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How should an internal auditor approach preparing a detailed risk assessment during engagement planning?
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Question 449 - IIA-CIA-Part2 discussion

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Senior management is challenging regulatory fines that were assessed to the organization due to questionable business practices. Their actions and the fines could have an adverse effect on the organization's ability to continue business. How would the chief audit executive respond?

A.
Assume responsibility for quantifying and minimizing the residual risks to the organization.
Answers
A.
Assume responsibility for quantifying and minimizing the residual risks to the organization.
B.
Assess the level of financial risks that may affect the organization's stability.
Answers
B.
Assess the level of financial risks that may affect the organization's stability.
C.
Inform the regulatory agency about senior management's action and seek guidance.
Answers
C.
Inform the regulatory agency about senior management's action and seek guidance.
D.
Proceed with a consulting engagement to benchmark similar organizations' business practices in the region.
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D.
Proceed with a consulting engagement to benchmark similar organizations' business practices in the region.
Suggested answer: B
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asked 18/09/2024
Jim Apple
42 questions
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