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| Section | Objectives |
|---|---|
| Managing the Internal Audit Function | - Audit plan development and resource management - Quality assurance and improvement program (QAIP) - Internal audit role in governance, risk, and control |
| Communicating Results and Monitoring | - Issue tracking and follow-up procedures - Audit report preparation and communication |
| Engagement Execution | - Control testing and documentation - Audit evidence collection and evaluation - Sampling methods and data analysis |
| Engagement Planning | - Risk assessment for audit engagements - Audit program design - Engagement objectives and scope definition |
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NEW QUESTION # 719
Following an IT systems audit, management agreed to implement a specific control in one of the IT systems.
After a period, the internal auditor followed up and learned that management had not implemented the agreed management action due to the decision to move to another IT system that has built-in controls, which may address the risks highlighted by the internal audit. Which of the following is the most appropriate action to address the outstanding audit recommendation?
Answer: C
Explanation:
In this scenario, the most appropriate action for the internal auditor is to verify that the risk highlighted by the previous audit has indeed been addressed by the new IT system. This involves a detailed examination of the system documentation and possibly testing the controls within the new system. Once the auditor confirms that the new system adequately addresses the identified risk, they should report this finding to senior management and close the issue.
This approach ensures that the internal audit activity adheres to the IIA Standards regarding follow-up on audit findings, which requires auditors to ensure that agreed-upon actions have been implemented effectively.
IIA References:
* IIA Standard 2500: Monitoring Progress mandates that the chief audit executive must establish and maintain a system to monitor the disposition of results communicated to management. This includes ensuring that the risks identified are appropriately addressed.
* The Practice Advisory 2500.A1-1: Follow-up Process advises that follow-up is a critical part of the audit process, and it is essential to confirm that management actions address the risks identified during the audit.
Given these considerations, the correct answer is A. The auditor examines the system documentation of the new system to verify that the risk has been addressed in the new system, then reports to senior management the closure of the issue.
NEW QUESTION # 720
What is the best course of action for a chief audit executive if an internal auditor identifies in the early stage of an audit that some employees have inappropriate access to a key system?
Answer: C
Explanation:
If an internal auditor identifies that some employees have inappropriate access to a key system in the early stage of an audit, the best course of action is to issue an interim audit report so that management can implement action plans. This approach ensures that the identified issue is formally communicated to management promptly, allowing them to take immediate corrective action to mitigate the risk. It also documents the auditor's findings and recommendations, providing a clear audit trail and supporting accountability. Obtaining verbal assurance or creating a ticket might address the issue temporarily but lacks the formal documentation and follow-up mechanisms inherent in an interim audit report.
Reference:
IIA Standard 2440: "Disseminating Results"
IIA Practice Advisory 2440-1: "Communicating Interim Engagement Results"
NEW QUESTION # 721
When conducting a performance appraisal of an internal auditor who has been a below-average performer, it is not appropriate to:
Answer: D
NEW QUESTION # 722
According to the IIA guidance, which of the following foes the engagement work test in a review in a review of an organization al process?
Answer: D
NEW QUESTION # 723
A chief audit executive (CAE) is trying to balance the internal audit activity's needs for technical audit skills budget efficiency and staff development opportunities. Which of the following would best assist the CAE in achieving this balance1?
Answer: D
Explanation:
When an internal auditor receives a document displaying all the steps of a process and the path taken as transactions flow between each step, the auditor is most likely to use this document to perform an assessment of the adequacy of process controls. This flowchart or process map helps the auditor understand the process, identify key control points, and evaluate whether the existing controls are sufficient to mitigate risks within the process.
Reference:
IIA Standards: 2201 - Planning the Engagement
IIA Practice Guide: Internal Auditing and Fraud
NEW QUESTION # 724
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