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| Section | Weight | Objectives |
|---|---|---|
| Topic 1: Performing the Engagement | 40% | - Assessing the adequacy and effectiveness of risk management and controls - Evaluation of fraud risk and fraud-related indicators during engagements - 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 - Drawing conclusions and formulating recommendations - Information gathering: interviews, observation, document review, and data analysis - Assessing IT governance, security, and control frameworks - Assessing compliance with laws, regulations, and organizational policies - Development of engagement findings: criteria, condition, cause, and effect |
| Topic 2: Communicating Engagement Results and Monitoring Progress | 20% | - Disseminating final results to appropriate stakeholders - Communication of engagement results: objectives, scope, conclusions, recommendations, action plans - Developing recommendations vs. requesting management action plans vs. collaborative approaches - Monitoring and follow-up on the resolution of engagement findings - Reporting on the adequacy of management's corrective actions - Management response and action plan tracking - Attributes of effective engagement communication: accurate, objective, clear, concise, constructive, complete, timely |
| Topic 3: Managing the Internal Audit Activity | 20% | - Strategic role of internal audit within governance, risk management, and control - Knowledge management and information sharing across the internal audit activity - Managing financial, human, and IT resources within the internal audit function - Coordination with external auditors and other internal assurance providers - Risk-based audit planning and alignment with organizational strategy - Internal audit operations: planning, organizing, directing, and monitoring |
| Topic 4: Planning the Engagement | 20% | - Engagement planning procedures including data analytics and sampling - Detailed engagement work program development - Risk and control identification and assessment for the engagement - Coordination with stakeholders during engagement planning - Understanding business processes, IT systems, and relevant regulations - Engagement objectives, scope, and resource allocation |
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NEW QUESTION # 176
During which of the following systems development stages would it be most useful for an internal auditor to be involved?
Answer: D
Explanation:
Section: Volume B
NEW QUESTION # 177
Which of the following statements generally true regarding audit engagement planning?
Answer: B
Explanation:
Preparing a detailed audit program is a critical component of engagement planning. This program outlines the specific procedures and tests that the internal auditor will perform to evaluate the effectiveness of controls. It ensures that the audit is conducted systematically and thoroughly, addressing all relevant risks and objectives. A detailed audit program provides a clear roadmap for the audit, helping to ensure that all necessary areas are covered and that the audit's objectives are achieved.
Reference:
The Institute of Internal Auditors (IIA) - Standards for the Professional Practice of Internal Auditing, Standard 2201 - Planning Considerations
NEW QUESTION # 178
Which of the following statements is true regarding a drawback of using internal control questionnaires (ICQs)?
Answer: A
Explanation:
A drawback of using Internal Control Questionnaires (ICQs) is that they can be less efficient than conducting observations and inspections when many control procedures need to be covered. ICQs can be time-consuming to complete and may not provide the depth of understanding that direct observation and inspection can achieve. They often require follow-up to clarify responses, which can further increase the time and resources needed to obtain the necessary assurance.
Reference:
The Institute of Internal Auditors (IIA) Practice Guide on "Audit Evidence Collection" IIA Standard 2310 - Identifying Information: "Internal auditors must identify sufficient, reliable, relevant, and useful information to achieve the engagement's objectives."
NEW QUESTION # 179
Which of the following documents should the chief audit executive review and approve?
1. Workpaper retention policy.
2. Audit committee meeting minutes.
3. Internal audit handbook.
4. Quarterly financial statements.
Answer: C
Explanation:
Section: Volume D
NEW QUESTION # 180
The audit committee has asked the chief audit executive (CAE) to conduct an ad hoc forensic investigation of the purchasing department within a month due to the significance and urgency of a recently discovered risk The internal audit activity currently has no available staff with relevant experience or qualifications Which of the following is the CAE's best option for fulfilling the internal audit activity's responsibilities in this case?
Answer: D
Explanation:
Given the urgency and the lack of internal expertise in forensic investigation, the most effective and immediate solution is to outsource the investigation to independent professional consultants. This approach ensures that the investigation is conducted by individuals with the necessary skills and experience, thereby maintaining the integrity and quality of the investigation. Training internal staff or recruiting new auditors would take time and may not address the immediate need, while declining the engagement would not fulfill the audit committee's request. Reference:
"Internal Auditing: Assurance & Advisory Services" (The Institute of Internal Auditors)
"Forensic Accounting and Fraud Investigation for Non-Experts" (Howard Silverstone and Michael Sheetz)
NEW QUESTION # 181
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