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| Section | Weight | Objectives |
|---|---|---|
| Engagement Supervision and Communication | 10% | - Supervise engagement activities and review workpapers - Coordinate with stakeholders and resolve issues - Monitor and follow up on engagement outcomes - Formulate recommendations and action plans - Develop and communicate engagement observations and conclusions |
| Information Gathering, Analysis and Evaluation | 40% | - Assess compliance with policies, standards, and requirements - Use technology and audit tools effectively - Evaluate controls, risks, and process effectiveness - Apply analytical procedures and data analysis techniques - Gather and verify relevant information and evidence |
| Engagement Planning | 50% | - Identify and assess risks relevant to the engagement - Develop engagement work program - Consider fraud risks and applicable laws/regulations - Determine engagement objectives and scope - Establish engagement criteria and resource requirements |
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NEW QUESTION # 349
Which of the following would be a legitimate action for the internal auditor to take when monitoring audit engagement results?
1.Disregard a certain risk because management and the board accepted the risk in the past.
2.Abdicate the responsibility for a particular risk because it is not part of the audit plan.
3.Obtain agreement from senior management that unresolved audit issues will be reported to the board. Request corrective action from management in writing.
Answer: C
NEW QUESTION # 350
Which of the following would be an appropriate role of the internal audit function?
Answer: C
NEW QUESTION # 351
During the quarterly review of the internal audit activity's performance, the chief audit executive (CAE) notes that actual engagement hours consistently exceed the budget. Which of the following strategies would most likely help the CAE address this problem?
* The budget should consider time spent on similar engagements.
* The budget should consider the proficiency of the assigned auditors.
* The budget estimate should provide for unexpected delays.
* The budget should be specific as to time for each work assignment.
Answer: A
NEW QUESTION # 352
Which of the following factors could interfere with effective problem solving by an internal auditor?
I.Reacting to previous experiences with clients.
II.
Focusing only on the most likely cause.
III.
Correcting the symptoms of problems.
Answer: A
NEW QUESTION # 353
According to the International Professional Practices Framework, which of the following is an appropriate reason for issuing an interim report?
To keep management informed of audit progress when audit engagements extend over a long period of time.
To provide an alternative to a final report for limited-scope audit engagements.
To communicate a change in engagement scope for the activity under review.
Answer: B
Explanation:
According to the International Professional Practices Framework (IPPF), issuing an interim report is appropriate for keeping management informed of audit progress, especially when audit engagements extend over a long period of time, and for communicating any significant changes in the scope of the engagement. Interim reports serve as a means of maintaining transparency with management and ensuring that any adjustments to the audit plan are communicated promptly.
IIA Reference:
IIA Standard 2440: Disseminating Results allows for interim reporting when there is a need to communicate significant findings or changes in scope before the final report is issued. This ensures that management remains informed of critical issues that may impact the audit or the organization.
The Practice Guide on Communicating Interim Results suggests that interim reports are useful for providing updates during long engagements or when there are significant changes in the engagement's scope that management needs to be aware of.
NEW QUESTION # 354
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