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| Section | Weight | Objectives |
|---|---|---|
| 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 level of knowledge, skills, and competencies required - Explain the importance of due professional care - Explain the requirement for continuing professional development - Demonstrate proficiency and due professional care |
| I. Foundations of Internal Auditing (15%) | 15% | - Interpret The IIA's Mission of Internal Audit, Definition of Internal Auditing, and Core Principles - Demonstrate conformance with the IIA Code of Ethics - Interpret the difference between assurance and consulting services - Explain the requirements of an internal audit charter |
| II. Independence and Objectivity (15%) | 15% | - Determine the type of impairment to independence and objectivity - Interpret organizational independence - Assess and maintain individual objectivity - Demonstrate individual objectivity |
| V. Governance, Risk Management, and Control (35%) | 35% | - Describe the concept of organizational governance - Examine the effectiveness of the internal control system - Recognize and interpret ethics and compliance-related issues - Interpret fundamental concepts of risk and the risk management process - Describe the components of the internal control system - Describe corporate social responsibility - Recognize the impact of organizational culture on the control environment - Examine the effectiveness of risk management - Describe globally accepted risk management frameworks (COSO ERM, ISO 31000) |
| IV. Quality Assurance and Improvement Program (7%) | 7% | - Describe the mandatory elements of the QAIP - Explain the requirements of the internal and external assessments |
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NEW QUESTION # 862
According to IIA guidance, which of the following is ultimately responsible for seeing that the internal control system of an organization's social responsibility program is effective?
Answer: A
Explanation:
According to IIA guidance, senior management is ultimately responsible for ensuring that the internal control system of an organization's social responsibility program is effective. This responsibility stems from management's role in establishing and maintaining a system of internal controls that supports the achievement of organizational objectives, including those related to social responsibility.
IIA's guidance on governance, which places responsibility for the effectiveness of internal controls primarily on senior management.
NEW QUESTION # 863
The chief audit executive for an organization has just completed a risk assessment process, identified the areas with the highest risk, and assigned an audit priority to each. Which of the following statements is true and consistent with the International Professional Practices Framework?
I.Items should be ranked in the order of quantifiable dollar exposure to the organization.
II.
The audit priorities should be in order of major control deficiencies.
III.
The risk assessment, though quantified, is the result of professional judgments about both exposures and probability of occurrences.
Answer: A
NEW QUESTION # 864
Upon completion of an external quality assessment, which of the following would the chief audit executive be required to report to the board?
Answer: B
Explanation:
Upon completion of an external quality assessment, the chief audit executive is required to report the detailed evaluation results of the external assessment to the board. This disclosure is crucial as it provides the board with insights into the effectiveness and efficiency of the internal audit function, highlighting areas of strength and opportunities for improvement. It facilitates informed decision-making regarding the internal audit activity's practices and processes.
IIA Standard 1320 - Reporting on the Quality Assurance and Improvement Program
NEW QUESTION # 865
Which of the following will help the chief audit executive (CAE) of a large organization ensure that the independence of the internal audit function is maintained?
Answer: D
Explanation:
Board approval of the internal audit budget and resource plan strengthens organizational independence because it reduces management's ability to restrict internal audit through financial or staffing pressure.
Effective functional reporting to the board includes board oversight of the internal audit mandate, plan, budget, resources, CAE appointment and removal, and CAE remuneration. The CAE develops the charter, but the board-not the CAE alone-must approve it. Similarly, allowing the CEO to control appointment or termination of the CAE could undermine independence by making the CAE dependent on executive management. The board is not normally required to approve every individual internal auditor's salary package. Therefore, board approval of the internal audit function's overall budget and resource plan is the option that most directly supports and protects organizational independence.
NEW QUESTION # 866
Which of the following indicates an appropriate disclosure of a potential nonconformance with the Standards?
Answer: D
Explanation:
An appropriate disclosure of potential nonconformance with the Standards would be that an external assessment of the internal audit activity was last performed six years ago. According to IIA standards, external assessments must be conducted at least once every five years. Failing to perform an external assessment within this timeframe constitutes nonconformance with the Standards.References: IIA Standard 1312 - External Assessments, which requires that external quality assessments be performed at least once every five years to ensure conformity with the Standards.
NEW QUESTION # 867
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