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Question 607 - IIA-CIA-Part1 discussion

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Which of the following offers the feast evidence that the internal audit activity has achieved organizational independence?

A.

An independent third party has assessed the organization's system of internal controls to be adequate and effective.

Answers
A.

An independent third party has assessed the organization's system of internal controls to be adequate and effective.

B.

The chief audit executive reports both functionally and administratively to the CEO.

Answers
B.

The chief audit executive reports both functionally and administratively to the CEO.

C.

The internal audit charter is drafted properly and approved by the appropriate parties.

Answers
C.

The internal audit charter is drafted properly and approved by the appropriate parties.

D.

The mission statement and strategy of the internal audit activity demonstrates alignment to organizational objectives.

Answers
D.

The mission statement and strategy of the internal audit activity demonstrates alignment to organizational objectives.

Suggested answer: C

Explanation:

The proper drafting and approval of the internal audit charter by the appropriate parties (e.g., the board or audit committee) offer the clearest evidence that the internal audit activity has achieved organizational independence. The internal audit charter formally defines the purpose, authority, and responsibility of the internal audit activity, including its independence from management and its direct reporting line to the board or audit committee. This document is foundational for establishing and maintaining the independence of the internal audit function.

IIA Standard 1000: Purpose, Authority, and Responsibility

IIA Standard 1110: Organizational Independence

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asked 03/11/2024
Maximo Ian Canino
40 questions
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