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Question 9 - IIA-CIA-Part2 discussion

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Which of the following statements about internal audit's follow-up process is true?

A.
The nature, timing, and extent of follow-up for assurance engagements is standardized to ensure quality performance.
Answers
A.
The nature, timing, and extent of follow-up for assurance engagements is standardized to ensure quality performance.
B.
The actions of external auditors and other external assurance providers is not encompassed by internal audit's follow-up process.
Answers
B.
The actions of external auditors and other external assurance providers is not encompassed by internal audit's follow-up process.
C.
Internal auditors have responsibility for determining if management and the board have implemented the recommended action or otherwise accepted the risk.
Answers
C.
Internal auditors have responsibility for determining if management and the board have implemented the recommended action or otherwise accepted the risk.
D.
The follow-up process must be complete and documented in the working papers in order to conclude the engagement.
Answers
D.
The follow-up process must be complete and documented in the working papers in order to conclude the engagement.
Suggested answer: C

Explanation:

According to the IIA Standards, particularly Standard 2500 - Monitoring Progress, internal auditors are responsible for monitoring the disposition of results communicated to management. They need to assess whether management has taken appropriate action to address audit findings or has consciously accepted the risk of not taking action. The follow-up process is crucial to ensure that identified risks are managed effectively.

Reference: = IIA's Standard 2500 - Monitoring Progress and Practice Guide on Follow-up Processes.

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asked 18/09/2024
Mohsin Raza
43 questions
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