The Chief Audit Executive (CAE) Manages a Large Internal Audit

question 130

Multiple Choice

The chief audit executive (CAE) manages a large internal audit activity (IAA) reporting functionally to the audit committee and administratively to the chief risk officer. During the CAE's recent unplanned medical leave, several internal audit reports were completed and waiting for CAE approval, however, no formal delegation of authority was in place to anticipate this situation. In order to preserve the independence of the IAA, which of the following would be the most appropriate individual to review and approve these reports during the CAE's absence?

• A) External auditor.
• B) Chief risk officer.
• C) Engagement lead auditor.
• D) Audit committee chair.

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Definitions:

Compensatory Damages

Money awarded to a plaintiff to reimburse actual losses, expenses, or harm suffered due to the defendant's actions.

Petition For Divorce

The document filed with the court to initiate divorce proceedings. The requirements governing the form and content of a divorce petition vary from state to state.

Seek An Annulment

The legal process of declaring a marriage null and void, as if it never existed, typically on grounds different from those required for divorce.

Divorce

The legal termination of a marriage by a court or other competent body.