ExamGecko
Search Search Login
Home Home / IIA / IIA-CIA-Part1
Question list
Search
Search

List of questions

Search
Open VPLUS File
Convert VPLUS to PDF

Related questions

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 708 - IIA-CIA-Part1 discussion

Report
Export

According to IIA guidance, which of the following best demonstrates due professional care?

A.

Staffing audit engagements with internal auditors who possess professional designations.

Answers
A.

Staffing audit engagements with internal auditors who possess professional designations.

B.

Relying on prior audit work to save planning time and costs.

Answers
B.

Relying on prior audit work to save planning time and costs.

C.

Performing assurance procedures to guarantee all significant risks are identified.

Answers
C.

Performing assurance procedures to guarantee all significant risks are identified.

D.

Assessing the cost of assurance in relation to the potential benefits.

Answers
D.

Assessing the cost of assurance in relation to the potential benefits.

Suggested answer: D

Explanation:

Demonstrating due professional care involves assessing the cost of assurance in relation to the potential benefits (Option D). This approach ensures that internal audit resources are used efficiently and effectively, providing value to the organization. According to IIA Standards, Standard 1220: Due Professional Care, internal auditors must consider the extent of work needed to achieve the engagement's objectives and the relative complexity, materiality, or significance of matters to which assurance procedures are applied. Staffing audit engagements with qualified auditors (Option A), relying on prior work (Option B), and guaranteeing identification of all significant risks (Option C) do not fully encapsulate the essence of due professional care, which balances cost and benefit.

Reference:

IIA Standards, Standard 1220: Due Professional Care

IIA's International Professional Practices Framework (IPPF)

Show Answer
asked 03/11/2024
Brian Carlo Hubilla
36 questions
PreviousPreviousNextNext
User
Your answer:
0 comments
Sorted by

Leave a comment first

ExamGecko

Copyright @2023 ExamGecko | All right reserved

Mail us: [email protected]
About us
Contact us
Twitter X
Facebook
Medium
Convert VPLUS to PDF
Open VPLUS files Easily and Quickly
Privacy Policy
Disclaimer
Terms