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Question 268 - IIA-CIA-Part2 discussion

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A corporate merger decision prompts the cruel audit executive (CAE) to propose interim changes lo the existing annual audit plan to account for emerging risks. When of the following is the most appropriate action for the CAE to take regarding the changes made to the audit plan?

A.
Present the revised audit plan directly to the board for approval
Answers
A.
Present the revised audit plan directly to the board for approval
B.
Communicate with the chief financial officer and present the revised audit plan to the CEO for approval
Answers
B.
Communicate with the chief financial officer and present the revised audit plan to the CEO for approval
C.
Present the revised audit plan directly to the CEO for approval
Answers
C.
Present the revised audit plan directly to the CEO for approval
D.
Communicate with the CCO and present the revised audit plan to the board for approval
Answers
D.
Communicate with the CCO and present the revised audit plan to the board for approval
Suggested answer: A

Explanation:

According to the International Standards for the Professional Practice of Internal Auditing (Standards) issued by The Institute of Internal Auditors (IIA), the Chief Audit Executive (CAE) must communicate and obtain approval from the board for significant changes to the audit plan. A corporate merger is a significant event that introduces emerging risks, necessitating an interim adjustment to the audit plan. The CAE's responsibility includes ensuring that the board is informed and approves the revised audit plan to address these new risks adequately.

The Institute of Internal Auditors (IIA) Standard 2020 -- Communication and Approval: 'The chief audit executive must communicate the internal audit activity's plans and resource requirements, including significant interim changes, to senior management and the board for review and approval.'

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asked 18/09/2024
Randy Kana
33 questions
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