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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.
After the team member who specialized in fraud investigations left the internal audit team, the chief audit executive decided to outsource fraud investigations to a third party service provider on an as needed basis. Which of the following is most likely to be a disadvantage of this outsourcing decision?
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 190 - IIA-CIA-Part2 discussion

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Which of the following statements is true regarding the final assurance engagement report issued to management?

A.
Ratings are only used to assess the condition of an observation made by an internal auditor.
Answers
A.
Ratings are only used to assess the condition of an observation made by an internal auditor.
B.
Audit findings may be communicated to management prior to issuance of the final approved audit report.
Answers
B.
Audit findings may be communicated to management prior to issuance of the final approved audit report.
C.
Communications must be relevant logical, and free from errors before they are disseminated.
Answers
C.
Communications must be relevant logical, and free from errors before they are disseminated.
D.
The audit report must present the information in the following order (1) audit scope, (2) engagement objectives, and (3) engagement results
Answers
D.
The audit report must present the information in the following order (1) audit scope, (2) engagement objectives, and (3) engagement results
Suggested answer: C

Explanation:

According to the International Standards for the Professional Practice of Internal Auditing, particularly Standard 2420 -- Quality of Communications, internal audit communications should be accurate, objective, clear, concise, constructive, complete, and timely. Ensuring that communications are relevant, logical, and free from errors is essential for maintaining the credibility and effectiveness of the internal audit function and for providing management with reliable information for decision-making.

Reference:

Institute of Internal Auditors (IIA), International Standards for the Professional Practice of Internal Auditing (Standards), Standard 2420 -- Quality of Communications.

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asked 18/09/2024
Ivan Dujmic
52 questions
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