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| Section | Weight | Objectives |
|---|---|---|
| Engagement Planning | 50% | - Establish engagement criteria and resource requirements - Consider fraud risks and applicable laws/regulations - Identify and assess risks relevant to the engagement - Develop engagement work program - Determine engagement objectives and scope |
| Information Gathering, Analysis and Evaluation | 40% | - Assess compliance with policies, standards, and requirements - Apply analytical procedures and data analysis techniques - Gather and verify relevant information and evidence - Evaluate controls, risks, and process effectiveness - Use technology and audit tools effectively |
| Engagement Supervision and Communication | 10% | - Monitor and follow up on engagement outcomes - Develop and communicate engagement observations and conclusions - Formulate recommendations and action plans - Supervise engagement activities and review workpapers - Coordinate with stakeholders and resolve issues |
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NEW QUESTION # 129
An internal auditor for a regional bank suspects that the head of commercial lending has been granting loans without the required collateral Which of the following sampling techniques will be most effective for investigating the auditor's suspicion?
Answer: C
Explanation:
Discovery sampling is most effective for investigating the auditor's suspicion that the head of commercial lending has been granting loans without the required collateral. This sampling technique is designed to detect at least one occurrence of a specific characteristic (in this case, loans without collateral) within a population.
It is particularly useful for identifying fraud or non-compliance with specific policies and procedures.
Discovery sampling focuses on finding exceptions, making it suitable for the auditor's investigation into potential misconduct.References: The IIA's Global Technology Audit Guide (GTAG) and The IIA's International Standards for the Professional Practice of Internal Auditing.
NEW QUESTION # 130
Company A has a formal comprehensive corporate code of ethics while company B does not.
Which of the following statements regarding the existence of the code of ethics in company A can be logically inferred?
I.Company A exhibits a higher standard of ethical behavior than does company B.
II.
Company A has established objective criteria by which an employee's actions can be evaluated.
III.
The absence of a formal corporate code of ethics in company B would prevent a successful audit of ethical behavior in that company.
Answer: B
NEW QUESTION # 131
Which of the following would most likely prompt special notification from the chief audit executive to same management?
Answer: A
Explanation:
A material impact on the accuracy of the prior year ' s financial statements due to the inaccurate operation of controls is a significant issue that would likely prompt special notification from the chief audit executive (CAE) to senior management. This is because such an issue can have substantial implications for the organization ' s financial reporting, stakeholder trust, and compliance with regulatory requirements.
Immediate notification ensures that senior management can take timely corrective action to address and remediate the issue.
References:
The Institute of Internal Auditors (IIA) Standards
Internal Audit Guidelines on Material Misstatements and Communication
NEW QUESTION # 132
For which of the following fraud engagement activities would it be most appropriate to involve a forensic auditor?
Answer: C
NEW QUESTION # 133
While conducting an audit of a third party's Web-based payment processor, an internal auditor discovers that a programming error allows customers to create multiple accounts for a single mailing address. Management agrees to correct the program and notify customers with multiple accounts that the accounts will be consolidated. Which of the following actions should the auditor take?
1. Schedule a follow-up review to verify that the program was corrected and the accounts were consolidated.
2. Evaluate the adequacy and effectiveness of the corrective action proposed by management.
3. Amend the scope of the subsequent audit to verify that the program was corrected and that accounts were consolidated.
4. Submit management's plan of action to the external auditors for additional review.
Answer: D
Explanation:
When an internal auditor discovers an issue such as a programming error allowing multiple accounts for a single address, the auditor should ensure that the corrective actions are both adequate and effective. This includes scheduling a follow-up review (1) to verify that the program has been corrected and that the accounts have been consolidated. Additionally, evaluating the adequacy and effectiveness of the corrective action proposed by management (2) is essential to ensure the issue has been resolved properly. Reference: = IIA Standard 2500 - Monitoring Progress and IIA Standard 2320 - Analysis and Evaluation.
NEW QUESTION # 134
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