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| Section | Objectives |
|---|---|
| Communicating Results and Monitoring | - Audit report preparation and communication - Issue tracking and follow-up procedures |
| Engagement Planning | - Engagement objectives and scope definition - Risk assessment for audit engagements - Audit program design |
| Engagement Execution | - Audit evidence collection and evaluation - Sampling methods and data analysis - Control testing and documentation |
| 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 |
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NEW QUESTION # 268
Which of the following is the primary reason the chief audit executive should consider the organization's strategic plans when developing the annual audit plan?
Answer: B
NEW QUESTION # 269
An internal auditor tested whether purchase orders were supported by appropriately approved purchase requisitions She sampled a population of purchase documents and identified instances where purchase requisitions were missing However, she did not notice that n some cases purchase requisitions were approved by an unauthorized person Which of the following risks most appropriately describes this situation?
Answer: A
Explanation:
Nonsampling risk is the risk that the auditor may reach incorrect conclusions for reasons not related to the sampling process, such as failure to recognize exceptions or misinterpretation of audit results. In this case, the internal auditor did not notice that some purchase requisitions were approved by unauthorized persons, which is an oversight unrelated to the sample size or selection process. This is distinct from sampling risk, which is the risk that the sample selected does not represent the population. Reference:
The IIA's International Standards for the Professional Practice of Internal Auditing (Standards), Standard 2320 - Analysis and Evaluation.
The IIA's Practice Guide on Audit Sampling.
NEW QUESTION # 270
An internal auditor wants to identity potential ghost employees in the organization's payroll system The auditor extracts the following data
- Human resources data with employees' names addresses employment conditions and identification codes
- Payroll data
- Logs from entrance systems
With this data, which of the following types of ghost employees will the auditor be able to identify?
Answer: C
Explanation:
The data extracted by the internal auditor includes human resources data with employment conditions, payroll data, and entrance logs. With this information, the auditor can identify employees who are getting paid even though their employment has expired. By comparing the employment conditions and expiration dates in the HR data with the payroll data, the auditor can detect discrepancies where individuals continue to receive payments beyond their employment period. Entrance logs can help corroborate these findings by showing the lack of physical presence of these employees, further supporting the identification of ghost employees who no longer work for the organization but still appear on the payroll.
Reference:
IIA Practice Guide: "Auditing Employee Benefits"
COSO Internal Control - Integrated Framework
NEW QUESTION # 271
According to IIA guidance,which of the following is true about the supervising internal auditor's review notes?
They are discussed with management prior to finalizing the audit.
They may be discarded after working papers are amended as appropriate.
They are created by the auditor to support her fieldwork in case of questions.
They are not required to support observations issued in the audit report.
Answer: B
NEW QUESTION # 272
The final internal audit report should be distributed to which of the following individuals?
Answer: C
NEW QUESTION # 273
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