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| Section | Objectives |
|---|---|
| Topic 1: Engagement Planning | - Audit program design - Engagement objectives and scope definition - Risk assessment for audit engagements |
| Topic 2: Engagement Execution | - Audit evidence collection and evaluation - Sampling methods and data analysis - Control testing and documentation |
| Topic 3: Communicating Results and Monitoring | - Audit report preparation and communication - Issue tracking and follow-up procedures |
| Topic 4: Managing the Internal Audit Function | - Quality assurance and improvement program (QAIP) - Internal audit role in governance, risk, and control - Audit plan development and resource management |
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NEW QUESTION # 773
As part of internal audit's assistance with an annual external audit, the internal auditors are required to do a preliminary analytical review of an bank account balances. This involves verifying the current year end balances as web as comparing the current year end balances with previous year end balances to highlight significant changes. Which of the following is the most reliable source for verification of the current year end bank balances?
Answer: C
Explanation:
Bank confirmations are the most reliable source for verifying the current year-end bank balances. These confirmations are direct responses from the bank to the auditor, providing independent verification of the account balances as of the end of the year. This external confirmation is considered more reliable than internal documents like bank statements, reconciliations, or general ledger balances because it comes directly from a third-party source, ensuring its accuracy and completeness.
:
The Institute of Internal Auditors (IIA) - Practice Guide: External Confirmations Auditing Standards (e.g., ISA 505 - External Confirmations)
NEW QUESTION # 774
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: B
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.
The Institute of Internal Auditors (IIA) Practice Guide: Assessing the Adequacy of Risk Management Using ISO 31000 IIA Standard 2310 - Identifying Information
NEW QUESTION # 775
Which of the following procedures would be most helpful in providing additional evidence when an auditor suspects that an unidentified employee is submitting and approving invoices for payment?
Answer: A
NEW QUESTION # 776
Which of the following statements is true regarding internal auditors and other assurance providers?
Answer: D
Explanation:
Internal auditors can rely on the work of other assurance providers, including internal compliance teams, to expand their audit coverage efficiently. This practice is based on the principle of leveraging existing assurance functions within the organization to avoid duplication of efforts and to use resources more effectively. By relying on the work performed by compliance teams, internal auditors can ensure comprehensive coverage without necessarily increasing the direct audit hours. However, it is crucial that the internal auditors evaluate the competence and objectivity of the compliance teams and ensure that their work meets the required standards before relying on it.
References:
* The Institute of Internal Auditors (IIA) Standard 2050: Coordination and Reliance
* IIA Practice Advisory 2050-2: Relying on the Work of Other Assurance Providers
NEW QUESTION # 777
Which of the following is the next step in understanding a business process once an internal auditor has identified the process?
Answer: A
Explanation:
Once an internal auditor has identified a business process, the next step is to understand the specific activities involved in that process. This includes mapping out each step or action taken within the process to gain a detailed understanding of how it operates. Identifying process activities helps in evaluating the efficiency, effectiveness, and potential risks associated with the process
NEW QUESTION # 778
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