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How should an internal auditor approach preparing a detailed risk assessment during engagement planning?
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Question 128 - IIA-CIA-Part2 discussion

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A chief audit executive (CAE) is trying to balance the internal audit activity's needs for technical audit skills budget efficiency and staff development opportunities. Which of the following would best assist the CAE in achieving this balance1?

A.
Strategic sourcing
Answers
A.
Strategic sourcing
B.
Loan staff arrangement
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B.
Loan staff arrangement
C.
Flat organizational structure
Answers
C.
Flat organizational structure
D.
Hierarchical organizational structure
Answers
D.
Hierarchical organizational structure
Suggested answer: A

Explanation:

When an internal auditor receives a document displaying all the steps of a process and the path taken as transactions flow between each step, the auditor is most likely to use this document to perform an assessment of the adequacy of process controls. This flowchart or process map helps the auditor understand the process, identify key control points, and evaluate whether the existing controls are sufficient to mitigate risks within the process.

IIA Standards: 2201 - Planning the Engagement

IIA Practice Guide: Internal Auditing and Fraud

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asked 18/09/2024
Istvan Flach
30 questions
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