According to IIA guidance, which of the following would be considered necessary for a one- person audit function?

The correct answer is C. A memorandum stating policies and procedures. For a one-person audit function, the primary focus is on ensuring that there is a clear understanding of the audit policies and procedures without the need for extensive documentation. According to the IIA's guidance, a memorandum stating the policies and procedures would…

Managing the Internal Audit Activity

Question

Options

AA formalized technical audit manual
BA written administrative audit manual
CA memorandum stating policies and procedures
DA comprehensive policy and procedure manual

How the community answered

(31 responses)

A
6% (2)
B
3% (1)
C
90% (28)

Explanation

For a one-person audit function, the primary focus is on ensuring that there is a clear understanding of the audit policies and procedures without the need for extensive documentation. According to the IIA's guidance, a memorandum stating the policies and procedures would suffice for a one-person audit function, providing a concise yet comprehensive outline of the necessary protocols to follow. This approach ensures that the sole auditor has clear directives while avoiding the administrative burden of maintaining a more extensive manual that might be necessary for larger audit teams.

Topics

#one-person audit function#audit policies#IIA standards#audit administration

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