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| Section | Weight | Objectives |
|---|---|---|
| Topic 1: Engagement Supervision and Communication | 10% | - Formulate recommendations and action plans - Develop and communicate engagement observations and conclusions - Coordinate with stakeholders and resolve issues - Monitor and follow up on engagement outcomes - Supervise engagement activities and review workpapers |
| Topic 2: Engagement Planning | 50% | - Develop engagement work program - 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 |
| Topic 3: Information Gathering, Analysis and Evaluation | 40% | - Apply analytical procedures and data analysis techniques - Assess compliance with policies, standards, and requirements - Gather and verify relevant information and evidence - Evaluate controls, risks, and process effectiveness - Use technology and audit tools effectively |
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NEW QUESTION # 579
An internal audit team was conducting an assurance engagement to review segregation of duties in the purchasing function. The internal auditors reviewed a sample of purchase orders from the past two year and discovered that 2 percent were signed by employees who were operating in a designated acting capacity due to employee absence. According to IIA guidance, which of the following attributes of information would most likely assist the auditor in deciding whether to report this finding?
Answer: D
NEW QUESTION # 580
When auditing an organization's purchasing function, which of the following appropriately matches an engagement objective and the resulting audit procedure?
Answer: A
Explanation:
* A. Determine whether the purchasing department complies with policy by examining a random selection of purchase orders:Correct. Reviewing a random sample of purchase orders is a standard procedure for evaluating compliance with purchasing policies, such as approval requirements, vendor selection, and adherence to budget constraints.
* B. Evaluate whether purchasing requests are properly approved by authorized staff by obtaining independent verification from the vendors:Vendor verification is not typically used to evaluate internal approvals as this information is available within the organization's records.
* C. Ascertain whether material receipts are recorded on a timely basis by reviewing physical inventory stock counts:Physical inventory reviews focus on inventory management and reconciliation, not specifically on the timeliness of receipts.
* D. Determine whether prices charged for goods received are correct by reviewing the appropriate accounts payable record by vendor:While reviewing accounts payable records helps verify the accuracy of pricing, it does not directly evaluate the purchasing department's adherence to procedures.
CIA Exam Syllabus Reference:
Domain V: Performing Internal Audit Services - Audit Engagement Objectives and Procedures.
NEW QUESTION # 581
During an audit of executive travel, an auditor noted that the president's travel expense reimbursements were approved by an executive secretary who reported to the president. The organization's reimbursement policy requires all travel expense reimbursements to be approved by the traveler's supervisor, but it does not address the president's reimbursements. Which of the following represents the auditor's best recommendation in this situation?
Answer: B
NEW QUESTION # 582
In a health care organization the internal audit activity provides overall assurance on governance, risk and control The chief audit executive advises and influences senior management, and the audit strategy leverages the organization's management of risk According to HA guidance which of the following stages of internal audit maturity best describes this organization?
Answer: D
Explanation:
According to IIA guidance, an internal audit activity that provides overall assurance on governance, risk, and control, advises and influences senior management, and leverages the organization's management of risk is best described as being in the "Managed" stage of internal audit maturity. This stage indicates a well-established internal audit function that is integrated into the organization's governance framework and plays a proactive role in risk management and strategic decision-making. References:
* The IIA's Maturity Model for the Internal Audit Activity.
* The IIA's Practice Guide on Internal Audit's Role in Governance, Risk, and Control.
NEW QUESTION # 583
As part of an operational audit of the shipping department, an auditor selected a sample of 45 daily shipping logs from the department's files. On 44 of the days, the log contained a sufficient number of shipments to meet the department's daily quota. Based on this test, the auditor concluded that the shipping department was effective at meeting its quotas. Which of the following is true about the auditor's conclusion?
Answer: D
NEW QUESTION # 584
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