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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?
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?

Question 378 - IIA-CIA-Part1 discussion

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An organization is considering purchasing a new banking software system and has asked the internal audit activity to evaluate the system. An internal auditor assigned to perform the engagement worked at the software company two years ago and is familiar with the system's design strengths and weaknesses. Which of the following is true regarding impairment to the auditor's objectivity?

A.
This situation does not necessitate any action related to the auditor's objectivity.
Answers
A.
This situation does not necessitate any action related to the auditor's objectivity.
B.
The auditor should decline to perform the audit because personal conflicts of interest are likely.
Answers
B.
The auditor should decline to perform the audit because personal conflicts of interest are likely.
C.
The auditor must disclose to the chief audit executive that this situation may impair her objectivity.
Answers
C.
The auditor must disclose to the chief audit executive that this situation may impair her objectivity.
D.
The auditor can provide only consulting services, not assurance.
Answers
D.
The auditor can provide only consulting services, not assurance.
Suggested answer: C
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asked 18/09/2024
Aneez vezhappilly
34 questions
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