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Question 232 - IIA-CIA-Part2 discussion

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An internal auditor is planning a consuming engagement and the objective is to identify opportunities to improve the efficiency of the organization's procurement process. The auditor is preparing to conduct a preliminary survey of the are a. Which of the following approaches would be most useful to obtain relevant information to support the engagement objective?

A.
Complete a transaction walkthrough fiat focuses on the design and operation of financial reporting controls
Answers
A.
Complete a transaction walkthrough fiat focuses on the design and operation of financial reporting controls
B.
Conduct interviews with senior management to obtain their input and insights regarding operational controls.
Answers
B.
Conduct interviews with senior management to obtain their input and insights regarding operational controls.
C.
Perform a comprehensive review of the organization s existing policies and standard operating procedures.
Answers
C.
Perform a comprehensive review of the organization s existing policies and standard operating procedures.
D.
Review the procurement process map w*h employees who carry out key activities to obtain their input and insights.
Answers
D.
Review the procurement process map w*h employees who carry out key activities to obtain their input and insights.
Suggested answer: D

Explanation:

To identify opportunities to improve the efficiency of the organization's procurement process, the internal auditor needs to understand the current state of the process and gather detailed insights from those directly involved. Reviewing the procurement process map with employees who carry out key activities allows the auditor to understand the practical aspects of the process, identify any inefficiencies or bottlenecks, and obtain valuable suggestions for improvements from those who are most familiar with the daily operations. This approach ensures that the information gathered is relevant, practical, and actionable.

Reference:

The Institute of Internal Auditors (IIA) - Practice Guide: Business Process Improvement

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asked 18/09/2024
Marco Romani
37 questions
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