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How should an internal auditor approach preparing a detailed risk assessment during engagement planning?
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Question 123 - IIA-CIA-Part2 discussion

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Which of the following statements about assurance maps is correct?

A.
An assurance map is used by the chief audit executive to coordinate assurance activities with other internal and external assurance providers
Answers
A.
An assurance map is used by the chief audit executive to coordinate assurance activities with other internal and external assurance providers
B.
An assurance map is a picture of all assurance engagements performed by the internal audit activity across the organization
Answers
B.
An assurance map is a picture of all assurance engagements performed by the internal audit activity across the organization
C.
An assurance map is used by the engagement supervisor to coordinate the roles of various internal audit team members assigned to assurance engagements
Answers
C.
An assurance map is used by the engagement supervisor to coordinate the roles of various internal audit team members assigned to assurance engagements
D.
An assurance map lists the procedures and testing activities performed by an internal audit team during an assurance engagement
Answers
D.
An assurance map lists the procedures and testing activities performed by an internal audit team during an assurance engagement
Suggested answer: A

Explanation:

An assurance map is a tool used by the chief audit executive (CAE) to provide a visual representation of the assurance activities performed by various assurance providers within the organization, including internal audit, compliance, risk management, and external auditors. It helps in identifying areas of overlap, gaps in assurance coverage, and ensuring efficient and effective coordination among different assurance providers.

Reference:

The IIA's Practice Guide on Coordinating Risk Management and Assurance.

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asked 18/09/2024
Robert Miletich
46 questions
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