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How should an internal auditor approach preparing a detailed risk assessment during engagement planning?
A newly promoted chief audit executive (CAE) is faced with a backlog of assurance engagement reports to review for approval. In an attempt to attach a priority for this review, the CAE scans the opinion statement on each report. According to IIA guidance, which of the following opinions would receive the lowest review priority? 1. Graded positive opinion. 2. Negative assurance opinion. 3. Limited assurance opinion. 4. Third-party opinion.
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According to the MA guidance, which of the following does the engagement work program test in a review of an organizational process?
An internal auditor wanted to determine whether company vehicles were being used for personal purposes She extracted a report that listed company vehicle numbers business units to which the vehicles are allocated travel dates, travel duration and mileage She then filtered the data for weekend dates Which of the following additional information would the auditor need?
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A code of business conduct should include which of the following to increase its deterrent effect? 1. Appropriate descriptions of penalties for misconduct. 2. A notification that code of conduct violations may lead to criminal prosecution. 3. A description of violations that injure the interests of the employer. 4. A list of employees covered by the code of conduct.
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Which of the following is an appropriate responsibility for the internal audit activity with regard to the organization's risk management program?

Question 175 - IIA-CIA-Part2 discussion

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Which of the following statements is true regarding the use of internal control questionnaires (ICOs)?

A.
ICQs are efficient because they minimize the need for follow-up with survey respondents
Answers
A.
ICQs are efficient because they minimize the need for follow-up with survey respondents
B.
Controls with positive survey responses can be eliminated from further testing
Answers
B.
Controls with positive survey responses can be eliminated from further testing
C.
Answers to survey questions can be easily misinterpreted
Answers
C.
Answers to survey questions can be easily misinterpreted
D.
ICQs offer limited value for organizations with uniform procedures
Answers
D.
ICQs offer limited value for organizations with uniform procedures
Suggested answer: C

Explanation:

Internal control questionnaires (ICQs) are used to gather information about the presence and effectiveness of controls within an organization. One of the limitations of ICQs is that the answers provided by respondents can be easily misinterpreted. This misinterpretation can occur due to unclear questions, differences in understanding terminology, or respondents not fully comprehending the context of the questions. Therefore, while ICQs are useful tools for identifying control issues, they require careful interpretation and often necessitate follow-up for clarification to ensure accurate understanding and assessment of the controls.

The Institute of Internal Auditors (IIA) Practice Guide: 'Internal Control Questionnaires'

IIA Standard 2310: Identifying Information

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asked 18/09/2024
Marius Blaauw
32 questions
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