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| Section | Weight | Objectives |
|---|---|---|
| Topic 1: III. Proficiency and Due Professional Care (18%) | 18% | - Explain the importance of due professional care - Explain the requirement for continuing professional development - Explain the level of knowledge, skills, and competencies required - Demonstrate proficiency and due professional care |
| Topic 2: II. Independence and Objectivity (15%) | 15% | - Interpret organizational independence - Assess and maintain individual objectivity - Determine the type of impairment to independence and objectivity - Demonstrate individual objectivity |
| Topic 3: V. Governance, Risk Management, and Control (35%) | 35% | - Examine the effectiveness of the internal control system - Interpret fundamental concepts of risk and the risk management process - Describe corporate social responsibility - Examine the effectiveness of risk management - Recognize and interpret ethics and compliance-related issues - Describe the components of the internal control system - Describe the concept of organizational governance - Describe globally accepted risk management frameworks (COSO ERM, ISO 31000) - Recognize the impact of organizational culture on the control environment |
| Topic 4: VI. Fraud Risks (10%) | 10% | - Explain the auditor's role in fraud prevention and detection - Describe fraud risk and fraud prevention - Explain the types of fraud |
| Topic 5: IV. Quality Assurance and Improvement Program (7%) | 7% | - Explain the requirements of the internal and external assessments - Describe the mandatory elements of the QAIP |
| Topic 6: 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 |
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NEW QUESTION # 889
According to IIA guidance, which of the following statements regarding the internal audit charter is true?
Answer: A
Explanation:
According to the IIA's guidelines, the internal audit charter should clearly define the internal audit activity's position within the organization. This is essential to establish the authority and scope of the internal audit function, ensuring that it has the necessary independence and resources to fulfill its duties effectively.
The Institute of Internal Auditors (IIA) guidelines on internal audit charter.
NEW QUESTION # 890
The results of an internal control questionnaire revealed that all investment activity exceeding $10,
000 must be approved by the assistant treasurer. A sample of these transactions with a five-percent acceptable error rate found that 98 of the 100 items tested included the assistant treasurer's approval. Based on this data, the auditor should:
Answer: A
NEW QUESTION # 891
Forty-five percent of an organization's customer payments are submitted online. Eight percent of online payments are rejected. Executive management decides to outsource its online payment services to a contractor that will assume 75 percent of the total value of rejected payments. The organization estimates
$1.25 million customer payments due during the contract period.
Which of the following represents the organization's residual risk for online customer payments due?
Answer: A
Explanation:
Section: Volume F
NEW QUESTION # 892
In which of the following situations would an internal audit function most likely experience impairments to its independence?
Answer: B
Explanation:
Requiring senior management to review and preapprove the CAE's communications with the board directly interferes with internal audit's unrestricted access to the governing body and creates a significant impairment to organizational independence. The CAE must be able to communicate significant matters, audit results, resource concerns, scope limitations, and other relevant issues directly to the board without management censorship or modification. Meetings with the board chair, even when informal, generally support rather than undermine direct access. Participation as a non-voting participant in strategic or board discussions can help the CAE understand organizational risks without assuming decision-making responsibility. Regular meetings with the CEO are also consistent with an appropriate administrative relationship. Therefore, management control over communications to the board represents the clearest and most serious independence impairment.
NEW QUESTION # 893
According to IIA guidance, who is ultimately responsible for the enhancement of the internal auditor's knowledge, skills, and other competencies?
Answer: A
Explanation:
According to the IIA's Code of Ethics, internal auditors are responsible for maintaining their knowledge, skills, and other competencies at a level required to perform their professional responsibilities2. Internal auditors should also pursue relevant professional development opportunities to enhance their ability to add value to the organization3. Therefore, option C is the correct answer.
The other options are not correct. The officer in charge of human resources, the chief audit executive, and the CEO may support or facilitate the internal auditor's professional development, but they are not ultimately responsible for it4. The internal auditor has the primary accountability and obligation to maintain and improve their own competencies5.
NEW QUESTION # 894
......
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