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Exam IIA-CIA-Part2 topic 5 question 335 discussion

Actual exam question from IIA's IIA-CIA-Part2
Question #: 335
Topic #: 5
[All IIA-CIA-Part2 Questions]

An audit observation states the following:

"Internal policy prohibits employees from entering into contracts with financial obligations without proper approval. A project manager signed a change to an important service agreement without obtaining the proper approval. As a result: the organization is receiving $5,000 per month less for its services."

Which of the following should be added to the observation?

  • A. The reason for not following the internal policy.
  • B. A description of what constitutes proper approval.
  • C. The annual impact of the changed agreement on cash flows.
  • D. Details regarding when the change to the agreement was signed.
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Suggested Answer: A 🗳️
by emtofid at Sept. 16, 2024, 7:53 p.m.

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Elvoo
4 months, 2 weeks ago
WHY NOT B?
upvoted 1 times
Elvoo
3 months, 3 weeks ago
By adding a description of what constitutes proper approval, the observation clearly outlines the expected procedures and highlights the deviation, thereby facilitating corrective actions.
upvoted 1 times
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emtofid
5 months, 2 weeks ago
Selected Answer: A
Cause – Why did it happen A: The reason for not following the internal policy would
upvoted 3 times
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