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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?
An engagement supervisor notes that an internal auditor usually documents and submits draft audit reports for review without giving the process owners the opportunity to state their position on the issues raised. How should the engagement supervisor respond?
Which of the following situations is most likely to threaten the independence of the internal audit activity?
Which of the following actions by an organization's board would potentially impair the internal audit activity's independence?
Which of the following actions does a competency assessment tool help the chief audit executive perform?
Which of the following is the internal audit activity expected to do with respect to the organization's governance processes?
Which of the following best demonstrates conformance with the Standards relating to continuing professional development of internal auditors?
Which of the following statements is true regarding risk management frameworks?
How can an Internal audit activity contribute to Its organization's risk assessment process?

Question 658 - IIA-CIA-Part1 discussion

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A new chief audit executive realized that the internal audit charter has not been updated in five years and only includes the Core Principles for the Professional Practice of Internal Auditing, the Code of Ethics, and the Standards. What mandatory component is missing?

A.

Statement of Independence.

Answers
A.

Statement of Independence.

B.

Operating Procedures of Internal Auditing.

Answers
B.

Operating Procedures of Internal Auditing.

C.

Definition of Internal Auditing.

Answers
C.

Definition of Internal Auditing.

D.

Attestation of Quality Assurance.

Answers
D.

Attestation of Quality Assurance.

Suggested answer: C

Explanation:

The internal audit charter should include the Definition of Internal Auditing, along with the Core Principles, Code of Ethics, and Standards. This definition provides clarity on the purpose, authority, and responsibility of the internal audit function within the organization.

Reference:

IIA's International Professional Practices Framework (IPPF) - Internal Audit Charter requirements.

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asked 03/11/2024
Talal Elemam
51 questions
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