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According to IIA guidance, which of the following is least likely to be a key financial control in an organization's accounts payable process?
A. Monitor customer quality complaints compared to the prior period to identify vendor issues.
B. Monitor amounts paid each period and compare them to the budget to identify potential issues.
C. Compare employee addresses to vendor addresses to identify potential employee fraud.
D. Require the approval of additions and changes to the vendor master listing, where the inherent risk of false vendors is high.
Answer: A
Explanation:
Section: Volume E
NEW QUESTION # 697
A report prepared by the internal audit activity contains several observations that disclose proprietary information regarding the organization's manufacturing process. According to the International Professional Practices Framework, which of the following is the appropriate treatment for this report?
A. Remove the observations and report verbally to senior management.
B. Distribute the report only to the board to protect disclosure.
C. Require a separate non-disclosure statement from each recipient.
D. Disclose and distribute this information in a separate report.
Answer: D
NEW QUESTION # 698
Which of the following is the most important step in establishing the objectives and scope of an internal audit engagement?
A. Assess process flow and control documents used to meet regulatory requirements.
B. Review the organizational structure, management roles and responsibilities, and operating procedures.
C. Review meeting notes from discussions involving management of the area to be reviewed.
D. Evaluate management's risk assessment and the internal audit activity's risk assessment.
Answer: D
Explanation:
Evaluating management's risk assessment and the internal audit activity's risk assessment ensures that audit objectives align with organizational risks and priorities. This step is crucial for identifying high-risk areas and designing a focused audit approach.
* Reviewing organizational structure, roles, and procedures (A) is important but does not directly establish engagement objectives.
* Assessing process flow and control documents (C) is useful for control evaluation but not the primary planning step.
* Reviewing meeting notes (D) may provide background information but is not the key step in establishing engagement objectives.
Reference:IIA's Standard 2200 - Engagement Planning and Practice Guide: Engagement Planning:
Establishing Objectives and Scope.
NEW QUESTION # 699
The following audit observation was included in the final audit report:
"Our review concluded that bank reconciliation statements for March and April did not show evidence of supervisory review. We recommend strict compliance with the controller's manual, which requires the department head to place their initials on the reconciliation statements to document their review." Which of the following attributes are missing from the above audit observation?
1. Criteria.
2. Condition.
3. Cause.
4. Effect.
A. 1 and 4 only
B. 3 and 4 only
C. 2 and 3 only
D. 1, 3, and 4 only
Answer: B
NEW QUESTION # 700
An examination of the accounts payable function evidenced multiple findings with respect to segregation of duties. After management's response and action plan are received and documented in the final report, which of the following is most appropriate?
A. Have an internal audit staff member placed into the accounting department until corrections are made.
B. Because management agreed with the findings, no further action is deemed necessary.
C. Follow up after the applicable changes have been incorporated to validate management's response.
D. Include the items in the scope of the next scheduled audit of the accounts payable function.
Answer: C
Explanation:
After management responds to audit findings and provides an action plan, it is crucial for the internal audit activity to follow up to validate that the promised changes have been implemented and are effective. This follow-up ensures that the issues identified, such as those related to segregation of duties in accounts payable, have been appropriately addressed.
* IIA Standard 2500 - Monitoring Progress:
* This standard requires the internal audit activity to monitor the implementation of management's corrective actions. Following up on audit findings is essential to ensure that the actions taken effectively mitigate the identified risks.
* Validation of Corrective Actions:
* By conducting a follow-up review, the internal audit activity can verify that the changes have been made as planned and assess whether these changes are sufficient to resolve the issues. This process helps maintain the integrity and effectiveness of the internal audit function.
* IIA Practice Advisory 2500-1:
* The advisory emphasizes the importance of follow-up activities to confirm that management's responses to audit recommendations have been implemented as intended.
* Option B (Include in the next scheduled audit): While this is a backup plan, it may delay the validation of corrective actions, allowing potential risks to persist.
* Option C (No further action): This approach is inappropriate because it assumes the problem is resolved without verification, which could lead to unmitigated risks.
* Option D (Placing an auditor in the department): This could compromise the independence of the internal audit function and is not a standard practice.
Detailed Explanation:Why Not Other Options?Conclusion: Option A is correct because it ensures that the internal audit activity fulfills its responsibility to validate that management's corrective actions have been implemented and are effective, aligning with IIA standards on monitoring progress.
NEW QUESTION # 701
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