Question

The CAE is trying to explain the range of responsibilities a senior internal auditor will be assuming as supervisor of an upcoming engagement that will employ a team of internal auditors. Which of the following are examples that the CAE might mention?

1. assigning team members to specific roles and procedures
2. establishing a process to ensure regular, thorough, and timely communication of necessary information among team members
3. assuming responsibility for adequate supervision during the engagement
4. training less experienced team members in appropriate audit procedures

a. 2, 3, and 4 only
b. 1, 2, and 4 only
c. 1 and 2 only
d. 1 and 3 only

Answer 1

A senior internal auditor's responsibilities include planning and organizing the engagement and managing the team of internal auditors.

Step-by-step explanation:

A senior internal auditor, as a supervisor of an upcoming engagement that will employ a team of internal auditors, will have a range of responsibilities. Two examples of these responsibilities include:

1. Planning and organizing the engagement: This involves defining the scope of the audit, developing audit objectives, and creating a timeline for the project. The senior internal auditor will need to allocate resources, assign tasks to team members, and ensure that the engagement is executed efficiently.
2. Managing the team: The senior internal auditor will be responsible for supervising and guiding the team of internal auditors. This includes providing direction, training, and feedback to team members. The supervisor will also review their work, ensuring it is accurate and meets professional standards.

These responsibilities are crucial for the success of the engagement and play a significant role in maintaining the effectiveness of the internal audit function of an organization.

Situation: A senior internal auditor is supervising an upcoming engagement that requires a team of auditors to review the financial processes of a company. While planning and organizing the engagement, the senior internal auditor sets a tight timeline to complete the project within a specified period. However, during the execution phase, one of the team members faces difficulties gathering the required data from different departments. This poses a challenge as it might delay the completion of the engagement. In this scenario, the senior internal auditor needs to balance the responsibilities of managing the team and completing the engagement on time. They might need to provide additional guidance and support to the struggling team member, while also finding alternative solutions to ensure the project stays on track.