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CIMAPRA19-P03-1 Exam - Topic 1 Question 20 Discussion

With regard to the internal audit department,whichTWO of the following statements arecorrect?
A) The internal audit department should co-opt a manager from the department it is auditing onto the teamin order to ensure it can follow the processes applied in that department. and B) The internal audit department should report directly to the board of directors, especially if it suspects a director has circumvented any internal controls. and D) The internal audit department should make recommendations on how to improve the control systems withina department following any engagement within that department.
C) The internal audit department should make recommendations on actions to be taken following any engagement within a department.
E) The internal audit department should follow a planned work schedule which is reviewed at least annually.

CIMAPRA19-P03-1 Exam - Topic 1 Question 20 Discussion

Actual exam question for CIMA's CIMAPRA19-P03-1 exam
Question #: 20
Topic #: 1
[All CIMAPRA19-P03-1 Questions]

With regard to the internal audit department,whichTWO of the following statements arecorrect?

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Suggested Answer: A, B, D

by Garry at Dec 09, 2022, 11:41 PM

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Shannan
10 months ago
D is definitely a must, but A? Nah, that’s a bad idea.
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Martina
10 months ago
Wait, can the internal audit really report to the board directly?
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Charlette
10 months ago
Totally agree with E, planning is key!
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Reuben
11 months ago
A seems risky, not sure about co-opting a manager.
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Sunshine
11 months ago
I think B and D are spot on!
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Dino
11 months ago
I feel like option E is definitely correct since having a planned work schedule is crucial for internal audits to stay organized.
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Nichelle
11 months ago
I practiced a similar question where recommendations were emphasized, but I can't recall if they should only be about actions or also improvements.
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Serina
11 months ago
I think option B makes sense because if there's a serious issue, the board needs to know directly, right?
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Dottie
11 months ago
I remember discussing how internal audit should maintain independence, so I'm not sure about co-opting a manager from the department being audited.
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Evan
11 months ago
Hmm, I'm not sure if that's the best approach. The question mentions the project manager is part of a balanced matrix organization, so I might try presenting the situation to the manager of the sourcing department head first.
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Giovanna
11 months ago
The Model SS is the sum of the Type II SS for all the model terms, so I'm going to select option C.
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James
11 months ago
Wait, I'm confused. Is it really that simple? I feel like I'm missing something here. Let me re-examine the details.
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Lashawnda
11 months ago
I remember reading that lack of eye contact could indicate dishonesty, but it can also mean the person is nervous or uncomfortable.
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Cordelia
1 year ago
I heard the internal audit department once caught the CEO trying to sneak a ping-pong table into the office. Apparently, they have a strict 'no fun allowed' policy.
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Cristy
1 year ago
C) The internal audit department should make recommendations on actions to be taken following any engagement within a department.
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Janella
1 year ago
A) The internal audit department should report directly to the board of directors, especially if it suspects a director has circumvented any internal controls.
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Cora
1 year ago
Well, at least they didn't include an option about the internal auditors doing a dance routine to ensure compliance. That would be a bit too much, even for this exam.
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Cassi
1 year ago
C) The internal audit department should make recommendations on actions to be taken following any engagement within a department.
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Glennis
1 year ago
B) The internal audit department should report directly to the board of directors, especially if it suspects a director has circumvented any internal controls.
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Karima
1 year ago
A) The internal audit department should co-opt a manager from the department it is auditing onto the team in order to ensure it can follow the processes applied in that department.
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Amina
1 year ago
Hmm, co-opting a manager from the department being audited? That sounds like a conflict of interest to me. I'll go with C and D for sure.
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Dorcas
1 year ago
It's important for the audit department to provide valuable insights for improvement. E) The internal audit department should follow a planned work schedule which is reviewed at least annually.
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Eric
1 year ago
Definitely, having an unbiased perspective is crucial. D) The internal audit department should make recommendations on how to improve the control systems within a department following any engagement within that department.
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Tamesha
1 year ago
I agree, co-opting a manager seems risky. C) The internal audit department should make recommendations on actions to be taken following any engagement within a department.
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Laquanda
1 year ago
Following a planned work schedule is crucial for the internal audit department's effectiveness.
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Shalon
1 year ago
Reporting directly to the board is important too, especially if there are suspicions of control circumvention.
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Noe
1 year ago
Definitely, I think making recommendations on actions and improvements is more appropriate.
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Alyssa
1 year ago
I agree, co-opting a manager seems like a conflict of interest.
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Nana
1 year ago
I'm not sure about option B. Reporting directly to the board might be a bit extreme, unless there's a really serious issue with a director. I'd go with C and E myself.
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Gayla
1 year ago
I think options C and D are the correct ones. The internal audit department should provide recommendations to improve the control systems and actions to be taken after any engagement.
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Alline
1 year ago
I'm not sure about option A though. Co-opting a manager from the department being audited could create conflicts of interest.
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Staci
1 year ago
I agree with Kaycee. It's important for the internal audit department to provide recommendations for improvement after engaging with a department.
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Kaycee
1 year ago
I think options C and D are correct. The internal audit department should definitely make recommendations on actions to be taken and how to improve control systems.
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