Certified Government Auditing Professional (CGAP) Practice Exam

Which of the following statements on report timeliness most accurately reflects what the audit standards require?

1. INTOSAI, IFAC, and The IIA's Standards all set specific time frames, although the time frames differ.

2. Timeliness is not specifically addressed in any of the various sets of standards.

3. Timeliness of reports is emphasized in all sets of standards without specific time frames.

4. All sets of standards imply that, if a planned report date is missed, the audit report should not be issued.

The correct answer is: Timeliness of reports is emphasized in all sets of standards without specific time frames.

The emphasis on timeliness in reporting is a key requirement outlined in various audit standards such as those from INTOSAI (International Organization of Supreme Audit Institutions), IFAC (International Federation of Accountants), and The IIA (Institute of Internal Auditors). While these standards may not specify exact time frames for report completion, they all underscore the importance of delivering audit reports in a timely manner to ensure that the information is relevant and useful for decision-makers. The timely issuance of reports ensures that stakeholders have access to the findings and recommendations when they can still impact operations or decision-making processes. Therefore, option C accurately reflects that all sets of standards highlight the significance of timeliness, even if they do not stipulate specific deadlines. In contrast, various statements point out limitations. One suggests that timeliness is not specifically addressed, but this overlooks the underlying emphasis present in the standards. Another option claims that all standards set specific time frames, which may suggest a uniformity that does not exist as different organizations have differing expectations. Lastly, the idea that missing a planned report date renders the report irrelevant goes against the intent of delivering valuable insights, albeit potentially late. Hence, while the timing of the report is crucial, the emphasis is on its importance rather than a rigid