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Question 281 - IIA-CIA-Part2 discussion

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Which of the following statements is true regarding the chief audit executive's (CAT$) responsibilities after completing an assurance or consulting engagement?

A.
The CAE must establish a follow-up process tor both assurance and consulting engagements to monitor that management actions have been effectively implemented to address observations
Answers
A.
The CAE must establish a follow-up process tor both assurance and consulting engagements to monitor that management actions have been effectively implemented to address observations
B.
The CAE must communicate the results of assurance and consulting engagements lo whoever can ensure that the results are given due consideration.
Answers
B.
The CAE must communicate the results of assurance and consulting engagements lo whoever can ensure that the results are given due consideration.
C.
The CAE must acknowledge satisfactory performance when communicating the results of assurance and consulting engagements
Answers
C.
The CAE must acknowledge satisfactory performance when communicating the results of assurance and consulting engagements
D.
The CAE may delegate the responsibility for communicating the results of consulting engagements although this responsibility cannot be delegated for assurance engagements
Answers
D.
The CAE may delegate the responsibility for communicating the results of consulting engagements although this responsibility cannot be delegated for assurance engagements
Suggested answer: B

Explanation:

According to the International Standards for the Professional Practice of Internal Auditing, the Chief Audit Executive (CAE) has a responsibility to ensure that the results of both assurance and consulting engagements are communicated to the appropriate parties. This ensures that the observations and recommendations are acknowledged and acted upon by those who have the authority to implement necessary changes or take corrective actions. This communication is crucial for ensuring that the findings of the internal audit are effectively utilized to improve governance, risk management, and control processes.

The Institute of Internal Auditors (IIA) Standard 2440 -- Disseminating Results: 'The chief audit executive must communicate results to the appropriate parties.'

IIA Practice Guide on 'Communicating Results'

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asked 18/09/2024
Mario Peralta
36 questions
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