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Question 47 - IIA-CIA-Part2 discussion

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An internal auditor is conducting a review of the procurement function and uncovers a potential conflict of interest between the chief operating officer and a significant supplier of IT software development services. Which of the following actions is most appropriate for the internal auditor to take?

A.
Inform the audit supervisor.
Answers
A.
Inform the audit supervisor.
B.
Investigate the potential conflict of interest.
Answers
B.
Investigate the potential conflict of interest.
C.
Inform the external auditors of the potential conflict of interest.
Answers
C.
Inform the external auditors of the potential conflict of interest.
D.
Disregard the potential conflict, because it is outside the scope of the audit assignment.
Answers
D.
Disregard the potential conflict, because it is outside the scope of the audit assignment.
Suggested answer: A

Explanation:

Upon discovering a potential conflict of interest, the most appropriate action for the internal auditor is to inform the audit supervisor. This ensures that the issue is properly addressed and investigated according to the organization's policies and procedures. The audit supervisor can then decide on the appropriate course of action, including whether further investigation is warranted.

Reference: = IIA Standard 2440 - Disseminating Results and IIA Standard 2600 - Resolution of Senior Management's Acceptance of Risks.

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asked 18/09/2024
Tobias Wartenweiler
35 questions
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