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Hi can someone please help me answer the questions ( a, b, c, d, e, and f) in picture 1. Picture 2 says what should
Hi can someone please help me answer the questions ( a, b, c, d, e, and f) in picture 1. Picture 2 says what should be done when answering the questions. Thank you.
Daffodil Bank is a large corporation in the commercial banking industry and has had an internal audit activity for the past twenty years. The newly appointed chief audit executive, Mr David Mazibuko, is a Certified Internal Auditor (CIA) and a Certified Fraud Examiner (CFE). He has been with the organisation for more than ten years and is quite familiar with its systems, policies and procedures. The internal audit activity is mainly responsible for performing assurance services such as financial and compliance audit engagements at the head office as well as at the various branches nationwide. Several activities related to the internal audit activity took place during the year and are described below: (a) A former cashbook clerk performed a review of internal controls over cash receipts and cash payments four months after being transferred to the internal audit activity. He also provided advice with regard to the implementation of an electronic funds transfer system to the management of a major branch in Gauteng. (b) A CIA working as the marketing manager signed a contract with an advertising agency which prepared an advertising campaign for one of the bank's new products. Shortly after signing the contract, the advertising agency presented the CIA with a gift of significant monetary value. (c) An internal auditor, nearly finished with an engagement, discovers that the financial manager has a serious gambling habit. The gambling issue is however not directly related to the existing engagement and there is pressure to complete the existing engagement. The auditor notes the problem and forwards the information to the chief audit executive but performs no further follow-up. (d) A request was received from management to perform an audit engagement on an extremely complex area in which the chief audit executive and the internal audit activity have no expertise. The nature of the audit engagement is within the scope of internal audit activities. Management has expressed a desire to have the engagement conducted in the very near future because of the high level of risk involved. (e) An article published in the IA Adviser (issued by the Institute of Internal Auditors or IIA) highlighted the importance of an internal audit activity's quality assurance programme. The chief audit executive is concerned about his role in respect of such a programme, as well as the purpose and content of such a programme. He also wants to know how often external assessments of the internal audit activity must be performed and by whom. You have been asked to prepare explanatory notes to the chief audit executive. (f) An internal auditor, who is a CIA, attended the annual national IIA conference gala dinner. He consumed an excessive amount of alcohol and later jumped onto the table and started removing his clothing. He also shared information with regard to the pricing strategies of Daffodil Bank with a senior executive of a major competitor. You are required to: Interpret each of the above scenarios in terms of the International Professional Practices Framework. Your answer should include a description of the Standard(s) that are applicable in each scenarioStep by Step Solution
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