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How should an internal auditor approach preparing a detailed risk assessment during engagement planning?
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An examination of the accounts payable function evidenced multiple findings with respect to segregation of duties. After management's response and action plan are received and documented in the final report, which of the following is most appropriate?
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Question 414 - IIA-CIA-Part2 discussion

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Which of the following is a true statement regarding the use of flowcharts as an audit tool?

A.
Flowcharts are typically not well suited to support information provided by a risk and control matrix.
Answers
A.
Flowcharts are typically not well suited to support information provided by a risk and control matrix.
B.
Flowcharts are preferred to narratives, as they can provide much greater detail on the design and operation of a process.
Answers
B.
Flowcharts are preferred to narratives, as they can provide much greater detail on the design and operation of a process.
C.
Flowcharts are best applied to linear process flows but cannot address all risks related to the process.
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C.
Flowcharts are best applied to linear process flows but cannot address all risks related to the process.
D.
Flowcharts describe process steps but cannot provide the level of detail needed to adequately assess the design of the process.
Answers
D.
Flowcharts describe process steps but cannot provide the level of detail needed to adequately assess the design of the process.
Suggested answer: C
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asked 18/09/2024
Calvin Bolico
36 questions
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