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How should an internal auditor approach preparing a detailed risk assessment during engagement planning?
A newly promoted chief audit executive (CAE) is faced with a backlog of assurance engagement reports to review for approval. In an attempt to attach a priority for this review, the CAE scans the opinion statement on each report. According to IIA guidance, which of the following opinions would receive the lowest review priority? 1. Graded positive opinion. 2. Negative assurance opinion. 3. Limited assurance opinion. 4. Third-party opinion.
Internal audit staff lacks the expertise to perform a fraud investigation engagement stemming from a whistleblowing incident. Which of the following is the most appropriate option for the chief audit executive?
According to the MA guidance, which of the following does the engagement work program test in a review of an organizational process?
An internal auditor wanted to determine whether company vehicles were being used for personal purposes She extracted a report that listed company vehicle numbers business units to which the vehicles are allocated travel dates, travel duration and mileage She then filtered the data for weekend dates Which of the following additional information would the auditor need?
According to an internal audit observation, the organization's rules of record management require all contracts to be registered and stored in a specific electronic system. One subsidiary has thousands of client contracts on paper, which are kept in the office because there are not enough assistants to scan the contracts into the system. Which of the following component should be added to this observation?
The external auditor has identified a number of production process control deficiencies involving several departments. As a result, senior management has asked the internal audit activity to complete internal control training for all related staff. According to IIA guidance, which of the following would be the most appropriate course of action for the chief audit executive to follow?
Which of the following is an appropriate responsibility for the internal audit activity with regard to the organization's risk management program?
An examination of the accounts payable function evidenced multiple findings with respect to segregation of duties. After management's response and action plan are received and documented in the final report, which of the following is most appropriate?
Senior management wants assurance that third-party contractors are following procedures as agreed with the organization. Which type of audit would be most appropriate to achieve this objective?

Question 108 - IIA-CIA-Part2 discussion

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Which of the followings statements describes a best practice regarding assurance engagement communication activities?

A.
All assurance engagement observations should be communicated to the audit committee.
Answers
A.
All assurance engagement observations should be communicated to the audit committee.
B.
All assurance engagement observations should be included in the main section of the engagement communication.
Answers
B.
All assurance engagement observations should be included in the main section of the engagement communication.
C.
During the 'communicate' phase of an assurance engagement, it is best to define the methods and timing of engagement communications.
Answers
C.
During the 'communicate' phase of an assurance engagement, it is best to define the methods and timing of engagement communications.
D.
A detailed escalation process should be developed during the planning stage of an assurance engagement.
Answers
D.
A detailed escalation process should be developed during the planning stage of an assurance engagement.
Suggested answer: C

Explanation:

Best practices for assurance engagement communication activities include defining the methods and timing of engagement communications during the 'communicate' phase. This ensures that all stakeholders are aware of how and when they will receive information about the engagement, facilitating clear and effective communication. While it is important to communicate significant observations to relevant parties, including the audit committee if necessary, and to escalate issues as appropriate, the method and timing of these communications are crucial for maintaining clarity and coordination throughout the engagement.

Reference:

The IIA's International Standards for the Professional Practice of Internal Auditing (Standards), specifically Standard 2420 - Quality of Communications.

The IIA's Practice Guide on Communicating Assurance Engagement Results.

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asked 18/09/2024
Borat Kajratov
49 questions
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