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Internal Audit Chapter 14
Terms in this set (14)
What are the five steps in the Communicating Phase?
- Perform observation evaluation and escalation.
- Conduct interim and preliminary engagement communications.
- Develop final engagement communications.
- Distribute formal and informal final communications.
- Perform monitoring and follow‐up procedures.
What are the three Deficiency Types?
Indicates that a control has a remote likelihood of failing or that the impact of its failure is trivial.
Indicates that a control has a more than remote likelihood of failing and that the impact of its failure is more than trivial.
Indicates that a control has a more than remote likelihood of failing and that the impact of its failure exceeds the materiality threshold.
- Must be reviewed and approved by the CAE or designee prior to distribution.
- Must be distributed to all appropriate parties, including the management of the audited activity and members of the organization who can ensure appropriate action is taken.
- Must send a summary communication to executive management when warranted.
- Must be distributed to other interested or affected parties, for example, external auditors and the board as indicated by the internal audit charter.
What are the seven qualities that Communication must have?
Communications are free from errors and distortions and are faithful to the underlying facts.
Communications are fair, impartial, and unbiased and are the result of a fair‐minded and
balanced assessment of all relevant facts and circumstances.
Communications are easily understood and logical, avoiding unnecessary technical language and providing all significant and relevant information.
Communications are to the point and avoid unnecessary elaboration, superfluous detail, redundancy, and wordiness.
Communications are helpful to the engagement client and the organization and lead to improvements where needed.
Communications lack nothing that is essential to the target audience and include all significant and relevant information and observations to support recommendations and conclusions.
Communications are opportune and expedient, depending on the significance of the issue, allowing management to take appropriate corrective action.
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