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| Section | Weight | Objectives |
|---|---|---|
| Topic 1: Performing the Engagement | 40% | - Information gathering: interviews, observation, document review, and data analysis - Evaluation of fraud risk and fraud-related indicators during engagements - Development of engagement findings: criteria, condition, cause, and effect - Use of technology tools to support engagement execution (e.g., CAATs, data analytics) - Assessing the adequacy and effectiveness of risk management and controls - Drawing conclusions and formulating recommendations - Applying analytical approaches and process mapping techniques - Root cause analysis and evaluation of evidence - Assessing IT governance, security, and control frameworks - Assessing compliance with laws, regulations, and organizational policies |
| Topic 2: Communicating Engagement Results and Monitoring Progress | 20% | - Reporting on the adequacy of management's corrective actions - Communication of engagement results: objectives, scope, conclusions, recommendations, action plans - Management response and action plan tracking - Disseminating final results to appropriate stakeholders - Monitoring and follow-up on the resolution of engagement findings - Developing recommendations vs. requesting management action plans vs. collaborative approaches - Attributes of effective engagement communication: accurate, objective, clear, concise, constructive, complete, timely |
| Topic 3: Planning the Engagement | 20% | - Engagement planning procedures including data analytics and sampling - Engagement objectives, scope, and resource allocation - Risk and control identification and assessment for the engagement - Coordination with stakeholders during engagement planning - Understanding business processes, IT systems, and relevant regulations - Detailed engagement work program development |
| Topic 4: Managing the Internal Audit Activity | 20% | - 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 - Risk-based audit planning and alignment with organizational strategy - Managing financial, human, and IT resources within the internal audit function - Knowledge management and information sharing across the internal audit activity |
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NEW QUESTION # 248
An internal auditor discovered a control weakness that needs to be communicated to management. Which of the following is the best method for first communicating the weakness?
Answer: B
Explanation:
Step-by-Step Detailed Explanation:
A . Draft report:
Delays action on the weakness, which could be addressed sooner.
B . Preliminary observation document:
While helpful, this is not as immediate as verbal communication.
C . Final report:
Waiting until the final report would unnecessarily delay corrective action.
D . Verbal communication during the engagement, followed by the final report issuance:
Correct. Verbal communication allows immediate management action, with documentation to follow.
CIA Exam Syllabus Reference:
Domain V: Performing Internal Audit Services - Effective Communication of Findings.
NEW QUESTION # 249
The chief audit executive (CAE) of an organization has established an internal audit activity (IAA) quality assessment program. According to IIA guidance, which of the following would be part of this program?
Answer: A
Explanation:
Section: Volume C
Explanation/Reference:
NEW QUESTION # 250
Which of the following actions should the chief audit executive take when senior management decides to accept risks by choosing to do business with a questionable vendor?
Answer: B
Explanation:
If senior management decides to accept risks, such as doing business with a questionable vendor, and the chief audit executive (CAE) believes this poses a significant risk to the organization, the CAE should escalate the issue to the board. The board has the ultimate responsibility for overseeing risk management and can decide on the appropriate action to take in response to the risk.
IIA Reference:
IIA Standard 2600: Communicating the Acceptance of Risks states that when the CAE believes that senior management has accepted a level of residual risk that may be unacceptable to the organization, the CAE must discuss the matter with senior management. If the decision regarding risk remains unchanged, the CAE must inform the board.
The Practice Guide on Risk Management highlights the importance of the CAE keeping the board informed of significant risks that management has chosen to accept, particularly when these risks could have a material impact on the organization.
NEW QUESTION # 251
A large retail organization, which sells most of its products online, experiences a computer hacking incident. The chief IT officer immediately investigates the incident and concludes that the attempt was not successful. The chief audit executive (CAE) learns of the attack in a casual conversation with an IT auditor. Which of the following actions should the CAE take?
1. Meet with the chief IT officer to discuss the report and control improvements that will be implemented as a result of the security breach, if any.
2. Immediately inform the chair of the audit committee of the security breach, because thus far only the chief IT officer is aware of the incident.
3. Meet with the IT auditor to develop an appropriate audit program to review the organization's Internet-based sales process and key controls.
4. Include the incident in the next quarterly report to the audit committee.
Answer: D
Explanation:
The chief audit executive (CAE) should meet with the chief IT officer to discuss the incident, the investigation, and any control improvements that will be implemented (1). Additionally, developing an appropriate audit program with the IT auditor to review the organization's Internet-based sales process and key controls (3) is a proactive approach to ensure future incidents are prevented and to enhance the organization's security posture. Reference: = IIA Standard 2120 - Risk Management and IIA Standard 2201 - Planning Considerations.
NEW QUESTION # 252
The internal audit activity of an insurance company is reviewing six of the company's 11 branches. During the review of the fourth branch that was selected, the internal audit team discovered control breaches that could result in regulatory sanctions if not addressed. How should the internal audit team proceed?
Answer: A
Explanation:
When significant control breaches are identified, IIA Standard 2410: Communicating Results requires auditors to address the issue with appropriate management immediately. Issuing an interim report ensures the organization takes timely corrective action to mitigate risks and potential regulatory sanctions. Delaying communication until the final report (options A, B, or D) may increase the risk of noncompliance or sanctions. Addressing issues promptly reflects adherence to the professional practice standards and helps mitigate harm.
NEW QUESTION # 253
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