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How should an internal auditor approach preparing a detailed risk assessment during engagement planning?
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Question 264 - IIA-CIA-Part2 discussion

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In which of following scenarios is the internal auditor performing benchmarking?

A.
The auditor compares information from one period with the same information from the poor period
Answers
A.
The auditor compares information from one period with the same information from the poor period
B.
The auditor compares new information to his general knowledge of the organization
Answers
B.
The auditor compares new information to his general knowledge of the organization
C.
The auditor compares information he collected with simmer information from another source
Answers
C.
The auditor compares information he collected with simmer information from another source
D.
The auditor compares expected outcomes with actual results
Answers
D.
The auditor compares expected outcomes with actual results
Suggested answer: C

Explanation:

Benchmarking in internal auditing involves comparing the performance or practices of the audited entity against a standard or best practice, which often involves using information from other organizations or sources as a reference. This process helps identify areas for improvement and set performance targets. Thus, comparing the collected information with similar information from another source is the correct definition of benchmarking.

The Institute of Internal Auditors (IIA) Practice Guide: Internal Audit and Organizational Performance

IIA Standard 1220 - Due Professional Care

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asked 18/09/2024
Thembinkosi Sibiya
34 questions
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