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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?
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What is the primary reason that audit supervision includes approval of the engagement report?
An examination of the accounts payable function evidenced multiple findings with respect to segregation of duties. After management's response and action plan are received and documented in the final report, which of the following is most appropriate?
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?

Question 250 - IIA-CIA-Part2 discussion

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A chief audit executive's report to the board showed a significant trend of recent aud4s going over planned budgeted hours. Which of the following factors could cause this trend?

A.
Poor engagement supervision
Answers
A.
Poor engagement supervision
B.
ineffective board reporting
Answers
B.
ineffective board reporting
C.
Untimely observation follows up and closure
Answers
C.
Untimely observation follows up and closure
D.
Limited staff resources
Answers
D.
Limited staff resources
Suggested answer: A

Explanation:

One of the primary factors that could cause audit engagements to go over the planned budgeted hours is poor engagement supervision. Effective supervision ensures that the audit is progressing as planned, that issues are identified and addressed promptly, and that resources are used efficiently. Without proper supervision, audits may experience delays, scope creep, and inefficient use of time, leading to overruns in budgeted hours. Other factors, such as untimely follow-up and limited staff resources, can contribute to inefficiencies, but poor supervision is often a key driver.

Reference:

The Institute of Internal Auditors (IIA) - Standards for the Professional Practice of Internal Auditing, Standard 2340 - Engagement Supervision

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asked 18/09/2024
Kurt Van Rymenant
44 questions
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