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| Section | Objectives |
|---|---|
| Proficiency and Due Professional Care | - Competence and skills requirements - Due professional care in engagements |
| Quality Assurance and Improvement Program (QAIP) | - Internal quality assessments - Continuous improvement of internal audit function - External quality assessments |
| Foundations of Internal Auditing | - Internal audit definition, purpose, and value - IIA Standards and Code of Ethics overview - Internal audit role in governance, risk, and control |
| Independence and Objectivity | - Organizational independence - Individual objectivity and impairment |
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NEW QUESTION # 764
An internal auditor wants to compare her organization's governance processes to those of a well-known governance model. Which of the following approaches would the auditor take for this purpose?
Answer: C
Explanation:
When an internal auditor wants to compare her organization's governance processes to those of a well-known governance model, performing a gap analysis is the most effective approach. A gap analysis involves comparing the current state (the organization's existing governance processes) with the desired state (the well- known governance model). This analysis identifies the gaps or differences between the two, which can then be addressed to improve the organization's governance practices. It helps in pinpointing specific areas where the organization's practices fall short and need enhancement.
The IIA Standards: Standard 2130 - Governance: "The internal audit activity must assess and make appropriate recommendations to improve the organization's governance processes." IIA Practice Guide: "Assessing Organizational Governance in the Public Sector": Discusses the use of gap analysis to evaluate governance frameworks.
NEW QUESTION # 765
Which of the following statements is true regarding the importance of risk management?
Answer: A
Explanation:
Risk management is not solely about mitigating or eliminating potential hazards but also involves identifying and seizing potential opportunities that can benefit the organization. Effective risk management allows an organization to balance risk and reward, making informed decisions that align with its strategic objectives.
This approach ensures a proactive stance in optimizing performance and achieving competitive advantage while managing risks.
The Institute of Internal Auditors (IIA) Standards and Practice Advisories.
COSO Enterprise Risk Management (ERM) Framework.
"Risk Management: Principles and Practices" by IIA.
NEW QUESTION # 766
Applying ISO 31000, which of the following is part of the external context for risk management?
Answer: D
NEW QUESTION # 767
During the course of an audit, an internal auditor discovers that a valuable employee in the research department has been patenting new developments in the employee's name that are unrelated to the basic business of the organization.
The organization does not have a policy addressing this specific issue, but does have a general policy that all important new discoveries by employees are the property of the organization.
Division management views the employee's actions as extra incentive to retain the employee.
A decision to include the employee's action in the engagement final communication would be:
1. A violation of the IIA Code of Ethics.
2. A violation of the reporting requirements in the Standards.
3. Justified and necessary, according to the IIA Code of Ethics and Standards.
Answer: D
NEW QUESTION # 768
According to the 11A Code of Ethics, which of the following is required with regard to communicating results?
Answer: D
Explanation:
According to the IIA's International Standards for the Professional Practice of Internal Auditing (Standards)
2420.A1, it is stated that the internal auditor must disclose all material information obtained by the date of the final engagement communication, which could impact the engagement conclusion or decision-making process.
This ensures that all relevant facts are communicated to stakeholders appropriately.References: International Standards for the Professional Practice of Internal Auditing (Standards) 2420.A1
NEW QUESTION # 769
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