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| Section | Objectives |
|---|---|
| Engagement Planning | - Engagement objectives and scope definition - Risk assessment for audit engagements - Audit program design |
| Communicating Results and Monitoring | - Audit report preparation and communication - Issue tracking and follow-up procedures |
| Engagement Execution | - Audit evidence collection and evaluation - Control testing and documentation - Sampling methods and data analysis |
| Managing the Internal Audit Function | - Audit plan development and resource management - Internal audit role in governance, risk, and control - Quality assurance and improvement program (QAIP) |
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NEW QUESTION # 792
An internal auditor is planning an engagement at a financial institution. Toe engagement objective is to identify whether loans were granted in accordance with the organization's policies. When of the following approaches would provide the auditor with the best information?
Answer: A
Explanation:
To determine if loans were granted in accordance with the organization's policies, the most effective approach is to validate a sample of loans against the applicable underwriting guidelines. This method allows the auditor to directly assess compliance with the specific criteria set out in the organization's loan granting policies, providing clear evidence on whether the loans meet the required standards.
References:
* The Institute of Internal Auditors (IIA) Practice Guide: Auditing Credit Risk Management
* IIA Standard 2210 - Engagement Objectives
NEW QUESTION # 793
Which of the following is an appropriate role for the internal audit activity with regard to the organization's risk management program?
Answer: C
Explanation:
According to IIA guidance, an appropriate role for the internal audit activity with regard to the organization's risk management program is to attain an adequate understanding of the organization's key risk mitigation strategies. This enables internal auditors to evaluate the effectiveness of risk management processes and provide assurance on the adequacy of risk controls. Identifying and managing risks, ensuring risk management processes exist, and ensuring controls exist to mitigate risks are responsibilities of management, not internal audit.
:
IIA Standards: 2120 - Risk Management
IIA Practice Guide: Internal Audit's Role in Risk Management
NEW QUESTION # 794
A chief audit executive (CAE) following up on action plans from previously completed audits identifies that management has determined that certain action plans are no longer necessary If the CAE disagrees with management's decision, which of the following is the most appropriate next step for the CAE to take?
Answer: C
NEW QUESTION # 795
According to IIA guidance which of the following best describes reliable information?
Answer: D
Explanation:
According to IIA guidance, reliable information must be factual, adequate, and convincing to ensure that a prudent and informed person would reach the same conclusions as the internal auditor. This means that the information should be supported by sufficient and appropriate evidence that can be independently verified and substantiated. Reliability of information is crucial for the credibility of audit findings and for making informed decisions based on those findings.
References:
* The Institute of Internal Auditors (IIA) Standard 2310 - Identifying Information: "Internal auditors must identify sufficient, reliable, relevant, and useful information to achieve the engagement's objectives."
* IIA Practice Guide on "Audit Evidence"
NEW QUESTION # 796
An internal auditor is planning an audit engagement of a subsidiary organization. The auditor learns that a corporate investigator from the holding organization is investigating the subsidiary regarding a fraud case.
Which of the following is true regarding the scope of the internal auditor's engagement?
Answer: D
Explanation:
Comprehensive and Detailed Explanation:
According to IIA Standard 2010 - Planning, the internal auditor must establish engagement objectives considering relevant risks to the activity under review. Even when an external investigator (corporate investigation team, regulator, or law enforcement) is addressing specific fraud incidents, the internal audit function still has a responsibility to evaluate fraud risks, related controls, and systemic weaknesses. Excluding fraud areas entirely (A) is inappropriate, as it ignores critical risks. Supporting investigators in an advisory- only role (B) may compromise independence, and option C only applies if the audit team lacks fraud expertise, in which case they may still assess control design without conducting the fraud investigation itself.
The best approach is Option D: the auditor should consider fraud risk and control weaknesses highlighted by the investigation and incorporate them into the audit scope. This ensures the audit adds value by focusing on systemic gaps that allowed the fraud to occur in the first place.
NEW QUESTION # 797
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