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

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Which of the following statements is true regarding internal control questionnaires?

A.
Internal control questionnaires are useful m evaluating the effectiveness of standard operating procedures
Answers
A.
Internal control questionnaires are useful m evaluating the effectiveness of standard operating procedures
B.
internal control questionnaires provide reliable documents allowing internal auditors to cover many control procedures in little time
Answers
B.
internal control questionnaires provide reliable documents allowing internal auditors to cover many control procedures in little time
C.
Internal control questionnaires can be used by internal auditors as an interview guide
Answers
C.
Internal control questionnaires can be used by internal auditors as an interview guide
D.
Internal control questionnaires provide direct audit evidence which may need corroboration
Answers
D.
Internal control questionnaires provide direct audit evidence which may need corroboration
Suggested answer: C

Explanation:

Internal control questionnaires (ICQs) are useful tools for internal auditors to guide interviews with auditees. They help ensure that all relevant aspects of internal controls are covered systematically during the interview process. While ICQs can help in evaluating the design and existence of controls, they primarily provide a structured format for gathering information from auditees about controls in place, rather than serving as direct audit evidence themselves. Therefore, they aid in the interview process by ensuring comprehensive coverage of control-related inquiries.

Reference: The IIA's International Standards for the Professional Practice of Internal Auditing, Standard 2201 - Planning Considerations.

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asked 18/09/2024
Hossein Nasri
31 questions
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