IIA-CIA-Part2 Exam Dumps | While reviewing the organization's financial year-end processes, an internal auditor discovered an erroneous

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Question 169/229

While reviewing the organization's financial year-end processes, an internal auditor discovered an erroneous journal entry. If the error is not addressed, it will result in a material misstatement of the financial records.
The internal auditor needs an additional four weeks to complete the audit engagement. How should the auditor communicate this finding?

A. The auditor should issue an interim report to management prior to completion of the audit and issuance of the final report.

B. The auditor should include this item in the final audit report, marked with an asterisk, indicating that it is a high-risk item.

C. The auditor should discuss the finding with the appropriate accounting staff who can make the correction immediately, and if corrected before the engagement is concluded, the finding would not need to be included in the audit report.

D. The auditor is obligated to bypass management and immediately report the error directly to regulatory authorities.

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Question 169/229

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