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.
Answer(s): C
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.
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?
Answer(s): D
While conducting an audit of a third party's Web-based payment processor, an internal auditor discovers that a programming error allows customers to create multiple accounts for a single mailing address. Management agrees to correct the program and notify customers with multiple accounts that the accounts will be consolidated. Which of the following actions should the auditor take?1. Schedule a follow-up review to verify that the program was corrected and the accounts were consolidated.2. Evaluate the adequacy and effectiveness of the corrective action proposed by management.3. Amend the scope of the subsequent audit to verify that the program was corrected and that accounts were consolidated.4. Submit management's plan of action to the external auditors for additional review.
Answer(s): A
An internal auditor is conducting a review of the procurement function and uncovers a potential conflict of interest between the chief operating officer and a significant supplier of IT software development services. Which of the following actions is most appropriate for the internal auditor to take?
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