- Social Science
- Sociology
- Management
-
Flashcards
-
Learn
-
Test
-
Match
-
Flashcards
-
Learn
-
Test
-
Match
Terms in this set (35)2200-Engagement Planning 2201-Planning Considerations Internal auditors must develop and document a plan for each engagement.
True
False True 2200-Engagement Planning 2201-Planning Considerations The engagement plan must include all
of the following EXCEPT:
-Engagement's audit report
-Engagement's scope
-Engagement's objectives
-Engagement's timing
-Engagement's resource allocations Engagement's audit report 2200-Engagement Planning 2201-Planning Considerations In planning the engagement, internal auditors must consider all of the following EXCEPT:
-The significant risks to the activity, its objectives,
resources, and operations and the means by which the potential impact of risk is kept to an acceptable level
-The objectives of the activity being reviewed and the means by which the activity controls its performance
-Management personnel impacted by the audit plan
-The opportunities for making significant improvements to the activity's governance, risk management, and control processes Management personnel impacted by the audit plan
2200-Engagement Planning 2201-Planning Considerations When planning an engagement for parties outside the organization, internal auditors must establish a written understanding with them about objectives, scope, respective responsibilities, and other expectations, including restrictions on distribution of the results of the engagement and access to engagement records.
True
False True
2200-Engagement Planning 2201-Planning Considerations Internal auditors must establish an understanding with consulting engagement clients about objectives, scope, respective responsibilities, and other client expectations. This understanding does not need to be documented for any engagements.
True
False False 2210 - Engagement Objectives
Objectives must be established
for each engagement.
True
False True 2210 - Engagement Objectives
Internal auditors must conduct a preliminary assessment of the risks relevant to the activity under review. Engagement objectives must reflect the results of this assessment.
True
False True 2210 - Engagement Objectives
When developing the
engagement objectives, internal auditors must consider the probability of all of the following EXCEPT:
-Significant errors
-Fraud
-Immaterial errors
-Noncompliance
-Other exposures Immaterial errors 2210 - Engagement Objectives
Adequate criteria are needed to evaluate governance, risk management, and controls. Internal auditors must ascertain the extent to which management and/or the board
has established adequate criteria to determine whether objectives and goals have been accomplished. If adequate, internal auditors must use such criteria in their evaluation. If inadequate, internal auditors must work with management and/or the board to develop appropriate evaluation
criteria. True
False True 2210 - Engagement Objectives
Consulting engagement objectives must address governance,
risk management, and control processes to the extent agreed upon with the client. Consulting engagement objectives must be consistent with the organization's values, strategies, and objectives. True
False True 2220 - Engagement Scope
The established scope must be sufficient to achieve the objectives of the engagement. True
False True
2220 - Engagement Scope
The scope of the engagement must include consideration of all the following EXCEPT:
-Personnel
-Records
-Relevant systems
-Audit report
-Physical properties Audit report 2220 - Engagement Scope
If significant consulting opportunities arise during an assurance engagement, a specific written understanding as to the objectives,
scope, respective responsibilities, and other expectations should be reached and the results of the consulting engagement communicated in accordance with consulting standards. True
False True 2220 - Engagement Scope
In performing consulting engagements, internal auditors must ensure that the scope of the engagement is sufficient to address the agreed-upon objectives. If internal auditors develop
reservations about the scope during the engagement, the engagement should immediately be terminated. True
False False 2220 - Engagement Scope
During consulting engagements, internal auditors must address controls consistent with the engagement's objectives and be alert to significant control issues. True
False True
2230-Engagement Resource Allocation and 2240-Engagement Work Program
Internal auditors must determine appropriate and sufficient resources to achieve engagement objectives based on an evaluation of all of the following EXCEPT:
-The nature and complexity of each engagement
-Management's expectations
-Available resources
-Time constraints Management's expectations 2230-Engagement
Resource Allocation and 2240-Engagement Work Program
Internal auditors must develop and document work programs that achieve the engagement objectives.
True
False True 2230-Engagement Resource Allocation and 2240-Engagement Work Program
Work programs must include the procedures for all of the following during the engagement EXCEPT:
-Analyzing information
-Evaluating information
-Creating information
-Documenting information
-Identifying information Creating information 2230-Engagement Resource Allocation and 2240-Engagement Work Program
The work program must be approved prior to its implementation. Any work program adjustments do not require approval. True
False False 2230-Engagement
Resource Allocation and 2240-Engagement Work Program
Work programs for consulting engagements may vary in form and content depending upon the nature of the engagement. True
False True 2340 - Engagement Supervision
Engagements must be properly supervised to ensure all of the following EXCEPT:
-Staff is developed
-Objectives are achieved
-Workpapers are complete
-Quality is
assured Workpapers are complete 2340 - Engagement Supervision
The extent of supervision required will depend on all of the following EXCEPT:
-Complexity of the engagement
-Budget for internal auditors
-Proficiency of internal auditors
-Experience of internal auditors Budget for internal auditors 2340 -
Engagement Supervision
The chief audit executive has overall responsibility for supervising the engagement, whether performed by or for the internal audit activity.
True
False True 2340 - Engagement Supervision
The chief audit executive may not designate appropriately experienced members of the internal audit activity to perform the review.
True
False False
2340 - Engagement Supervision
Appropriate evidence of supervision is documented and retained.
True
False True 2430, 2431, and 2450
Internal auditors may report that their engagements are "conducted in conformance with the International Standards for the Professional Practice of Internal Auditing", only if the results of the quality assurance and improvement
program support the statement.
True
False True 2430, 2431, and 2450
When nonconformance with the Definition of Internal Auditing, the Code of Ethics or the Standards impacts a specific engagement, communication of the results must disclose all of the following EXCEPT:
-Action plan for nonconformance
-Principle or rule of conduct of the Code of Ethics or
Standard(s) with which full conformance
was not achieved
-Reason(s) for nonconformance
-Impact of nonconformance on the engagement and the communicated engagement results Action plan for nonconformance 2430, 2431, and 2450
When an overall opinion is issued, it must take into account the expectations of all of the following EXCEPT:
-Other stakeholders
-Senior management
-Government officials
-The board
Government officials 2430, 2431, and 2450
Overall opinions must be supported by all of the following types of information EXCEPT:
-Timely
-Sufficient
-Reliable
-Relevant
-Useful Timely 2430, 2431, and 2450
The communication will identify all of the following EXCEPT:
-The overall opinion, judgment, or conclusion
reached
-Scope limitations
-The risk or control framework or other criteria used as a basis for the overall opinion
-Qualifications of the internal auditor
-The scope, including the time period to which the opinion pertains
-Consideration of all related projects including the reliance on other assurance providers Qualifications of the internal auditor 2440 - Disseminating Results
The chief
audit executive must communicate results to the appropriate parties.
True
False True 2440 - Disseminating Results
The chief audit executive is responsible for all of the following EXCEPT:
-Deciding to whom it will be disseminated
-Deciding how it will be disseminated
-Approving the final engagement communication
-Delivering the final engagement communication to its intended
audience
-Reviewing the final engagement communication Delivering the final engagement communication to its intended audience 2440 - Disseminating Results
The chief audit executive is responsible for communicating the final results to parties who can ensure that the results are given due consideration.
True
False True 2440
- Disseminating Results
If not otherwise mandated by legal, statutory, or regulatory requirements, prior to releasing results to parties outside the organization the chief audit executive must do all of the following EXCEPT:
-Receive permission from the audit committee of the board of directors
-Consult with senior management and/or legal counsel as appropriate
-Control dissemination by restricting the use of the results
-Assess the potential risk to the organization
Receive permission from the audit committee of the board of directors 2440 - Disseminating Results
During consulting engagements, governance, risk management, and control issues may be identified. Whenever these issues are significant to the organization, they must be communicated to senior management and the board.
True
False True
Sets with similar termsAudit Final Exam70 terms kayleespruill ACCT 4631 - Internal Auditing: CIA Quiz Topics 12,…71 terms Vespervich Audit Final Exam27 terms branbharrison Internal Audit EXAM 1 - CIA 1 & 2 Q's53 terms rooroo4756 Other sets by this creatorFraud test 340 terms dillon_dudley Fraud test 217 terms dillon_dudley 5140 test 225 terms dillon_dudley govt accounting test 25 terms dillon_dudley Recommended textbook solutions
Human Resource Management15th EditionJohn David Jackson, Patricia Meglich, Robert Mathis, Sean Valentine 249 solutions Information Technology Project Management: Providing Measurable
Organizational Value5th EditionJack T. Marchewka 346 solutions Service Management: Operations, Strategy, and Information Technology7th
EditionJames Fitzsimmons, Mona Fitzsimmons 103 solutions
Human Resource Management15th EditionJohn David Jackson, Patricia Meglich, Robert Mathis, Sean Valentine 249 solutions Other Quizlet setsACC 413 Exam 133 terms amanda_fleming15 Cost ACCT25 terms tamarac26 Assurance Chapter 352 terms Ggonzales21 UNIT 4: Human Resources Lesson 1: The Functions &…15 terms Thaismm19 Related questionsQUESTION PRM applications apply many of the same tools used in CRM systems to enhance collaboration between a
company and its business partners. 5 answers QUESTION Networking can be an important part of career development 15 answers QUESTION What displays an applicant's finest efforts and is a good self-marketing tool to show to potential employers? 2 answers QUESTION The work authorization system makes sure that 6 answers
What is an internal audit engagement objective?
Planning internal audit engagements involves considering the strategies and objectives of the area or process under review, prioritizing the risks relevant to the engagement, determining the engagement objectives and scope, and documenting the approach.
IIA Standard 2300, Performing the Engagement Planning, requires that Internal Auditors must identify, analyze, evaluate, and document sufficient information to achieve the engagement's objectives.
What are the objectives of internal audit for ISO 9000 Standards?
An internal audit is used to assess conformity, evaluate effectiveness, and identify opportunities for improvement. Internal audits also help you prepare for external audits. To prepare for an internal audit the9000store offers a variety of ISO 9001 Internal Auditor Training Options.
What should an auditor do before accepting an engagement?
Before accepting an engagement to audit a new Service organization, the service auditor must perform their due diligence around the client acceptance process, anticipate acceptance issues, address the client risk, and perform risk acceptance procedures.
| 
