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Hi can someone please help me answer the questions (a, b, c and d) in the picture attached. Question 1-IPPF You were recently appointed as
Hi can someone please help me answer the questions (a, b, c and d) in the picture attached.
Question 1-IPPF You were recently appointed as the new chief audit executive for Hurricane Incorporated, a company that specialises in disaster management. A month after your appointment, you were confronted with the following situations: (a) As part of a company-sponsored award programme, one of your internal auditors received an award of significant monetary value from a division in recognition of the cost-savings that resulted from the internal auditor's recommendations. The internal auditor failed to inform you about the award. (b) A chemical factory is situated right next to a new soccer stadium that is being built. You have been requested by the audit committee to conduct an engagement of the chemical factory as soon as possible. The engagement will include reviews of health, safety and environmental management and processes. You know that your internal audit activity does not possess the knowledge necessary to conduct such an engagement; however, you decided to commence with the engagement. (c) One of your internal auditors has nearly completed an engagement when he discovers that the director of marketing has a gambling habit. The gambling issue is not directly related to the existing engagement and there is pressure to complete the current engagement. The internal auditor notes the problem and forwards the information to you, but performs no further follow-up on the gambling issue during this engagement. (d) You have become good friends with one of your internal audit colleagues. A complex financial audit engagement in New York (before Hurricane Sandy) was requested by the audit committee. Your colleague has never been overseas and begs you to send him. You know he does not have any experience in that field of work and is not really available at the time of the engagement, but you decided to send him anyway. You are required to: Identify possible violations of the Institute of Internal Auditor's Code of Ethics and Standards in the above scenarios. If applicable, briefly state the rule of conduct or specific standard that is violated, discuss the violation and recommend the correct action to be takenStep by Step Solution
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