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NEW QUESTION # 355
What is the primary reason that audit supervision includes approval of the engagement report?
Answer: D
Explanation:
The primary reason for audit supervision to include the approval of the engagement report is to ensure that the findings and conclusions presented in the report are substantiated by adequate and appropriate evidence. This is critical for maintaining the credibility and reliability of the audit function.
Detailed Explanation:
IIA Standard 2340 - Engagement Supervision:
This standard requires that engagements be properly supervised to ensure that objectives are achieved, audit work is performed according to appropriate standards, and that the results are supported by sufficient, reliable, and relevant evidence.
Substantiation of Findings:
Approval of the engagement report by the supervisor ensures that the findings and conclusions are not only accurate but also supported by documented evidence. This substantiation is essential for the report to be credible and for the audit to fulfill its purpose.
IIA Practice Advisory 2340-1:
The advisory emphasizes the role of supervisors in reviewing and approving the engagement report to ensure that all findings are well-founded and appropriately supported by the audit evidence.
Why Not Other Options?
Option A (Ensure objectives are met): While meeting objectives is important, the primary focus of report approval is to ensure that the findings are substantiated.
Option B (Ensure senior management support): Support from management is necessary, but it should be based on a report that is well-supported by evidence.
Option C (Ensure style and grammar): Style and grammar are secondary considerations; the primary focus should be on the accuracy and substantiation of findings.
Conclusion: Option D is correct because the primary reason for the supervisor's approval of the engagement report is to ensure that the findings are substantiated by evidence, ensuring the credibility and reliability of the audit report, in line with IIA standards.
NEW QUESTION # 356
An organization's board would like to establish a formal risk management function and has asked the chief audit executive (CAE) to be involved in the process. According to IIA guidance, which of the following roles should the CAE not undertake?
Answer: B
Explanation:
According to IIA guidance, the chief audit executive (CAE) should maintain independence and objectivity in their role. While the CAE can manage and coordinate risk management processes, audit those processes, and be involved in risk oversight committees, they should not accept management's responsibility for risk management without the board's approval. This ensures that there is no conflict of interest and maintains the CAE's independence. Reference:
IIA Standards - 1110: Organizational Independence
IIA Practice Advisory - 2060-1: Reporting to Senior Management and the Board
NEW QUESTION # 357
Which of the following should an internal auditor document to support an assurance engagement's conclusions?
Answer: B
Explanation:
Per Standard 2330 - Documenting Information, workpapers must provide sufficient, relevant, and reliable information to support audit conclusions. The best practice is to prepare workpapers cross-referenced to audit observations, which directly demonstrate how conclusions were reached. Option A is too broad, B is irrelevant, and D is not part of evidence.
NEW QUESTION # 358
The audit manager asked the internal auditor to perform additional testing because several irregularities were found in the financial information. Which of the following would be the most appropriate analytical review for the auditor to perform?
Answer: D
Explanation:
When several irregularities are found in the financial information, it is critical to perform an analytical review that provides a broader perspective on the firm's financial health. Comparing the firm's financial performance with organizations in the same industry helps identify anomalies and trends that may indicate irregularities.
This benchmarking approach can highlight unusual deviations from industry norms, which may signal errors or potential fraud. References:
* "Internal Auditing: Assurance & Advisory Services" (The Institute of Internal Auditors)
* "Auditing and Assurance Services" (Messier, Glover, Prawitt)
NEW QUESTION # 359
Persuasive evidence indicates that a member of senior management has been involved in insider trading that would be considered fraudulent. However, the evidence was encountered during an operational audit and is not considered relevant to the audit. Which of the following is the most appropriate action for the chief audit executive to take?
Answer: A
NEW QUESTION # 360
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