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| Section | Objectives |
|---|---|
| Topic 1: Foundations of Internal Auditing | - IIA Standards and Code of Ethics overview - Internal audit role in governance, risk, and control - Internal audit definition, purpose, and value |
| Topic 2: Independence and Objectivity | - Organizational independence - Individual objectivity and impairment |
| Topic 3: Quality Assurance and Improvement Program (QAIP) | - Internal quality assessments - Continuous improvement of internal audit function - External quality assessments |
| Topic 4: Proficiency and Due Professional Care | - Due professional care in engagements - Competence and skills requirements |
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NEW QUESTION # 370
A new chief audit executive realized that the internal audit charter has not been updated in five years and only includes the Core Principles for the Professional Practice of Internal Auditing, the Code of Ethics, and the Standards. What mandatory component is missing?
Answer: A
Explanation:
The internal audit charter should include the Definition of Internal Auditing, along with the Core Principles, Code of Ethics, and Standards. This definition provides clarity on the purpose, authority, and responsibility of the internal audit function within the organization. References:
* IIA's International Professional Practices Framework (IPPF) - Internal Audit Charter requirements.
NEW QUESTION # 371
According to IIA guidance,which of the following must the internal auditor consider to meet the requirements for due professional care?
Answer: A
NEW QUESTION # 372
Which of the following best describes the Standards requirement for collective proficiency of the internal audit activity?
Answer: A
Explanation:
According to the IIA's International Standards for the Professional Practice of Internal Auditing, the internal audit activity must ensure that auditors collectively possess all of the competencies necessary to fulfill the internal audit plan. This standard recognizes that not every auditor will have every skill needed for every engagement, but collectively, the team should cover all necessary competencies.
Institute of Internal Auditors (IIA) - International Standards for the Professional Practice of Internal Auditing.
NEW QUESTION # 373
The chief audit executive (CAE) has hired a new internal auditor who was immediately assigned to a procurement function audit. Because the new auditor's name is similar to that of the procurement manager, some staff members think the two are related, although they are not. Which of the following actions is most appropriate for the CAE to take?
Answer: A
NEW QUESTION # 374
Which of the following actions should an internal auditor take to exercise due professional care?
1. Consider the probability of significant noncompliance in each audit engagement.
2. Weigh the cost of assurance against the benefits.
3. Perform assurance procedures with sufficient care to ensure that all risks are identified.
Answer: A
NEW QUESTION # 375
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