Which of the following statements about internal audit's follow-up process is true?

The correct answer is C. Internal auditors have responsibility for determining if management and the board have. According to the IIA Standards, particularly Standard 2500 - Monitoring Progress, internal auditors are responsible for monitoring the disposition of results communicated to management. They need to assess whether management has taken appropriate action to address audit…

Monitoring Progress

Question

Options

AThe nature, timing, and extent of follow-up for assurance engagements is standardized to ensure
BThe actions of external auditors and other external assurance providers is not encompassed by
CInternal auditors have responsibility for determining if management and the board have
DThe follow-up process must be complete and documented in the working papers in order to

How the community answered

(62 responses)

A
3% (2)
B
6% (4)
C
89% (55)
D
2% (1)

Explanation

According to the IIA Standards, particularly Standard 2500 - Monitoring Progress, internal auditors are responsible for monitoring the disposition of results communicated to management. They need to assess whether management has taken appropriate action to address audit findings or has consciously accepted the risk of not taking action. The follow-up process is crucial to ensure that identified risks are managed effectively.

Topics

#follow-up process#management accountability#board reporting#audit recommendations

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