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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 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 644 - IIA-CIA-Part1 discussion

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Which of the following would be most helpful to measure whether an internal audit activity successfully provides risk-based assurance?

A.

Percentage of highly significant risks covered by internal audit plan.

Answers
A.

Percentage of highly significant risks covered by internal audit plan.

B.

Percentage of previously unknown risks identified per engagement.

Answers
B.

Percentage of previously unknown risks identified per engagement.

C.

Percentage of internal audit staff skilled in alignment with the organization's structure and key risks.

Answers
C.

Percentage of internal audit staff skilled in alignment with the organization's structure and key risks.

D.

Percentage of observations made in assurance engagements compared to advisory engagements.

Answers
D.

Percentage of observations made in assurance engagements compared to advisory engagements.

Suggested answer: A

Explanation:

The most helpful metric to measure the success of an internal audit activity in providing risk-based assurance is the percentage of highly significant risks covered by the internal audit plan. This demonstrates that the internal audit function is focusing its resources on the most critical areas that could impact the organization's objectives, ensuring that significant risks are being addressed and managed appropriately. This alignment with the organization's risk profile is a key indicator of effective risk-based auditing.

Reference: The IIA's International Standards for the Professional Practice of Internal Auditing (Standards), specifically Standard 2010 - Planning, and Standard 2120 - Risk Management.

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asked 03/11/2024
Francesco Pugliese
37 questions
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