IIA Exam IIA-CFSA Topic 5 Question 74 Discussion

Actual exam question for IIA's IIA-CFSA exam

Question #: 74
Topic #: 5

[All IIA-CFSA Questions]

The responsibility for preparing and presenting the audited financial statements is that of:

AInternal auditor

BEngagement client/ Management of the entity

CProcess owner

DAuditing Agency

Show Suggested Answer

Suggested Answer: B

by Arletta at Apr 04, 2025, 11:47 PM

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Ammie

1 months ago

Wait, so the process owner is responsible for the audited financial statements? That's like asking the janitor to do the CEO's job!

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Eun

17 days ago

B) Engagement client/ Management of the entity

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Alonso

2 months ago

I think it's important for the management to be accountable for the financial statements to ensure transparency and trust in the company.

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Precious

2 months ago

Hmm, this is a tricky one. I'm going to go with B, the engagement client/management of the entity. They're the ones who have the most to gain or lose from the financial statements.

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Lamonica

1 months ago

It makes sense that they would be the ones in charge of preparing and presenting the audited financial statements.

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Val

1 months ago

Yes, they are the ones who have the most knowledge about the company's financial position.

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Leonie

1 months ago

I agree, the management of the entity is ultimately responsible for the financial statements.

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Jame

2 months ago

I agree with Maryln, because the management of the entity is ultimately responsible for the accuracy of the financial statements.

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Arlyne

2 months ago

I think the auditing agency should be responsible for this. After all, they're the ones doing the auditing, right?

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Rashad

Yes, the process owner also plays a role in preparing and presenting the audited financial statements.

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Kate

10 days ago

C) Process owner

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Desmond

24 days ago

That's correct, the responsibility lies with the management of the entity.

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Leonora

2 months ago

B) Engagement client/ Management of the entity

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Maryln

2 months ago

B) Engagement client/ Management of the entity

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Audra

2 months ago

Obviously, it's the management's responsibility to prepare and present the audited financial statements. Duh!

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Zita

1 months ago

Exactly, the management of the entity is responsible for preparing and presenting the audited financial statements.

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Ashleigh

1 months ago

B) Engagement client/ Management of the entity

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