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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?
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Question 652 - IIA-CIA-Part1 discussion

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With regard to the internal audit activity's quality assurance and improvement program, which of the following must be reported to the board?

A.

A statement of independence of the organization's internal auditors.

Answers
A.

A statement of independence of the organization's internal auditors.

B.

Meeting minutes with the assessment team, if key risks were identified and discussed.

Answers
B.

Meeting minutes with the assessment team, if key risks were identified and discussed.

C.

Frequency of the quality assessments being performed.

Answers
C.

Frequency of the quality assessments being performed.

D.

Summary of previous internal assessments undertaken.

Answers
D.

Summary of previous internal assessments undertaken.

Suggested answer: C

Explanation:

According to the International Standards for the Professional Practice of Internal Auditing, the internal audit activity must have a quality assurance and improvement program that covers all aspects of the internal audit activity. This program should include both internal and external assessments. The chief audit executive must report the results of the quality assurance and improvement program to senior management and the board, including the frequency of quality assessments. This ensures that the board is aware of how often quality assessments are conducted, ensuring continuous improvement and adherence to standards.

Reference: The IIA's International Standards for the Professional Practice of Internal Auditing (Standards), specifically Standard 1312 - External Assessments, and Standard 1320 - Reporting on the Quality Assurance and Improvement Program.

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asked 03/11/2024
Sarath Ganaparthi
43 questions
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