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A new chief audit executive wants to develop a formal internal control framework for her organization. She uses globally accepted frameworks as a guide. Which of the following would she likely find critical in creating the new framework for her organization?
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Question 591 - IIA-CIA-Part1 discussion

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According to IIA guidance, which of the following statements is true regarding consulting engagements performed by the internal audit activity?

A.

Consulting engagements typically involve four or five parties: the internal audit activity, engagement client, senior management, board, and sometimes the external auditor.

Answers
A.

Consulting engagements typically involve four or five parties: the internal audit activity, engagement client, senior management, board, and sometimes the external auditor.

B.

The scope of a consulting engagement is determined by either the engagement supervisor or chief audit executive, and it is finalized prior to beginning fieldwork.

Answers
B.

The scope of a consulting engagement is determined by either the engagement supervisor or chief audit executive, and it is finalized prior to beginning fieldwork.

C.

According to the Standards, internal auditors are permitted to carry out certain management functions during a consulting engagement.

Answers
C.

According to the Standards, internal auditors are permitted to carry out certain management functions during a consulting engagement.

D.

A preliminary risk assessment may not be needed for consulting engagements, because the expectations and objectives of the engagement are determined by the engagement client.

Answers
D.

A preliminary risk assessment may not be needed for consulting engagements, because the expectations and objectives of the engagement are determined by the engagement client.

Suggested answer: B

Explanation:

According to IIA guidance, the scope of a consulting engagement is determined by either the engagement supervisor or the chief audit executive (CAE), and it is finalized before beginning fieldwork. This ensures that the objectives, deliverables, and expectations are clearly defined and agreed upon by all parties involved. This clear definition helps guide the consulting engagement, ensuring that it meets the client's needs and aligns with the internal audit activity's capabilities.

The Institute of Internal Auditors (IIA) Standards and Practice Advisories.

IIA's International Professional Practices Framework (IPPF).

'Internal Auditing: Assurance & Advisory Services' by IIA, Chapter on Consulting Services.

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asked 03/11/2024
Mark Josef Delos Santos
32 questions
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