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| Section | Objectives |
|---|---|
| Topic 1: Engagement Execution | - Audit evidence collection and evaluation - Sampling methods and data analysis - Control testing and documentation |
| Topic 2: Engagement Planning | - Risk assessment for audit engagements - Engagement objectives and scope definition - Audit program design |
| Topic 3: Managing the Internal Audit Function | - Quality assurance and improvement program (QAIP) - Audit plan development and resource management - Internal audit role in governance, risk, and control |
| Topic 4: Communicating Results and Monitoring | - Issue tracking and follow-up procedures - Audit report preparation and communication |
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NEW QUESTION # 263
A bakery chain has a statistical model that can be used to predict daily sales at individual stores based on a direct relationship to the cost of ingredients used and an inverse relationship to rainy days What conditions would an auditor look for as an Indicator of employee theft of food from a specific store?
Answer: D
Explanation:
The statistical model indicates that daily sales have a direct relationship with the cost of ingredients used and an inverse relationship with rainy days.
Option A: On a rainy day, if total sales are greater than expected compared to the cost of ingredients used, it may indicate discrepancies that could be a sign of employee theft. For instance, if ingredients are used but not reflected in the sales, it suggests that items might be missing (stolen).
Option B: On a sunny day, lower-than-expected sales compared to the cost of ingredients could indicate wastage but not necessarily theft.
Option C and D: Both scenarios where total sales and the cost of ingredients are higher or lower than expected do not specifically point to theft without additional context.
NEW QUESTION # 264
Which of the following is most likely the subject of a periodic report from the chief audit executive to the board?
Answer: D
Explanation:
A periodic report from the chief audit executive (CAE) to the board typically includes information about the internal audit activity's purpose, authority, responsibility, and performance relative to the audit plan. This report ensures that the board is kept informed about the internal audit activity's alignment with organizational goals, its independence, and any significant issues or deviations from the plan.
IIA Reference:
IIA Standard 2060: Reporting to Senior Management and the Board requires the CAE to report periodically to the board on the internal audit activity's purpose, authority, responsibility, and performance relative to its plan. This standard ensures that the board has a clear understanding of how the internal audit activity is fulfilling its role.
The Practice Guide on Effective Communication with the Board recommends that the CAE provide regular updates on the internal audit activity's progress against its plan and any significant issues that require the board's attention.
NEW QUESTION # 265
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: A
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 # 266
In a review of an electronic data interchange application using a third-party service provider, the auditor should:
I. Ensure encryption keys meet International Organization for Standardization (ISO) standards.
II. Determine whether an independent review of the service provider's operation has been conducted.
III. Verify that only public-switched data networks are used by the service provider.
IV.
Verify that the service provider's contracts include necessary clauses, such as the right to audit.
Answer: C
NEW QUESTION # 267
In forming a team to investigate an organization's potential adoption of an activity-based costing system, the best reason to include an internal auditor on the team would be the auditor's knowledge of:
Answer: C
NEW QUESTION # 268
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