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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 257 - IIA-CIA-Part2 discussion

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How do internal auditors generally determine the priority of the areas within the engagement scope?

A.
By calculating the period of time when the area was last audited try internal auditors
Answers
A.
By calculating the period of time when the area was last audited try internal auditors
B.
By totaling the monetary value of the processes within the organization in the scope of the engagement
Answers
B.
By totaling the monetary value of the processes within the organization in the scope of the engagement
C.
By counting the number of red flags indicating the potential fraudulent activities within the area.
Answers
C.
By counting the number of red flags indicating the potential fraudulent activities within the area.
D.
By estimating the likelihood of a risks occurring and the potential impact of that risk on the organization
Answers
D.
By estimating the likelihood of a risks occurring and the potential impact of that risk on the organization
Suggested answer: D

Explanation:

Internal auditors generally determine the priority of the areas within the engagement scope by assessing the risk of those areas. This involves estimating the likelihood of a risk occurring and the potential impact of that risk on the organization. High-risk areas with a high likelihood of occurrence and significant impact are prioritized to ensure that critical risks are addressed promptly. This risk-based approach to prioritization helps ensure that the audit resources are focused on the most significant areas, enhancing the effectiveness and efficiency of the audit.

Reference:

The Institute of Internal Auditors (IIA) - Standards for the Professional Practice of Internal Auditing, Standard 2010 - Planning

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asked 18/09/2024
Steve Jenkins-Thorkildson
39 questions
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