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How should an internal auditor approach preparing a detailed risk assessment during engagement planning?
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Question 229 - IIA-CIA-Part2 discussion

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During the planning phase of an assurance engagement, an internal auditor seeks to gam an understanding of now when the area under review is accomplishing its objectives When of the

Following information-gathering techniques is the auditor most likely to use?

A.
A review of the key performance indicators of me area under review.
Answers
A.
A review of the key performance indicators of me area under review.
B.
A walkthrough of the key processes of the area under review.
Answers
B.
A walkthrough of the key processes of the area under review.
C.
An interview with the manager regarding the area's business plan.
Answers
C.
An interview with the manager regarding the area's business plan.
D.
A review of previous audit and follow- up results of the area under review
Answers
D.
A review of previous audit and follow- up results of the area under review
Suggested answer: A

Explanation:

During the planning phase of an assurance engagement, gaining an understanding of how the area under review is accomplishing its objectives is crucial. Reviewing key performance indicators (KPIs) is a primary technique because KPIs are directly tied to the objectives and provide measurable data on performance. This review helps the auditor understand whether the objectives are being met effectively and highlights areas that may require further investigation.

Reference:

The Institute of Internal Auditors (IIA) - Standards for the Professional Practice of Internal Auditing, Standard 2201 - Planning Considerations

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asked 18/09/2024
Charly Ndedi Priso
35 questions
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