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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 258 - IIA-CIA-Part2 discussion

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Which of the following is the best option for the chief audit executive to consider for effective coordination of assurance coverage?

A.
Create an assurance map to illustrate each provider's level of assurance and planned activities for each area of the organization
Answers
A.
Create an assurance map to illustrate each provider's level of assurance and planned activities for each area of the organization
B.
LIMIT ricks inventory to identify the risks and controls in place and the relevant control owners.
Answers
B.
LIMIT ricks inventory to identify the risks and controls in place and the relevant control owners.
C.
Rely on the risk and control and management testing information maintained for compliance with the regulatory framework
Answers
C.
Rely on the risk and control and management testing information maintained for compliance with the regulatory framework
D.
Prepare a risk likelihood and impact heal map to prioritize assurance coverage coordination.
Answers
D.
Prepare a risk likelihood and impact heal map to prioritize assurance coverage coordination.
Suggested answer: A

Explanation:

For effective coordination of assurance coverage, the chief audit executive (CAE) should consider creating an assurance map. An assurance map provides a visual representation of the assurance activities across the organization, showing who is providing assurance, the areas covered, and the level of assurance provided. This helps to identify gaps and overlaps in assurance coverage, enabling better coordination and optimization of resources. This approach is recommended by best practices in internal auditing as it aligns assurance activities with organizational risk and ensures comprehensive coverage.

The Institute of Internal Auditors (IIA) Practice Guide: Coordinating Risk Management and Assurance.

IIA Standard 2050 - Coordination and Reliance

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asked 18/09/2024
BERNDT HAMBOECK
26 questions
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