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IIA-CIA-PART2 · Question #21

According to IIA guidance, which of the following statements are true regarding the internal audit plan? 1. The audit plan is based on an assessment of risks to the organization. 2. The audit plan…

The correct answer is C. 1, 2, and 4. According to IIA guidance, the internal audit plan should be based on an assessment of risks to the organization (1), designed to determine the effectiveness of the organization's risk management process (2), and aligned with the organization's goals (4). The development of the…

Planning the Engagement

Question

According to IIA guidance, which of the following statements are true regarding the internal audit plan? 1. The audit plan is based on an assessment of risks to the organization. 2. The audit plan is designed to determine the effectiveness of the organization's risk management process. 3. The audit plan is developed by senior management of the organization. 4. The audit plan is aligned with the organization's goals.

Options

  • A1 and 2 only
  • B3 and 4 only
  • C1, 2, and 4
  • D1, 3, and 4

How the community answered

(46 responses)
  • A
    2% (1)
  • B
    4% (2)
  • C
    91% (42)
  • D
    2% (1)

Explanation

According to IIA guidance, the internal audit plan should be based on an assessment of risks to the organization (1), designed to determine the effectiveness of the organization's risk management process (2), and aligned with the organization's goals (4). The development of the audit plan is typically the responsibility of the chief audit executive, often with input from senior management and the audit committee, rather than being solely developed by senior management

Topics

#audit plan#risk-based planning#IIA Standards#audit objectives

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