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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?
During follow-up. the internal auditor discovered that operational management did not implement effective actions to address a significant control breach If the issue is left unresolved it may result in regulatory sanctions and damage the organization's reputation What is the most appropriate next step for the chief audit executive to lake?
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.

Question 218 - IIA-CIA-Part2 discussion

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Which of the following engagement supervision activities should be performed first?

A.
Ensure that internal audit recommendations are practical, cost-effective, and value-added
Answers
A.
Ensure that internal audit recommendations are practical, cost-effective, and value-added
B.
Ensure that internal audit conclusions am based on sufficient and reliable evidence
Answers
B.
Ensure that internal audit conclusions am based on sufficient and reliable evidence
C.
Ensure that risks to the timely completion of the engagement are assessed
Answers
C.
Ensure that risks to the timely completion of the engagement are assessed
D.
Ensure that performance assessments are completed for audit team members
Answers
D.
Ensure that performance assessments are completed for audit team members
Suggested answer: C

Explanation:

Ensuring that risks to the timely completion of the engagement are assessed should be performed first during engagement supervision activities. This initial step is crucial as it sets the foundation for the entire audit process. By identifying and assessing risks early, the audit supervisor can develop appropriate plans and strategies to mitigate these risks, ensuring that the engagement stays on track and is completed within the allocated time frame. Addressing this aspect first helps in prioritizing tasks, allocating resources effectively, and managing any potential obstacles that might delay the audit process.

The Institute of Internal Auditors (IIA) Standards

Internal Audit Engagement Planning and Risk Assessment Procedures

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asked 18/09/2024
wilson tan
45 questions
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