QUESTION: 225

According to IIA guidance, which of the following is true regarding the exit conference for an internal audit engagement?

A primary purpose of the exit conference is to provide for the timely communication of observations that call for immediate management action.
Both the chief audit executive and the chief executive over the activity or function reviewed must attend the exit conference to validate the findings.
The exit conference provides only anticipated results for inclusion in the final audit communication.
During the exit conference, the performance of the internal auditors who executed the engagement is reviewed.

Answer(s): C

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Which of the following components should be included in an audit finding?
1. The scope of the audit.
2. The standard(s) used by the auditor to make the evaluation.
3. The engagement's objectives.
4. The factual evidence that the internal auditor found in the course of the examination.

1 and 2
1 and 3 only
2 and 4
1, 3, and 4

Answer(s): C

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QUESTION: 227

A newly promoted chief audit executive (CAE) is faced with a backlog of assurance engagement reports to review for approval. In an attempt to attach a priority for this review, the CAE scans the opinion statement on each report. According to IIA guidance, which of the following opinions would receive the lowest review priority?

1. Graded positive opinion.
2. Negative assurance opinion.
3. Limited assurance opinion.
4. Third-party opinion.

1 and 3
1 and 4
2 and 3
2 and 4

Answer(s): C

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QUESTION: 228

After finalizing an assurance engagement concerning safety operations in the oil mining process, the audit team concluded that no key controls were compromised. However, some opportunities for improvement were noted.
Which of the following would be the most appropriate way for the chief audit executive (CAE) to report these results?

The CAE should send the final report to operational and senior management and the audit committee.
The CAE should send the final report to operational management only, as there is no need to communicate this information to higher levels.
The CAE should notify operational and senior management that the audit engagement was completed with no significant findings to report.
The CAE should send the final report to operational management and notify senior management and the audit committee that no significant findings were identified.

Answer(s): D

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QUESTION: 225

QUESTION: 226

QUESTION: 227

QUESTION: 228