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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?
Which of the following offers the feast evidence that the internal audit activity has achieved organizational independence?
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 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 statements is true regarding risk management frameworks?
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?

Question 624 - IIA-CIA-Part1 discussion

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What would be the proper sequence of steps for an internal auditor to take in order to draw a conclusion on internal control effectiveness and adequacy after ascertaining the key controls?

A.

Evaluate the adequacy of the controls and then test the controls for effectiveness.

Answers
A.

Evaluate the adequacy of the controls and then test the controls for effectiveness.

B.

Test the controls for effectiveness and then evaluate the adequacy of the controls.

Answers
B.

Test the controls for effectiveness and then evaluate the adequacy of the controls.

C.

Identify risks and then evaluate the controls for effectiveness.

Answers
C.

Identify risks and then evaluate the controls for effectiveness.

D.

Evaluate the controls for effectiveness and then assess the risks in the area.

Answers
D.

Evaluate the controls for effectiveness and then assess the risks in the area.

Suggested answer: A

Explanation:

The proper sequence is to first evaluate the adequacy of the controls to ensure they are appropriately designed to mitigate risks. After confirming their design, the next step is to test the controls to verify they are operating effectively in practice.

Reference:

IIA Standard 2120: Risk Management.

COSO Internal Control-Integrated Framework.

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asked 03/11/2024
Karl Ranson
42 questions
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