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| Section | Objectives |
|---|---|
| Practice of Internal Auditing | - Audit execution and evidence collection - Audit planning and risk assessment |
| Essentials of Internal Auditing | - Ethics and professional standards - Internal audit fundamentals and governance |
| Business Knowledge for Internal Auditing | - Information systems and IT auditing concepts - Financial and managerial accounting basics |
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NEW QUESTION # 87
Which of the following is essential for ensuring that the internal audit activity's findings and recommendations receive adequate consideration?
Answer: B
Explanation:
Ensuring Compliance: To ensure that audit findings and recommendations are addressed, formal follow-up procedures are necessary.
Follow-up Procedures: These procedures involve tracking the implementation of recommendations and verifying that management has taken appropriate action or has accepted the risks of not acting.
Reporting to Management: Regular reporting on the status of follow-up actions helps maintain accountability and transparency.
Standard Requirement: This aligns with the IIA's Standard 2500 ?Monitoring Progress, which requires internal audit activities to establish and maintain a system to monitor the disposition of results communicated to management.
NEW QUESTION # 88
A corporate merger decision prompts the chief audit executive (CAE) to propose interm changes to the existing annual audit plan to account for emerging risks Which of the following Is the most appropriate action for the CAE to take regarding the changes made to the audit plan?
Answer: C
Explanation:
Role of the CAE: The Chief Audit Executive (CAE) is responsible for developing a risk-based audit plan and ensuring it is aligned with the organization's goals and emerging risks. Significant changes to the audit plan must be communicated appropriately within the organization.
IIA Standards:
* Standard 2020 - Communication and Approval: The CAE must communicate the internal audit plan and resource requirements, including significant interim changes, to senior management and the board for review and approval.
* Risk Assessment: Any changes to the audit plan due to emerging risks, such as a corporate merger, must be documented and approved at the highest levels to ensure comprehensive risk coverage.
Most Appropriate Action:
* Communication with the CEO: The CAE should first discuss the revised audit plan with the CEO to ensure alignment with executive management's perspective on emerging risks.
* Board Approval: After discussing with the CEO, the CAE should present the revised audit plan to the board for formal approval, ensuring transparency and governance.
References:
* Presenting the revised audit plan to the board after discussing with the CEO ensures that all relevant stakeholders are informed and that the revised plan is formally approved, maintaining alignment with IIA standards.
NEW QUESTION # 89
A multinational organization has multiple divisions that sell their products internally to other divisions When selling internally, which of the following transfer prices would lead to the best decisions for the organization?
Answer: B
Explanation:
Using the market price of the product for internal transfer pricing leads to the best decisions for the organization because it reflects the true economic value of the goods or services being transferred. This method promotes efficiency and fairness within the divisions.
Economic Value: Market price reflects the true economic value, ensuring that the internal transactions are conducted at fair and competitive prices.
Performance Measurement: It provides a consistent basis for evaluating the performance of different divisions, as they are measured against external market conditions.
Resource Allocation: Helps in optimal allocation of resources by ensuring that internal transactions are economically justified and comparable to external transactions.
NEW QUESTION # 90
While conducting an engagement in the procurement department, the internal auditor noticed that the department head's travel reports showed minor travel expenses, and there were no charges for hotels, meals, or transportation However, the auditor knew that the department head frequently traveled worldwide to meet with suppliers and visit their production sites. Which of the following would be the most appropriate next step for the auditor?
Answer: A
Explanation:
* Identifying the Anomaly:The internal auditor has identified a discrepancy in the travel expenses of the department head, who frequently travels yet reports minimal expenses. This raises a red flag that needs further investigation.
* Understanding the Context:It is important to determine if there are legitimate reasons for the discrepancy, such as special arrangements made for senior management travel, which could explain the absence of typical travel expenses like hotels, meals, and transportation.
* Appropriate Next Step:Investigating whether there are any special arrangements for senior management travel (Option C) is the most logical next step. This helps in understanding the context and validating whether the discrepancy is justified or indicative of potential issues such as fraud or misreporting.
NEW QUESTION # 91
Which of the following statements best describes the difference between risk appetite and risk tolerance?
Answer: D
Explanation:
* Definition of Risk Appetite:Risk appetite is the amount and type of risk an organization is willing to pursue or retain to achieve its objectives. It reflects the organization's overall approach to risk-taking and is typically articulated at the highest level of the organization.
NEW QUESTION # 92
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