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| Section | Objectives |
|---|---|
| Topic 1: Exam Blueprint (Broad Domains) | - Internal Audit Practice and Knowledge - Other CIA Knowledge Areas (aligned to Global Internal Audit Standards) - Information Systems Audit Topics Not Covered by CISA |
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NEW QUESTION # 41
A multinational organization has asked the internal audit activity to assist in setting up the organization's risk management system The chief audit executive (CAE) agrees to take on the engagement as a consultant. Which of the following tasks is appropriate for the CAE to undertake?
Answer: B
Explanation:
Role of CAE as Consultant: The chief audit executive (CAE) can act as a consultant to help management establish a risk management system. Their role should be facilitative rather than directive, ensuring that management owns the risk management process.
Appropriate Tasks:
* Risk Workshops: Coordinating and facilitating risk workshops (option A) helps management identify and assess risks, allowing them to develop appropriate responses. This is a suitable task for the CAE.
* Risk Appetite and Indicators: Establishing risk appetite (option B) and setting risk indicators and mitigation plans (option C) are management's responsibilities.
* Reporting Risks: Determining the number of significant risks to report (option D) should also be a management function.
NEW QUESTION # 42
A bicycle manufacturer incurs a combination of fixed and variable costs with the production of each bicycle. Which of the following statements is true regarding these costs?
Answer: A
Explanation:
Introduction:
Understanding cost behavior is crucial in managing production and financial performance in manufacturing.
Cost Characteristics:
Fixed costs remain constant in total but vary per unit with changes in production volume. Variable costs vary directly with production volume but remain constant per unit.
NEW QUESTION # 43
An organization does not have a formal risk management function. According to the Standards, which of the following are conditions where the internal audit activity may provide risk management consulting?
1.There is a clear strategy and timeline to migrate risk management responsibility back to management.
2.The internal audit activity has the final approval on any risk management decisions.
3.The internal audit activity gives objective assurance on all parts of the risk management framework for which it is responsible.
4.The nature of services provided to the organization is documented in the internal audit charter.
Answer: D
Explanation:
Conditions for Risk Management Consulting by Internal Audit:
* Strategy and Timeline for Migration: The internal audit activity can provide risk management consulting if there is a clear strategy and timeline to transfer risk management responsibilities back to management. This ensures a temporary arrangement with a defined end goal.
* Documentation in Internal Audit Charter: The nature of services provided, including risk management consulting, must be documented in the internal audit charter. This formalizes the internal audit activity's role and ensures transparency and alignment with organizational governance.
IIA Standards:
* Standard 1130 - Impairment to Independence or Objectivity: When internal auditors perform risk management roles, it must not impair their objectivity. Clear documentation and a transition strategy mitigate potential conflicts of interest.
* Standard 2050 - Coordination and Reliance: Internal auditors must coordinate with other assurance providers, ensuring roles are clear and documented.
Inappropriate Conditions:
* Final Approval on Risk Management Decisions: The internal audit activity should not have final approval on risk management decisions, as this impairs independence and objectivity.
* Objective Assurance on Own Work: Providing objective assurance on parts of the risk management framework for which the internal audit activity is responsible creates a conflict of interest.
References:
* The conditions under which internal audit can provide risk management consulting must include a clear strategy for migrating responsibilities back to management and documentation in the internal audit
* charter to ensure transparency and avoid conflicts of interest.
NEW QUESTION # 44
An engagement supervisor obtains facilities maintenance reports from a contractor during an audit of third-party services. Which of the following is the source of authority for the engagement supervisor to make such contact outside the organization?
Answer: D
Explanation:
Authority Source: The internal audit charter is a formal document that defines the internal audit activity's purpose, authority, and responsibility. It grants internal auditors the right to access all records, personnel, and physical properties relevant to the performance of engagements.
Facilities Maintenance Reports: When an engagement supervisor contacts a third-party contractor for maintenance reports, the authority is derived from the internal audit charter, which ensures auditors have the necessary access to perform their duties.
Importance of the Charter: This ensures the independence and objectivity of the internal audit activity, providing a clear mandate for auditors to obtain information from external parties as needed.
NEW QUESTION # 45
A bicycle manufacturer incurs a combination of fixed and variable costs with the production of each bicycle. Which of the following statements is true regarding these costs?
Answer: A
NEW QUESTION # 46
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