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Question 141 - IIA-CIA-Part2 discussion

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A corporate merger decision prompts the chief audit executive (CAE) lo propose interim changes to the existing annual audit plan to account for emerging risks Which of the following is the most appropriate action for the CAE to take regarding the changes made to the audit plan''

A.
Present the revised audit plan directly to the board for approval.
Answers
A.
Present the revised audit plan directly to the board for approval.
B.
Communicate with the chief financial officer and present the revised audit plan to the CEO tor approval
Answers
B.
Communicate with the chief financial officer and present the revised audit plan to the CEO tor approval
C.
Present the revised audit plan directly to the CEO for approval
Answers
C.
Present the revised audit plan directly to the CEO for approval
D.
Communicate with the CEO and present the revised audit plan to the board for approval.
Answers
D.
Communicate with the CEO and present the revised audit plan to the board for approval.
Suggested answer: D

Explanation:

When proposing interim changes to the annual audit plan due to emerging risks, the most appropriate action for the CAE is to communicate with the CEO and present the revised audit plan to the board for approval. This ensures that senior management is informed and supportive of the changes, and that the board, which holds the ultimate oversight responsibility, formally approves the revised plan.

Reference:

The IIA's International Standards for the Professional Practice of Internal Auditing (Standards), Standard 2020 - Communication and Approval.

The IIA's Practice Guide on Engagement Planning.

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asked 18/09/2024
Sam Poon
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