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Question 42 - IIA-CIA-Part2 discussion

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According to IIA guidance, which of the following is true regarding the exit conference for an internal audit engagement?

A.
A primary purpose of the exit conference is to provide for the timely communication of observations that call for immediate management action.
Answers
A.
A primary purpose of the exit conference is to provide for the timely communication of observations that call for immediate management action.
B.
Both the chief audit executive and the chief executive over the activity or function reviewed must attend the exit conference to validate the findings.
Answers
B.
Both the chief audit executive and the chief executive over the activity or function reviewed must attend the exit conference to validate the findings.
C.
The exit conference provides only anticipated results for inclusion in the final audit communication.
Answers
C.
The exit conference provides only anticipated results for inclusion in the final audit communication.
D.
During the exit conference, the performance of the internal auditors who executed the engagement is reviewed.
Answers
D.
During the exit conference, the performance of the internal auditors who executed the engagement is reviewed.
Suggested answer: A

Explanation:

According to IIA guidance, the primary purpose of the exit conference is to ensure timely communication of observations and findings, especially those that require immediate management action. This meeting allows auditors to discuss their findings with management, address any disagreements, and clarify the facts before the final report is issued. It does not require the attendance of both the chief audit executive and the chief executive over the activity (B), nor is it solely for reviewing anticipated results (C) or the performance of the internal auditors (D).

Reference: IIA Standard 2440 -- Disseminating Results, IIA Practice Advisory 2440-1

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asked 18/09/2024
Nosh Shah
37 questions
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