IIA Exam IIA-CRMA Topic 3 Question 90 Discussion

Actual exam question for IIA's IIA-CRMA exam

Question #: 90
Topic #: 3

[All IIA-CRMA Questions]

Which of the following best ensures the independence of the internal audit activity?

1. The CEO and audit committee review and endorse any changes to the approved audit plan on an annual basis.

2. The audit committee reviews the performance of the chief audit executive (CAE) periodically.

3. The internal audit charter requires the CAE to report functionally to the audit committee.

A3 only

B1 and 2 only

C2 and 3 only

D1, 2, and 3

Show Suggested Answer

Suggested Answer: A

by Mariann at Sep 15, 2024, 11:53 AM

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Alisha

3 days ago

I'm going with C - 2 and 3. The CAE reporting to the audit committee is non-negotiable, and the committee reviewing their performance is a nice added layer of oversight.

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Lennie

4 days ago

Hmm, I'm torn between 3 and D. Having the full package of 1, 2, and 3 does seem to be the most comprehensive approach to ensuring independence.

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Jonelle

7 days ago

I don't know, the CEO and audit committee reviewing the audit plan seems pretty important too. Maybe it's B - 1 and 2 together.

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Reuben

12 days ago

I think option D) 1, 2, and 3 is the best choice. Having the CEO and audit committee review and endorse changes to the audit plan also plays a crucial role in ensuring independence.

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Matthew

14 days ago

Option 3 seems to be the best answer. The internal audit charter should ensure the CAE reports to the audit committee for functional oversight, which is key for independence.

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Nina

16 days ago

I agree with Kathrine. Having the internal audit charter require the CAE to report functionally to the audit committee ensures independence.

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Kathrine

20 days ago

I think the best option is C) 2 and 3 only.

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