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Question 740 - IIA-CIA-Part1 discussion

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Which of the following best describes a consulting engagement rather than an assurance engagement?

A.

Bank internal auditors review an activity checklist to determine that the loan officer followed proper procedures.

Answers
A.

Bank internal auditors review an activity checklist to determine that the loan officer followed proper procedures.

B.

The chief financial officer asks for the internal auditor's opinion regarding whether the new accounting pronouncements were properly and comprehensively adopted.

Answers
B.

The chief financial officer asks for the internal auditor's opinion regarding whether the new accounting pronouncements were properly and comprehensively adopted.

C.

An internal auditor is assigned to assess whether a proposed new initiative to convert a customer service system would be cost-effective.

Answers
C.

An internal auditor is assigned to assess whether a proposed new initiative to convert a customer service system would be cost-effective.

D.

Senior management asks the internal audit activity to review compliance with customer data security regulations.

Answers
D.

Senior management asks the internal audit activity to review compliance with customer data security regulations.

Suggested answer: B

Explanation:

Consulting engagements often involve providing advice or opinions at management's request. In this case, providing input on the accounting pronouncements falls under a consulting capacity, consistent with IIA definitions of consulting services.

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asked 03/11/2024
EDUARDO LEE
38 questions
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