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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?
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?
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?
How can an Internal audit activity contribute to Its organization's risk assessment process?
Which of the following statements is true regarding a key difference between assurance and consulting services provided by the internal audit activity?
The same internal auditor has audited the regional purchasing department annually for the last three years. The audits have shown several significant control deficiencies that have not been corrected by management. New management is in charge of this regional purchasing department, and it is time to audit the department again. What concerns should be considered prior to assigning the audit to the same auditor?
Which of the following actions by an organization's board would potentially impair the internal audit activity's independence?
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?

Question 356 - IIA-CIA-Part1 discussion

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Which of the following scenarios violates The IIA's standard regarding internal audit independence?

A.
The chief audit executive (CAE) reports on the internal audit activity's day-to-day tasks and responsibilities to the CEO.
Answers
A.
The chief audit executive (CAE) reports on the internal audit activity's day-to-day tasks and responsibilities to the CEO.
B.
An assessment of the risk management function is reviewed by an outside consulting firm because the CAE is temporarily fulfilling the role of risk manager.
Answers
B.
An assessment of the risk management function is reviewed by an outside consulting firm because the CAE is temporarily fulfilling the role of risk manager.
C.
The CAE regularly meets with the organization's chief risk officer, who validates all reported audit findings and dictates which will be Included In the package to the audit committee.
Answers
C.
The CAE regularly meets with the organization's chief risk officer, who validates all reported audit findings and dictates which will be Included In the package to the audit committee.
D.
The internal audit activity will experience staffing shortages for the next six months due to planned and unplanned leaves of absence; therefore the CAE proposed including fewer audits in the annual audit plan compared to the previous financial year.
Answers
D.
The internal audit activity will experience staffing shortages for the next six months due to planned and unplanned leaves of absence; therefore the CAE proposed including fewer audits in the annual audit plan compared to the previous financial year.
Suggested answer: C
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asked 18/09/2024
Chukwuebuka Ogbonna
41 questions
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