IIA Exam IIA-CHAL-QISA Topic 3 Question 12 Discussion

Actual exam question for IIA's IIA-CHAL-QISA exam

Question #: 12
Topic #: 3

[All IIA-CHAL-QISA Questions]

Which of the following best describes the guideline for preparing audit engagement workpapers?

AWorkpapers should be understandable to the auditor in charge and the chief audit executive

BWorkpapers should be understandable to the audit client and the board.

CWorkpapers should be understandable to another internal auditor who was not involved in the engagement.

DWorkpapers should be understandable to external auditors and regulatory agencies

Show Suggested Answer

Suggested Answer: C

ISO 31000 Context: ISO 31000 provides guidelines on risk management, emphasizing the importance of understanding the external context.

External Context: This includes external factors such as regulatory and competitive environments that can impact the organization's risk profile.

Regulatory Environment: Understanding regulations helps the organization ensure compliance and avoid legal risks.

Competitive Environment: Analyzing the competitive environment allows the organization to anticipate market changes and manage competitive risks.

ISO 31000 Risk Management Guidelines.

by Belen at Sep 15, 2024, 04:44 PM

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Zachary

12 days ago

I'm going with C. It's important for the workpapers to be clear and comprehensible to any internal auditor who might need to review or continue the engagement. Consistency and transparency within the team are key.

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Laine

14 days ago

Haha, I bet the auditor who wrote these options had a sense of humor. 'Workpapers should be understandable to the audit client and the board' - yeah, right, good luck with that!

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Martin

23 days ago

Hmm, I'm not sure. Option A seems reasonable, but I feel like it's a bit too narrow. Shouldn't the workpapers be understandable to the entire audit team, not just the auditor in charge and the chief audit executive?

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Celestina

24 days ago

I'm leaning towards option D. Workpapers should be understandable to external auditors and regulatory agencies. This aligns with the principle of transparency and accountability to external stakeholders.

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Kristine

7 days ago

I think option D makes sense. It's important for external auditors and regulatory agencies to understand the workpapers.

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2 months ago

I think the best answer is D, because external auditors and regulatory agencies need to understand the workpapers.

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