According to IIA guidance, which of the following is true about the supervising internal auditor's review notes?
They are discussed with management prior to finalizing the audit.
They may be discarded after working papers are amended as appropriate.
They are created by the auditor to support her fieldwork in case of questions.
They are not required to support observations issued in the audit report.
The correct statements about the supervising internal auditor's review notes are: They may be discarded after working papers are amended as appropriate, and they are created by the auditor to support her fieldwork in case of questions. Review notes serve to ensure quality and accuracy in audits and are typically discarded once the necessary amendments are made to the working papers. Additionally, they can be created by the auditor or the reviewer to help address potential questions or issues during the auditing process.
statement 1 & 3 should be true, 2&4 are false
a)They are discussed with management prior to finalizing the audit - These are WP review notes, there is no reason as to why the auditor need to discuss with management b) They may be discarded after working papers are amended as appropriate - Yes, review notes may be discarded once all corrections suggested have been made, actually in external audit thats the practice, the WPs are cleared and review notes deleted c) They are created by the auditor to support her fieldwork in case of questions -review notes are not created by the auditor, they are created by the reviewer who may be the supervisor or manager or any delegated by the CAE d) They are not required to support observations issued in the audit report - Review notes are majorly for quality purposes and them as "review notes" are not required to support observations coz they are not audit evidence
My answer (1&3)was totally opposite of the recommended answer. Any reason for 2&4?
I just Reread the question,2&4 is correct because it's supervisor's review points-which can be discarded/deleted after review pts are cleared by the auditors, and review pts is not for observations, it's more of the pointers for the auditors to correct their workpaper etc