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| Section | Weight | Objectives |
|---|---|---|
| Communicating Engagement Results and Monitoring Progress | 20% | - Monitoring and follow-up on the resolution of engagement findings - Attributes of effective engagement communication: accurate, objective, clear, concise, constructive, complete, timely - Disseminating final results to appropriate stakeholders - Developing recommendations vs. requesting management action plans vs. collaborative approaches - Reporting on the adequacy of management's corrective actions - Management response and action plan tracking - Communication of engagement results: objectives, scope, conclusions, recommendations, action plans |
| Performing the Engagement | 40% | - Assessing IT governance, security, and control frameworks - Assessing compliance with laws, regulations, and organizational policies - Drawing conclusions and formulating recommendations - Assessing the adequacy and effectiveness of risk management and controls - Evaluation of fraud risk and fraud-related indicators during engagements - Information gathering: interviews, observation, document review, and data analysis - Development of engagement findings: criteria, condition, cause, and effect - Root cause analysis and evaluation of evidence - Use of technology tools to support engagement execution (e.g., CAATs, data analytics) - Applying analytical approaches and process mapping techniques |
| Managing the Internal Audit Activity | 20% | - Risk-based audit planning and alignment with organizational strategy - Managing financial, human, and IT resources within the internal audit function - Internal audit operations: planning, organizing, directing, and monitoring - Strategic role of internal audit within governance, risk management, and control - Coordination with external auditors and other internal assurance providers - Knowledge management and information sharing across the internal audit activity |
| Planning the Engagement | 20% | - Understanding business processes, IT systems, and relevant regulations - Risk and control identification and assessment for the engagement - Engagement objectives, scope, and resource allocation - Engagement planning procedures including data analytics and sampling - Coordination with stakeholders during engagement planning - Detailed engagement work program development |
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NEW QUESTION # 616
A payroll clerk enters payroll transactions into the general ledger. The staff accountant reconciles the payroll ledgers. The payroll manager issues the manual payroll checks. The checks are maintained in a locked cabinet. The chief financial officer secures the keys to the cabinet. The payroll clerk distributes the manual checks.
The payroll manager reconciles the bank statements monthly. Which of the following audit steps best addresses the risk of fraud in the payroll process?
Answer: C
Explanation:
Section: Volume D
NEW QUESTION # 617
When determining the level of staff and resources to be dedicated to an assurance engagement, which of the following would be the most relevant to the chief audit executive?
Answer: B
Explanation:
When determining the level of staff and resources for an assurance engagement, the most relevant factor for the chief audit executive (CAE) is the availability of resources with the specific skill set required for that particular engagement. This is because assurance engagements often involve complex and specialized areas that necessitate specific expertise to effectively evaluate controls, risks, and processes.
IIA References:
* IIA Standard 2230: Engagement Resource Allocation states that internal auditors must determine appropriate and sufficient resources to achieve engagement objectives based on an evaluation of the nature and complexity of each engagement, time constraints, and available resources. The emphasis is on ensuring that the team assigned to the engagement possesses the necessary skills and knowledge.
* The Practice Advisory 2230-1 further suggests that the CAE should consider the complexity and risks associated with the engagement and ensure that the assigned team has the appropriate experience and technical skills.
NEW QUESTION # 618
In an organization with a large internal audit activity that has several audit teams performing engagements simultaneously which of the following tasks is an engagement supervisor most likely to perform during the planning phase of a new engagement?
Answer: D
Explanation:
During the planning phase of a new engagement, an engagement supervisor is responsible for ensuring that the engagement is designed effectively to meet its objectives. One of the critical tasks involves approving the engagement work program. The work program outlines the detailed steps and procedures that the audit team will follow during the engagement. By approving this program, the supervisor ensures that it is comprehensive, aligned with the engagement objectives, and capable of addressing identified risks and controls effectively. This step is essential to ensure that the engagement is conducted systematically and covers all necessary areas.
The Institute of Internal Auditors (IIA) Standard 2200: Engagement Planning IIA Practice Advisory 2200-1: Engagement Planning Considerations
NEW QUESTION # 619
Which of the following is the primary purpose of implementing a program whereby employees are rotated from other parts of the organization into the internal audit activity?
Answer: A
Explanation:
The primary purpose of implementing a program whereby employees are rotated from other parts of the organization into the internal audit activity is to provide an opportunity for the recruitment of employees as permanent internal auditors. This rotation program helps in identifying talented individuals who might have the aptitude and interest in internal auditing. It serves as a recruitment strategy by exposing employees from other departments to the internal audit function, potentially increasing the pool of candidates for permanent internal auditor positions. This approach also benefits the internal audit activity by bringing in fresh perspectives and diverse experiences from different areas of the organization.
IIA's Practice Guide on Human Resources Management, specifically regarding staffing and career development within internal audit functions.
NEW QUESTION # 620
With which of the following would the internal audit activity discuss findings, conclusions and recommendations prior to issuance of internal audit report?
1. Business unit management.
2. Chief audit executive.
3. Audit committee.
4. Chief executive officer.
Answer: B
Explanation:
Section: Volume C
NEW QUESTION # 621
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