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    QnA Session

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    wilda anabia
    1. The group discussed questions from students about internal audit standards and principles. 2. For one question, the group explained that internal auditors have achieved the best attainable information if they have properly applied internal audit standards, but internal controls cannot guarantee financial statements are absolutely correct due to risks of collusion. 3. For another question, the group explained that the quality assurance and improvement program developed by the CAE covers all aspects of internal audit work and continuously monitors effectiveness.

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    QnA Session

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    wilda anabia
    29 views3 pages
    1. The group discussed questions from students about internal audit standards and principles. 2. For one question, the group explained that internal auditors have achieved the best attainable information if they have properly applied internal audit standards, but internal controls cannot guarantee financial statements are absolutely correct due to risks of collusion. 3. For another question, the group explained that the quality assurance and improvement program developed by the CAE covers all aspects of internal audit work and continuously monitors effectiveness.

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    QnA session for problem solving based on the reference book

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    1. The group discussed questions from students about internal audit standards and principles. 2. For one question, the group explained that internal auditors have achieved the best attainable information if they have properly applied internal audit standards, but internal controls cannot guarantee financial statements are absolutely correct due to risks of collusion. 3. For another question, the group explained that the quality assurance and improvement program developed by the CAE covers all aspects of internal audit work and continuously monitors effectiveness.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    29 views3 pages

    QnA Session

    Uploaded by

    wilda anabia
    1. The group discussed questions from students about internal audit standards and principles. 2. For one question, the group explained that internal auditors have achieved the best attainable information if they have properly applied internal audit standards, but internal controls cannot guarantee financial statements are absolutely correct due to risks of collusion. 3. For another question, the group explained that the quality assurance and improvement program developed by the CAE covers all aspects of internal audit work and continuously monitors effectiveness.

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    Group 5:

    Mutiara Izzati Diva 1910533027


    Miftahul Jannah 1910533028
    Nadhratul Hikmah 191053031
    INTERNAL AUDIT

    1. Shaquila Dania (1910532002): In internal audit performance standard no. 2310, how can
    we say if the information that we are going to deliver has achieved the best attainable
    information through the use of appropriate engagement techniques standard?

    Answer by: Mutiara Izzati Diva


    If internal auditors have applied the standard for the auditory of internal auditing well, the
    information presented has already reached its best, but internal control cannot guarantee
    the financial statements absolutely correct, since internal control cannot detect collusion and
    liquidation done by the organization's personnel or even by the management itself. For this
    the role of an independent audit performed by external auditors. Independent auditors
    report will present the actual condition of the financial report.

    Additional from Lecture:


    There is no standard to support them. All the techniques that we use, can achive the internal
    audit activities
    The illustration:
    If we have a team, we have a leader we go on to engagement, and the team has the
    supervisor. The team have to record the internal audit activities into internal audit
    committee.

    2. Aisyah Mahmud (1910533016):


    Articles 2100 to 2130 explain the nature of the internal audit activity, when can the
    credibility and value of internal audit be said to be realized?

    Answer by: Mutiara Izzati Diva


    • We think that when auditors are proactive and their evaluations offer new perspectives
    and consider future impacts

    Additional from the Lecture:


    During the opportunities, there is no specific time.

    3. Gina Maria Harun (1910533023)


    Thanks for the presentation group 5, I'm Gina Maria Harun would like to ask you a
    question. On the standard paragraph 1300—Quality Assurance and Improvement Program.
    You said that, the CAE must develop and maintain a quality assurance and improvement
    program that covers all aspects of internal audit activity and continuously monitors its
    effectiveness. What are quality assurance and improvement program that CAE must
    develop and maintain?
    Answer by: Miftahul Jannah
    The CAE must develop and maintain a Quality Assurance and Improvement Program that
    covers all of the work performed by the internal audit activity. The Quality Assurance and
    Improvement Program enables an internal audit activity to be evaluated as to how
    effectively it applies the Code of Ethics and conforms with the Standards. The program also
    assesses the efficiency and effectiveness of the internal audit activity and identifies
    opportunities for improvement.

    Additional answer from Maam Verni:


    The CAE must develop for every activities that performed in the internal audit. The CAE can
    assess the quality assurance and improvement program by making the good program then
    monitoring the program and evaluate it.
    4. Muthia Putri Hefra (1910533011)
    In slide 23, what do you think the most important principle of the IIA? And what are the
    concequences if the auditor not demonstrated the principles?
    Answer by: Miftahul Jannah
    As stated in the slide number 23, the code of ethics is divided from high level principles.
    Internal auditors must follow the rules of conduct related to integrity in the Code of Ethics to
    observe the law and not be party to any illegal activities or to any acts that would be
    discreditable to the profession. If integrity is not demonstrated, then the internal audit
    activity loses the trust placed in it and consequently its credibility to provide independent
    and objective assurance and advice. And this will affect the second, third and fourth
    principles because the integrity is inextricably linked to another principles.

    Additional answer from Maam Verni:


    So, the conclution, all of the standard is important. And there will be a consequences for
    violating the principles. The internal audit activity loses the trust and credibility to provide
    independent and objective assurance and advice.

    5. Wilda Anabia Prasasti 1910531026


    In slide 15 If the internal auditor has carried out its duties to audit the annual audit plan
    and has provided findings and recommendations to management, but it turns out that
    management ignores them as a result there is no clear follow-up, then what should
    internal audit do if it refers on the standards of the internal audit profession?

    Answer by: Nadhratul Hikmah


    If the internal auditors have done their job well, namely providing recommendations and
    findings to management, but if management ignores them and there is no follow-up, it will
    not be in line with the continuity of the audit process. So in our opinion, internal auditors
    should continue to communicate with management on a regular basis so that the audit
    process is effective again, then the internal auditors can hold meetings with management to
    discuss the recommendations and findings in order to get good feedback during the audit
    process, then the internal auditors must also carry out control and monitoring of internal
    control activities and conducting risk analysis for any findings and recommendations given.

    Additional answer from Maam Verni:


    In the case of management ignoring the recommendations and findings of internal audit,
    there is no standard that regulates what internal auditors should do. The standard currently
    being discussed regulates internal audit, not management. However, if there is a case as
    mentioned, then it is a challenge for the auditor to be able to carry out the audit process
    effectively, maybe he can tell top level management about this incident to get good feedback
    during the audit process

    6. Olivia Reynata Putri 1910533037


    How can the Internal Auditor perform “independent and objective assurance” even though
    the company's employees have been regulated in IPPF 1100 regarding Independence and
    Objectivity?

    Answer by Nadhratul Hikmah:


    Independence is a condition of being free from situations that can threaten the ability of the
    internal auditor's activities to be able to carry out their responsibilities impartially. To
    achieve the level of independence required to carry out the responsibilities of the internal
    audit activity, the chief audit executive must have direct and unrestricted access to senior
    management and the board. This can be achieved through dual reporting relationships to
    senior management and board. Threats to independence must be managed from the
    individual internal, engagement, functional, and organizational levels of auditors. Objectivity
    is an impartial mental attitude that allows internal auditors to carry out their duties in such a
    way that they have confidence in the results of their work and without compromise in quality.
    Objectivity requires internal auditors not to base their judgment on other parties regarding
    audit matters. Threats to objectivity must be managed from the individual internal auditor,
    engagement, functional, and organizational levels.

    Additional answer from Maam Verni:


    The internal audit activity must be independent, and internal auditors must be objective in
    performing their work. Subsections under this discuss the importance of both individual and
    organizational objectivity as well as the need to disclose any impairment to internal audit
    independence or objectivity.

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