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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?
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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?
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Question 423 - IIA-CIA-Part1 discussion

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An internal auditor assessed that the risk of steel theft at a plant is high. In response, the plant's management introduced a number of controls, including fences around the facility, a metal detector at the entrance, and monthly steel inventory counts. If the controls operate as intended, which of the following outcomes would the internal auditor hope to see?

A.
The inherent risk will be mitigated to a level lower than the residual risk.
Answers
A.
The inherent risk will be mitigated to a level lower than the residual risk.
B.
The inherent risk will be reduced to an acceptable level.
Answers
B.
The inherent risk will be reduced to an acceptable level.
C.
The residual risk will be reduced to an acceptable level.
Answers
C.
The residual risk will be reduced to an acceptable level.
D.
The residual risk will be eliminated
Answers
D.
The residual risk will be eliminated
Suggested answer: C
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asked 18/09/2024
Michael Amann
41 questions
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