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| Section | Weight | Objectives |
|---|---|---|
| Information Gathering, Analysis and Evaluation | 40% | - Gather and verify relevant information and evidence - Apply analytical procedures and data analysis techniques - Assess compliance with policies, standards, and requirements - Use technology and audit tools effectively - Evaluate controls, risks, and process effectiveness |
| Engagement Planning | 50% | - Develop engagement work program - Determine engagement objectives and scope - Identify and assess risks relevant to the engagement - Establish engagement criteria and resource requirements - Consider fraud risks and applicable laws/regulations |
| Engagement Supervision and Communication | 10% | - Develop and communicate engagement observations and conclusions - Monitor and follow up on engagement outcomes - Coordinate with stakeholders and resolve issues - Supervise engagement activities and review workpapers - Formulate recommendations and action plans |
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NEW QUESTION # 709
As part of a preliminary survey of the purchasing function, an internal auditor reads the department's policies and procedures manual and concludes that the manual describes the processing steps clearly and contains an appropriate internal control design. The next engagement objective is to evaluate the operating effectiveness of internal controls. Which procedure would fulfill this objective most effectively?
Answer: A
NEW QUESTION # 710
The chief audit executive (CAE) determined that based on management's oral response, the action taken regarding an audit observation was sufficient when weighted against the relative importance of the audit recommendation. Which of the following is the most appropriate step for the internal auditor to take next?
Answer: B
NEW QUESTION # 711
During a consulting engagement an internal auditor wants to determine whether all principal stakeholders are involved in a project. Which tool should the auditor use?
Answer: C
Explanation:
A RACI (responsible, accountable, consult, and inform) chart is the tool that an internal auditor should use to determine whether all principal stakeholders are involved in a project. A RACI chart clearly defines roles and responsibilities for each task or deliverable in a project, ensuring that all necessary stakeholders are identified and their involvement is appropriately documented.
Reference:
IIA Practice Guide: Auditing Project Management Activities
IIA Standards: 2201 - Planning Considerations
NEW QUESTION # 712
During a review of the organization ' s waste management processes, the internal auditor discovered that wastewater is being disposed of inappropriately. The auditor ' s recommendations, suggested to mitigate the risk of regulatory sanctions and reputational damages, were accepted and timelines for implementation were agreed. However, during the internal audit activity ' s periodic follow-up exercise, management indicated that the recommendation was too expensive to implement and the current disposal method has been cost-effective.
What should the chief audit executive do in this case?
Answer: C
Explanation:
When management decides not to implement a critical recommendation, especially one related to regulatory compliance and potential reputational risk, it is essential for the chief audit executive (CAE) to escalate the issue to senior management. This step ensures that management fully understands the risks involved and can make an informed decision.
IIA Standard 2600 - Communicating the Acceptance of Risks:
This standard requires the CAE to communicate to senior management and the board when management has accepted a level of risk that the CAE believes is unacceptable. The CAE must ensure that the decision-makers are aware of the potential consequences.
Importance of Escalation:
By convening a meeting with senior management, the CAE can discuss the risks of non-compliance, including potential regulatory sanctions and reputational damage. This discussion provides an opportunity for senior management to reassess the decision in light of these risks.
IIA Practice Advisory 2600-1:
The advisory suggests that when significant risks are not being addressed by management, the CAE should communicate these concerns to higher levels of the organization. This ensures that the risks are not ignored and that appropriate action can be taken.
Option A (Do nothing): This is not appropriate, as the CAE has a responsibility to escalate significant risks.
Option B (Contact regulatory agency): This is an extreme step and should not be the first course of action.
The issue should be discussed internally before involving external regulators.
Option D (Highlight to external auditors): While external auditors might need to be informed, the issue should first be addressed within the organization.
Detailed Explanation:Why Not Other Options?
NEW QUESTION # 713
A limitation of using ratio analysis in an audit engagement is that it:
Answer: D
NEW QUESTION # 714
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