS with DETAILED
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In many organizations, the CAE is asked to assume additional responsibilities with respect to ERM as a
long-term or permanent part of his or her role. Such responsibilities can include monitoring, coordinating,
advising, testing, analyzing, reporting, managing personnel (including the most senior risk officer), and
directing risk management operations. In such situations, CAEs and boards are usually aware of the
potential for impairments to internal audit’s independence. Which of the following are legitimate benefits
of such a move and consistent with the requirements of the Standards? Select all that apply.
A. Utilizing the CAE in this way can lead to efficiency gains, reduce audit fatigue, and rationalize reporting
and communications related to risk in such a way that benefits senior management and the board.
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, Maine CRMA Certification Exam
B. The CAE is likely to have complementary skills that can be usefully applied to helping improve ERM
processes.
C. The CAE can oversee assurance engagements related to ERM but not participate directly on the
engagement.
D. The CAE will be able to identify professional development needs of managers and process owners with
respect to risk management and provide some of the training.
E. The most senior risk officer may report functionally and exclusively to the CAE without creating any
restrictions on the role of the CAE as long as the board is fully aware of the situation.
F. Internal auditors will be able to impose a consistent use of terminology and risk measures across the
organization.
Solution: A, B, and D
Which of the following statements about assurance and consulting engagements are true?
I. Governance, risk management, and control processes may be included in the scope of consulting
engagements but must be included in assurance engagements.
II. Consulting engagements should be accepted simply because management makes a request.
III. Internal auditors may consider general observations (even if not part of a specific engagement) from
consulting in developing audit plans.
IV. Auditors do not need to disclose potential impairments to objectivity when accepting consulting
engagements.
Select one.
A. I and III only.
B. II and III only.
C. I and IV only.
D. III and IV only.
Solution: A
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When identifying an appropriate risk response, organizations have a range of choices and may often
employ a blended approach combining two or more responses. Risk may be avoided (or terminated) by
eliminating the activity or goal. If the response is anything other than avoid (or terminate), which of the
following is always part of the response? Select one.
A. Accept.
B. Pursue.
C. Reduce.
D. Share.
Solution: A
Which of the following risk metrics best fits this description: A risk metric, recording the chance of a risk
event occurring, usually expressed as a percentage. Select one.
A. Impact.
B. Likelihood.
C. Persistence.
D. Preparedness.
E. Velocity.
Solution: B
Which of the following risk metrics best fits this description: A risk metric, recording the effect on an
organization and its objectives of a risk event occurring, often expressed in financial terms. Select one.
A. Impact.
B. Likelihood.
C. Persistence.
D. Preparedness.
E. Velocity.
Solution: A
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, Maine CRMA Certification Exam
Which of the following risk metrics best fits this description: A risk metric, measuring how quickly a risk
moves from trigger event to impact. Select one.
A. Impact.
B. Likelihood.
C. Persistence.
D. Preparedness.
E. Velocity.
Solution: E
Which of the following risk metrics best fits this description: A risk metric, measuring how frequently the
circumstances arise that may give rise to the trigger event. Select one.
A. Impact.
B. Likelihood.
C. Persistence.
D. Preparedness.
E. Velocity.
Solution: C
Which of the following risk metrics best fits this description: A risk metric, measuring the ability of the
organization to withstand the risk impacts. Select one.
A. Impact.
B. Likelihood.
C. Persistence.
D. Preparedness.
E. Velocity.
Solution: D
A+ TEST BANK 4
Maine CRMA Certification Exam 1 LATEST
UPDATE COMPLETE QUESTIONS AND
CORRECT ANSWERS with DETAILED
RATIONALES GRADED A+ GUARANTEED
PASS- ACE YOUR EXAM
In many organizations, the CAE is asked to assume additional responsibilities with respect to ERM as a
long-term or permanent part of his or her role. Such responsibilities can include monitoring, coordinating,
advising, testing, analyzing, reporting, managing personnel (including the most senior risk officer), and
directing risk management operations. In such situations, CAEs and boards are usually aware of the
potential for impairments to internal audit’s independence. Which of the following are legitimate benefits
of such a move and consistent with the requirements of the Standards? Select all that apply.
A. Utilizing the CAE in this way can lead to efficiency gains, reduce audit fatigue, and rationalize reporting
and communications related to risk in such a way that benefits senior management and the board.
A+ TEST BANK 1
, Maine CRMA Certification Exam
B. The CAE is likely to have complementary skills that can be usefully applied to helping improve ERM
processes.
C. The CAE can oversee assurance engagements related to ERM but not participate directly on the
engagement.
D. The CAE will be able to identify professional development needs of managers and process owners with
respect to risk management and provide some of the training.
E. The most senior risk officer may report functionally and exclusively to the CAE without creating any
restrictions on the role of the CAE as long as the board is fully aware of the situation.
F. Internal auditors will be able to impose a consistent use of terminology and risk measures across the
organization.
Solution: A, B, and D
Which of the following statements about assurance and consulting engagements are true?
I. Governance, risk management, and control processes may be included in the scope of consulting
engagements but must be included in assurance engagements.
II. Consulting engagements should be accepted simply because management makes a request.
III. Internal auditors may consider general observations (even if not part of a specific engagement) from
consulting in developing audit plans.
IV. Auditors do not need to disclose potential impairments to objectivity when accepting consulting
engagements.
Select one.
A. I and III only.
B. II and III only.
C. I and IV only.
D. III and IV only.
Solution: A
A+ TEST BANK 2
, Maine CRMA Certification Exam
When identifying an appropriate risk response, organizations have a range of choices and may often
employ a blended approach combining two or more responses. Risk may be avoided (or terminated) by
eliminating the activity or goal. If the response is anything other than avoid (or terminate), which of the
following is always part of the response? Select one.
A. Accept.
B. Pursue.
C. Reduce.
D. Share.
Solution: A
Which of the following risk metrics best fits this description: A risk metric, recording the chance of a risk
event occurring, usually expressed as a percentage. Select one.
A. Impact.
B. Likelihood.
C. Persistence.
D. Preparedness.
E. Velocity.
Solution: B
Which of the following risk metrics best fits this description: A risk metric, recording the effect on an
organization and its objectives of a risk event occurring, often expressed in financial terms. Select one.
A. Impact.
B. Likelihood.
C. Persistence.
D. Preparedness.
E. Velocity.
Solution: A
A+ TEST BANK 3
, Maine CRMA Certification Exam
Which of the following risk metrics best fits this description: A risk metric, measuring how quickly a risk
moves from trigger event to impact. Select one.
A. Impact.
B. Likelihood.
C. Persistence.
D. Preparedness.
E. Velocity.
Solution: E
Which of the following risk metrics best fits this description: A risk metric, measuring how frequently the
circumstances arise that may give rise to the trigger event. Select one.
A. Impact.
B. Likelihood.
C. Persistence.
D. Preparedness.
E. Velocity.
Solution: C
Which of the following risk metrics best fits this description: A risk metric, measuring the ability of the
organization to withstand the risk impacts. Select one.
A. Impact.
B. Likelihood.
C. Persistence.
D. Preparedness.
E. Velocity.
Solution: D
A+ TEST BANK 4
