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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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Which of the following is the internal audit activity expected to do with respect to the organization's governance processes?
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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 690 - IIA-CIA-Part1 discussion

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Which of the following statements demonstrates that internal auditors are in conformance with the standard of due professional care?

A.

Internal auditors have shown they have the freedom to carry out their responsibilities.

Answers
A.

Internal auditors have shown they have the freedom to carry out their responsibilities.

B.

Internal auditors have demonstrated the skills needed to carry out the audit engagement.

Answers
B.

Internal auditors have demonstrated the skills needed to carry out the audit engagement.

C.

Internal auditors have strictly followed a formal audit process in conducting their work.

Answers
C.

Internal auditors have strictly followed a formal audit process in conducting their work.

D.

Internal auditors have demonstrated an unbiased mental attitude.

Answers
D.

Internal auditors have demonstrated an unbiased mental attitude.

Suggested answer: B

Explanation:

According to the International Standards for the Professional Practice of Internal Auditing (Standards), internal auditors must exhibit due professional care in their work. Due professional care implies that internal auditors must apply the care and skill expected of a reasonably prudent and competent auditor. Standard 1220 of the IIA's International Standards states that internal auditors must consider the use of technology-based audit and other data analysis techniques. Furthermore, they should be alert to the significant risks that might affect objectives, operations, or resources. Demonstrating the necessary skills and proficiency (Option B) directly aligns with the requirement of due professional care, as it ensures that auditors have the capability to identify and manage risks effectively.

Reference:

IIA Standards, Standard 1220: Due Professional Care

IIA's International Professional Practices Framework (IPPF)

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asked 03/11/2024
Bianca Duizer
48 questions
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