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How should an internal auditor approach preparing a detailed risk assessment during engagement planning?
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Question 235 - IIA-CIA-Part2 discussion

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An internal auditor using the five-attribute approach to document deficiencies in a warehouse shipping process. Which of the following attributes will be included in the workpapers?

A.
Risk, impact likelihood existing control, recommendation
Answers
A.
Risk, impact likelihood existing control, recommendation
B.
Condition, cause, effect, recommendation
Answers
B.
Condition, cause, effect, recommendation
C.
Condition, cause effect test result
Answers
C.
Condition, cause effect test result
D.
Risk, impact test result recommendation
Answers
D.
Risk, impact test result recommendation
Suggested answer: B

Explanation:

The five-attribute approach to documenting deficiencies typically includes the following attributes: condition (the current state or issue identified), cause (the reason for the condition), effect (the impact or potential impact of the condition), and recommendation (suggested actions to address the deficiency). These attributes provide a comprehensive framework for understanding the deficiency, its implications, and the steps needed to rectify it, ensuring clear and actionable audit findings.

Reference:

The Institute of Internal Auditors (IIA) - Practice Guide: Documenting Information

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asked 18/09/2024
Tu Nguyen
40 questions
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