Ch.1 Introduction to Internal Auditing questions with correct answers

is an independent, objective assurance and consulting activity designed to add value and improve an organization's operations. It helps an organization accomplish objectives by bringing systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control, and governance processes Internal Auditing is designed to Correct Answer-add value and improve an organization's operations How does internal auditing help an organization accomplish their objectives? Correct Answer-By bringing a systematic, disciplined approach to evaluate and improve the effectiveness of: -risk management -control -governance processes CAE stands for Correct Answer-Chief Audit Executive 2. Know how an organization's objectives serve as the foundational link for internal audit engagement objectives (pp. 5, 8 - 9) Correct Answer-There must be a direct link between the business objectives and the internal audit engagement objectives for the internal audit to be successful. PART 1: vision statement - aspirational description of what the organization aspires to achieve or accomplish in the FUTURE PART 2: mission statement - broad descripti