ExamGecko
Search Search Login
Home Home / IIA / IIA-CIA-Part1
Question list
Search
Search

List of questions

Search
Open VPLUS File
Convert VPLUS to PDF

Related questions

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?
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?
Which of the following offers the feast evidence that the internal audit activity has achieved organizational independence?
Which of the following situations is most likely to threaten the independence of the internal audit activity?
Which of the following actions by an organization's board would potentially impair the internal audit activity's independence?
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?
Which of the following statements is true regarding risk management frameworks?
How can an Internal audit activity contribute to Its organization's risk assessment process?

Question 605 - IIA-CIA-Part1 discussion

Report
Export

The internal audit activity is responsible for conducting fraud investigations. A potential fraud instance was identified during an audit engagement. The chief audit executive appoints a lead investigator. Which of the following would most likely be the next step?

A.

Ask internal auditors to gather all relevant information and evidence.

Answers
A.

Ask internal auditors to gather all relevant information and evidence.

B.

Identify and interview witnesses first and potential suspects later.

Answers
B.

Identify and interview witnesses first and potential suspects later.

C.

Conduct a fraud risk assessment to identify the most vulnerable areas.

Answers
C.

Conduct a fraud risk assessment to identify the most vulnerable areas.

D.

Determine the competencies needed and assess whether team members have a conflict of Interest.

Answers
D.

Determine the competencies needed and assess whether team members have a conflict of Interest.

Suggested answer: D

Explanation:

When a potential fraud instance is identified, the chief audit executive (CAE) appoints a lead investigator to manage the investigation. The next critical step is to determine the competencies needed for the investigation and assess whether the team members have any conflicts of interest. This ensures that the investigation team has the appropriate skills, knowledge, and objectivity to handle the case effectively. Ensuring there are no conflicts of interest is vital to maintain the integrity and credibility of the investigation process.

IIA Practice Guide: Internal Auditing and Fraud

IIA Standard 1210: Proficiency

IIA Standard 1120: Individual Objectivity

Show Answer
asked 03/11/2024
Aleksandar Burdin
26 questions
PreviousPreviousNextNext
User
Your answer:
0 comments
Sorted by

Leave a comment first

ExamGecko

Copyright @2023 ExamGecko | All right reserved

Mail us: [email protected]
About us
Contact us
Twitter X
Facebook
Medium
Convert VPLUS to PDF
Open VPLUS files Easily and Quickly
Privacy Policy
Disclaimer
Terms