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| Section | Weight | Objectives |
|---|---|---|
| Managing the Internal Audit Activity | 20% | - Coordination with external auditors and other internal assurance providers - Internal audit operations: planning, organizing, directing, and monitoring - Knowledge management and information sharing across the internal audit activity - Managing financial, human, and IT resources within the internal audit function - Risk-based audit planning and alignment with organizational strategy - Strategic role of internal audit within governance, risk management, and control |
| Performing the Engagement | 40% | - 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) - Assessing IT governance, security, and control frameworks - Information gathering: interviews, observation, document review, and data analysis - Assessing compliance with laws, regulations, and organizational policies - Evaluation of fraud risk and fraud-related indicators during engagements - Root cause analysis and evaluation of evidence - Applying analytical approaches and process mapping techniques - Assessing the adequacy and effectiveness of risk management and controls |
| Communicating Engagement Results and Monitoring Progress | 20% | - Communication of engagement results: objectives, scope, conclusions, recommendations, action plans - Monitoring and follow-up on the resolution of engagement findings - Attributes of effective engagement communication: accurate, objective, clear, concise, constructive, complete, timely - Management response and action plan tracking - Reporting on the adequacy of management's corrective actions - Developing recommendations vs. requesting management action plans vs. collaborative approaches - Disseminating final results to appropriate stakeholders |
| Planning the Engagement | 20% | - Coordination with stakeholders during engagement planning - Risk and control identification and assessment for the engagement - Detailed engagement work program development - Understanding business processes, IT systems, and relevant regulations - Engagement planning procedures including data analytics and sampling - Engagement objectives, scope, and resource allocation |
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NEW QUESTION # 347
Which of the following statement is consistent with IIA guidance the use of mentoring for internal auditors?
Answer: C
Explanation:
According to IIA guidance, mentoring relationships can significantly enhance professional development for internal auditors. Informal meetings between the mentor and the mentee allow for more open and flexible interactions, fostering a supportive environment for learning and development. While formal documentation can be useful, the primary value of mentoring often comes from the informal, ongoing dialogue and relationship that supports continuous learning and professional growth.
Reference:
The Institute of Internal Auditors (IIA) - Practice Guide: Talent Management
NEW QUESTION # 348
Which of the following computerized audit tools or techniques should be used if the internal auditor wants to extract specific files and records in the database?
Answer: A
NEW QUESTION # 349
An internal audit team was conducting an assurance engagement to review segregation of duties in the purchasing function. The internal auditors reviewed a sample of purchase orders from the past two year and discovered that 2 percent were signed by employees who were operating in a designated acting capacity due to employee absence. According to IIA guidance, which of the following attributes of information would most likely assist the auditor in deciding whether to report this finding?
Answer: B
Explanation:
When deciding whether to report a finding, the sufficiency of the information is critical. Sufficiency refers to the quantity of information obtained to support audit conclusions and recommendations. In this case, the internal auditors need to ensure that the sample size and the evidence collected are adequate to demonstrate that the issue of employees signing purchase orders in a designated acting capacity due to employee absence is significant enough to report. Ensuring sufficiency helps validate that the finding is well-supported and justifies its inclusion in the audit report.
Reference:
The Institute of Internal Auditors (IIA) - Standards for the Professional Practice of Internal Auditing, Standard 2310 - Identifying Information
NEW QUESTION # 350
According to IIA guidance, which of the following are potential benefits of using an assurance map?
Answer: D
Explanation:
Section: Volume D
NEW QUESTION # 351
During the audit of a large decentralized supply chain function, the chief audit executive (CAE) receives serious allegations of fraud concerning the vice president responsible for this function. The CAE engages a third party to provide forensic audit services and lead the investigation portion of the engagement. As part of this team, which of the following would be an appropriate role for the investigator?
Authenticate the original approval signatures on contracts.
Interview personnel to understand the supply chain processes.
Provide certified copies of relevant original documents for the audit file.
Identify variances in pixels on original electronic documents.
Answer: B
NEW QUESTION # 352
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