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| Section | Weight | Objectives |
|---|---|---|
| Internal Audit Practice | 40% | - Audit planning and execution
|
| Information Systems and Technology Audit | 40% | - Information systems audit process
|
| Internal Audit Basics | 20% | - Governance, risk, and control
|
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NEW QUESTION # 46
Which of the following documents are internal auditors most likely to be asked to sign as a demonstration of due professional care?
Answer: C
Explanation:
Professional Responsibility: Internal auditors are expected to demonstrate their commitment to professional standards and ethics.
Code of Ethics: The IIA's Code of Ethics outlines principles that internal auditors must follow, including integrity, objectivity, confidentiality, and competency.
Annual Declaration: Signing an annual declaration reinforces the auditor's commitment to these principles and ensures ongoing adherence to the professional standards.
Demonstration of Due Care: By signing this declaration, auditors formally acknowledge their responsibility to uphold ethical standards, which is a demonstration of due professional care.
NEW QUESTION # 47
According to IIA guidance, which of the following most appropriately justifies the CEO's decision that the internal audit activity shall be responsible for risk management and Investigation at multinational organization?
Answer: B
Explanation:
Role of Internal Audit Charter: The internal audit charter is a formal document that defines the purpose, authority, and responsibility of the internal audit activity. It establishes the internal audit activity's position within the organization, including the nature of the chief audit executive's functional reporting relationship with the board.
CEO's Decision Justification: According to IIA guidance, the internal audit activity can take on responsibilities related to risk management and investigation if it is defined within the internal audit charter.
The charter must outline the scope of the internal audit activity, which can include risk management functions if approved by the board and senior management.
Authority and Proficiency: While the CEO has the authority to assign responsibilities, the decision must align with the provisions of the internal audit charter. The level of proficiency of the CAE and the recommendation of external auditors can support the decision but are not primary justifications.
IIA Standards: Standard 1000 - Purpose, Authority, and Responsibility - requires that the internal audit activity's purpose, authority, and responsibility be formally defined in an internal audit charter, consistent with the Mission of Internal Audit and the mandatory elements of the International Professional Practices Framework.
References:
* The internal audit charter is the primary document that justifies the scope and responsibilities of the internal audit activity, including risk management and investigation roles. It ensures that such roles are formally acknowledged and authorized by the board and senior management.
NEW QUESTION # 48
According to IIA guidance, which of the following actions by the chief audit executive would best ensure that internal auditors demonstrate due professional care?
Answer: C
Explanation:
* Professional Care:Ensuring that internal auditors demonstrate due professional care involves establishing clear policies and procedures that guide their activities.
* Guidance and Standards:These policies and procedures help ensure that the internal audit activity adheres to professional standards and best practices.
* Standard Compliance:According to the IIA's Performance Standard 2040 - Policies and Procedures, the CAE must establish policies and procedures to guide the internal audit activity.
* Quality Assurance:Properly developed policies and procedures contribute to the overall quality and effectiveness of the internal audit activity, ensuring that engagements are conducted with due professional care.
References:
* IIA Standard 2040 - Policies and Procedures .
NEW QUESTION # 49
Which of the following could increase risks to the organization's control environment?
Answer: B
Explanation:
Incentive-based compensation can increase the risk of unethical behavior or fraudulent activities as employees might be tempted to manipulate results to achieve their performance targets.
This could undermine the control environment and lead to significant risks if not managed properly
NEW QUESTION # 50
An organization invests excess short-term cash in trading securities Which of the following actions should an internal auditor take to test the valuation of those securities'*
Answer: B
Explanation:
* Testing Valuation:The valuation of trading securities requires comparing their carrying value with current market prices to ensure accuracy.
* Market Quotations:Current market quotations provide the most reliable and up-to-date information on the fair value of securities.
* Accounting Standards:This approach is consistent with accounting standards that require securities to be reported at fair value, reflecting any unrealized gains or losses.
* Verification Process:Comparing the carrying value with market quotations helps verify that the securities are appropriately valued on the financial statements.
References:
* International Financial Reporting Standards (IFRS) and Generally Accepted Accounting Principles (GAAP) regarding fair value measurement.
NEW QUESTION # 51
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