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A new chief audit executive wants to develop a formal internal control framework for her organization. She uses globally accepted frameworks as a guide. Which of the following would she likely find critical in creating the new framework for her organization?
Which of the following offers the feast evidence that the internal audit activity has achieved organizational independence?
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Which of the following actions does a competency assessment tool help the chief audit executive perform?
Which of the following statements is true regarding risk management frameworks?
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Which of the following best demonstrates conformance with the Standards relating to continuing professional development of internal auditors?
How can an Internal audit activity contribute to Its organization's risk assessment process?

Question 622 - IIA-CIA-Part1 discussion

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According to HA guidance, which of the following is true regarding independence and objectivity for small internal audit activities?

A.

The chief audit executive (CAE) may consider including a disclaimer on independence in audit reports.

Answers
A.

The chief audit executive (CAE) may consider including a disclaimer on independence in audit reports.

B.

The CAE may consider greater involvement of those with suitable knowledge of audit practice.

Answers
B.

The CAE may consider greater involvement of those with suitable knowledge of audit practice.

C.

Conformance with this Standard is not dependent upon the size of the internal audit activity.

Answers
C.

Conformance with this Standard is not dependent upon the size of the internal audit activity.

D.

Due to the small size of the internal audit activity, having an external assessment once every seven years is acceptable.

Answers
D.

Due to the small size of the internal audit activity, having an external assessment once every seven years is acceptable.

Suggested answer: C

Explanation:

The IIA Standards state that conformance with standards related to independence and objectivity is not dependent upon the size of the internal audit activity. All internal audit functions, regardless of their size, must adhere to the principles of independence and objectivity to ensure that their work is unbiased and free from undue influence. This is fundamental to the credibility and reliability of the internal audit activity's work and findings. While small internal audit activities may face unique challenges, such as resource limitations, these challenges do not exempt them from maintaining these core principles.

Reference:

The IIA's International Standards for the Professional Practice of Internal Auditing (Standards) - Standard 1100 on Independence and Objectivity.

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asked 03/11/2024
Dilara Unsal
30 questions
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