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Question 186 - IIA-CIA-Part2 discussion

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Which of the following statements about including consulting engagements in the annual internal audit plan is true?

A.
All requests for consulting engagements must be included in the annual internal audit plan
Answers
A.
All requests for consulting engagements must be included in the annual internal audit plan
B.
Assurance engagements must be included in the annual internal audit plan but there is no requirement to include consulting engagements
Answers
B.
Assurance engagements must be included in the annual internal audit plan but there is no requirement to include consulting engagements
C.
Consulting engagements do not need to be included m the annual internal audit plan unless requested by the board
Answers
C.
Consulting engagements do not need to be included m the annual internal audit plan unless requested by the board
D.
The acceptance of proposed consulting engagements into the annual internal audit plan may depend on their ability to add value
Answers
D.
The acceptance of proposed consulting engagements into the annual internal audit plan may depend on their ability to add value
Suggested answer: D

Explanation:

According to the International Standards for the Professional Practice of Internal Auditing (Standards) set by the Institute of Internal Auditors (IIA), internal audit functions are allowed flexibility in including consulting engagements in their annual plans. Standard 2010 -- Planning states that 'the chief audit executive must establish a risk-based plan to determine the priorities of the internal audit activity, consistent with the organization's goals.' This risk-based plan should consider the potential value-add of consulting engagements. Consulting engagements that are expected to add significant value or align with strategic objectives are often included, but not all requests need to be automatically included unless they meet these criteria.

Reference:

Institute of Internal Auditors (IIA), International Standards for the Professional Practice of Internal Auditing (Standards), Standard 2010 -- Planning.

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asked 18/09/2024
CHEUNG KA FAI
41 questions
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