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How should an internal auditor approach preparing a detailed risk assessment during engagement planning?
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Question 17 - IIA-CIA-Part2 discussion

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The newly appointed chief audit executive (CAE) of a large multinational corporation, with seasoned internal audit departments located around the world, is reviewing responsibilities for engagement reports. According to IIA guidance, which of the following statements is true?

A.
The CAE is required to review, approve, and sign every engagement report.
Answers
A.
The CAE is required to review, approve, and sign every engagement report.
B.
The CAE is required to review, approve, and sign all regulatory compliance engagement reports only
Answers
B.
The CAE is required to review, approve, and sign all regulatory compliance engagement reports only
C.
The CAE may delegate responsibility for reviewing, approving and signing engagement reports, but should review the reports after they are issued.
Answers
C.
The CAE may delegate responsibility for reviewing, approving and signing engagement reports, but should review the reports after they are issued.
D.
The internal audit charter must identify authorized signers of engagement reports.
Answers
D.
The internal audit charter must identify authorized signers of engagement reports.
Suggested answer: C

Explanation:

According to IIA guidance, the CAE has the ultimate responsibility for the internal audit activity but may delegate tasks such as reviewing, approving, and signing engagement reports to qualified internal audit staff. This delegation helps in managing workload and leveraging expertise within the team. However, the CAE should still periodically review the reports to maintain oversight and ensure quality.

Reference: = IIA Standard 2060 - Reporting to Senior Management and the Board, and Standard 2400 - Communicating Results.

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asked 18/09/2024
Joao Domingues
32 questions
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