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| Section | Objectives |
|---|---|
| Managing the Internal Audit Function | - Internal audit role in governance, risk, and control - Audit plan development and resource management - Quality assurance and improvement program (QAIP) |
| Engagement Execution | - Audit evidence collection and evaluation - Control testing and documentation - Sampling methods and data analysis |
| 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 |
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NEW QUESTION # 645
An organization's board would like to establish a formal risk management function and has asked the chief audit executive (CAE) to be involved in the process. According to IIA guidance, which of the following roles should the CAE not undertake?
Answer: A
Explanation:
According to IIA guidance, the chief audit executive (CAE) should maintain independence and objectivity in their role. While the CAE can manage and coordinate risk management processes, audit those processes, and be involved in risk oversight committees, they should not accept management's responsibility for risk management without the board's approval. This ensures that there is no conflict of interest and maintains the CAE's independence. Reference:
IIA Standards - 1110: Organizational Independence
IIA Practice Advisory - 2060-1: Reporting to Senior Management and the Board
NEW QUESTION # 646
A corporate merger decision prompts the cruel audit executive (CAE) to propose interim changes lo the existing annual audit plan to account for emerging risks. When of the following is the most appropriate action for the CAE to take regarding the changes made to the audit plan?
Answer: D
Explanation:
According to the International Standards for the Professional Practice of Internal Auditing (Standards) issued by The Institute of Internal Auditors (IIA), the Chief Audit Executive (CAE) must communicate and obtain approval from the board for significant changes to the audit plan. A corporate merger is a significant event that introduces emerging risks, necessitating an interim adjustment to the audit plan. The CAE's responsibility includes ensuring that the board is informed and approves the revised audit plan to address these new risks adequately.
References:
* The Institute of Internal Auditors (IIA) Standard 2020 - Communication and Approval: "The chief audit executive must communicate the internal audit activity's plans and resource requirements, including significant interim changes, to senior management and the board for review and approval."
NEW QUESTION # 647
During an audit of a retail organization, an internal auditor found a scheme in which the warehouse director and the purchasing agent diverted approximately $500,000 of goods to their own warehouse, then sold the goods to third parties. The fraud was not found earlier since the warehouse director updated the perpetual inventory records and then forwarded receiving reports to the accounts payable department for processing. Which of the following procedures would have most likely led to the discovery of the missing materials and the fraud?
Answer: C
NEW QUESTION # 648
An internal auditor is asked to perform an assurance engagement in the organization's newly acquired subsidiary When developing the objectives tor the engagement which ot the following statements describes the most important items that the auditor needs to consider?
Answer: B
Explanation:
When developing the objectives for an assurance engagement in a newly acquired subsidiary, the most critical items to consider are the organizational strategy, objectives, risks, control framework, and the expectations of stakeholders regarding the audit. This holistic approach ensures that the internal audit aligns with the broader goals and risk management processes of the organization, providing a comprehensive evaluation of the subsidiary's operations within the context of the entire entity.
* Organizational Strategy and Objectives: Understanding the overarching goals and strategic direction of the organization helps to align the audit objectives with business priorities and ensures that the subsidiary's operations are evaluated in the context of their contribution to these goals.
* Risks: Identifying and assessing the risks associated with the subsidiary is essential for focusing audit efforts on areas that could significantly impact the organization. This involves understanding both inherent and residual risks.
* Control Framework: Evaluating the existing control framework within the subsidiary helps determine the adequacy and effectiveness of controls in mitigating identified risks.
* Stakeholder Expectations: Considering what stakeholders expect from the audit helps in shaping objectives that address key concerns and provide valuable insights, fostering greater acceptance and implementation of audit recommendations.
This comprehensive approach ensures the audit is relevant, targeted, and capable of adding significant value to the organization by addressing key risk areas and strategic objectives.
References:
* The Institute of Internal Auditors (IIA) Standards
* IIA Practice Guide: Formulating and Expressing Internal Audit Opinions
NEW QUESTION # 649
Audit supervision includes approval of the engagement report in order to ensure that:
Answer: A
NEW QUESTION # 650
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