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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 236 - IIA-CIA-Part2 discussion

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Which of the following actives is an internal auditor most likely to perform when establishing the objectives of an assurance engagement?

A.
Discuss the internal audit risk assessment including applicable risks and objectives with internal audit management
Answers
A.
Discuss the internal audit risk assessment including applicable risks and objectives with internal audit management
B.
Perform a walk-through of the process under review to determine whether control wore operating, effectively
Answers
B.
Perform a walk-through of the process under review to determine whether control wore operating, effectively
C.
Identify when controls will be tested and the sampling method to be used based on control risk
Answers
C.
Identify when controls will be tested and the sampling method to be used based on control risk
D.
Meet with operational management to team about any areas of concern and to agree on the engagement objectives
Answers
D.
Meet with operational management to team about any areas of concern and to agree on the engagement objectives
Suggested answer: D

Explanation:

When establishing the objectives of an assurance engagement, it is crucial for internal auditors to align the engagement objectives with the concerns and priorities of operational management. By meeting with operational management, the internal auditor can gain insights into any specific areas of concern, operational challenges, and potential risks. This collaborative approach ensures that the engagement objectives are relevant and focused on areas that provide the most value to the organization, facilitating a more effective and targeted audit process.

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
Rashid Hashim
45 questions
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