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How should an internal auditor approach preparing a detailed risk assessment during engagement planning?
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Question 78 - IIA-CIA-Part2 discussion

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Which of the following is the most important concept to be included in a consulting engagement agreement?

A.
Define the duties and responsibilities needed from management to perform the engagement.
Answers
A.
Define the duties and responsibilities needed from management to perform the engagement.
B.
Disclose the fact that auditors who perform the work may not be subject matter experts in the topic of the review.
Answers
B.
Disclose the fact that auditors who perform the work may not be subject matter experts in the topic of the review.
C.
Clarify that matters discovered during the engagement may also be reported to senior management and the audit committee.
Answers
C.
Clarify that matters discovered during the engagement may also be reported to senior management and the audit committee.
D.
Disclose the fact that follow-up reviews may be conducted to ensure that recommendations are implemented adequately.
Answers
D.
Disclose the fact that follow-up reviews may be conducted to ensure that recommendations are implemented adequately.
Suggested answer: A

Explanation:

In a consulting engagement agreement, it is crucial to clearly define the duties and responsibilities needed from management. This ensures that both the internal audit team and the management are aligned on their roles and what is expected from each party. Clear delineation of responsibilities helps prevent misunderstandings and sets a solid foundation for the engagement's success.

Reference:

IIA Standards - 2201: Planning Considerations

IIA Practice Guide - Consulting Services

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asked 18/09/2024
Renata Maria DA SILVA
46 questions
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