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How should an internal auditor approach preparing a detailed risk assessment during engagement planning?
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Which of the following is an appropriate responsibility for the internal audit activity with regard to the organization's risk management program?

Question 314 - IIA-CIA-Part2 discussion

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In which of the following situations has an internal audit of obtained physical evidence?

A.
An internal auditor made purchases from several of the organization's retail outlets to evaluate customer service
Answers
A.
An internal auditor made purchases from several of the organization's retail outlets to evaluate customer service
B.
An internal auditor interviewed various employees regarding health and safety issues and recorded their answers
Answers
B.
An internal auditor interviewed various employees regarding health and safety issues and recorded their answers
C.
An internal auditor obtained the current quarterly financial report and computed changes in deb-to-equity ratio
Answers
C.
An internal auditor obtained the current quarterly financial report and computed changes in deb-to-equity ratio
D.
An internal auditor received a signed confirmation regarding the terms of a transaction from an independent attorney
Answers
D.
An internal auditor received a signed confirmation regarding the terms of a transaction from an independent attorney
Suggested answer: A

Explanation:

Physical evidence in internal auditing refers to tangible, observable, and verifiable information obtained directly through auditors' activities. Making purchases from retail outlets to evaluate customer service involves direct interaction and observation, which constitutes obtaining physical evidence. This differs from documents, interviews, or confirmations, which are considered documentary or testimonial evidence.

Reference:

'Internal Auditing: Assurance & Advisory Services' (The Institute of Internal Auditors)

'Audit Evidence' (International Standards on Auditing)

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asked 18/09/2024
mohammed zakir
38 questions
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