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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?
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 offers the feast evidence that the internal audit activity has achieved organizational independence?
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 694 - IIA-CIA-Part1 discussion

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According to IIA guidance, which policy, established by the chief audit executive, would most likely ensure internal audits are conducted with due professional care?

A.

The initial review of workpapers should be conducted after the final engagement report is issued.

Answers
A.

The initial review of workpapers should be conducted after the final engagement report is issued.

B.

Independent internal assessments of the internal audit activity should be performed by entry-level staff as part of on-the-job training.

Answers
B.

Independent internal assessments of the internal audit activity should be performed by entry-level staff as part of on-the-job training.

C.

Internal audit staff should be informed regularly of changes to policies and procedures.

Answers
C.

Internal audit staff should be informed regularly of changes to policies and procedures.

D.

Training documents should be destroyed at the end of the year to create space for the next year's training documents.

Answers
D.

Training documents should be destroyed at the end of the year to create space for the next year's training documents.

Suggested answer: C

Explanation:

Ensuring that internal audit staff are regularly informed of changes to policies and procedures is crucial for maintaining due professional care. Regular updates ensure that auditors are aware of current standards, methodologies, and best practices, which helps them perform their duties effectively and with due diligence.

Option A: Reviewing workpapers after the final engagement report is issued is too late to ensure due professional care.

Option B: Independent assessments by entry-level staff might not ensure the required objectivity and proficiency.

Option D: Destroying training documents does not contribute to due professional care and may hinder ongoing training and development efforts.

IIA Standard 1230: Continuing Professional Development.

IIA Standard 1220: Due Professional Care.

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asked 03/11/2024
Erik de Bont
39 questions
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