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Question 45 - IIA-CIA-Part2 discussion

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After finalizing an assurance engagement concerning safety operations in the oil mining process, the audit team concluded that no key controls were compromised. However, some opportunities for improvement were noted. Which of the following would be the most appropriate way for the chief audit executive (CAE) to report these results?

A.
The CAE should send the final report to operational and senior management and the audit committee.
Answers
A.
The CAE should send the final report to operational and senior management and the audit committee.
B.
The CAE should send the final report to operational management only, as there is no need to communicate this information to higher levels.
Answers
B.
The CAE should send the final report to operational management only, as there is no need to communicate this information to higher levels.
C.
The CAE should notify operational and senior management that the audit engagement was completed with no significant findings to report.
Answers
C.
The CAE should notify operational and senior management that the audit engagement was completed with no significant findings to report.
D.
The CAE should send the final report to operational management and notify senior management and the audit committee that no significant findings were identified.
Answers
D.
The CAE should send the final report to operational management and notify senior management and the audit committee that no significant findings were identified.
Suggested answer: D

Explanation:

When an assurance engagement concludes with no key controls being compromised but notes some opportunities for improvement, the most appropriate approach for the chief audit executive (CAE) is to send the final report to operational management. This ensures that the responsible management can act on the improvement opportunities. Additionally, notifying senior management and the audit committee that no significant findings were identified keeps them informed without overloading them with less critical details, maintaining transparency and proper communication channels.

Reference: IIA Standard 2400 -- Communicating Results, IIA Practice Guide -- Communicating Assurance Engagement Results

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asked 18/09/2024
Ty Murray
36 questions
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