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How should an internal auditor approach preparing a detailed risk assessment during engagement planning?
A newly promoted chief audit executive (CAE) is faced with a backlog of assurance engagement reports to review for approval. In an attempt to attach a priority for this review, the CAE scans the opinion statement on each report. According to IIA guidance, which of the following opinions would receive the lowest review priority? 1. Graded positive opinion. 2. Negative assurance opinion. 3. Limited assurance opinion. 4. Third-party opinion.
After the team member who specialized in fraud investigations left the internal audit team, the chief audit executive decided to outsource fraud investigations to a third party service provider on an as needed basis. Which of the following is most likely to be a disadvantage of this outsourcing decision?
What is the primary reason that audit supervision includes approval of the engagement report?
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According to the MA guidance, which of the following does the engagement work program test in a review of an organizational process?
An internal auditor wanted to determine whether company vehicles were being used for personal purposes She extracted a report that listed company vehicle numbers business units to which the vehicles are allocated travel dates, travel duration and mileage She then filtered the data for weekend dates Which of the following additional information would the auditor need?
According to an internal audit observation, the organization's rules of record management require all contracts to be registered and stored in a specific electronic system. One subsidiary has thousands of client contracts on paper, which are kept in the office because there are not enough assistants to scan the contracts into the system. Which of the following component should be added to this observation?
A code of business conduct should include which of the following to increase its deterrent effect? 1. Appropriate descriptions of penalties for misconduct. 2. A notification that code of conduct violations may lead to criminal prosecution. 3. A description of violations that injure the interests of the employer. 4. A list of employees covered by the code of conduct.
The external auditor has identified a number of production process control deficiencies involving several departments. As a result, senior management has asked the internal audit activity to complete internal control training for all related staff. According to IIA guidance, which of the following would be the most appropriate course of action for the chief audit executive to follow?

Question 303 - IIA-CIA-Part2 discussion

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According to IIA guidance which of the following best describes reliable information?

A.
Reliable information is factual adequate, and convincing so that a prudent informed person would reach the same conclusions as the internal auditor
Answers
A.
Reliable information is factual adequate, and convincing so that a prudent informed person would reach the same conclusions as the internal auditor
B.
Reliable information is the best attainable information through the use of appropriate engagement techniques
Answers
B.
Reliable information is the best attainable information through the use of appropriate engagement techniques
C.
Reliable information supports engagement observations and recommendations and is consistent with the objectives for the engagement
Answers
C.
Reliable information supports engagement observations and recommendations and is consistent with the objectives for the engagement
D.
Reliable information helps the organization and the internal audit activity meet its goals
Answers
D.
Reliable information helps the organization and the internal audit activity meet its goals
Suggested answer: A

Explanation:

According to IIA guidance, reliable information must be factual, adequate, and convincing to ensure that a prudent and informed person would reach the same conclusions as the internal auditor. This means that the information should be supported by sufficient and appropriate evidence that can be independently verified and substantiated. Reliability of information is crucial for the credibility of audit findings and for making informed decisions based on those findings.

The Institute of Internal Auditors (IIA) Standard 2310 -- Identifying Information: 'Internal auditors must identify sufficient, reliable, relevant, and useful information to achieve the engagement's objectives.'

IIA Practice Guide on 'Audit Evidence'

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asked 18/09/2024
Mian Mudasir Bari
40 questions
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