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Question 296 - IIA-CIA-Part2 discussion

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While performing fieldwork for an assurance engagement, a member of the internal audit team identified a key control that was not identified during the planning phase of the engagement Which of the following actions by the internal auditor would be most appropriate?

A.
Promptly adjust the audit work program to include tests that address the newly identified control and notify the other audit team members of the change
Answers
A.
Promptly adjust the audit work program to include tests that address the newly identified control and notify the other audit team members of the change
B.
Proceed with the current audit work program because the engagement scope has already been finalized but plan to address the newly identified control as part of the follow up engagement
Answers
B.
Proceed with the current audit work program because the engagement scope has already been finalized but plan to address the newly identified control as part of the follow up engagement
C.
Adjust the audit work program to account for the new control, but only with approval from the engagement supervisor
Answers
C.
Adjust the audit work program to account for the new control, but only with approval from the engagement supervisor
D.
Discuss the control with management of the area under review and seek their approval prior to including the control in the current audit engagement
Answers
D.
Discuss the control with management of the area under review and seek their approval prior to including the control in the current audit engagement
Suggested answer: C

Explanation:

When a key control is identified during fieldwork that was not recognized during the planning phase, it is critical to update the audit work program to include tests for this newly identified control. However, this adjustment should be made with the approval of the engagement supervisor. This ensures that the changes are properly documented and that the scope and objectives of the engagement remain aligned with the overall audit plan. Additionally, obtaining approval from the engagement supervisor maintains the integrity and oversight of the audit process.

The Institute of Internal Auditors (IIA) Standard 2240 -- Engagement Work Program: 'Internal auditors must develop and document work programs that achieve the engagement objectives.'

IIA Practice Guide on 'Engagement Planning'

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asked 18/09/2024
Manuel Guerrero Rojas
33 questions
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