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| Section | Weight | Objectives |
|---|---|---|
| Topic 1: III. Proficiency and Due Professional Care (18%) | 18% | - Explain the level of knowledge, skills, and competencies required - Explain the requirement for continuing professional development - Explain the importance of due professional care - Demonstrate proficiency and due professional care |
| Topic 2: 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 |
| Topic 3: IV. Quality Assurance and Improvement Program (7%) | 7% | - Describe the mandatory elements of the QAIP - Explain the requirements of the internal and external assessments |
| Topic 4: I. Foundations of Internal Auditing (15%) | 15% | - Demonstrate conformance with the IIA Code of Ethics - Interpret the difference between assurance and consulting services - Explain the requirements of an internal audit charter - Interpret The IIA's Mission of Internal Audit, Definition of Internal Auditing, and Core Principles |
| Topic 5: II. Independence and Objectivity (15%) | 15% | - Interpret organizational independence - Determine the type of impairment to independence and objectivity - Demonstrate individual objectivity - Assess and maintain individual objectivity |
| Topic 6: V. Governance, Risk Management, and Control (35%) | 35% | - Interpret fundamental concepts of risk and the risk management process - Recognize and interpret ethics and compliance-related issues - Describe globally accepted risk management frameworks (COSO ERM, ISO 31000) - Recognize the impact of organizational culture on the control environment - Describe the concept of organizational governance - Examine the effectiveness of risk management - Examine the effectiveness of the internal control system - Describe corporate social responsibility - Describe the components of the internal control system |
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NEW QUESTION # 647
An accounts receivable clerk receives cash payments, posts the payments to customer accounts, and prepares the daily cash deposit.
The clerk has been stealing some cash and manipulating the customer payments to hide the theft.
This fraud could be detected with which of the following controls?
Answer: C
Explanation:
Section: Volume E
NEW QUESTION # 648
In which of the following scenarios would the chief audit executive (CAE) be required to decline the assignment?
Answer: C
Explanation:
The chief audit executive (CAE) would be required to decline a consulting engagement if there is no available expertise on the internal audit team to perform it. According to IIA standards, internal auditors must possess the knowledge, skills, and other competencies needed to perform their responsibilities. Accepting an assignment without the requisite expertise could impair the effectiveness and credibility of the audit function.
IIA Standards for the Professional Practice of Internal Auditing
NEW QUESTION # 649
An internal auditor is assigned to an assurance engagement. The auditor's aunt has been working in management of the area under review for a considerable amount of time. Which of the following would best assist the internal auditor in this situation?
Answer: B
Explanation:
A conflict of interest is a situation where an internal auditor's personal or professional interests may compromise their objectivity, integrity, or ability to perform their work effectively. An internal auditor should avoid any conflicts of interest or disclose them to the appropriate parties if they cannot be avoided. A conflict of interest policy is a document that defines what constitutes a conflict of interest, how to identify and report it, and how to manage or resolve it. Therefore, option D is the best answer, as it would assist the internal auditor in this situation by providing clear guidance and expectations on how to handle the potential conflict of interest arising from their aunt's involvement in the area under review.
References:
- How to avoid conflict of interest with auditors | Smolin Lupin
- Auditing, Conflict of Interest, and Credibility: Conducting a ...
- Independence and Objectivity - The Institute of Internal Auditors or The IIA
- Conflict of Interest - Internal Audit and Security Staff
NEW QUESTION # 650
Which aspect of an internal audit charter relates to the reporting structure for the internal audit activity?
Answer: C
Explanation:
The organization aspect of an internal audit charter relates to the reporting structure for the internal audit activity. It establishes the position of the internal audit activity within the organization, and defines its functional and administrative reporting lines2. The organization aspect also ensures that the internal audit activity has sufficient independence and authority to perform its work effectively and objectively3.
References:
1: Internal Audit Charter [A Complete Guide + Template] - ModelOrganization2
2: The Internal Audit Charter IIA POSITION PAPER
The Internal Audit Charter Blueprint to Assurance Success Introduction One of the great challenges every organization faces is assuring efficient and effective risk management those policies and processes designed to leverage or mitigate risks to the organization's advantage. When done well, internal audit provides that assurance as part of its role to protect and enhance organizational value. For internal audit to operate at the highest levels, it must have clearly defined and articulated marching orders from the governing body and management. This is most easily achieved with a well-designed internal audit charter. The IIA's Perspective Every organization can benefit from internal audit, and an internal audit charter is vital to success of the activity (IIA Standard 1000). The charter is a formal document approved by the governing body and/or audit committee (governing body) and agreed to by management. It must define, at minimum: Internal audit's purpose within the organization. Internal audit's authority. Internal audit's responsibility. Internal audit's position within the organization. The IIA has produced model charters available to IIA members here in eight languages. Why the Internal Audit Charter Is Important The charter provides the organization a blueprint for how internal audit will operate and helps the governing body to clearly signal the value it places on internal audit's independence. Ideally it establishes reporting lines for the chief audit executive (CAE) that support that independence by reporting functionally to the governing body (or those charged with governance) and administratively to executive management. It also provides the activity the needed authority to achieve its tasks, e.g., unfettered access to records, personnel, and physical properties relevant to performing its work.
KEY TAKEAWAYS The internal audit charter is vital to internal audit's success and should be reviewed annually by the governing body. The internal audit charter should be approved by the governing body and agreed to by senior management.
The charter should at a minimum include internal audit's purpose and mission, authority, responsibility, its independent reporting relationships, scope and requirement to conform to IIA Standards. The internal audit charter should include details of how the internal audit activity will assess and report on the quality of the internal audit activity.1 3: Charter | Internal Audit
NEW QUESTION # 651
Senior management is eager to assess the organization's risks with regard to electricity sales processes, but the senior management team does not know where to start. How can the internal audit activity assist?
Answer: A
NEW QUESTION # 652
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