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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?
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 255 - IIA-CIA-Part2 discussion

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White planning an audit engagement of a procurement card activity. which of the following actions should an internal auditor take to denary relevant risks and controls?

A.
Compare card transaction types against procurement card policy guidelines.
Answers
A.
Compare card transaction types against procurement card policy guidelines.
B.
Develop the scope and objectives of the engagement
Answers
B.
Develop the scope and objectives of the engagement
C.
Determine how many cardholders exceeded their daily limit.
Answers
C.
Determine how many cardholders exceeded their daily limit.
D.
Meet with the procurement card program administrator
Answers
D.
Meet with the procurement card program administrator
Suggested answer: D

Explanation:

Meeting with the procurement card program administrator is a crucial step in identifying relevant risks and controls. This individual can provide detailed insights into how the procurement card program operates, potential risks, existing controls, and any issues or areas of concern. This information is vital for developing a comprehensive understanding of the program and for planning the audit engagement effectively. Actions like comparing card transaction types against policy guidelines, determining cardholder limit exceedances, and developing scope and objectives are important but are typically undertaken after initial risk and control identification.

Reference:

The Institute of Internal Auditors (IIA) - Practice Guide: Engagement Planning

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asked 18/09/2024
Pablo Magallanes
38 questions
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