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| Section | Weight | Objectives |
|---|---|---|
| Topic 1: I. Foundations of Internal Auditing (15%) | 15% | - Demonstrate conformance with the IIA Code of Ethics - Explain the requirements of an internal audit charter - Interpret the difference between assurance and consulting services - Interpret The IIA's Mission of Internal Audit, Definition of Internal Auditing, and Core Principles |
| Topic 2: VI. Fraud Risks (10%) | 10% | - Describe fraud risk and fraud prevention - Explain the auditor's role in fraud prevention and detection - Explain the types of fraud |
| Topic 3: III. Proficiency and Due Professional Care (18%) | 18% | - Explain the importance of due professional care - Explain the requirement for continuing professional development - Demonstrate proficiency and due professional care - Explain the level of knowledge, skills, and competencies required |
| Topic 4: 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 5: II. Independence and Objectivity (15%) | 15% | - Assess and maintain individual objectivity - Demonstrate individual objectivity - Interpret organizational independence - Determine the type of impairment to independence and objectivity |
| Topic 6: V. Governance, Risk Management, and Control (35%) | 35% | - Interpret fundamental concepts of risk and the risk management process - Describe globally accepted risk management frameworks (COSO ERM, ISO 31000) - Describe the concept of organizational governance - Examine the effectiveness of the internal control system - Describe the components of the internal control system - Recognize and interpret ethics and compliance-related issues - Recognize the impact of organizational culture on the control environment - Describe corporate social responsibility - Examine the effectiveness of risk management |
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NEW QUESTION # 719
Regarding assurance and consulting services provided by the internal audit activity which of the following statements is correct?
Answer: C
Explanation:
The correct statement regarding assurance and consulting services provided by the internal audit activity is that both assurance services and consulting services can be focused on controls or performance or both. This reflects the flexibility and adaptability of internal audit functions to address varying organizational needs, whether in assessing the adequacy and effectiveness of controls, improving operational performance, or both.References: The IIA's International Standards for the Professional Practice of Internal Auditing on the nature of assurance and consulting services.
NEW QUESTION # 720
A large commercial bank was fined by regulators for fraudulent practices when employees, over a period of time, opened thousands of new accounts for existing clients without the clients' consent. It was later found that employees were given unrealistic new account targets and were aggressively monitored by management on a daily basis.
Which of the following controls would have most likely reduced the likelihood of the fraudulent practice from occurring?
Answer: A
Explanation:
An evaluation of the current performance and compensation program would be the most effective control to address the underlying cause of fraudulent behavior described. The pressures from unrealistic targets and aggressive monitoring likely encouraged employees to engage in fraudulent account openings. By evaluating and potentially revising these targets and the associated compensation schemes, the bank could mitigate the pressures that lead to such unethical behaviors.References: Standards on the role of internal control systems in preventing and detecting fraud, including guidance on managing performance and compensation to align with ethical standards.
NEW QUESTION # 721
The audit process used by the internal audit activity of a large wholesale clothing company does not include an engagement letter or project approval document. The most serious consequence of this deficiency in the process is that the:
Answer: D
Explanation:
Section: Volume B
NEW QUESTION # 722
Which of the following actions by the internal audit activity requires disclosure to the board of nonconformance with the Standards?
Answer: C
Explanation:
Nonconformance with the Standards that requires disclosure to the board includes the failure to conduct external assessments within the timeframe stipulated by the IIA standards. Specifically, Standard 1312 requires that an external quality assessment must be conducted at least once every five years. Not completing this assessment within the last seven years constitutes a nonconformance that must be reported.References:
Institute of Internal Auditors (IIA) Standards, specifically Standard 1312 on External Assessments.
NEW QUESTION # 723
With regard to the internal audit activity's quality assurance and improvement program, which of the following topics would the chief audit executive include on the quarterly board meeting agenda?
Answer: C
Explanation:
The chief audit executive (CAE) would include the scope and frequency of both internal and external quality assessments on the quarterly board meeting agenda as part of the internal audit activity's quality assurance and improvement program. This topic is essential for ensuring the board is informed about the mechanisms in place to maintain and enhance the quality of the internal audit function. Regular updates on quality assessments help the board understand the effectiveness of the internal audit activity and its commitment to continuous improvement.
The IIA's International Standards for the Professional Practice of Internal Auditing (Standards) - Standard
1311: Internal Assessments and Standard 1312: External Assessments.
The IIA's Quality Assessment Manual.
NEW QUESTION # 724
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