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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 statements is true regarding a key difference between assurance and consulting services provided by the internal audit activity?
Which of the following statements is true regarding risk management frameworks?
A global manufacturing company has three regional offices. The chief audit executive (CAE) is concerned about the cost of an upcoming external quality assessment of the internal audit activity. The last external assessment was performed six years ago. Recently, the internal audit staff at one of the regional offices performed an internal assessment. To ensure conformance with the Standards, what is the most appropriate action for the CAE to take?
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?
How can an Internal audit activity contribute to Its organization's risk assessment process?

Question 255 - IIA-CIA-Part1 discussion

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Which of the following scenarios best demonstrates the application of internal audit proficiency?

A.
Management requests that the internal audit activity review and provide feedback on its strategic plans for a merger, but the chief audit executive (CAE) declines the engagement due to the team's lack of experience with mergers.
Answers
A.
Management requests that the internal audit activity review and provide feedback on its strategic plans for a merger, but the chief audit executive (CAE) declines the engagement due to the team's lack of experience with mergers.
B.
A CAE reassigns auditors from other audits to perform testing on all of the fixed asset additions for a period, including amounts below the materiality level stated by external auditors.
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B.
A CAE reassigns auditors from other audits to perform testing on all of the fixed asset additions for a period, including amounts below the materiality level stated by external auditors.
C.
Due to the routine and recurring nature of bank branch audits, an audit manager often excludes detailed planning at the beginning of the audit and immediately performs fieldwork.
Answers
C.
Due to the routine and recurring nature of bank branch audits, an audit manager often excludes detailed planning at the beginning of the audit and immediately performs fieldwork.
D.
During fieldwork, an auditor observed a lack of segregation of duties over cash management. The auditor reported this observation to his supervisor, who decided that the area should be examined in a subsequent audit.
Answers
D.
During fieldwork, an auditor observed a lack of segregation of duties over cash management. The auditor reported this observation to his supervisor, who decided that the area should be examined in a subsequent audit.
Suggested answer: A
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asked 18/09/2024
Akash Makkar
35 questions
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