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| Section | Weight | Objectives |
|---|---|---|
| III. Proficiency and Due Professional Care (18%) | 18% | - Demonstrate proficiency and due professional care - Explain the importance of due professional care - Explain the requirement for continuing professional development - Explain the level of knowledge, skills, and competencies required |
| VI. Fraud Risks (10%) | 10% | - Explain the types of fraud - Explain the auditor's role in fraud prevention and detection - Describe fraud risk and fraud prevention |
| V. Governance, Risk Management, and Control (35%) | 35% | - Recognize the impact of organizational culture on the control environment - Interpret fundamental concepts of risk and the risk management process - Describe the components of the internal control system - Recognize and interpret ethics and compliance-related issues - Describe globally accepted risk management frameworks (COSO ERM, ISO 31000) - Examine the effectiveness of risk management - Describe the concept of organizational governance - Examine the effectiveness of the internal control system - Describe corporate social responsibility |
| I. Foundations of Internal Auditing (15%) | 15% | - Demonstrate conformance with the IIA Code of Ethics - Interpret The IIA's Mission of Internal Audit, Definition of Internal Auditing, and Core Principles - Explain the requirements of an internal audit charter - Interpret the difference between assurance and consulting services |
| II. Independence and Objectivity (15%) | 15% | - Assess and maintain individual objectivity - Interpret organizational independence - Determine the type of impairment to independence and objectivity - Demonstrate individual objectivity |
| 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 # 538
When performing an audit of the risk management process an auditor makes the observations listed below. Which poses the greatest risk to the organization?
Answer: B
NEW QUESTION # 539
During an audit of company expenses, the internal auditor performed a test using data analytics and identified a violation of the company's expenses policy. The auditor who discovered the issue considered it a potential fraudulent transaction and informed the chief financial officer (CFO). The CFO dismissed the concern because he did not understand the data analytics test that was performed and the transaction was of a low value. Given this situation, which skills or competencies should this internal auditor seek to improve?
Answer: A
Explanation:
Given that the CFO dismissed the concern due to a lack of understanding of the data analytics test and the perceived insignificance of the transaction, the internal auditor should improve soft skills, specifically communication and negotiation. Enhancing these skills would help the auditor better explain the significance of findings and persuade management of the need to address such issues, regardless of transaction value.
Institute of Internal Auditors (IIA) - Competency Framework for Internal Auditors
NEW QUESTION # 540
Which of the following is the appropriate next step after management identifies and implements risk responses?
Answer: B
Explanation:
COSO Enterprise Risk Management organizes its Performance component in a logical sequence: identify risks, assess their severity, prioritize them, implement risk responses, and then develop a portfolio view. A portfolio view allows management to consider individual risks collectively across the organization and understand the combined amount and types of risk being assumed relative to strategy and risk appetite.
Prioritizing risks and assessing severity occur before risk responses are selected and implemented. Measuring risk velocity may be useful in risk analysis, but it is not the next COSO ERM principle in this sequence.
Therefore, once management has identified risks and implemented appropriate responses, the next step is to develop a portfolio view so management can evaluate aggregate risk exposure across the enterprise.
NEW QUESTION # 541
With regard to governance, which of the following is a board-level responsibility rather than a management responsibility?
Answer: C
NEW QUESTION # 542
Which of the following actions would be considered a violation of the Standards?
I.Drafts of engagement communications were reviewed with the audit client to obtain input. The client's comments were considered when developing the engagement final communication.
II.An auditor participated as part of a development team to review the control procedures to be incorporated into a major computer application under development.
III.Given limited resources,the chief audit executive performed a risk analysis to determine which functions to audit.
Answer: C
NEW QUESTION # 543
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