Which of the Following Statements About Internal Audit's Follow-Up Process

question 50

Multiple Choice

Which of the following statements about internal audit's follow-up process is true?

• A) The nature, timing, and extent of follow-up for assurance engagements is standardized to ensure quality performance.
• B) The actions of external auditors and other external assurance providers is not encompassed by internal audit's follow-up process.
• C) Internal auditors have responsibility for determining if management and the board have implemented the recommended action or otherwise accepted the risk.
• D) The follow-up process must be complete and documented in the working papers in order to conclude the engagement.

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Definitions:

Tort Liability

Legal responsibility for damages caused by a wrongful act or omission other than breach of contract.

Accountant

A professional who performs financial functions related to the collection, accuracy, recording, analysis, and presentation of a business, organization, or individual's financial operations.

Working Papers

Documents prepared or used by accountants, auditors, or attorneys during an investigation, audit, or litigation, detailing procedures performed and findings.

Audit Working Papers

Documentation prepared by auditors during an audit, which records the procedures performed, tests conducted, information obtained, and conclusions reached.