Internal control questionnaires are used to achieve which of the following objectives?
A.
To ascertain the operating effectiveness of a procedure
B.
To verify the accuracy of Information in a report
C.
To assess the controls mitigating major risks
D.
To determine whether specified contra procedures are in place
The Answer Is:
D
This question includes an explanation.
Explanation:
Internal control questionnaires are used to determine whether specific control procedures are in place within an organization. They help auditors identify the existence and implementation of controls designed to mitigate risks. These questionnaires can provide a preliminary understanding of the control environment and identify areas that may require further detailed testing.
[References:, The Institute of Internal Auditors (IIA) Practice Guide: Using Internal Control Questionnaires to Assess Risk, IIA Standard 2130 - Control, , , ]
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