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Exam IIA-CIA-Part1 topic 6 question 330 discussion

Actual exam question from IIA's IIA-CIA-Part1
Question #: 330
Topic #: 6
[All IIA-CIA-Part1 Questions]

An internal auditor failed to identify transactions between the parent organization and a subsidiary. What is the most likely reason for the failure?

  • A. The auditor misunderstood the audit objectives.
  • B. The auditor lacked professional skepticism.
  • C. The auditor's fieldwork was not properly supervised.
  • D. The auditor lacked an understanding of the organization.
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Suggested Answer: B 🗳️
by f30b972 at Aug. 16, 2024, 7:06 p.m.

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f30b972
Highly Voted 11 months, 3 weeks ago
Why not D?
upvoted 6 times
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Kozy
Most Recent 3 weeks, 6 days ago
Selected Answer: D
A failure to identify transactions between a parent organization and a subsidiary typically stems from a lack of understanding of: The organizational structure. Intercompany relationships. Related-party transactions. IIA Standards emphasize that auditors must obtain a thorough understanding of the entity's environment, structure, and operations to conduct effective engagements. If the auditor missed such fundamental relationships, it's most likely because they did not fully understand the organization.
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