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Question 587 - IIA-CIA-Part1 discussion

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Nine months ago, an employee who was responsible for collections in the accounts receivables department joined the internal audit team. There is an accounts receivables assurance audit scheduled as part of this year's approved audit plan, which will include a review of the collections unit. With the knowledge and experience of this individual in the area, which of the following is the best approach for the chief audit executive (CAE) to take?

A.

Have the auditor formerly with the collections unit assist with planning and documenting the audit field work.

Answers
A.

Have the auditor formerly with the collections unit assist with planning and documenting the audit field work.

B.

Have the auditor formerly with the collections unit not participate on the audit team.

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B.

Have the auditor formerly with the collections unit not participate on the audit team.

C.

Have the auditor formerly with the collections unit conduct the fieldwork and ensure it is reviewed by the CAE.

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C.

Have the auditor formerly with the collections unit conduct the fieldwork and ensure it is reviewed by the CAE.

D.

Have the auditor formerly with the collections unit review all fieldwork done to ensure that there was adequate coverage.

Answers
D.

Have the auditor formerly with the collections unit review all fieldwork done to ensure that there was adequate coverage.

Suggested answer: B

Explanation:

According to IIA standards, assigning an auditor to review an area where they previously had responsibilities may compromise objectivity. The best approach is for the auditor to abstain from participation in the audit of the collections unit to avoid any perceived conflicts.

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asked 03/11/2024
john wick
34 questions
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