IIA-CIA-PART2 · Question #5
The newly appointed chief audit executive (CAE) of a large multinational corporation, with seasoned internal audit departments located around the world, is reviewing responsibilities for engagement…
The correct answer is C. The CAE may delegate responsibility for reviewing, approving and signing engagement reports. According to IIA guidance, the CAE has the ultimate responsibility for the internal audit activity but may delegate tasks such as reviewing, approving, and signing engagement reports to qualified internal audit staff. This delegation helps in managing workload and leveraging…
Question
The newly appointed chief audit executive (CAE) of a large multinational corporation, with seasoned internal audit departments located around the world, is reviewing responsibilities for engagement reports. According to IIA guidance, which of the following statements is true?
Options
- AThe CAE is required to review, approve, and sign every engagement report.
- BThe CAE is required to review, approve, and sign all regulatory compliance engagement reports
- CThe CAE may delegate responsibility for reviewing, approving and signing engagement reports,
- DThe internal audit charter must identify authorized signers of engagement reports.
How the community answered
(30 responses)- B3% (1)
- C93% (28)
- D3% (1)
Explanation
According to IIA guidance, the CAE has the ultimate responsibility for the internal audit activity but may delegate tasks such as reviewing, approving, and signing engagement reports to qualified internal audit staff. This delegation helps in managing workload and leveraging expertise within the team. However, the CAE should still periodically review the reports to maintain oversight and
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