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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 240 - IIA-CIA-Part2 discussion

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Acceding to MA guidance, when of the Mowing strategies would like provide the most assurance to the chief audit executive (CAE) that the internal audit activity's recommendations are being acted upon?

A.
The CAF obtains a formal response from senior management regarding the corrective actions they plan to take w address the recommendations.
Answers
A.
The CAF obtains a formal response from senior management regarding the corrective actions they plan to take w address the recommendations.
B.
The CAE develops a tracking system to monitor the stains of engagement recommendations reported to management for action
Answers
B.
The CAE develops a tracking system to monitor the stains of engagement recommendations reported to management for action
C.
The CAE communicates with impacted department managers to determine whether corrective actions have addressed engagement recommendations
Answers
C.
The CAE communicates with impacted department managers to determine whether corrective actions have addressed engagement recommendations
D.
The CAE works with the engagement supervisor to monitor the recommendations issued to management for corrective action
Answers
D.
The CAE works with the engagement supervisor to monitor the recommendations issued to management for corrective action
Suggested answer: B

Explanation:

Developing a tracking system to monitor the status of engagement recommendations ensures that the chief audit executive (CAE) can systematically track the progress and implementation of corrective actions. This approach provides continuous assurance that recommendations are being acted upon and allows the CAE to identify and address any delays or issues in the implementation process. It is a proactive strategy that enables regular follow-ups and reporting to senior management, thus maintaining accountability and transparency.

Reference:

The Institute of Internal Auditors (IIA) - Standards for the Professional Practice of Internal Auditing, Standard 2500 - Monitoring Progress

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asked 18/09/2024
Andrew Naftel
33 questions
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