IIA
IIA-CIA-PART2 · Question #314
IIA-CIA-PART2 Question #314: Real Exam Question with Answer & Explanation
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Question
The following is a list of major findings in the executive summary report for an audit of the contract management process - Noncompliance with contract provisions requiring vendors to obtain insurance policies with indemnity value of not less than $1 million - Compliance with contract obligations and deliverables is not monitored - No contract agreement with five vendors providing core services Which of the following is an appropriate conclusion that can be drawn from these findings?
Options
- AThese are weaknesses resulting from a lack of a documented contracting policy
- BSubstandard service delivery by vendors may not be detected
- CManagement should expedite actions to rectify the observations identified
- DThe internal controls guiding contract management are not operating effectively
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