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| Section | Weight | Objectives |
|---|---|---|
| Topic 1: Planning the Engagement | 20% | - Engagement planning procedures including data analytics and sampling - Coordination with stakeholders during engagement planning - Engagement objectives, scope, and resource allocation - Understanding business processes, IT systems, and relevant regulations - Risk and control identification and assessment for the engagement - Detailed engagement work program development |
| Topic 2: Communicating Engagement Results and Monitoring Progress | 20% | - Reporting on the adequacy of management's corrective actions - Communication of engagement results: objectives, scope, conclusions, recommendations, action plans - Attributes of effective engagement communication: accurate, objective, clear, concise, constructive, complete, timely - Monitoring and follow-up on the resolution of engagement findings - Disseminating final results to appropriate stakeholders - Developing recommendations vs. requesting management action plans vs. collaborative approaches - Management response and action plan tracking |
| Topic 3: Managing the Internal Audit Activity | 20% | - Strategic role of internal audit within governance, risk management, and control - Risk-based audit planning and alignment with organizational strategy - Coordination with external auditors and other internal assurance providers - Knowledge management and information sharing across the internal audit activity - Internal audit operations: planning, organizing, directing, and monitoring - Managing financial, human, and IT resources within the internal audit function |
| Topic 4: Performing the Engagement | 40% | - Assessing compliance with laws, regulations, and organizational policies - Information gathering: interviews, observation, document review, and data analysis - Use of technology tools to support engagement execution (e.g., CAATs, data analytics) - Applying analytical approaches and process mapping techniques - Evaluation of fraud risk and fraud-related indicators during engagements - Assessing the adequacy and effectiveness of risk management and controls - Root cause analysis and evaluation of evidence - Assessing IT governance, security, and control frameworks - Drawing conclusions and formulating recommendations - Development of engagement findings: criteria, condition, cause, and effect |
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NEW QUESTION # 220
Which of the following is least likely to vary when conducting audit engagements in different regions of an international organization?
Answer: D
NEW QUESTION # 221
A company makes a product at a cost of $26 per unit, of which $10 is fixed cost. The product is usually sold for $30 per unit; however, the company has been approached by a new customer who would like to purchase
3,500 units for $18 each Further, the company would Incur additional cost to deliver the units to this customer If the company has the excess manufacturing capacity and all other factors are constant, what is the additional cost that the company would Incur in order to make a profit of $1.50 per unit for this order?
Answer: B
Explanation:
To determine the additional cost that the company would incur to make a profit of $1.50 per unit for the new order, we need to calculate the relevant costs and desired profit margin:
* Current Cost and Selling Price: The current cost to produce one unit is $26, with $10 being fixed costs and $16 being variable costs. The product is usually sold for $30.
* New Order Pricing: The new customer offers to purchase 3,500 units at $18 each. The company needs to make a profit of $1.50 per unit on this order.
* Calculation:
* Desired selling price to achieve the profit = Cost per unit + Desired profit = $16 + $1.50 = $17.50
* Offered price by the customer = $18.00
* Additional cost allowed per unit = Offered price - Desired selling price = $18.00 - $17.50 = $0.50
* Therefore, the additional cost the company can incur to make the required profit per unit is $2.50 (the difference between the fixed cost coverage and the desired profit).
The additional cost that can be incurred while still making a profit of $1.50 per unit is $2.50
NEW QUESTION # 222
An internal audit team was conducting an assurance engagement to review segregation of duties in the purchasing function. The internal auditors reviewed a sample of purchase orders from the past two year and discovered that 2 percent were signed by employees who were operating in a designated acting capacity due to employee absence. According to IIA guidance, which of the following attributes of information would most likely assist the auditor in deciding whether to report this finding?
Answer: C
Explanation:
When deciding whether to report a finding, the sufficiency of the information is critical. Sufficiency refers to the quantity of information obtained to support audit conclusions and recommendations. In this case, the internal auditors need to ensure that the sample size and the evidence collected are adequate to demonstrate that the issue of employees signing purchase orders in a designated acting capacity due to employee absence is significant enough to report. Ensuring sufficiency helps validate that the finding is well-supported and justifies its inclusion in the audit report.
Reference:
The Institute of Internal Auditors (IIA) - Standards for the Professional Practice of Internal Auditing, Standard 2310 - Identifying Information
NEW QUESTION # 223
Which of the following is the most important concept to be included in a consulting engagement agreement?
Answer: C
Explanation:
In a consulting engagement agreement, it is crucial to clearly define the duties and responsibilities needed from management. This ensures that both the internal audit team and the management are aligned on their roles and what is expected from each party. Clear delineation of responsibilities helps prevent misunderstandings and sets a solid foundation for the engagement's success. Reference:
IIA Standards - 2201: Planning Considerations
IIA Practice Guide - Consulting Services
NEW QUESTION # 224
Upon the completion of an audit engagement an audit manager performs a review of a staff auditor's workpapers. Which of the following actions by the manager is the most appropriate this review''
Answer: C
Explanation:
When a manager reviews a staff auditor's workpapers, the primary goal is to ensure the accuracy and completeness of the audit documentation and to provide feedback for professional development. Discussing the workpaper review results with the staff auditor helps identify any areas for improvement and reinforces best practices, making it a valuable learning opportunity. This collaborative approach promotes continuous improvement and skill development within the audit team.
The Institute of Internal Auditors (IIA) - Standards for the Professional Practice of Internal Auditing, Standard
2340 - Engagement Supervision
NEW QUESTION # 225
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