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| Section | Objectives |
|---|---|
| Topic 1: Engagement Planning | - Risk assessment for audit engagements - Engagement objectives and scope definition - Audit program design |
| Topic 2: Communicating Results and Monitoring | - Audit report preparation and communication - Issue tracking and follow-up procedures |
| Topic 3: Managing the Internal Audit Function | - Quality assurance and improvement program (QAIP) - Audit plan development and resource management - Internal audit role in governance, risk, and control |
| Topic 4: Engagement Execution | - Audit evidence collection and evaluation - Sampling methods and data analysis - Control testing and documentation |
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NEW QUESTION # 87
A snow removal company is conducting a scenario planning exercise where participating employees consider the potential impacts of a significant reduction in annual snowfall for the coming winter. Which of the following best describes this type of risk?
Answer: D
Explanation:
Inherent Risk: Inherent risk refers to the exposure to risk in its natural state, without considering any controls or mitigation measures. It is the risk that exists before any action is taken to manage it.
* Example: In the scenario of a snow removal company, the significant reduction in annual snowfall represents an inherent risk as it is a natural condition that affects the company's operations.
Other Risk Types:
* Residual Risk: This is the risk that remains after controls and mitigation strategies have been applied.
* Net Risk: Similar to residual risk, it is the risk that remains after considering existing controls.
* Accepted Risk: This is the risk that the organization knowingly accepts after evaluating its impact and likelihood.
Scenario Planning: The exercise of considering the impacts of reduced snowfall helps the company understand its inherent risks and prepare for potential adverse outcomes.
NEW QUESTION # 88
An internal audit activity is planning its first audit of IT shared services. Which of the following controls would typically be evaluated first?
Answer: B
Explanation:
When planning the first audit of IT shared services, it is typical to evaluate entity-level controls first.
Entity-level controls are overarching controls that affect the entire organization and are foundational for ensuring that specific application and transaction controls operate effectively. These controls include the organization's governance, risk management processes, and the overall control environment. Assessing entity-level controls provides a broad understanding of the control environment and highlights any pervasive issues that might impact more detailed areas of the audit.References: The IIA's Global Technology Audit Guide (GTAG) and COSO's Internal Control - Integrated Framework.
NEW QUESTION # 89
Because of an abundance of high priority requests from management, an internal audit activity no longer has the resources to meet all of its commitments contained in the annual audit plan. Which of the following would be the best course of action for the chief audit executive to follow?
Answer: A
Explanation:
Section: Volume C
Explanation/Reference:
NEW QUESTION # 90
An internal auditor wants to determine whether employees are complying with the information security policy, which prohibits leaving sensitive information on employee desks overnight. The auditor checked a sample of
90 desks and found eight that contained sensitive information. How should this observation be reported, if the organization tolerates 4 percent noncompliance?
Answer: B
Explanation:
When an internal auditor finds that the incidents of noncompliance exceed the organization's acceptable tolerance level, this should be included in the final engagement report. In this case, the 8 out of 90 desks found with sensitive information represent an 8.9% noncompliance rate, which exceeds the organization's tolerance limit of 4%. Reporting this observation in the final engagement report ensures that management is informed and can take necessary corrective actions to address the noncompliance.
References:
* IIA Standards: 2410 - Criteria for Communicating
* IIA Practice Guide: Reporting and Monitoring
NEW QUESTION # 91
A consumer electronics company is considering acquiring a small flash memory manufacturer. An internal auditor has been assigned to determine if the manufacturer's accounts payable contain all outstanding liabilities. Which audit procedure is not relevant for this objective?
Answer: B
Explanation:
Section: Volume C
NEW QUESTION # 92
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