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Question 72 - IIA-CIA-Part2 discussion

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A chief audit executive (CAE) is determining which engagements to include on the annual audit plan. She would like to consider the organization's attitude toward risk and the degree of difficulty in achieving objectives. Which of the following resources should the CAE consult?

A.
The corporate risk register.
Answers
A.
The corporate risk register.
B.
The strategic plan.
Answers
B.
The strategic plan.
C.
Internal and external audit reports.
Answers
C.
Internal and external audit reports.
D.
The board's meeting records.
Answers
D.
The board's meeting records.
Suggested answer: A

Explanation:

The corporate risk register is a comprehensive document that records identified risks, their assessment in terms of likelihood and impact, and the controls in place to manage them. It reflects the organization's attitude toward risk and highlights areas where achieving objectives may be difficult. The CAE should consult this resource to align the audit plan with the organization's risk profile and ensure that high-risk areas are appropriately audited.

Reference:

IIA Standards - 2010: Planning

IIA Practice Guide - Risk Management

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asked 18/09/2024
Yogen Trikannad
34 questions
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