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| Section | Objectives |
|---|---|
| Topic 1: Exam Blueprint (Broad Domains) | - Internal Audit Practice and Knowledge - Other CIA Knowledge Areas (aligned to Global Internal Audit Standards) - Information Systems Audit Topics Not Covered by CISA |
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NEW QUESTION # 17
Which of the following must be in existence as a precondition to developing an effective system of internal controls?
Answer: B
Explanation:
* Risk Assessment Process: A risk assessment process is essential for identifying, analyzing, and managing risks that could prevent the achievement of objectives. It is a critical component in developing an effective system of internal controls.
* Importance: Without a risk assessment, organizations cannot effectively design controls that address relevant risks.
* COSO Framework: The Committee of Sponsoring Organizations (COSO) Internal Control Framework outlines risk assessment as a fundamental part of internal control systems.
* Components: The framework includes risk assessment, control activities, information and communication, monitoring activities, and the control environment.
* Other Preconditions:
* Monitoring Process: Important for evaluating the effectiveness of internal controls but not the initial step.
* Strategic Objective-Setting Process: Critical for overall organizational success but does not directly develop internal controls.
* Information and Communication Process: Supports internal controls by ensuring relevant information is communicated but follows the identification of risks.
NEW QUESTION # 18
The internal audit activity is planning an assurance engagement for a foreign subsidiary.
According to IIA guidance, which of the following would be included in the preliminary communication to management of the area under review?
Answer: A
Explanation:
Preliminary Communication: Preliminary communication to management of the area under review is essential in setting clear expectations and ensuring transparency regarding the upcoming audit.
Key Elements to Include:
Scope of the Engagement: Define what will be covered in the audit to ensure that management understands the focus areas and objectives.
Estimated Time Frame: Provide a timeline for the audit activities, including the start and end dates, to help management plan and allocate resources accordingly.
Names of the Auditors: Identify the auditors involved to facilitate communication and coordination with the audit team.
IIA Guidance: According to the IIA standards, communicating these elements helps in building a cooperative relationship and ensures that there are no misunderstandings regarding the audit process.
NEW QUESTION # 19
According to IIA guidance, which of the following practices by the chief audit executive (CAE) best enhances the organizational independence of the Internal audit activity