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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 267 - IIA-CIA-Part1 discussion

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A whistleblower reveals to the chief audit executive (CAE) detailed allegations of potential fraud at the senior management level. Although the CAE has some experience in the area, she chooses to retain an external fraud expert to conduct the investigation. When asked by the director of finance to defend the expenditure, which of the following statements represents the CAE's best response?

A.
The CAE refers to the Standards and explains that to protect her independence, she needs to remain isolated from the investigation.
Answers
A.
The CAE refers to the Standards and explains that to protect her independence, she needs to remain isolated from the investigation.
B.
The CAE refers to the Standards and explains that the internal audit activity must obtain competent assistance if needed.
Answers
B.
The CAE refers to the Standards and explains that the internal audit activity must obtain competent assistance if needed.
C.
The CAE refers to the Standards and explains that to protect her objectivity, she needs to remain isolated from the investigation.
Answers
C.
The CAE refers to the Standards and explains that to protect her objectivity, she needs to remain isolated from the investigation.
D.
The CAE describes the specifics of the allegation to underscore the importance of the situation and the need for expert investigation
Answers
D.
The CAE describes the specifics of the allegation to underscore the importance of the situation and the need for expert investigation
Suggested answer: B
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asked 18/09/2024
juan manuel torrado
34 questions
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