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Question 330

Which of the following statements is true regarding an internal audit team's decision to deploy an internal control questionnaire for the engagement?

The information that can be obtained using this approach is limited.

There are complexities with quantifying the information obtained using this approach.

With this approach, respondents are likely to freely acknowledge inadequacies in the existing internal controls.

This approach yields reliable results, therefore there would be no need to corroborate information obtained using this approach.

Correct Answer: A

An internal control questionnaire can indeed provide limited information because it relies on the responses of the individuals who complete it. These individuals may not always have full knowledge or may provide biased information. Therefore, the information obtained using this approach may not capture the full scope of the internal control environment.

Discussion

b863e9aOption: A

Why not A?