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An engagement supervisor notes that an internal auditor usually documents and submits draft audit reports for review without giving the process owners the opportunity to state their position on the issues raised. How should the engagement supervisor respond?
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?
Which of the following offers the feast evidence that the internal audit activity has achieved organizational independence?
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Which of the following actions does a competency assessment tool help the chief audit executive perform?
Which of the following is the internal audit activity expected to do with respect to the organization's governance processes?
Which of the following best demonstrates conformance with the Standards relating to continuing professional development of internal auditors?
How can an Internal audit activity contribute to Its organization's risk assessment process?
A global manufacturing company has three regional offices. The chief audit executive (CAE) is concerned about the cost of an upcoming external quality assessment of the internal audit activity. The last external assessment was performed six years ago. Recently, the internal audit staff at one of the regional offices performed an internal assessment. To ensure conformance with the Standards, what is the most appropriate action for the CAE to take?

Question 593 - IIA-CIA-Part1 discussion

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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?

A.

Independent assessments.

Answers
A.

Independent assessments.

B.

Continuous monitoring.

Answers
B.

Continuous monitoring.

C.

Business continuity and backups.

Answers
C.

Business continuity and backups.

D.

Organization wide objectives.

Answers
D.

Organization wide objectives.

Suggested answer: D

Explanation:

In developing a formal internal control framework, globally accepted frameworks such as COSO or COBIT emphasize the importance of organization-wide objectives. These objectives provide a foundation for aligning internal controls with the organization's goals, ensuring comprehensive coverage and relevance of the control framework.

Option A: Independent assessments are part of the assurance process but not the foundation of the framework.

Option B: Continuous monitoring is a control activity within the framework.

Option C: Business continuity and backups are specific control activities but not foundational elements of the framework.

COSO Internal Control -- Integrated Framework.

COBIT Framework for IT Governance and Control.

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asked 03/11/2024
Gurdeep Girn
31 questions
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