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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 - Risk-based audit planning and alignment with organizational strategy - Strategic role of internal audit within governance, risk management, and control - Coordination with external auditors and other internal assurance providers - Internal audit operations: planning, organizing, directing, and monitoring |
| Topic 2: Performing the Engagement | 40% | - Information gathering: interviews, observation, document review, and data analysis - Evaluation of fraud risk and fraud-related indicators during engagements - Assessing compliance with laws, regulations, and organizational policies - Use of technology tools to support engagement execution (e.g., CAATs, data analytics) - Development of engagement findings: criteria, condition, cause, and effect - Assessing IT governance, security, and control frameworks - Drawing conclusions and formulating recommendations - Applying analytical approaches and process mapping techniques - Assessing the adequacy and effectiveness of risk management and controls - Root cause analysis and evaluation of evidence |
| Topic 3: 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 - Disseminating final results to appropriate stakeholders - Monitoring and follow-up on the resolution of engagement findings - Management response and action plan tracking - Reporting on the adequacy of management's corrective actions - Attributes of effective engagement communication: accurate, objective, clear, concise, constructive, complete, timely |
| Topic 4: Planning the Engagement | 20% | - Detailed engagement work program development - Coordination with stakeholders during engagement planning - Understanding business processes, IT systems, and relevant regulations - Risk and control identification and assessment for the engagement - Engagement objectives, scope, and resource allocation - Engagement planning procedures including data analytics and sampling |
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NEW QUESTION # 585
An internal audit team leader is having difficulties completing the planning phase of an assurance engagement because the business unit lacks a system of internal controls. Which of the following is the most appropriate course of action for the internal audit team leader?
Answer: A
Explanation:
When an internal audit team leader encounters difficulties due to the lack of a system of internal controls, the most appropriate course of action is to add a consulting component to the scheduled assurance engagement.
This approach allows the internal audit team to provide advice and recommendations on establishing internal controls while still fulfilling their assurance responsibilities. By integrating consulting activities, the auditors can help the business unit improve its control environment, which can then be assessed in the assurance engagement.
:
The Institute of Internal Auditors (IIA) Practice Guide: Consulting Engagements IIA Standard 1130 - Impairment to Independence or Objectivity
NEW QUESTION # 586
An internal auditor recommended that an organization implement computerized controls in its sales system in order to prevent sales representatives from executing contracts in excess of their delegated authority levels. A follow-up review found that the sales system had not been modified, but a process had been implemented to obtain written approval by the vice president of sales for all contracts in excess of $1 million. The chief audit executive (CAE) would be justified in reporting this situation to the organization's board iF.
I.In the opinion of the CAE, the level of residual risk assumed by senior management is too high.
II.
Testing of compliance with the new process finds that all new contracts in excess of $1 million have been approved by the vice president of sales.
III.
The cost of modifying the sales system to include a preventive control is less than $100,000.
Answer: C
NEW QUESTION # 587
Which of the following tests must an internal auditor perform in order to ensure that inbound electronic data interchange (EDI) transactions are received and translated accurately?
I.Computerized tests to assess transaction reasonableness and validity.
II.
Review of log books to ensure that transactions are logged upon receipt.
III.
Edit checks to identify unusual transactions.
IV.
Verification of limitations on the authority of users to initiate specific EDI transactions.
Answer: A
NEW QUESTION # 588
An internal auditor recommended that an organization implement computerized controls in its sales system in order to prevent sales representatives from executing contracts in excess of their delegated authority levels A follow-up review found that the sales system had not been modified, but a process had been implemented to obtain written approval by the vice president of sales for all contracts in excess of S1 million The chief audit executive (CAE) would be justified in reporting this situation to the organization's board under which of the tollowing circumstances'?
1. In the opinion of the CAE the level of residual risk assumed by senior management is too high
2. Testing of compliance with the new process finds that all new contracts in excess of $1 million have been approved by the vice president of sales
3. The cost of modifying the sales system to include a preventive control is less than S100.000
Answer: B
Explanation:
The Chief Audit Executive (CAE) would be justified in reporting the situation to the organization's board if, in the opinion of the CAE, the level of residual risk assumed by senior management is too high (1). Even though the new process of obtaining written approval by the vice president of sales addresses the issue, if the CAE believes that the residual risk remains too high, it is their duty to report it to the board. The cost of implementing a preventive control or the compliance with the new process does not change the responsibility of the CAE to report significant residual risks to the board.
Reference:
The Institute of Internal Auditors (IIA) Standard 2600 - Communicating the Acceptance of Risks: "When the chief audit executive believes that senior management has accepted a level of residual risk that may be unacceptable to the organization, the chief audit executive must discuss the matter with senior management. If the decision regarding residual risk is not resolved, the chief audit executive must report the matter to the board for resolution." IIA Practice Guide on "Communicating Risk Acceptance to the Board"
NEW QUESTION # 589
A multinational organization supplies computer chips for use in products manufactured in other countries.
The internal audit function is planning an engagement to assess the organization ' s navigation of the global market. The engagement team performs a risk assessment for the engagement.
Which situation indicates a significant risk that should be addressed during the engagement?
Answer: A
Explanation:
Option D is correct. The engagement concerns the organization ' s ability to navigate the global market , so the risk assessment should prioritize external developments that could materially affect its business objectives.
New tariffs imposed by countries where customers manufacture products using the organization ' s chips can increase chip prices, reduce competitiveness, disrupt demand, and affect profitability. Option A describes customers ' inventory-management behavior that may actually mitigate production-delay risk. Option B represents an opportunity rather than a significant adverse risk. Option C concerns an internal accounting- process improvement and is not closely connected with the objective of assessing global-market exposure.
The Global Internal Audit Standards require engagement risk assessments to identify risks relevant to the activity ' s objectives, while the CIA syllabus emphasizes assessing strategic, external, operational, financial, and compliance risks in the engagement context.
NEW QUESTION # 590
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