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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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Internal audit staff lacks the expertise to perform a fraud investigation engagement stemming from a whistleblowing incident. Which of the following is the most appropriate option for the chief audit executive?
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?
According to an internal audit observation, the organization's rules of record management require all contracts to be registered and stored in a specific electronic system. One subsidiary has thousands of client contracts on paper, which are kept in the office because there are not enough assistants to scan the contracts into the system. Which of the following component should be added to this observation?
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.
The external auditor has identified a number of production process control deficiencies involving several departments. As a result, senior management has asked the internal audit activity to complete internal control training for all related staff. According to IIA guidance, which of the following would be the most appropriate course of action for the chief audit executive to follow?
Which of the following is an appropriate responsibility for the internal audit activity with regard to the organization's risk management program?

Question 178 - IIA-CIA-Part2 discussion

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According to HA guidance, which of the following is the Key planning step internal auditors should perform to establish appropriate engagement objectives prior to starting an audit engagement?

A.
Review the organizational structure, management roles and responsibilities and operating procedures
Answers
A.
Review the organizational structure, management roles and responsibilities and operating procedures
B.
Evaluate management's risk assessment and the internal audit activity's risk assessment
Answers
B.
Evaluate management's risk assessment and the internal audit activity's risk assessment
C.
Assess process How and control documents used to meet regulatory requirements
Answers
C.
Assess process How and control documents used to meet regulatory requirements
D.
Review meeting notes from discussions involving management of the area to be reviewed.
Answers
D.
Review meeting notes from discussions involving management of the area to be reviewed.
Suggested answer: B

Explanation:

A key planning step for internal auditors to establish appropriate engagement objectives is to evaluate management's risk assessment and the internal audit activity's risk assessment. This step ensures that the audit focuses on areas of highest risk and aligns with the organization's risk management framework. By understanding and incorporating the organization's risk priorities, the internal auditors can design their engagements to provide maximum value and assurance regarding the control environment and risk management processes.

The Institute of Internal Auditors (IIA) Standard 2010: Planning

IIA Practice Advisory 2010-2: Using the Risk Management Process in Internal Audit Planning

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asked 18/09/2024
Rajiv Ranjan
52 questions
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