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How should an internal auditor approach preparing a detailed risk assessment during engagement planning?
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Question 196 - IIA-CIA-Part2 discussion

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A chief audit executive (CAE) reviews the supervision of an internal audit engagement Which of the following would most likely assure the CAE that the engagement had adequate supervision?

A.
The engagement supervisor has an open door pokey for audit team members to discuss concerns
Answers
A.
The engagement supervisor has an open door pokey for audit team members to discuss concerns
B.
The supervisor reviews weekly progress reports from the audit team members
Answers
B.
The supervisor reviews weekly progress reports from the audit team members
C.
The supervisor reviews and initials internal audit workpapers for the engagement
Answers
C.
The supervisor reviews and initials internal audit workpapers for the engagement
D.
The supervisor meets periodically with management in the reviewed area to get feedback during the engagement.
Answers
D.
The supervisor meets periodically with management in the reviewed area to get feedback during the engagement.
Suggested answer: C

Explanation:

Reviewing and initialing internal audit workpapers ensures that the engagement has adequate supervision. This practice demonstrates that the supervisor has reviewed the work performed by the audit team, verified the accuracy and completeness of the documentation, and provided necessary guidance. It is a critical step in the quality assurance process, ensuring that the audit findings and conclusions are supported by sufficient and appropriate evidence.

Reference:

Institute of Internal Auditors (IIA), International Standards for the Professional Practice of Internal Auditing (Standards), Standard 2340 -- Engagement Supervision.

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asked 18/09/2024
AHMED MAHMOUD NASR Hassan
31 questions
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