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How should an internal auditor approach preparing a detailed risk assessment during engagement planning?
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Question 278 - IIA-CIA-Part2 discussion

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An internal audit intends to create a risk and control matrix to better understand the organization's complex manufacturing process. With which of the following approaches would the auditor most likely start?

A.
Assess management responses to key risk exposures
Answers
A.
Assess management responses to key risk exposures
B.
Analyze the costs and benefits of key controls
Answers
B.
Analyze the costs and benefits of key controls
C.
Evaluate the design adequacy of known controls
Answers
C.
Evaluate the design adequacy of known controls
D.
Conduct a walk-through of all related activates
Answers
D.
Conduct a walk-through of all related activates
Suggested answer: D

Explanation:

When creating a risk and control matrix to understand a complex manufacturing process, the internal auditor should start by conducting a walk-through of all related activities. This approach allows the auditor to observe the processes in action, understand the flow of transactions, and identify key controls and risks. A walk-through provides a comprehensive understanding of the operational context, which is essential for developing an accurate and effective risk and control matrix.

The Institute of Internal Auditors (IIA) Practice Guide: Auditing the Control Environment

IIA Standard 2210 - Engagement Objectives

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asked 18/09/2024
claudine Nguepnang
42 questions
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