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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.
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?
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?
What is the primary reason that audit supervision includes approval of the engagement report?
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?
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?

Question 209 - IIA-CIA-Part2 discussion

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An engagement work program o of greatest value to audit management when which of the following is true?

A.
The work program provides more detailed support for the audit report
Answers
A.
The work program provides more detailed support for the audit report
B.
The work program helps determined the required amount of audit resources
Answers
B.
The work program helps determined the required amount of audit resources
C.
The work program helps ensure tie achievement of the engagement objectives
Answers
C.
The work program helps ensure tie achievement of the engagement objectives
D.
The work program assists the auditor n developing and managing audit tests
Answers
D.
The work program assists the auditor n developing and managing audit tests
Suggested answer: C

Explanation:

An engagement work program is of greatest value to audit management when it helps ensure the achievement of the engagement objectives. The work program outlines the audit procedures and tests that need to be performed to gather sufficient and appropriate evidence to support the audit findings and conclusions. By aligning the work program with the engagement objectives, auditors can focus their efforts on the most critical areas, ensure that all necessary steps are taken, and ultimately achieve the intended outcomes of the audit.

Reference:

Institute of Internal Auditors (IIA), International Standards for the Professional Practice of Internal Auditing (Standards), Standard 2240 -- Engagement Work Program.

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asked 18/09/2024
Maxime SELLY
43 questions
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