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IIA-CIA-Part2 – Certified Internal Auditor - Part 2, Conducting the Internal Audit Engagement

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Showing 19–20 of 20 questions

Question 19 (New Update)

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Which of the following best describes the manual audit procedure known as vouching?

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    Testing the validity of information by following it backward to a previously prepared record
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    Testing the accuracy of the control by reperforming the task or process required
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    Soliciting and obtaining written verification of the accuracy from an independent third party
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    Testing the completeness of information forward from a record to a subsequently prepared document
Question 20 (Volume B)

An audit of an organization's claims department determined that a large number of duplicate payments had been issued due to problems in the claims processing system. During the exit conference, the vice president of the claims department informed the auditors that attempts to recover the duplicate payments would be initiated immediately and that the claims processing system would be enhanced within six months to correct the problems. Based on this response, the chief audit executive should:

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    Adjust the scope of the next regularly scheduled audit to assess controls within the claims processing system.
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    Discuss the findings with the audit committee and ask the committee to determine the appropriate follow-up action.
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    Schedule a follow-up engagement within six months to assess the status of corrective action.
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    Monitor the status of corrective action and schedule a follow-up engagement when appropriate.