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Question 615 - IIA-CIA-Part1 discussion

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Which of the following statements is true regarding a key difference between assurance and consulting services provided by the internal audit activity?

A.

When conducting a consulting engagement, the nature and scope of the engagement are determined by the internal audit activity.

Answers
A.

When conducting a consulting engagement, the nature and scope of the engagement are determined by the internal audit activity.

B.

Three parties are participants in assurance services, while consulting engagements generally involve two parties.

Answers
B.

Three parties are participants in assurance services, while consulting engagements generally involve two parties.

C.

An assurance engagement has two participants, while consulting engagements generally involve three parties.

Answers
C.

An assurance engagement has two participants, while consulting engagements generally involve three parties.

D.

When conducting an assurance engagement, the engagement objectives, scope, and techniques are agreed with the area under review.

Answers
D.

When conducting an assurance engagement, the engagement objectives, scope, and techniques are agreed with the area under review.

Suggested answer: B

Explanation:

Assurance services involve three parties: the auditor, the auditee, and the user of the report. In consulting services, the internal audit activity and the client work together directly, generally involving only two parties.

Reference:

IIA's International Professional Practices Framework (IPPF).

IIA Practice Guide: Assurance and Consulting Services.

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asked 03/11/2024
Charles Hagan
31 questions
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