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How should an internal auditor approach preparing a detailed risk assessment during engagement planning?
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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?
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Question 262 - IIA-CIA-Part2 discussion

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According to IIA guidance, when of the Mowing statements is true regarding an engagement supervisor's use of review notes?

A.
The engagement supervisor's review notes should be retained m the final documental or even after they are addressed.
Answers
A.
The engagement supervisor's review notes should be retained m the final documental or even after they are addressed.
B.
The engagement supervisor's review notes cannot be used as evidence of engagement supervision
Answers
B.
The engagement supervisor's review notes cannot be used as evidence of engagement supervision
C.
The engagement supervisor's review notes could be cleared from all final documentation after they are addressed
Answers
C.
The engagement supervisor's review notes could be cleared from all final documentation after they are addressed
D.
The engagement supervisor's review notes must be maintained in a checklist separate from tie final documentation
Answers
D.
The engagement supervisor's review notes must be maintained in a checklist separate from tie final documentation
Suggested answer: C

Explanation:

According to the IIA guidance, engagement supervisors' review notes are used during the audit process to ensure thoroughness and accuracy. Once these review notes have been addressed, they can be removed from the final documentation. This practice ensures that the final audit report is clear and concise, containing only the necessary documentation to support audit findings and conclusions. The review notes are considered part of the working papers during the review process but do not need to be retained in the final audit documentation once all issues have been resolved.

The Institute of Internal Auditors (IIA) Standard 2330 -- Documenting Information: 'Internal auditors must document relevant information to support the conclusions and engagement results.'

IIA Practice Guide on 'Audit Documentation'

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asked 18/09/2024
Ola Magnus Sundlisæter
36 questions
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