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| Section | Weight | Objectives |
|---|---|---|
| Performing the Engagement | 40% | - Assessing the adequacy and effectiveness of risk management and controls - Drawing conclusions and formulating recommendations - Evaluation of fraud risk and fraud-related indicators during engagements - Root cause analysis and evaluation of evidence - Assessing IT governance, security, and control frameworks - Information gathering: interviews, observation, document review, and data analysis - Use of technology tools to support engagement execution (e.g., CAATs, data analytics) - Development of engagement findings: criteria, condition, cause, and effect - Assessing compliance with laws, regulations, and organizational policies - Applying analytical approaches and process mapping techniques |
| Planning the Engagement | 20% | - Risk and control identification and assessment for the engagement - Engagement objectives, scope, and resource allocation - Understanding business processes, IT systems, and relevant regulations - Engagement planning procedures including data analytics and sampling - Coordination with stakeholders during engagement planning - Detailed engagement work program development |
| Managing the Internal Audit Activity | 20% | - Risk-based audit planning and alignment with organizational strategy - Internal audit operations: planning, organizing, directing, and monitoring - Strategic role of internal audit within governance, risk management, and control - Knowledge management and information sharing across the internal audit activity - Coordination with external auditors and other internal assurance providers - Managing financial, human, and IT resources within the internal audit function |
| Communicating Engagement Results and Monitoring Progress | 20% | - Monitoring and follow-up on the resolution of engagement findings - Developing recommendations vs. requesting management action plans vs. collaborative approaches - Disseminating final results to appropriate stakeholders - Communication of engagement results: objectives, scope, conclusions, recommendations, action plans - Reporting on the adequacy of management's corrective actions - Attributes of effective engagement communication: accurate, objective, clear, concise, constructive, complete, timely - Management response and action plan tracking |
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NEW QUESTION # 646
While conducting an information security audit, an internal auditor learns that the existing disaster recovery plan is four years old and untested. The auditor also learns that in the four years since the recovery plan was implemented, the information systems have undergone extensive changes. Which of the following actions is most appropriate for the auditor to take?
Answer: C
Explanation:
Step-by-Step Detailed Explanation:
A . Inform management and request that the plan be tested immediately:
Testing without updating the plan could lead to irrelevant results given the significant changes to the systems.
B . Update the recovery plan for management, as part of the review:
The auditor's role is to assess and recommend, not to perform management's responsibilities.
C . Evaluate the recovery plan and report weaknesses to management:
Evaluation alone does not address the need for an update and testing of the outdated plan.
D . Recommend that management and users update and test the recovery plan:
Correct. This approach addresses the deficiencies in the plan and ensures alignment with current systems.
CIA Exam Syllabus Reference:
Domain II: Risk Management and Control - Disaster Recovery and Business Continuity Planning.
NEW QUESTION # 647
An organization does not have a formal risk management function. According to the Standards, which of the following are conditions where the internal audit activity (IAA) may provide risk management consulting?
1. There is a clear strategy and timeline to migrate risk management responsibility back to management.
2. The IAA has the final approval on any risk management decisions.
3. The IAA does not give objective assurance on any part of the risk management framework for which it is responsible.
4. The nature of services provided to the organization is documented in the internal audit charter.
Answer: A
NEW QUESTION # 648
Management requested the chief audit executive (CAE) to include an audit of the organization's health and safety program in next year's annual audit plan. However, the internal audit department has no expertise in this area. Which of the following would be the most appropriate action by the CAE?
Answer: B
Explanation:
Section: Volume D
Explanation/Reference:
NEW QUESTION # 649
Which of the following sampling techniques is typically used when an internal auditor wants to test a large sample for fraud?
Answer: D
Explanation:
Discovery sampling is typically used when an internal auditor wants to test a large sample for fraud. This technique is particularly effective for identifying instances of fraud or other irregularities in a population.
Discovery sampling is designed to detect at least one occurrence of an attribute, such as fraud, within the sampled population if it exists. It is particularly useful when the occurrence rate of the fraud is expected to be low.
References:
* IIA Practice Guide: Sampling in Internal Auditing
* IIA Standards: 2320 - Analysis and Evaluation
NEW QUESTION # 650
Which of the following statements is true regarding internal controls?
Answer: D
Explanation:
Entity-level controls set the tone and establish the framework for the overall control environment within an organization. If these controls are poorly designed or deficient, they can undermine the effectiveness of process-level controls, even if those controls are well-designed. Entity-level controls include governance, risk management, and compliance controls that influence the entire organization. Therefore, deficiencies at this level can have a widespread impact, preventing lower-level controls from functioning properly.
:
Institute of Internal Auditors (IIA), International Standards for the Professional Practice of Internal Auditing (Standards), Standard 2130 - Control.
NEW QUESTION # 651
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