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How should an internal auditor approach preparing a detailed risk assessment during engagement planning?
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Question 38 - IIA-CIA-Part2 discussion

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Which of the following statements describes an engagement planning best practice?

A.
It is best to determine planning activities on a case-by-case basis because they can vary widely from engagement to engagement.
Answers
A.
It is best to determine planning activities on a case-by-case basis because they can vary widely from engagement to engagement.
B.
If the engagement subject matter is not unique, it is not necessary to outline specific testing procedures during the planning phase.
Answers
B.
If the engagement subject matter is not unique, it is not necessary to outline specific testing procedures during the planning phase.
C.
The engagement plan includes the expected distribution of the audit results, which should be kept confidential until the audit report is final.
Answers
C.
The engagement plan includes the expected distribution of the audit results, which should be kept confidential until the audit report is final.
D.
Engagement planning activities include setting engagement objectives that align with audit client's business objectives.
Answers
D.
Engagement planning activities include setting engagement objectives that align with audit client's business objectives.
Suggested answer: D

Explanation:

Best practices for engagement planning involve setting objectives that align with the business objectives of the audit client. This ensures that the audit is relevant and provides valuable insights to the organization. Planning should also be systematic and documented, ensuring that specific testing procedures and expected outcomes are outlined and communicated.

Reference: = IIA Standard 2200 - Engagement Planning and IIA Practice Guide: ''Planning the Engagement''.

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asked 18/09/2024
Sebastian Romero
45 questions
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