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| Section | Weight | Objectives |
|---|---|---|
| Topic 1: Engagement Supervision and Communication | 10% | - Formulate recommendations and action plans - Coordinate with stakeholders and resolve issues - Supervise engagement activities and review workpapers - Monitor and follow up on engagement outcomes - Develop and communicate engagement observations and conclusions |
| Topic 2: Information Gathering, Analysis and Evaluation | 40% | - Apply analytical procedures and data analysis techniques - Use technology and audit tools effectively - Assess compliance with policies, standards, and requirements - Gather and verify relevant information and evidence - Evaluate controls, risks, and process effectiveness |
| Topic 3: Engagement Planning | 50% | - Identify and assess risks relevant to the engagement - Establish engagement criteria and resource requirements - Determine engagement objectives and scope - Consider fraud risks and applicable laws/regulations - Develop engagement work program |
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NEW QUESTION # 771
After completing an assurance engagement, the chief audit executive (CAE) concludes that management has accepted a level of risk that may be unacceptable to the organization. What is the most appropriate first step for the CAE to take?
Answer: A
Explanation:
The IIA Standards require the CAE to communicate risk acceptance that may be unacceptable to senior management and the board. The first step is to discuss the issue with senior management to understand their perspective and potentially resolve the concern. If senior management does not take appropriate action, the CAE must then inform the board to ensure they are aware of the risk and can take necessary action.
:
The Institute of Internal Auditors (IIA), International Standards for the Professional Practice of Internal Auditing (Standards)
"Internal Auditing: Assurance and Advisory Services" by Urton L. Anderson et al.
NEW QUESTION # 772
An internal auditor is assessing the organization ' s risk management framework. Which of the following formulas should he use to calculate the residual risk?
A)
B)
C)
D)
Answer: B
Explanation:
The appropriate formula to calculate residual risk is (Probability of events) × (Impacts). Residual risk is the risk that remains after controls are implemented to mitigate the inherent risk. It reflects the remaining exposure after considering the effectiveness of existing controls. This formula takes into account the likelihood of an event occurring and the potential impact if it does occur. References: IIA Practice Guide - Assessing the Adequacy of Risk Management Processes, COSO Framework
NEW QUESTION # 773
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.
Reference:
IIA Standards: 2120 - Risk Management
IIA Practice Guide: Internal Audit's Role in Risk Management
NEW QUESTION # 774
Which of the following best describes the most important criteria when assigning responsibility for specific tasks required in an audit engagement?
Answer: C
NEW QUESTION # 775
A staff auditor, nearly finished with an audit engagement, discovers that the director of marketing has a gambling habit. The gambling issue is not directly related to the existing engagement and there is pressure to complete the current engagement. The auditor notes the problem and forwards the information to the chief audit executive but performs no further follow-up. The auditor's actions would:
I. Be in violation of the IIA Code of Ethics for withholding meaningful information.
II. Be in violation of the Standards because the auditor did not properly follow up on a red flag that might indicate the existence of fraud.
III. Not be in violation of either the IIA Code of Ethics or Standards.
Answer: B
NEW QUESTION # 776
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