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Question 594 - IIA-CIA-Part1 discussion

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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?

A.

Request from the audit committee an additional budget and an extension so that the external assessment could be performed next year.

Answers
A.

Request from the audit committee an additional budget and an extension so that the external assessment could be performed next year.

B.

Review the results of the internal assessment, identify weaknesses, and implement improvements at the remaining offices.

Answers
B.

Review the results of the internal assessment, identify weaknesses, and implement improvements at the remaining offices.

C.

Request the regional office that performed the internal assessment to perform an assessment of the remaining offices.

Answers
C.

Request the regional office that performed the internal assessment to perform an assessment of the remaining offices.

D.

Request that an external assessor validate the results of the internal assessment and review the remaining offices.

Answers
D.

Request that an external assessor validate the results of the internal assessment and review the remaining offices.

Suggested answer: D

Explanation:

To ensure conformance with the Standards, the most appropriate action for the CAE is to request that an external assessor validate the results of the internal assessment and review the remaining offices. This approach ensures an independent and objective evaluation, as required by IIA Standard 1312, which mandates external assessments at least once every five years.

Option A: Delaying the external assessment does not comply with the required five-year cycle.

Option B: Implementing improvements based on the internal assessment alone lacks external validation.

Option C: Having a regional office perform assessments does not meet the requirement for an external assessment.

IIA Standard 1312: External Assessments.

IIA Quality Assessment Manual.

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asked 03/11/2024
Lukas Reker
31 questions
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