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| Section | Objectives |
|---|---|
| Topic 1: Communicating Results and Monitoring | - Audit report preparation and communication - Issue tracking and follow-up procedures |
| Topic 2: Engagement Execution | - Sampling methods and data analysis - Control testing and documentation - Audit evidence collection and evaluation |
| Topic 3: Engagement Planning | - Risk assessment for audit engagements - Engagement objectives and scope definition - Audit program design |
| Topic 4: Managing the Internal Audit Function | - Audit plan development and resource management - Quality assurance and improvement program (QAIP) - Internal audit role in governance, risk, and control |
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NEW QUESTION # 596
An employee in the sales department completes a purchase requisition and forwards it to the purchaser. The purchaser places competitive bids and orders the requested items using approved purchase orders. When the employee receives the ordered items, she forwards the packing slips to the accounts payable department. The invoice for the ordered items is sent directly to the sales department, and an administrative assistant in the sales department forwards the invoices to the accounts payable department for payment. Which of the following audit steps best addresses the risk of fraud in the cash receipts process?
Answer: D
Explanation:
To address the risk of fraud in the cash receipts process, it is essential to ensure that the accounts payable department reconciles all purchasing documents (purchase requisitions, purchase orders, packing slips, and invoices) before making payments. This step helps to detect discrepancies and prevent fraudulent activities, ensuring that payments are made only for legitimate and verified transactions. References:
* IIA Standards - 1220: Due Professional Care
* IIA Practice Guide - Auditing Accounts Payable: Reducing the Risk of Fraud
NEW QUESTION # 597
The chief audit executive of a medium-sized financial institution is evaluating the staffing model of the internal audit activity (IAA). According to IIA guidance, which of the following are the most appropriate strategies to maximize the value of the current IAA resources?
* The annual audit plan should include audits that are consistent with the skills of the IAA.
* Audits of high-risk areas of the organization should be conducted by internal audit staff.
* External resources may be hired to provide subject-matter expertise but should be supervised.
* Auditors should develop their skills by being assigned to complex audits for learning opportunities.
Answer: C
NEW QUESTION # 598
For an action plan to be effective, it should be designed primarily to address which of the following elements of an observation?
Answer: C
Explanation:
For an action plan to be effective, it must address the root cause of an observation. The root cause is the underlying reason why a problem or issue has occurred. By targeting the root cause, the action plan can help prevent the recurrence of the issue and ensure long-term resolution. Addressing only the condition or the symptoms of the problem may lead to temporary fixes, whereas understanding and resolving the root cause leads to more sustainable improvements.References:
* Institute of Internal Auditors (IIA), Practice Guide - Root Cause Analysis.
NEW QUESTION # 599
While developing a risk based audit plan, which of the following sources of information would provide the least value to the chief audit executive?
Answer: B
Explanation:
Section: Volume D
NEW QUESTION # 600
According to IIA guidance, which of the following typically serves as the basis for an engagement work program?
Answer: D
Explanation:
The engagement work program is primarily based on the scope and audit objectives of the engagement. The work program outlines the specific procedures to be followed during the audit to achieve the defined objectives within the scope of the engagement. It serves as a detailed plan that guides the audit team in their work, ensuring that all necessary areas are covered.
IIA References:
* IIA Standard 2240: Engagement Work Program states that internal auditors must develop and document work programs that achieve the engagement objectives. These work programs are directly tied to the scope and objectives of the audit, which determine the nature and extent of audit procedures.
* The Practice Guide on Engagement Planning explains that the work program should be designed to address the key risks and objectives identified during the planning phase, ensuring that the audit is comprehensive and focused on the most critical areas.
NEW QUESTION # 601
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