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| Section | Objectives |
|---|---|
| Engagement Execution | - Sampling methods and data analysis - Audit evidence collection and evaluation - Control testing and documentation |
| Communicating Results and Monitoring | - Audit report preparation and communication - Issue tracking and follow-up procedures |
| Managing the Internal Audit Function | - Quality assurance and improvement program (QAIP) - Internal audit role in governance, risk, and control - Audit plan development and resource management |
| Engagement Planning | - Audit program design - Engagement objectives and scope definition - Risk assessment for audit engagements |
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NEW QUESTION # 138
An organization contracted a third party to construct a new facility that was estimated to cost $25 million.
Which of the following is the most pertinent reason for the organization to audit the contractor's records?
Answer: D
NEW QUESTION # 139
A chief audit executive (CAE) following up on action plans from previously completed audits identifies that management has determined that certain action plans are no longer necessary If the CAE disagrees with management's decision, which of the following is the most appropriate next step for the CAE to take?
Answer: C
Explanation:
If the Chief Audit Executive (CAE) disagrees with management's decision to deem certain action plans no longer necessary, the CAE must discuss the matter with the board. The board has the ultimate responsibility for oversight of the internal audit function and for ensuring that management addresses audit recommendations appropriately. Escalating the issue to the board ensures that the CAE fulfills their duty to report significant issues and disagreements to those charged with governance.
References:
* 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."
NEW QUESTION # 140
An internal auditor is conducting an assurance engagement. One engagement objective is to evaluate the project manager's effectiveness at controlling project costs. Which of the following audit tests should be included in the engagement program?
Answer: C
Explanation:
Comprehensive and Detailed Explanation:
To evaluate the project manager's effectiveness at controlling costs, the auditor should verify whether payments are properly authorized, valid, and consistent with agreements. The most direct test is to track a sample of project payments (B) from accounts payable back to contracts and authorizations. This demonstrates whether project expenditures were controlled and aligned with agreements. Bank reconciliations (A) are unrelated to project-level cost control. Validating feasibility model assumptions (C) relates to project planning, not ongoing cost control. Checking budget approval timing (D) relates to compliance but not cost management effectiveness. Therefore, Option B best aligns with the engagement objective.
NEW QUESTION # 141
An internal auditor submitted a report containing recommendations for management to enhance internal controls related to investments. To follow up, which of the following is the most appropriate action for the internal auditor to take?
Answer: C
Explanation:
To ensure that recommendations for enhancing internal controls have been effectively implemented, the internal auditor should conduct appropriate testing to verify management responses. This involves re-performing procedures, reviewing documentation, and possibly observing operations to confirm that the corrective actions have been adequately executed and are effective. Simply seeking a management assurance declaration (Option B) or observing corrective measures (Option A) may not provide sufficient evidence of proper implementation. Following up during the next scheduled audit (Option C) may delay the verification process, potentially allowing risks to persist.
Reference:
IIA Standard 2500: Monitoring Progress.
IIA Practice Guide on Follow-up Processes in Internal Auditing.
NEW QUESTION # 142
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: C
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.
Reference: Internal auditing standards emphasize the need for auditors to understand the environment and context of the organization's operations when anomalies are detected.
Other Options Considered:
Option A: Making a note for future follow-up is not proactive and delays addressing a potential issue.
Option B: Analyzing supplier trends, while useful, does not directly address the travel expense anomaly.
Option D: Estimating costs based on destinations can provide insights but does not explain potential legitimate arrangements made by the organization.
Conclusion: Investigating special arrangements regarding senior management travel (Option C) is the most appropriate step to understand the discrepancy and ensure there are no irregularities.
NEW QUESTION # 143
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