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Question 202 - IIA-CIA-Part2 discussion

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The chief audit executive was asked to define me internal audit activity s key performance indicators (KPIs) tor the upcoming year. The KPIs must measure efficiency and effectiveness. Which of the following is an example of a KPI that measures effectiveness?

A.
Internal audit reports are consistently submitted prior to the audit report deadline
Answers
A.
Internal audit reports are consistently submitted prior to the audit report deadline
B.
Post engagement surveys completed by management indicate a 'meets or exceeds expectations' idling
Answers
B.
Post engagement surveys completed by management indicate a 'meets or exceeds expectations' idling
C.
There is a significant reduction of travel costs per project over the next fiscal year
Answers
C.
There is a significant reduction of travel costs per project over the next fiscal year
D.
Internal auditors identify a minimum number of issues and provide recommendations to address them for each audit
Answers
D.
Internal auditors identify a minimum number of issues and provide recommendations to address them for each audit
Suggested answer: B

Explanation:

A key performance indicator (KPI) that measures effectiveness reflects how well the internal audit activity achieves its objectives and meets stakeholder expectations. Post-engagement surveys completed by management, indicating a 'meets or exceeds expectations' rating, directly measure the perceived value and impact of the audit work. This KPI shows whether the internal audit function is providing useful insights, recommendations, and assurance that align with management's needs and expectations, thus demonstrating the effectiveness of the audit activity.

Reference:

Institute of Internal Auditors (IIA), Practice Guide -- Measuring Internal Audit Effectiveness and Efficiency.

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asked 18/09/2024
Bates, Michael
36 questions
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