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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 654 - IIA-CIA-Part1 discussion

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Which of the following is (he most effective way any organization can ensure proper governance over its internal controls?

A.

By adopting the best practices of similar organizations in the industry.

Answers
A.

By adopting the best practices of similar organizations in the industry.

B.

By adjusting their internal control framework as business practices evolve.

Answers
B.

By adjusting their internal control framework as business practices evolve.

C.

By introducing the universally accepted COSO internal control framework.

Answers
C.

By introducing the universally accepted COSO internal control framework.

D.

By encouraging the internal audit activity to provide training on internal controls.

Answers
D.

By encouraging the internal audit activity to provide training on internal controls.

Suggested answer: C

Explanation:

The most effective way for an organization to ensure proper governance over its internal controls is by adopting the COSO (Committee of Sponsoring Organizations of the Treadway Commission) internal control framework. The COSO framework is widely recognized and provides a comprehensive structure for designing, implementing, and conducting internal control and assessing its effectiveness. It helps organizations to achieve their objectives in operations, reporting, and compliance by addressing components such as control environment, risk assessment, control activities, information and communication, and monitoring activities.

Reference: The IIA's International Standards for the Professional Practice of Internal Auditing (Standards), specifically Standard 2100 - Nature of Work, and COSO's Internal Control - Integrated Framework.

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asked 03/11/2024
Van Raoul Datuin
32 questions
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