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

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According to HA guidance, which of the following statements regarding audit workpapers is true?

A.
Audit reports should include the workpapers as a reference for the audit conclusions.
Answers
A.
Audit reports should include the workpapers as a reference for the audit conclusions.
B.
The internal auditor's workpapers are the primary reference for reported control deficiencies.
Answers
B.
The internal auditor's workpapers are the primary reference for reported control deficiencies.
C.
Ad-hoc communications with management of the area under review should be excluded from the workpapers.
Answers
C.
Ad-hoc communications with management of the area under review should be excluded from the workpapers.
D.
Both draft and final versions of workpapers should be saved at the end of the engagement
Answers
D.
Both draft and final versions of workpapers should be saved at the end of the engagement
Suggested answer: B

Explanation:

According to the Institute of Internal Auditors (IIA) guidance, workpapers are crucial for documenting the evidence that supports audit findings and conclusions. They serve as the primary reference for any reported control deficiencies, providing detailed documentation and justification for the audit results. Workpapers must be thorough and clearly demonstrate the basis for audit observations and recommendations. While audit reports summarize findings, the detailed support for these findings is found within the workpapers.

The Institute of Internal Auditors (IIA), International Standards for the Professional Practice of Internal Auditing (Standards), Standard 2330: Documenting Information.

IIA Practice Guide, 'Audit Workpapers.'

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asked 18/09/2024
Solomon Nidish
33 questions
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