The Newly Appointed Chief Audit Executive (CAE) of a Large

question 347

Multiple Choice

The newly appointed chief audit executive (CAE) of a large multinational corporation, with seasoned internal audit departments located around the world, is reviewing responsibilities for engagement reports. According to IIA guidance, which of the following statements is true?

• A) The CAE is required to review, approve, and sign every engagement report.
• B) The CAE is required to review, approve, and sign all regulatory compliance engagement reports only
• C) The CAE may delegate responsibility for reviewing, approving and signing engagement reports, but should review the reports after they are issued.
• D) The internal audit charter must identify authorized signers of engagement reports.

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Definitions:

Core Values

Fundamental beliefs or guiding principles that dictate behavior and action within an individual, group, or organization.

Cultural Isolation

a state wherein a group or society experiences a lack of or minimal interaction and influence from external cultures.

Globalization

The process by which businesses or other organizations develop international influence or start operating on an international scale, leading to increased interconnectedness and interdependence of the world's economies, cultures, and populations.

Cultural Fragmentation

The process or state where a culture is divided into smaller, distinct segments due to various pressures, leading to a loss of cohesion.