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| Section | Objectives |
|---|---|
| Information Security and Business Continuity | - Data protection and privacy considerations - Information security management principles - Business continuity and disaster recovery |
| Business Acumen and Global Business Environment | - Global business environment and market influences - Organizational structure and business processes - Business strategies and objectives alignment |
| Financial Management | - Managerial accounting concepts - Budgeting and cost control - Financial statements and reporting basics |
| Information Technology and Business Systems | - IT controls and cybersecurity fundamentals - System development lifecycle concepts - Information systems and data governance |
| Risk Management and Regulatory Environment | - Enterprise risk management (ERM) principles - Internal controls and governance concepts - Compliance and regulatory frameworks |
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NEW QUESTION # 25
The chief audit executive (CAE) and management of the area under review disagree over managing a significant risk item. According to IIA guidance, which of the following actions should the CAE take first?
Answer: B
Explanation:
When disagreements occur regarding risk management or audit findings, the CAE should first escalate the matter within management levels to attempt resolution. Only if the disagreement remains unresolved after discussion with senior management should the CAE report the matter to the board or audit committee.
Options B and C are premature: the charter does not grant internal audit supremacy over management's decisions, and documenting disagreement in the audit report should occur only after reasonable attempts at resolution. Option A (escalating immediately to the board) should occur only if discussion with management does not resolve the issue.
Reference:
IIA Standards - Standard 2600: Communicating the Acceptance of Risks.
NEW QUESTION # 26
A new chief audit executive (CAE) reviews long overdue audit recommendations, which have been repeatedly reported to senior management but have not been implemented, and is unsure which issues should be escalated to the board. Which of the following would serve as the best guide in this scenario?
Answer: C
Explanation:
The CAE should use the organization's risk acceptance policy to determine when unimplemented audit recommendations represent risks that exceed acceptable tolerance. This ensures consistency with governance frameworks and prevents reliance solely on personal judgment.
Option A lacks formal criteria and would not ensure consistency. The code of conduct (Option B) addresses ethical behavior, not risk acceptance. The audit charter (Option D) defines internal audit's authority and responsibility but does not guide which issues must be escalated.
Reference:
IIA Standards - Standard 2600: Communicating the Acceptance of Risks.
NEW QUESTION # 27
Which of the following statements is true regarding an organization's inventory valuation1?
Answer: A
Explanation:
organization
NEW QUESTION # 28
In a theory of constraints (TOC) analysis, the bottleneck operation (the constraint) corresponds to which part of the drum-buffer-rope model?
Answer: C
Explanation:
Production flow through a constraint is managed using the drum-buffer-rope (DBR) system. The drum (i.e., the beat to which a production process marches) is the bottleneck operation. The constraint sets the pace for the entire process. The buffer is a minimal amount of work-in-process input to the drum that is maintained to ensure that it is always in operation. The rope is the sequence of activities preceding and including the bottleneck operation that must be coordinated to avoid inventory buildup.
NEW QUESTION # 29
Which of the following is the starting point for a chief audit executive to prioritize engagements to be included in the internal audit plan?
Answer: B
Explanation:
The CAE must prioritize engagements based on risk assessment. A risk matrix (considering likelihood and impact of risks) provides the starting point to evaluate which areas of the audit universe present the highest exposure and should be included in the plan.
Option A (maturity model) helps evaluate risk management capability but is not the starting point. Option C (assurance map) supports coordination but follows the risk assessment. Option D (control framework) provides criteria but not prioritization.
Reference:
IIA Standards - Standard 2010: Planning.
NEW QUESTION # 30
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