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| Section | Weight | Objectives |
|---|---|---|
| Communicating Engagement Results and Monitoring Progress | 20% | - Monitoring and follow-up on the resolution of engagement findings - Developing recommendations vs. requesting management action plans vs. collaborative approaches - Reporting on the adequacy of management's corrective actions - Management response and action plan tracking - Attributes of effective engagement communication: accurate, objective, clear, concise, constructive, complete, timely - Communication of engagement results: objectives, scope, conclusions, recommendations, action plans - Disseminating final results to appropriate stakeholders |
| Performing the Engagement | 40% | - Assessing compliance with laws, regulations, and organizational policies - Root cause analysis and evaluation of evidence - Drawing conclusions and formulating recommendations - Development of engagement findings: criteria, condition, cause, and effect - Use of technology tools to support engagement execution (e.g., CAATs, data analytics) - Applying analytical approaches and process mapping techniques - Evaluation of fraud risk and fraud-related indicators during engagements - Assessing IT governance, security, and control frameworks - Assessing the adequacy and effectiveness of risk management and controls - Information gathering: interviews, observation, document review, and data analysis |
| Planning the Engagement | 20% | - Engagement objectives, scope, and resource allocation - Risk and control identification and assessment for the engagement - Coordination with stakeholders during engagement planning - Engagement planning procedures including data analytics and sampling - Detailed engagement work program development - Understanding business processes, IT systems, and relevant regulations |
| Managing the Internal Audit Activity | 20% | - Coordination with external auditors and other internal assurance providers - Internal audit operations: planning, organizing, directing, and monitoring - Managing financial, human, and IT resources within the internal audit function - Knowledge management and information sharing across the internal audit activity - Risk-based audit planning and alignment with organizational strategy - Strategic role of internal audit within governance, risk management, and control |
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NEW QUESTION # 341
Which of the following is most likely the subject of a periodic report from the chief audit executive to the board?
Answer: A
Explanation:
* Introduction:
* The chief audit executive (CAE) has a crucial role in reporting to the board on various aspects of the internal audit activity (IAA).
* Importance of Reporting:
* Periodic reports from the CAE to the board are essential for ensuring transparency and providing oversight on the IAA's performance and alignment with organizational objectives.
* Options Analysis:
* Option A: A complete, accurate, and comprehensive account of engagement observations and recommendations is generally part of the audit reports but not typically the subject of periodic reports from the CAE to the board.
* Option B: Oversight of the coordination between the internal audit activity and independent outside auditors is important but does not comprehensively cover the CAE's reporting responsibilities.
* Option C: The internal audit activity's purpose, authority, responsibility, and performance relative to plan encompass the core aspects of the IAA's alignment with organizational goals, effectiveness, and efficiency, making it the most comprehensive subject of periodic reports.
* Option D: Management's assertions regarding the system of internal controls are often part of audit findings but not the primary subject of CAE reports to the board.
* Conclusion:
* The CAE's periodic reports to the board should cover the IAA's purpose, authority, responsibility, and performance relative to the plan, ensuring that the board is well-informed about the internal audit's alignment with the organization's objectives and its overall performance.
Institute of Internal Auditors (IIA) Standard 2060: Reporting to Senior Management and the Board.
NEW QUESTION # 342
An internal auditor is conducting a preliminary survey of the investments area, and sends an internal control questionnaire to the management of the function. (An extract of the survey is provided below).
1. Are there any restrictions for any company's investments?
2. Are there any written policies and procedures that document the flow of investment processing?
3. Are investment purchases recorded in the general ledger on the date traded?
4. Is the documentation easily accessible to an persons who need in to perform their job?
Which of the following is a drawback of testing methods like this?
Answer: A
Explanation:
One of the primary drawbacks of using internal control questionnaires is the risk that management may not provide honest or accurate answers. This can occur due to a variety of reasons, including a lack of knowledge, intentional deception, or a misunderstanding of the questions. As a result, the responses may not accurately reflect the true state of the controls, leading to incomplete or misleading audit conclusions.
References:
* The Institute of Internal Auditors (IIA) Practice Guide: Assessing the Adequacy of Risk Management Using ISO 31000
* IIA Standard 2310 - Identifying Information
NEW QUESTION # 343
According to IIA guidance, which of the following is the least appropriate role for the internal audit activity in the organization's risk management program?
Answer: C
Explanation:
Section: Volume D
NEW QUESTION # 344
An auditor decides to perform an inventory turnover analysis for both raw materials inventory and finished goods inventory. The analysis would be potentially useful in:
I. Identifying products for which management has not been attuned to changes in market demand.
II. Identifying potential problems in purchasing activities.
III. Identifying obsolete inventory.
Answer: D
Explanation:
Section: Volume A
NEW QUESTION # 345
The external auditor has identified a number of production process control deficiencies involving several departments. As a result, senior management has asked the internal audit activity to complete internal control training for all related staff. According to IIA guidance, which of the following would be the most appropriate course of action for the chief audit executive to follow?
Answer: C
Explanation:
According to the IIA's guidance, internal audit can accept consulting engagements, including providing training, as long as it does not impair their independence and objectivity. In this scenario, the most appropriate action for the chief audit executive (CAE) is to accept the engagement and hire an external specialist to deliver the training. This ensures that the internal audit activity does not compromise its independence by training on areas where they might later need to provide objective assurance. By using an external expert, the CAE ensures the training is conducted by someone with the requisite expertise and without any conflict of interest.
The Institute of Internal Auditors (IIA), International Standards for the Professional Practice of Internal Auditing (Standards), Standard 1130: Impairment to Independence or Objectivity.
IIA Practice Guide, "Independence and Objectivity."
NEW QUESTION # 346
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