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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 630 - IIA-CIA-Part1 discussion

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When the chief audit executive Is responsible for risk management in an organization, which of the following parties is responsible for overseeing the internal audit activity's assurance over risk management?

A.

The chief audit executive.

Answers
A.

The chief audit executive.

B.

A member of the compliance function.

Answers
B.

A member of the compliance function.

C.

A party outside of the internal audit activity.

Answers
C.

A party outside of the internal audit activity.

D.

A member of the risk management function.

Answers
D.

A member of the risk management function.

Suggested answer: C

Explanation:

When the chief audit executive (CAE) is responsible for risk management, it is essential to maintain the independence and objectivity of the internal audit activity. Therefore, the oversight of the internal audit activity's assurance over risk management should be assigned to a party outside of the internal audit activity. This ensures that there is no conflict of interest and that the internal audit function can provide unbiased assurance on risk management processes.

Reference:

The IIA's Standards, particularly Standard 1112 on Chief Audit Executive Roles Beyond Internal Auditing.

The IIA's Practice Guide on Independence and Objectivity.

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asked 03/11/2024
Juan Rodriguez
41 questions
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