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| Section | Weight | Objectives |
|---|---|---|
| II. Independence and Objectivity (15%) | 15% | - Determine the type of impairment to independence and objectivity - Demonstrate individual objectivity - Interpret organizational independence - Assess and maintain individual objectivity |
| I. Foundations of Internal Auditing (15%) | 15% | - Interpret The IIA's Mission of Internal Audit, Definition of Internal Auditing, and Core Principles - Interpret the difference between assurance and consulting services - Explain the requirements of an internal audit charter - Demonstrate conformance with the IIA Code of Ethics |
| VI. Fraud Risks (10%) | 10% | - Explain the auditor's role in fraud prevention and detection - Explain the types of fraud - Describe fraud risk and fraud prevention |
| V. Governance, Risk Management, and Control (35%) | 35% | - Describe the concept of organizational governance - Interpret fundamental concepts of risk and the risk management process - Describe corporate social responsibility - Describe globally accepted risk management frameworks (COSO ERM, ISO 31000) - Describe the components of the internal control system - Examine the effectiveness of risk management - Recognize the impact of organizational culture on the control environment - Examine the effectiveness of the internal control system - Recognize and interpret ethics and compliance-related issues |
| IV. Quality Assurance and Improvement Program (7%) | 7% | - Explain the requirements of the internal and external assessments - Describe the mandatory elements of the QAIP |
| III. Proficiency and Due Professional Care (18%) | 18% | - Demonstrate proficiency and due professional care - Explain the requirement for continuing professional development - Explain the level of knowledge, skills, and competencies required - Explain the importance of due professional care |
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NEW QUESTION # 211
A chief audit executive has reported to the board that the internal audit activity is lacking financial accounting knowledge for specific audit projects. Upon approval from the board which of the following hiring approaches is best in this situation?
Answer: B
Explanation:
In situations where the internal audit activity lacks specific financial accounting knowledge for certain audit projects, implementing a guest auditor program is a strategic approach. This program allows the organization to bring in external experts or auditors with specialized knowledge on a temporary basis to address the specific needs of the audit. This approach provides the required expertise without the long-term commitment of a full-time hire, ensuring flexibility and immediate enhancement of the audit team's capabilities.
References:
* The IIA Standards: Standard 1210 - Proficiency: "Internal auditors must possess the knowledge, skills, and other competencies needed to perform their individual responsibilities."
* IIA Practice Guide: "Guest Auditor Programs": Discusses the benefits of bringing in external experts for specialized audit needs.
NEW QUESTION # 212
The chief commodity trader for a large energy company learns from a friend that a competitor will likely fail its upcoming regulatory audit and will be forced to temporarily decrease production. If the information is true, the trader has short-term opportunities to make trades that will financially benefit the trader's company and will lead to a substantial increase in the trader's performance bonus. However, if the information is not true, making the trades will significantly increase the company's risk of being caught in a long position. From an ethical perspective, which of the following would be the most appropriate course of action for the trader to take?
Answer: D
NEW QUESTION # 213
Which of the following techniques should an internal auditor use in order to conduct an effective interview?
Answer: D
Explanation:
The most effective technique for an internal auditor during interviews is to appear confident but not arrogant, as per option D. This approach helps maintain professionalism and facilitates open communication, which is crucial for gathering accurate information. This technique aligns with the IIA's guidelines on effective communication and professionalism during audit engagements. The other options could potentially lead to misunderstandings or might not create an environment conducive to honest and clear communication.
IIA Practice Advisory on Interviewing Techniques
NEW QUESTION # 214
Which of the following most accurately describes the role of the board when it comes to organizational governance?
Answer: C
Explanation:
The role of the board in organizational governance most accurately involves the responsibility for the outcome of the process. This encompasses overseeing the strategic direction of the organization, ensuring that corporate objectives are met, and that the management's activities align with the overall strategic vision and risk appetite of the organization. The board's oversight role is crucial in ensuring effective governance and accountability throughout the organization.
The Institute of Internal Auditors (IIA) - International Standards for the Professional Practice of Internal Auditing
NEW QUESTION # 215
Which of the following actions should the audit committee take to promote organizational independence for the internal audit activity?
Answer: A
NEW QUESTION # 216
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