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How should an internal auditor approach preparing a detailed risk assessment during engagement planning?
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Question 239 - IIA-CIA-Part2 discussion

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To compete in the global market, an organization is restructuring and consolidating many of its divisions. Prior to the consolidation, senior management requested assistance from tie internal audit activity. Which of the following consulting services would be most appropriate in this situation?

A.
Assess controls for potential compliance issues that may affect me consolidation
Answers
A.
Assess controls for potential compliance issues that may affect me consolidation
B.
Brief vendors on the potential risks that will occur without continued business
Answers
B.
Brief vendors on the potential risks that will occur without continued business
C.
Advise division managers on how to streamline operations for better efficiency
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C.
Advise division managers on how to streamline operations for better efficiency
D.
Determine whether the organization's controls are effective in meeting business objectives
Answers
D.
Determine whether the organization's controls are effective in meeting business objectives
Suggested answer: C

Explanation:

In the context of restructuring and consolidating divisions, providing consulting services that focus on operational efficiency is highly valuable. Internal auditors can leverage their understanding of the organization's processes and controls to advise division managers on streamlining operations. This includes identifying redundant processes, recommending best practices, and suggesting ways to optimize resource use. Such guidance helps the organization achieve a smoother transition and enhances overall efficiency, supporting the strategic objectives of the restructuring effort.

Reference:

The Institute of Internal Auditors (IIA) - Standards for the Professional Practice of Internal Auditing, Standard 2120 - Risk Management and Standard 2130 - Control

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asked 18/09/2024
nebaba monda
42 questions
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