Passed Exam Today IIA-CIA-Part1

Collect relevant audit evidence and begin working with management of the area to investigate the fraud.

Inform the chief audit executive and meet with the suspect to determine whether the person committed fraud.

Document supporting information and recommend an investigation to the appropriate audit management.

Evaluate existing controls and implement new procedures to mitigate the opportunity for fraud.

For both assurance and consulting engagements, the auditor must independently and objectively select the criteria for evaluation

For a consulting engagement, internal auditors and management jointly agree on the adequate criteria needed to evaluate governance, risk management, and controls. This is not true of assurance engagements

Engagement planning and fieldwork are similar for both types of engagements (there are no major differences) although the reporting process is different depending on which service is provided

For a consulting engagement objectives must address governance risk management and control processes to the extent agreed upon with the client. This is not true of assurance engagements

Providing fraud awareness training and disseminating information regarding the organization's fraud hotline.

Performing consulting services after disclosing that the auditor had previous responsibilities in the area under review.

Performing an assurance engagement related to the cash receipts process three years after transferring to the internal audit activity from accounts receivable.

Performing a compliance audit on a vendor prior to disclosing that the vendor's office manager is the auditor’s brother.

Many of the areas explored by CSR are normally included in an audit universe or annual audit plan

Despite significant corporate resources spent on CSR reporting investors generally do not rely on CSR information

Unlike many other areas of reporting responsibilities impacting stakeholders, CSR is largely voluntary

Typically operating management does not have a major role to play based on the public nature of reporting