Learn the key purpose of an internal audit exit conference based on guidance from the Institute of Internal Auditors (IIA). Understand the main objective auditors should focus on in this critical meeting.
Table of Contents
Question
According to IIA guidance, which of the following should be a primary objective for an internal auditor who is conducting an exit conference?
A. Improve relations with the engagement clients.
B. Present the final engagement communication.
C. Identify concerns for future audit engagements.
D. Ensure the accuracy of engagement conclusions.
Answer
According to IIA guidance, the primary objective for an internal auditor conducting an exit conference should be:
D. Ensure the accuracy of engagement conclusions.
Explanation
An exit conference, also known as a closing meeting, is held at the end of an internal audit engagement. Its main purpose is to review and validate the audit observations, recommendations, and conclusions with management before issuing the final audit report.
The IIA’s International Standards for the Professional Practice of Internal Auditing emphasize the importance of communicating accurate and objective engagement results. Specifically:
- Standard 2420 – Quality of Communications states that communications must be accurate, objective, clear, concise, constructive, complete, and timely.
- Standard 2421 – Errors and Omissions requires that if a final communication contains a significant error or omission, the chief audit executive must communicate corrected information to all parties who received the original communication.
Therefore, the overarching objective of the exit conference is to ensure audit conclusions are fully vetted and validated for accuracy and completeness before being finalized and issued. While secondary benefits may include improving client relationships and identifying areas for future audits, the primary focus must be on confirming that the conclusions reached are correct based on the information gathered and analyzed during the engagement. Presenting inaccurate or incomplete results would undermine the credibility and value of the internal audit function.
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