IIA-CIA-PART2 · Question #164
The internal audit manager has been delegated the task of preparing the annual internal audit plan for the forthcoming fiscal year All engagements should be appropriately categorized and presented…
The correct answer is B. Helping in the design of the risk management program. A consulting engagement in internal auditing involves providing advisory and related client service activities, the nature and scope of which are agreed upon with the client. These are intended to add value and improve an organization's governance, risk management, and control…
Question
The internal audit manager has been delegated the task of preparing the annual internal audit plan for the forthcoming fiscal year All engagements should be appropriately categorized and presented to the chief audit executive for review Which of the following would most likely be classified as a consulting engagement?
Options
- AEvaluating procurement department process effectiveness
- BHelping in the design of the risk management program
- CAssessing financial reporting control adequacy
- DReviewing environmental, social, and governance reporting compliance
How the community answered
(37 responses)- A3% (1)
- B86% (32)
- C3% (1)
- D8% (3)
Explanation
A consulting engagement in internal auditing involves providing advisory and related client service activities, the nature and scope of which are agreed upon with the client. These are intended to add value and improve an organization's governance, risk management, and control processes. Helping in the design of the risk management program is a consulting activity because it involves advising management on how to establish or improve the processes for identifying, assessing, and managing risks. This is different from assurance engagements, which primarily focus on assessing existing processes.
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