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How should an internal auditor approach preparing a detailed risk assessment during engagement planning?
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Question 120 - IIA-CIA-Part2 discussion

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Which of The following best justifies an internal auditor's decision to issue a preliminary audit report?

A.
The internal audit team and audit client have a serious dispute over the scope and objective of the engagement
Answers
A.
The internal audit team and audit client have a serious dispute over the scope and objective of the engagement
B.
The internal audit team expects management to address certain issues immediately due to their severe impact
Answers
B.
The internal audit team expects management to address certain issues immediately due to their severe impact
C.
The internal audit team anticipates that the formal final audit report would be undesirable for management due to the significance of outlined risks
Answers
C.
The internal audit team anticipates that the formal final audit report would be undesirable for management due to the significance of outlined risks
D.
The internal audit team would like to issue a clean final audit report without any material observations or risks
Answers
D.
The internal audit team would like to issue a clean final audit report without any material observations or risks
Suggested answer: B

Explanation:

An internal auditor's decision to issue a preliminary audit report is best justified when the internal audit team expects management to address certain issues immediately due to their severe impact. Preliminary reports are issued to promptly communicate critical findings that require urgent attention, ensuring that management is aware of and can take corrective action on significant issues without waiting for the final report.

IIA Standards: 2410 - Criteria for Communicating

IIA Practice Guide: Reporting Results

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asked 18/09/2024
M S
30 questions
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