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| Section | Weight | Objectives |
|---|---|---|
| VI. Fraud Risks (10%) | 10% | - Explain the types of fraud - Describe fraud risk and fraud prevention - Explain the auditor's role in fraud prevention and detection |
| V. Governance, Risk Management, and Control (35%) | 35% | - Recognize and interpret ethics and compliance-related issues - Examine the effectiveness of the internal control system - 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 - Describe the concept of organizational governance - Describe corporate social responsibility - Recognize the impact of organizational culture on the control environment - Describe the components of the internal control system |
| II. Independence and Objectivity (15%) | 15% | - Demonstrate individual objectivity - Determine the type of impairment to independence and objectivity - Assess and maintain individual objectivity - Interpret organizational independence |
| I. Foundations of Internal Auditing (15%) | 15% | - Explain the requirements of an internal audit charter - Demonstrate conformance with the IIA Code of Ethics - Interpret The IIA's Mission of Internal Audit, Definition of Internal Auditing, and Core Principles - Interpret the difference between assurance and consulting services |
| III. Proficiency and Due Professional Care (18%) | 18% | - Explain the level of knowledge, skills, and competencies required - Demonstrate proficiency and due professional care - Explain the requirement for continuing professional development - Explain the importance of due professional care |
| IV. Quality Assurance and Improvement Program (7%) | 7% | - Explain the requirements of the internal and external assessments - Describe the mandatory elements of the QAIP |
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NEW QUESTION # 209
An engagement supervisor obtains facilities maintenance reports from a contractor during an audit of third-party services. Which of the following is the source of authority for the engagement supervisor to make such contact outside the organization?
Answer: A
Explanation:
The source of authority for an engagement supervisor to make contact with external parties, such as obtaining maintenance reports from a contractor, typically comes from the provisions outlined in the internal audit charter. This charter formally defines the purpose, authority, and responsibility of the internal audit activity, including interactions with third-party service providers. It is essential as it sets the audit activity's scope, allowing auditors to access necessary information and resources.References:
* The Institute of Internal Auditors (IIA) - International Professional Practices Framework (IPPF), specifically the Audit Charter guidelines.
NEW QUESTION # 210
Which of the following statements is true with regard to conducting an effective quality assurance and improvement program?
Answer: B
NEW QUESTION # 211
An assurance mapping exercise helps an organization do which of the following?
1.Provide assurance to stakeholders that risks are managed and reported,and regulatory
and legal obligations are met.
2.Fulfill best practices in the industry.
3.Identify and address any gaps in the risk management process.
4.Identify fraud.
Answer: D
NEW QUESTION # 212
An organization is testing a new IT system for digital data storage and security. The internal audit activity has been asked to evaluate the system in a consulting engagement. Although several internal auditors on staff are qualified to perform basic assessments of IT systems, none are familiar with the new system. Which of the following is a legitimate response to the prospective client?
1. Decline the engagement.
2. Proceed with the engagement, performing only those parts of the engagement that the internal auditors are qualified to perform.
3. Accept the engagement and develop the additional competencies in-house prior to the engagement's starting date.
4. Make arrangements to obtain assistance from a competent IT auditing expert.
Answer: B
NEW QUESTION # 213
A chief audit executive (CAE) identifies that the internal audit activity lacks a necessary skill to perform a management request for a consulting engagement. According to IIA guidance, which of the following is the most appropriate action the CAE should take regarding the request?
Answer: A
Explanation:
When an internal audit activity lacks the necessary skills to perform a requested consulting engagement, the most appropriate action according to IIA guidance is for the Chief Audit Executive (CAE) to decline the engagement request. This decision ensures the integrity and quality of the audit service, adhering to the standard of only undertaking work where the internal audit staff possesses or has the ability to obtain the necessary knowledge and skills.References: The Institute of Internal Auditors (IIA) - International Standards for the Professional Practice of Internal Auditing.
NEW QUESTION # 214
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