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How should an internal auditor approach preparing a detailed risk assessment during engagement planning?
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Question 276 - IIA-CIA-Part2 discussion

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According to IIA guidance, which of the following reflects a characteristic of sufficient and reliable information?

A.
The establishment of an audit approach and documentation system
Answers
A.
The establishment of an audit approach and documentation system
B.
The standardization of workpaper terminology and notations
Answers
B.
The standardization of workpaper terminology and notations
C.
The ability to reach consistent audit conclusions regardless of who performs the audit
Answers
C.
The ability to reach consistent audit conclusions regardless of who performs the audit
D.
The application of documentation standards m an appropriate and consistent manner
Answers
D.
The application of documentation standards m an appropriate and consistent manner
Suggested answer: C

Explanation:

According to IIA guidance, sufficient and reliable information is characterized by the ability to reach consistent audit conclusions regardless of who performs the audit. This means that the information collected during the audit is adequate, factual, and well-documented so that different auditors would be able to draw the same conclusions based on the evidence. Consistency in audit conclusions enhances the reliability and credibility of the audit process.

The Institute of Internal Auditors (IIA) Practice Guide: Quality Assurance and Improvement Program

IIA Standard 2310 - Identifying Information

IIA Standard 2330 - Documenting Information

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asked 18/09/2024
ivaylo Skechleiev
36 questions
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