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An organization is outsourcing its payroll system and is requesting to conduct a full audit on the third-party information technology (IT) systems. During the due diligence process, the third party provides previous audit report on its IT system.
Which of the following MUST be considered by the organization in order for the audit reports to be acceptable?
Suggested Answer: B
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36 comments · newest first
MI
Miriam
10 months ago
Surprised that senior management signatures aren't a must!
MA
Malinda
10 months ago
Wait, why does it have to be an international firm?
BR
Brianne
10 months ago
I think the timing of the report matters too.
RI
Ricki
10 months ago
Totally agree, independence is key.
BR
Brunilda
11 months ago
Gotta be from an independent assessor!
JO
Johnetta
11 months ago
I thought it was important for the audit to be from a recognized firm, but now I’m questioning if that’s the only thing that matters.
KR
Kristel
11 months ago
I feel like we practiced a question similar to this, and it emphasized that the auditor should be independent rather than just being from a well-known firm.
PA
Pamella
11 months ago
I’m not entirely sure, but I think the timing of the audit reports matters too. Like, if they’re too old, they might not be relevant anymore.
MA
Matt
12 months ago
I remember we discussed the importance of having an independent assessor for audit reports. It seems like that would be crucial for credibility.
JE
Jeniffer
12 months ago
I'm a little confused by this question. Is the timing of the report really the most important factor, or is there something else I'm missing? I'll have to review the information carefully and try to identify the critical requirement.
KI
King
12 months ago
Okay, I think I've got this. The key thing is that the audit needs to be conducted by an independent assessor, not just someone from the third-party organization. That ensures the objectivity and reliability of the findings.
ME
Merlyn
1 year ago
Hmm, I'm a bit unsure about this one. I know the audit reports need to meet certain criteria, but I'm not sure if the independence of the assessor or the timing of the report is more important. I'll have to think this through.
CO
Coleen
1 year ago
This seems like a straightforward question about the requirements for accepting third-party audit reports. I'll need to carefully read through the options and think about which one is the most critical factor.
LA
Lauran
1 year ago
That's a good point, but I still think independence is the most important factor.
RE
Reita
1 year ago
But what about option D? Wouldn't an international audit firm add more credibility?
JI
Jillian
1 year ago
I agree with Lauran, independence is crucial for credibility.
LA
Lauran
1 year ago
I think option A is important because it ensures independence.
ST
Stefany
1 year ago
Forget the audit report, I just want to know if the third-party can cook the books as well as my ex-accountant.
AN
Anjelica
1 year ago
B) The audit reports have been signed by the third-party senior management.
MA
Maile
1 year ago
A) The audit assessment has been conducted by an independent assessor.
LU
Lura
1 year ago
C) The audit reports have been issued in the last six months.
AG
Agustin
1 year ago
B) The audit reports have been signed by the third-party senior management.
FR
Frederic
1 year ago
A) The audit assessment has been conducted by an independent assessor.
VA
Vallie
1 year ago
Ah, but what if the third-party is a global IT giant? Surely their internal audit team is up to par.
JU
Judy
1 year ago
D) The audit assessment has been conducted by an international audit firm.
UL
Ulysses
1 year ago
B) The audit reports have been signed by the third-party senior management.
NO
Novella
1 year ago
A) The audit assessment has been conducted by an independent assessor.
MI
Miss
1 year ago
Hold on, the audit reports need to be recent too. Six months is a reasonable timeframe.
LA
Lamonica
1 year ago
I agree, the independence of the assessor is crucial. No one wants a biased evaluation.
ES
Estrella
1 year ago
C) The audit reports have been issued in the last six months.
RO
Robt
1 year ago
B) The audit reports have been signed by the third-party senior management.
OL
Ollie
1 year ago
A) The audit assessment has been conducted by an independent assessor.
GE
Germaine
1 year ago
The audit assessment must have been conducted by an independent assessor. That's the key criteria here.
TA
Tamar
1 year ago
C) The audit reports have been issued in the last six months.
JA
Jacqueline
1 year ago
B) The audit reports have been signed by the third-party senior management.
KR
Krystina
1 year ago
A) The audit assessment has been conducted by an independent assessor.