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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?
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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 646 - IIA-CIA-Part1 discussion

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Senior management is eager to assess the organization's risks with regard to electricity sales processes, but the senior management team does not know where to start. How can the internal audit activity assist?

A.

Outsource the identification of best practices for risk management to an external third party.

Answers
A.

Outsource the identification of best practices for risk management to an external third party.

B.

Perform an audit engagement to identify risk management practices deployed in electricity sales processes.

Answers
B.

Perform an audit engagement to identify risk management practices deployed in electricity sales processes.

C.

Recommend reporting the lack of risk management to government authorities and request guidance.

Answers
C.

Recommend reporting the lack of risk management to government authorities and request guidance.

D.

Facilitate a self-assessment workshop with the employees responsible for process execution.

Answers
D.

Facilitate a self-assessment workshop with the employees responsible for process execution.

Suggested answer: B

Explanation:

By performing an audit engagement, the internal audit activity can systematically review and assess the current risk management practices in the electricity sales processes. This will provide senior management with a detailed understanding of the existing controls, processes, and any gaps or areas for improvement. An audit engagement offers a structured approach to identifying and evaluating risks and controls, which is essential for developing effective risk management strategies.

Reference: The IIA's International Standards for the Professional Practice of Internal Auditing (Standards), specifically Standard 2200 - Engagement Planning, and Standard 2210 - Engagement Objectives.

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asked 03/11/2024
koffi .J N tsudze
33 questions
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