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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 635 - IIA-CIA-Part1 discussion

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Regarding the chief audit executive (CAE). which ot the following is considered an impairment to the independence of the internal audit activity?

A.

The CAE reports administratively to the CEO.

Answers
A.

The CAE reports administratively to the CEO.

B.

The CAE is asked to submit the liquidation of her travel allowances to human resources for approval.

Answers
B.

The CAE is asked to submit the liquidation of her travel allowances to human resources for approval.

C.

The CAE's supervisor is responsible for the risk management function.

Answers
C.

The CAE's supervisor is responsible for the risk management function.

D.

The CAE is asked to review new procedures before implementation.

Answers
D.

The CAE is asked to review new procedures before implementation.

Suggested answer: C

Explanation:

An impairment to independence occurs when the CAE's supervisor is responsible for functions that the CAE may need to audit. This dual responsibility can create a conflict of interest and impact the objectivity of the internal audit activity.

Reference:

IIA Standard 1110: Organizational Independence.

IIA Practice Guide: Independence and Objectivity.

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asked 03/11/2024
Victor vila
37 questions
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