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How should an internal auditor approach preparing a detailed risk assessment during engagement planning?
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Question 249 - IIA-CIA-Part2 discussion

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Which of the following statements accurately describes the Standards requirement for ret internal audit records?

A.
Retention requirements for internal audit records should be compliant with ones set for external audit records
Answers
A.
Retention requirements for internal audit records should be compliant with ones set for external audit records
B.
Retention requirements should take into account the medium in which internal audit records are stored
Answers
B.
Retention requirements should take into account the medium in which internal audit records are stored
C.
Retention requirements should be set by the chief audit executive and aligned will the organization s process and procedures
Answers
C.
Retention requirements should be set by the chief audit executive and aligned will the organization s process and procedures
D.
Retention requirements should set a minimum period of the for records storage and the process of archiving documents
Answers
D.
Retention requirements should set a minimum period of the for records storage and the process of archiving documents
Suggested answer: C

Explanation:

According to IIA guidance, the chief audit executive (CAE) is responsible for establishing policies and procedures for the internal audit activity, including the retention of audit records. These requirements should be aligned with the organization's overall processes and procedures to ensure consistency and compliance with legal and regulatory requirements. This approach ensures that the retention policy is tailored to the specific needs and context of the organization, while also maintaining alignment with broader organizational policies.

Reference:

The Institute of Internal Auditors (IIA) - Standards for the Professional Practice of Internal Auditing, Standard 2330 - Documenting Information

The Institute of Internal Auditors (IIA) - Practice Advisory 2330-1: Document Retention

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asked 18/09/2024
Balazs Jarmy
48 questions
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