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ITABP > Module 10: Reporting and Communication Techniques > Flashcards

Module 10: Reporting and Communication Techniques Flashcards

1
Q

What are the skills needed for communicating audit results?

A
  1. Communication Skills
  2. Facilitation
  3. Negotiation
  4. Conflict Resolution
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2
Q

usually conducted at the end of the audit

A

Exit Interview

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3
Q

Exit Interview: What is the primary purpose of Exit Interviews?

A

Discuss findings and recommendations with auditee management

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4
Q

Exit Interview: expectations during the exit interview?

A
  1. ensure facts are CORRECT and MATERIAL
  2. ensure recommendations are REALISTIC and COST EFFECTVE
  3. recommend implementation dates for agreed on recommendations
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5
Q

Exit Interview: If there are no realistic and cost effective recommendations what should the auditor do?

A

seek alternatives through negotiations

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6
Q

Exit Interview: Can denial of access by levels lower than senior management be allowed?

A

No. as it would limit the independence of the audit function.

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7
Q

What are the 6 audit report objectives?

A
  • Formally present the audit results to the auditee
  • Serve as formal closure of the audit engagement.
  • Provide statements of assurance and, if needed, identification of areas requiring corrective action
    and related recommendations.
  • Serve as a valued reference for any party researching the auditee or audit topic.
  • Serve as the basis for a follow-up audit if audit findings were presented.
  • Promote audit credibility.
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8
Q

ITAF: 1401.2

A

ensure the findings are supported by sufficient and appropriate evidence

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9
Q

ITAF: What does the ITAF 1401.1 say

A

provide a report and communicate the results of each engagement

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10
Q

ITAF: 1402.1

A

monitor and periodically report to those charged with governance and oversight, ensuring that they have taken appropriate action to address recommendation

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11
Q

ITAF: 1402.2

A

Progress of the implementation status of audit findings should be regularly reported to the audit committee

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12
Q

ITAF: 1402.3

A
  1. if acceptance of risk happens and it is greater than the risk appetite, it should be discussed with senior management.
  2. alert the audit committee and/or BoD
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13
Q

Structure and Contents of Audit Reports: a statement of audit objectives, limitations to the audit and
scope, the period of audit coverage, and a general statement on
the nature and extent of audit procedures conducted and
processes examined during the audit, followed by a statement on
the IS audit methodology and guidelines

A

introduction

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13
Q

Structure and Contents of Audit Reports: what are the contents

A

Introduction
Audit Findings
IS Auditor’s Overall Conclusion
IS Auditor’s Reservations or Qualifications

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14
Q

Elements of a Deficiency Audit Finding: standards used to determine whether an operation, function, or program meets or exceeds expectations

A

Criteria

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15
Q

Elements of a Deficiency Audit Finding: situation that exists. It has been observed and documented during the audit. It represents “what is” at the time of the audit

A

Condition

16
Q

Elements of a Deficiency Audit Finding: explains why the poor (or good) performance observed in the audit happened

A

Cause

17
Q

Elements of a Deficiency Audit Finding: actual or potential consequences of a condition that varies (either positively
or negatively) from the criteria identified in the audit

A

Effect

18
Q

Elements of a Deficiency Audit Finding: state what an audit organization believes should be done to accomplish
beneficial results. They do not direct what must be done but seek to
convince others (e.g., the auditee) of what needs to be done

A

Recommendation

19
Q

Structure and Contents of Audit Reports: Opinion on the adequacy of controls and procedures examined during
the audit, and the actual potential risk identified as a consequence of
detected deficiencies

A

IS Auditor’s Overall Conclusion

20
Q

Structure and Contents of Audit Reports: his may state that the controls or procedures examined were found to
be adequate or inadequate. The balance of the audit report should
support that conclusion, and the overall evidence gathered during the
audit should provide an even greater level of support for the audit
conclusions.

A

IS Auditor’s Reservations or Qualifications

21
Q

Characteristics of Report Presentation: he report contain all
information needed to
satisfy the audit
objectives, promote
an adequate and
correct understanding
of the matters
reported, and meet
the applicable report
content requirements

A

complete

22
Q

Characteristics of Report Presentation: he evidence
presented be true and
that findings be
correctly portrayed

A

accurate

23
Q

Characteristics of Report Presentation: he presentation of the
entire report be
balanced in content
and tone

A

objective

24
Q

Characteristics of Report Presentation: he audit results are responsive to the audit objectives, the findings are presented persuasively, and the conclusions and recommendations follow logically from the facts presented

A

Convincing

25
Q

Characteristics of Report Presentation: the report is easy to
read and understand

A

clear

26
Q

Characteristics of Report Presentation: the report be no
longer than necessary
to convey the
message

A

Concise

27
Q

the written record that provides the
support for the representations in the auditor’s report should demonstrate
that the engagement complied with the standards and support basis for the auditor’s conclusions

A

Audit Documentation

28
Q

Audit Documentation: Documents should include audit information that required by?

A

laws and regulations, contractual stipulations, and professional standards

29
Q

Audit Documentation: there should be policies on

A
  1. retention
  2. release
  3. custody
30
Q

Audit Documentation: IS auditor should take care to ensure that

A

the evidence gathered will be able to support audit findings

31
Q

Follow-Up Activities: determines if?

A

agreed on corrective actions have been implemented

32
Q

Follow-Up Activities: IS Auditor is still effective even if no follow up activities have been done by him (T or F)

A

False. Follow up should be done always

33
Q

Follow-Up Activities: timing is based on

A

criticality of findings and auditor’s judgement

34
Q

Types of IS Audit Reports: To provide reasonable or high level of
assurance

A

Audit/Examination

35
Q

Types of IS Audit Reports: Audits are stated in a negative form (T or F)

A

False. positive dapat

36
Q

Types of IS Audit Reports: To limited reasonable assurance

A

Review

37
Q

Types of IS Audit Reports: Review is stated in a negative form (T or F)

A

True

38
Q

Types of IS Audit Reports: No assurance provided

A

Agreed upon procedures

ITABP (10 decks)

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