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Exam IIA-CIA-Part2 topic 2 question 42 discussion

Actual exam question from IIA's IIA-CIA-Part2
Question #: 42
Topic #: 2
[All IIA-CIA-Part2 Questions]

An internal auditor for a financial institution has just completed an audit of loan processing. Of the 81 loans approved by the loan committee, the auditor found seven loans which exceeded the approved amount. Which of the following actions would be inappropriate on the part of the auditor?

  • A. Examine the seven loans to determine if there is a pattern. Summarize amounts and include in the engagement final communication.
  • B. Report the amounts to the loan committee and leave it up to them to correct. Take no further follow-up action at this time and do not include the items in the engagement final communication.
  • C. Follow up with the appropriate vice president and include the vice president's acknowledgment of the situation in the engagement final communication.
  • D. Determine the amount of the differences and make an assessment as to whether the dollar differences are material. If the amounts are not material, not in
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Suggested Answer: B 🗳️
by Emin at March 17, 2020, 5:27 p.m.

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KonradK
4 months, 2 weeks ago
This is taken directly from GLEIM materials
upvoted 1 times
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CESSA
8 months, 2 weeks ago
Question is asking for the inappropriate action - B. Report the amounts to the loan committee and leave it up to them to correct. Take no further follow-up action at this time and do not include the items in the engagement final communication. - the result should be included in the final engagement communication
upvoted 3 times
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DIPA
11 months, 1 week ago
B is the most appropriate ans. becz when 7 cases have exceeded approved limit auditor cannot leave this
upvoted 1 times
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wiseminosse
1 year, 4 months ago
Agree. The question is incomplete and the answer seems wrorg. It should be discarded
upvoted 1 times
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whatup
1 year, 7 months ago
B seems like the wrong answeer
upvoted 2 times
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Emin
1 year, 10 months ago
Answer D is incomplete. And I think there is also some incompleteness in the question, please make exact it.
upvoted 2 times
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B (20%)
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