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CIA MCQ Notes 2

The document discusses which audit approach the COSO-based audit approach should not override. It states that the COSO-based audit approach should not override the risk-based audit approach, as the risk-based approach should receive high priority and the two approaches should be reconciled where there are gaps.

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73 views1 page

CIA MCQ Notes 2

The document discusses which audit approach the COSO-based audit approach should not override. It states that the COSO-based audit approach should not override the risk-based audit approach, as the risk-based approach should receive high priority and the two approaches should be reconciled where there are gaps.

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some_one372
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2The COSO-based audit approach should not override which of the following?

1. Risk-based approach.
2. Transaction-based
approach.
3. Management-based
approach.
4. Audit committee–based
approach.

Correct A. The COSO-based audit approach should not override the risk-
based audit approach where the latter should receive high priority. Where
there are gaps, the two approaches should be reconciled (IIA Standard
2130—Control).
Incorrect. A transaction-based approach can be overridden.
Incorrect. A management-based approach can be overridden.
Incorrect. The audit committee would not be involved in the detailed audit
approaches.

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