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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.
Internal audit staff lacks the expertise to perform a fraud investigation engagement stemming from a whistleblowing incident. Which of the following is the most appropriate option for the chief audit executive?
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?
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?
Senior management wants assurance that third-party contractors are following procedures as agreed with the organization. Which type of audit would be most appropriate to achieve this objective?
According to IIA guidance which of the following statements is true regarding heat maps?
An internal auditor wants to identity potential ghost employees in the organization's payroll system The auditor extracts the following data - Human resources data with employees' names addresses employment conditions and identification codes - Payroll data - Logs from entrance systems With this data, which of the following types of ghost employees will the auditor be able to identify?

Question 429 - IIA-CIA-Part2 discussion

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During a review of the organization's waste management processes, the internal auditor discovered that wastewater is being disposed of inappropriately. The auditor's recommendations, suggested to mitigate the risk of regulatory sanctions and reputational damages, were accepted and timelines for implementation were agreed. However, during the internal audit activity's periodic follow-up exercise, management indicated that the recommendation was too expensive to implement and the current disposal method has been cost-effective. What should the chief audit executive do in this case?

A.
Nothing, as the internal audit activity has fulfilled its responsibility of providing recommendations to mitigate the risks to which the organization is exposed.
Answers
A.
Nothing, as the internal audit activity has fulfilled its responsibility of providing recommendations to mitigate the risks to which the organization is exposed.
B.
Contact the regulatory agency responsible for monitoring such matters in order to convince management to implement the recommendations.
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B.
Contact the regulatory agency responsible for monitoring such matters in order to convince management to implement the recommendations.
C.
Convene a meeting with senior management and discuss the issue and the potential impact it may have on the organization.
Answers
C.
Convene a meeting with senior management and discuss the issue and the potential impact it may have on the organization.
D.
Highlight the current exposure to the external auditors so they too can highlight the issue and further pressure management to address the concern.
Answers
D.
Highlight the current exposure to the external auditors so they too can highlight the issue and further pressure management to address the concern.
Suggested answer: C
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asked 18/09/2024
Nguyen Tan Hung
49 questions
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