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| Section | Weight | Objectives |
|---|---|---|
| V. Governance, Risk Management, and Control (35%) | 35% | - Recognize and interpret ethics and compliance-related issues - Describe the components of the internal control system - Describe the concept of organizational governance - Interpret fundamental concepts of risk and the risk management process - Describe globally accepted risk management frameworks (COSO ERM, ISO 31000) - Examine the effectiveness of risk management - Recognize the impact of organizational culture on the control environment - Describe corporate social responsibility - Examine the effectiveness of the internal control system |
| II. Independence and Objectivity (15%) | 15% | - Interpret organizational independence - Demonstrate individual objectivity - Assess and maintain individual objectivity - Determine the type of impairment to independence and objectivity |
| VI. Fraud Risks (10%) | 10% | - Explain the auditor's role in fraud prevention and detection - Explain the types of fraud - Describe fraud risk and fraud prevention |
| III. Proficiency and Due Professional Care (18%) | 18% | - Explain the requirement for continuing professional development - Explain the level of knowledge, skills, and competencies required - Explain the importance of due professional care - Demonstrate proficiency and due professional care |
| IV. Quality Assurance and Improvement Program (7%) | 7% | - Describe the mandatory elements of the QAIP - Explain the requirements of the internal and external assessments |
| I. Foundations of Internal Auditing (15%) | 15% | - Explain the requirements of an internal audit charter - Interpret the difference between assurance and consulting services - Interpret The IIA's Mission of Internal Audit, Definition of Internal Auditing, and Core Principles - Demonstrate conformance with the IIA Code of Ethics |
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NEW QUESTION # 244
The board, senior management, and the chief audit executive (CAE) discussed that the CAE will remain functionally responsible for the risk management function until a better solution can be implemented.
Which of the following statements is the most appropriate reaction to this arrangement?
Answer: D
Explanation:
When the CAE has ongoing responsibility for the risk management function, internal audit cannot independently provide assurance over that activity without safeguards because the function would effectively be evaluating work under the CAE's own responsibility. The appropriate response is for the board to establish an alternative method of obtaining objective assurance, such as using an independent internal or external assurance provider. Simply acknowledging the arrangement does not eliminate the impairment. Changing the organizational level of the risk management function also does not resolve the CAE's conflicting responsibilities. The arrangement itself may be accepted temporarily when properly authorized, but safeguards are necessary to protect the credibility of assurance work. Therefore, the board should establish alternative assurance processes for the risk management function while the CAE retains that responsibility.
NEW QUESTION # 245
Which of the following statements is true regarding management's use of judgement to design, implement, and conduct internal control?
Answer: C
Explanation:
The use of judgment in designing, implementing, and conducting internal control is essential and enhances management's ability to tailor controls to the organization's unique circumstances, thereby making better decisions. However, it cannot guarantee perfect outcomes as it involves estimating and forecasting future conditions, which are inherently uncertain.References: COSO Internal Control Framework
NEW QUESTION # 246
An organization's management has asked the chief audit executive to help the HR team facilitate identifying corrective actions that will address gaps from a lack of succession planning.
Which of the following engagements would be the most appropriate to accomplish the objective?
Answer: D
Explanation:
A risk and control self-assessment is appropriate because it enables management and relevant employees to participate directly in identifying risks, control gaps, and corrective actions associated with succession planning. Internal audit can facilitate the process without assuming management responsibility, helping participants evaluate whether current controls adequately address risks such as loss of critical knowledge, inadequate leadership continuity, or insufficient talent pipelines. Training may increase awareness but does not itself provide a structured assessment of risks and controls. Process mapping documents workflow and responsibilities but is not primarily designed to identify and prioritize corrective actions. A performance audit is an assurance activity and would be less collaborative than the requested facilitation. Therefore, a risk and control self-assessment best meets management's objective while preserving ownership of corrective actions within HR and management.
NEW QUESTION # 247
According to IIA guidance, which of the following statements is true?
Answer: A
NEW QUESTION # 248
A newly appointed chief audit executive (CAE) started analyzing the organization's policies in an attempt to customize them to address internal audit specifics. Which of the following organizationwide practices is most likely to be acceptable to the CAE?
Answer: C
Explanation:
Among the options, requiring potential auditors to disclose any significant stock ownership in the organization is most likely to be acceptable to a CAE aiming to ensure the integrity and independence of the internal audit function. This practice helps manage potential conflicts of interest and aligns with the principles of objectivity and independence in internal auditing standards.References: The Institute of Internal Auditors (IIA) - Code of Ethics and International Standards for the Professional Practice of Internal Auditing.
NEW QUESTION # 249
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