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| Section | Weight | Objectives |
|---|---|---|
| Topic 1: Communicating Engagement Results and Monitoring Progress | 20% | - Management response and action plan tracking - Disseminating final results to appropriate stakeholders - Monitoring and follow-up on the resolution of engagement findings - Reporting on the adequacy of management's corrective actions - Communication of engagement results: objectives, scope, conclusions, recommendations, action plans - Attributes of effective engagement communication: accurate, objective, clear, concise, constructive, complete, timely - Developing recommendations vs. requesting management action plans vs. collaborative approaches |
| Topic 2: Performing the Engagement | 40% | - Use of technology tools to support engagement execution (e.g., CAATs, data analytics) - Information gathering: interviews, observation, document review, and data analysis - Assessing IT governance, security, and control frameworks - Applying analytical approaches and process mapping techniques - Assessing the adequacy and effectiveness of risk management and controls - Development of engagement findings: criteria, condition, cause, and effect - Evaluation of fraud risk and fraud-related indicators during engagements - Root cause analysis and evaluation of evidence - Drawing conclusions and formulating recommendations - Assessing compliance with laws, regulations, and organizational policies |
| Topic 3: Managing the Internal Audit Activity | 20% | - Knowledge management and information sharing across the internal audit activity - Managing financial, human, and IT resources within the internal audit function - Coordination with external auditors and other internal assurance providers - Risk-based audit planning and alignment with organizational strategy - Internal audit operations: planning, organizing, directing, and monitoring - Strategic role of internal audit within governance, risk management, and control |
| Topic 4: Planning the Engagement | 20% | - Coordination with stakeholders during engagement planning - Understanding business processes, IT systems, and relevant regulations - Engagement planning procedures including data analytics and sampling - Detailed engagement work program development - Risk and control identification and assessment for the engagement - Engagement objectives, scope, and resource allocation |
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NEW QUESTION # 13
According to IIA guidance, which of the following is true when the internal audit activity is asked to investigate potential ethics violations in a foreign subsidiary?
Answer: B
Explanation:
According to IIA guidance, when the internal audit activity investigates potential ethics violations in a foreign subsidiary, communication of any internal ethics violations to external parties may occur, but only with appropriate safeguards. This ensures that sensitive information is protected and that the organization complies with both local and international legal requirements. Cross-cultural differences and local laws must be considered, but the primary focus is on maintaining appropriate safeguards during communication. Reference: IIA Practice Guide - Auditing Ethics Programs, IIA Standard 2440 - Disseminating Results
NEW QUESTION # 14
Which of the following internal audit procedures commonly involves sampling?
Answer: B
Explanation:
Sampling is commonly involved in reperformance and inspection procedures. Reperformance involves the internal auditor independently executing procedures or controls to verify the results obtained by the entity. Inspection involves examining records, documents, or tangible assets. Both of these audit procedures frequently use sampling techniques to select items for testing, which helps ensure that the auditor's conclusions are based on representative data without the need to examine every item in the population.
Reference:
The Institute of Internal Auditors (IIA) Practice Guide on "Audit Sampling" Generally Accepted Auditing Standards (GAAS) related to audit evidence and sampling
NEW QUESTION # 15
Which of the followings statements describes a best practice regarding assurance engagement communication activities?
Answer: A
Explanation:
Best practices for assurance engagement communication activities include defining the methods and timing of engagement communications during the "communicate" phase. This ensures that all stakeholders are aware of how and when they will receive information about the engagement, facilitating clear and effective communication. While it is important to communicate significant observations to relevant parties, including the audit committee if necessary, and to escalate issues as appropriate, the method and timing of these communications are crucial for maintaining clarity and coordination throughout the engagement. Reference:
The IIA's International Standards for the Professional Practice of Internal Auditing (Standards), specifically Standard 2420 - Quality of Communications.
The IIA's Practice Guide on Communicating Assurance Engagement Results.
NEW QUESTION # 16
In which of following scenarios is the internal auditor performing benchmarking?
Answer: D
NEW QUESTION # 17
A post-audit questionnaire sent to audit clients is an effective mechanism for:
Answer: B
NEW QUESTION # 18
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