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Question 221 - IIA-CIA-Part2 discussion

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When a significant finding is noted early during a review of the accounts payable function, which next course of action is best for communicating the issue?

A.
Intern accounting management via an interim memorandum update
Answers
A.
Intern accounting management via an interim memorandum update
B.
Note the item in the workpapers for inclusion in the final audit report
Answers
B.
Note the item in the workpapers for inclusion in the final audit report
C.
Call a meeting and discuss me issue with the audit committee
Answers
C.
Call a meeting and discuss me issue with the audit committee
D.
Alert the CEO as soon as the issue is discovered
Answers
D.
Alert the CEO as soon as the issue is discovered
Suggested answer: A

Explanation:

When a significant finding is noted early during a review of the accounts payable function, the best course of action for communicating the issue is to inform internal accounting management via an interim memorandum update. This allows for timely communication and potential early remediation actions, ensuring that management is aware of the issue and can address it promptly before the final audit report is issued.

The Institute of Internal Auditors (IIA) Standards

Internal Audit Communication and Reporting Protocols

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asked 18/09/2024
Hernan Rojas
48 questions
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