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| Section | Weight | Objectives |
|---|---|---|
| Topic 1: Managing the Internal Audit Activity | 20% | - Knowledge management and information sharing across the internal audit activity - Managing financial, human, and IT resources within the internal audit function - Strategic role of internal audit within governance, risk management, and control - Internal audit operations: planning, organizing, directing, and monitoring - Coordination with external auditors and other internal assurance providers - Risk-based audit planning and alignment with organizational strategy |
| Topic 2: Communicating Engagement Results and Monitoring Progress | 20% | - Communication of engagement results: objectives, scope, conclusions, recommendations, action plans - Developing recommendations vs. requesting management action plans vs. collaborative approaches - Management response and action plan tracking - Disseminating final results to appropriate stakeholders - Reporting on the adequacy of management's corrective actions - Monitoring and follow-up on the resolution of engagement findings - Attributes of effective engagement communication: accurate, objective, clear, concise, constructive, complete, timely |
| Topic 3: Performing the Engagement | 40% | - Drawing conclusions and formulating recommendations - Root cause analysis and evaluation of evidence - Evaluation of fraud risk and fraud-related indicators during engagements - Applying analytical approaches and process mapping techniques - Assessing the adequacy and effectiveness of risk management and controls - Assessing IT governance, security, and control frameworks - Assessing compliance with laws, regulations, and organizational policies - Information gathering: interviews, observation, document review, and data analysis - Development of engagement findings: criteria, condition, cause, and effect - Use of technology tools to support engagement execution (e.g., CAATs, data analytics) |
| Topic 4: Planning the Engagement | 20% | - Risk and control identification and assessment for the engagement - Understanding business processes, IT systems, and relevant regulations - Engagement objectives, scope, and resource allocation - Coordination with stakeholders during engagement planning - Engagement planning procedures including data analytics and sampling - Detailed engagement work program development |
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NEW QUESTION # 365
The internal auditors available to perform the engagement do not have sufficient skills related to the area under review Which of the following rs an appropriate action for the chief audit executive to take?
Answer: B
NEW QUESTION # 366
An internal audit activity is participating in the due diligence work for an acquisition that a company is considering. One engagement objective is to determine if the acquisition's accounts payable contain all outstanding liabilities. Which of the following audit procedures would not be relevant for this objective?
Answer: B
Explanation:
Section: Volume A
NEW QUESTION # 367
The internal audit activity is planning an assurance engagement for a foreign subsidiary. According to IIA guidance, which of the following would be included in the preliminary communication to management of the area under review?
Answer: A
Explanation:
When planning an assurance engagement, especially for a foreign subsidiary, it is essential to communicate effectively with management to ensure transparency and set expectations. According to IIA guidance, the preliminary communication should include critical information that helps the management of the area under review understand the purpose, scope, and logistics of the audit.
* IIA Standard 2201 - Planning Considerations:
* This standard emphasizes that the internal auditor should plan the engagement to achieve the engagement objectives effectively. It includes discussing the scope, objectives, timing, and resource allocations with management.
* Key Elements to Include in Preliminary Communication:
* Scope of the Engagement: Clearly defining what the audit will cover ensures that both the auditors and the management understand the boundaries and focus areas of the audit.
* Estimated Time Frame: Providing a timeline helps management plan their activities and ensures that the audit process does not interfere with critical operations.
* Names of the Auditors: Identifying the audit team helps in establishing a working relationship and allows management to know who will be conducting the audit.
* IIA Practice Advisory 2201-1:
* This advisory suggests that early communication of the scope, timing, and staffing helps in gaining the management's cooperation and sets the stage for a successful audit.
* Option B and D (Including resources and travel budget): These details are more administrative and do not need to be included in the preliminary communication to management.
* Option C (Resources, budget, and scope): While scope is important, resources and budget are internal matters and not essential in preliminary communication with management.
Detailed Explanation:Why Not Other Options?Conclusion: Option A is correct as it ensures that the management is informed about the key aspects of the audit that directly impact them, aligning with IIA's standards for audit planning and communication.
NEW QUESTION # 368
The engagement supervisor would like lo change the audit program's scope poor to beginning fieldwork According to IIA guidance before any change is implemented what is the most important action that should be undertaken?
Answer: D
Explanation:
According to IIA guidance, before implementing any changes to the audit program's scope prior to beginning fieldwork, the most important action is to seek approval from the chief audit executive (CAE) for the proposed scope change. This ensures that any significant modifications are reviewed and authorized at the appropriate level, maintaining the integrity and alignment of the audit activity with the organization's audit plan and objectives.
Reference:
IIA Standards: 2240 - Engagement Work Program
IIA Standards: 2020 - Communication and Approval
NEW QUESTION # 369
According to IIA guidance, which of the following reflects a valid principle for the internal audit activity to rely on the work of internal or external assurance providers?
Answer: D
NEW QUESTION # 370
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