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| Section | Weight | Objectives |
|---|---|---|
| Information Gathering, Analysis and Evaluation | 40% | - Evaluate controls, risks, and process effectiveness - Assess compliance with policies, standards, and requirements - Gather and verify relevant information and evidence - Apply analytical procedures and data analysis techniques - Use technology and audit tools effectively |
| Engagement Supervision and Communication | 10% | - Formulate recommendations and action plans - Monitor and follow up on engagement outcomes - Coordinate with stakeholders and resolve issues - Supervise engagement activities and review workpapers - Develop and communicate engagement observations and conclusions |
| Engagement Planning | 50% | - Develop engagement work program - Consider fraud risks and applicable laws/regulations - Identify and assess risks relevant to the engagement - Determine engagement objectives and scope - Establish engagement criteria and resource requirements |
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NEW QUESTION # 456
An engagement team is being assembled to audit of one of the organization's vendors Which of the following statements best applies to this scenario?
Answer: B
Explanation:
According to IIA guidance, when assembling an engagement team to audit a vendor, it is crucial to include internal auditors who have expertise in investigating vendor fraud. This expertise is essential for identifying and assessing fraud risks associated with the vendor and ensuring a thorough and effective audit. While proficiency in financial statement analysis and local accounting principles is valuable, the specific context of vendor fraud requires specialized knowledge in that area.
IIA Standards: 1210.A2 - Proficiency
IIA Practice Guide: Auditing Third-Party Risk Management
NEW QUESTION # 457
An audit of a Web-based third-party payment processor determined that a programming error enabled customers to create multiple accounts for each mailing address. This caused problems during the processing of credit card transactions. Management agreed to correct the program and notify customers with multiple accounts that the accounts would be consolidated. What should the auditor do in response?
I. Amend the scope of the subsequent audit to verify that the program was corrected and that accounts were consolidated.
II. Evaluate the adequacy and effectiveness of the corrective action proposed by management.
III. Schedule a follow-up review to verify that the program was corrected and the accounts were consolidated.
IV.
Do nothing because management has agreed to address the problem.
Answer: A
NEW QUESTION # 458
During follow-up, the chief audit executive (CAE) is having a discussion with management about the internal audit team's recommendations related to a significant issue Management accepted the issue but took no remedial action What is the next step for the CAE?
Answer: D
Explanation:
If management accepts the issue identified by the internal audit team but takes no remedial action, the next step for the chief audit executive (CAE) is to escalate the issue to senior management. This ensures that senior management is aware of the unresolved significant issue and can take appropriate action to address it.
Escalation is a critical step in ensuring that risks are managed effectively and that necessary corrective actions are implemented.
References:
* The Institute of Internal Auditors (IIA) Standard 2600
NEW QUESTION # 459
According to IIA guidance, which of the following is true about the supervising internal auditor's review notes?
* They are discussed with management prior to finalizing the audit.
* They may be discarded after working papers are amended as appropriate.
* They are created by the auditor to support her fieldwork in case of questions.
* They are not required to support observations issued in the audit report.
Answer: A
NEW QUESTION # 460
After issuance of the engagement final communication for an audit of an organization's accounts payable function, which of the following should be sent satisfaction surveys?
I. Manager of disbursements.
II. Controller.
III. Chief operating officer.
IV. Audit committee members.
Answer: C
NEW QUESTION # 461
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