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Question 113 - IIA-CIA-Part2 discussion

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Which of the following is the most important determinant of the objectives and scope of assurance engagements?

A.
The organizational chart, business objectives and policies and procedures of the area to be reviewed.
Answers
A.
The organizational chart, business objectives and policies and procedures of the area to be reviewed.
B.
The most recent risk assessment conducted by management of the area to be reviewed.
Answers
B.
The most recent risk assessment conducted by management of the area to be reviewed.
C.
The requests of operational and senior management throughout the organization.
Answers
C.
The requests of operational and senior management throughout the organization.
D.
The preliminary risk assessment performed by internal auditors planning the engagement
Answers
D.
The preliminary risk assessment performed by internal auditors planning the engagement
Suggested answer: D

Explanation:

The most important determinant of the objectives and scope of assurance engagements is the preliminary risk assessment performed by internal auditors. This assessment identifies the key risks that the engagement should address and ensures that the audit is focused on areas of highest risk and significance to the organization. While organizational charts, business objectives, and management requests are important inputs, the internal auditors' preliminary risk assessment ensures that the audit addresses the most critical areas.

Reference:

The IIA's International Standards for the Professional Practice of Internal Auditing (Standards), specifically Standard 2210 - Engagement Objectives.

The IIA's Practice Guide on Engagement Planning.

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asked 18/09/2024
Marek Broadstock
36 questions
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