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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 327 - IIA-CIA-Part2 discussion

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Which of the following is the most appropriate approach for the internal audit activity to follow up on management action plans?

A.
Create a tracking system for follow up
Answers
A.
Create a tracking system for follow up
B.
Ensure that follow-up activities are performed at least weekly.
Answers
B.
Ensure that follow-up activities are performed at least weekly.
C.
Delegate follow-up activities to qualified administrative staff within the business unit
Answers
C.
Delegate follow-up activities to qualified administrative staff within the business unit
D.
Ensure that follow-up activities are performed by the most senior auditor on staff
Answers
D.
Ensure that follow-up activities are performed by the most senior auditor on staff
Suggested answer: A

Explanation:

The most appropriate approach for internal audit activity to follow up on management action plans is to create a tracking system. This ensures that follow-up activities are systematically monitored and documented. Such a system can track the status of action plans, provide reminders for due dates, and record progress updates, thus ensuring that management's corrective actions are implemented and effective. Regular monitoring and tracking are essential to verify that issues identified in audits are addressed in a timely manner.

Institute of Internal Auditors (IIA) Standards: Implementation Standards 2500 -- Monitoring Progress

COSO Framework: Monitoring Activities Component

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asked 18/09/2024
JED MEDIA
37 questions
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