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CIMAPRA17-BA4-1 Exam - Topic 7 Question 86 Discussion

Internal audit is considered best practice but is not required by law Which of the following does NOT describe a benefit of internal audit to the board of directors?
A) The internal audit function can help the audit committee have confidence in the fraud prevention systems within the company
B) The internal audit function can provide independent assurance of the financial policies applied to the financial statements
C) The internal audit function can report back to the audit committee if controls are not as effective as they should be
D) The internal audit function can help the audit committee to discharge their responsibilities for the ongoing monitoring of the risk in the company

CIMAPRA17-BA4-1 Exam - Topic 7 Question 86 Discussion

Actual exam question for CIMA's CIMAPRA17-BA4-1 exam
Question #: 86
Topic #: 7
[All CIMAPRA17-BA4-1 Questions]

Internal audit is considered best practice but is not required by law Which of the following does NOT describe a benefit of internal audit to the board of directors?

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Suggested Answer: A

by Lavonna at Apr 29, 2024, 01:33 AM

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Herman
8 months ago
Not sure about that, I think some boards manage fine without it.
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Xenia
8 months ago
Independent assurance is a huge plus for financial statements!
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Beula
8 months ago
Wait, is internal audit really that beneficial?
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Carole
8 months ago
Totally agree, it's essential for risk management.
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Maile
9 months ago
Internal audit boosts confidence in fraud prevention!
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Denny
9 months ago
I thought all of these options were benefits, but now I’m questioning if one of them might not directly relate to the board.
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Annelle
9 months ago
I practiced a question similar to this, and I feel like option C is definitely a benefit, but I’m unsure about the others.
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Vincent
9 months ago
I think option D sounds like a benefit, but I can't recall if it specifically relates to the board's responsibilities.
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Merlyn
9 months ago
I remember discussing how internal audits provide assurance, but I'm not sure if all these options are direct benefits to the board.
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Brittani
9 months ago
Ah, I see now. The internal audit function is meant to support the board, so the option about providing independent assurance of the financial statements is the one that doesn't describe a benefit to the board. I feel more confident in my approach now.
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Macy
9 months ago
I've got this! The internal audit function can help the audit committee with fraud prevention, financial policies, and monitoring risks. The one that doesn't fit is the independent assurance of the financial statements, since that's more of an external audit function.
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Cora
9 months ago
I'm a bit confused on this one. The options all seem to describe benefits of internal audit, so I'll have to read them closely to determine which one is not a benefit to the board.
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Jerlene
9 months ago
Okay, let's see. The internal audit function can help the audit committee in a few ways, like providing assurance on financial policies and reporting on control effectiveness. I just need to figure out which one doesn't fit.
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Denise
10 months ago
Hmm, this is a tricky one. I'll need to think carefully about the benefits of internal audit and which one doesn't apply to the board of directors.
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Deeanna
10 months ago
This seems straightforward enough. I think option D, using the zonecfg command, is the way to go. But I'll double-check the other options just to be sure.
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Dion
10 months ago
This seems like a straightforward question about the benefits of using cloud-based services. I'll focus on understanding the key reasons why Andrea is performing regular backups.
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Gracie
10 months ago
Okay, I've got this. The attacker is trying to inject code into the URL, which is a clear sign of a cross-site scripting (XSS) attack. I'll focus on understanding how the injected code could be used to execute malicious scripts and compromise the user's session.
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Billy
10 months ago
This looks like a tricky one. I'll need to think carefully about the design principles and how they relate to service contracts.
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Elvera
10 months ago
I've got this! The two lists, the sidebar, and the social media panel are all distinct components, so the answer is 4. Option C is the way to go.
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Milly
1 year ago
Whoa, hold on! Isn't the internal audit function supposed to report back to the audit committee if controls are not as effective as they should be? That's a no-brainer. I'm going with Option C.
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Malcom
1 year ago
User1: True, but Option C is more directly related to the effectiveness of controls.
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Suzi
1 year ago
User3: I think Option D is also important, it helps the audit committee monitor risks.
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Colene
1 year ago
User2: Yeah, the internal audit function should definitely report back if controls are not effective.
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Mitsue
1 year ago
User1: I agree, Option C seems like the obvious choice.
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Leslie
1 year ago
Haha, this is a tough one! Maybe the internal audit function can help the audit committee to discharge their responsibilities for the ongoing monitoring of the risk in the company. That's a pretty good one, right? I'll go with Option D.
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Lenna
1 year ago
Yeah, I think so too. Having the internal audit function help with ongoing risk monitoring can really benefit the board of directors.
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Katy
1 year ago
I agree, Option D seems like a good choice. It's important for the audit committee to monitor the risk in the company.
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Teri
1 year ago
I'm not so sure about that. The internal audit function can provide independent assurance of the financial policies, which is a pretty important benefit for the board. I'd go with Option B.
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Kimbery
1 year ago
Why do you think that?
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Jesusita
1 year ago
Option A seems like the best choice to me. The internal audit function can help the audit committee have confidence in the fraud prevention systems, which is crucial for the board's oversight responsibilities.
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Willard
1 year ago
I disagree, I believe the answer is C
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Kimbery
1 year ago
I think the answer is B
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