CIA IIA-CIA-Part2 Release Date

According to IIA guidance, a common assurance service performed by the internal audit activity is validating whether employees are following established policies and procedures in various departments, such as procurement. Assurance services involve assessing evidence and providing conclusions regarding the effectiveness of governance, risk management, and control processes. Ensuring compliance with established policies and procedures is a fundamental assurance activity that helps organizations maintain control and mitigate risks.

References:

The Institute of Internal Auditors (IIA) Standard 2130 – Control: "The internal audit activity must assist the organization in maintaining effective controls by evaluating their effectiveness and efficiency and by promoting continuous improvement."

IIA Practice Guide on "Assurance Engagements"

The chief audit executive (CAE) is responsible for the approval of the engagement objectives and scope. While the head of customer service and other stakeholders may provide input, it is ultimately the CAE's responsibility to ensure that the engagement aligns with the internal audit plan and meets the organization's overall objectives. The CAE's approval ensures the independence and objectivity of the internal audit function.

References:

The Institute of Internal Auditors (IIA) Standard 2010 - Planning

IIA Standard 2200 - Engagement Planning

Omitting advance client notice when planning an audit engagement is justifiable if the engagement includes audit assurance procedures that involve sensitive or restricted assets. Providing advance notice in such cases could compromise the integrity of the audit, as it may give management an opportunity to conceal or alter the status of these assets. The goal is to ensure that the auditors can observe the actual condition and handling of sensitive assets without any prior alteration. References: IIA Standard 2201 – Planning Considerations, IIA Practice Advisory 2201-1

The primary reason the chief audit executive should consider the organization's strategic plans when developing the annual audit plan is that strategic plans reflect the organization's business objectives and overall attitude toward risk. Understanding the strategic direction of the organization helps the internal audit function align its activities with the key risks and objectives, ensuring that the audit plan is relevant and adds value to the organization by focusing on areas that could impact the achievement of strategic goals.

References:

IIA Standards: 2010 - Planning

IIA Practice Guide: Developing the Internal Audit Strategic Plan