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Question 64 - IIA-CIA-Part2 discussion

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According to IIA guidance, which of the following individuals should receive the final audit report on a compliance engagement for the organization's cash disbursements process?

A.
The accounts payable supervisor, accounts payable manager, and controller.
Answers
A.
The accounts payable supervisor, accounts payable manager, and controller.
B.
The accounts payable manager, purchasing manager, and receiving manager.
Answers
B.
The accounts payable manager, purchasing manager, and receiving manager.
C.
The accounts payable supervisor, controller, and treasurer.
Answers
C.
The accounts payable supervisor, controller, and treasurer.
D.
The accounts payable manager, chief financial officer, and audit committee.
Answers
D.
The accounts payable manager, chief financial officer, and audit committee.
Suggested answer: D

Explanation:

For compliance engagements, particularly those related to critical processes such as cash disbursements, it is important to distribute the final audit report to individuals with oversight and decision-making responsibilities. The accounts payable manager oversees the process, the chief financial officer (CFO) has overall financial oversight, and the audit committee provides governance and oversight of the audit function. This ensures that the report is reviewed by those with the authority to implement changes and address any issues identified.

Reference:

IIA Standards - 2440: Disseminating Results

IIA Practice Advisory - 2440-1: Disseminating Results

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asked 18/09/2024
Craig Reid
36 questions
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