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How should an internal auditor approach preparing a detailed risk assessment during engagement planning?
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Question 109 - IIA-CIA-Part2 discussion

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An engagement team is being assembled to audit of one of the organization's vendors Which of the following statements best applies to this scenario?

A.
The engagement team should include internal auditors who have expertise in investigating vendor fraud
Answers
A.
The engagement team should include internal auditors who have expertise in investigating vendor fraud
B.
The engagement team should be composed of certified accountants who are proficient In financial statement analysis and local accounting principles
Answers
B.
The engagement team should be composed of certified accountants who are proficient In financial statement analysis and local accounting principles
C.
To preserve independence and objectivity, an auditor who worked for the vendor two years prior may not participate on the engagement team
Answers
C.
To preserve independence and objectivity, an auditor who worked for the vendor two years prior may not participate on the engagement team
D.
The engagement team may include an auditor who lacks knowledge of the industry in which the vendor operates
Answers
D.
The engagement team may include an auditor who lacks knowledge of the industry in which the vendor operates
Suggested answer: A

Explanation:

According to IIA guidance, when assembling an engagement team to audit a vendor, it is crucial to include internal auditors who have expertise in investigating vendor fraud. This expertise is essential for identifying and assessing fraud risks associated with the vendor and ensuring a thorough and effective audit. While proficiency in financial statement analysis and local accounting principles is valuable, the specific context of vendor fraud requires specialized knowledge in that area.

IIA Standards: 1210.A2 - Proficiency

IIA Practice Guide: Auditing Third-Party Risk Management

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asked 18/09/2024
Matt Gifford
33 questions
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