CIA Part 1 || very Flawless.

Mission of Internal Audit correct answers To enhance and protect organizational value by providing risk-based and objective assurance, advice, and insight. Core Principles for the Professional Practice of Internal Auditing correct answers Demonstrates integrity. Demonstrates competence and due professional care. Is objective and free from undue influence (independent). Aligns with the strategies, objectives, and risks of the organization. Is appropriately positioned and adequately resourced. Demonstrates quality and continuous improvement. Communicates effectively. Provides risk-based assurance. Is insightful, proactive, and future-focused. Promotes organizational improvement. Risk Categories correct answers 1. Business Disruption and System Failures 2. Clients, Products, & Business Practices 3. Credit 4. Damage to Physical Assets 5. External Fraud 6. Employment Practices and Workplace Safety 7. Execution, Delivery & Process Management 8. Internal Fraud 9. Insurance 10. Market Types of Controls correct answers 1. Analytical Procedures 2. Approvals and Authorizations 3. Confirmations 4. Exception Reporting and Tracking 5. Ongoing Monitoring 6. Physical Security 7. Reconciliations 8. Segregation of Duties 9. Transaction/Application Controls 10. Information and Communication 11. Risk Assessment 12. Training Definition of Internal Auditing correct answers Internal auditing is an independent, objective assurance and consulting activity designed to add value and improve an organization's operations. It helps an organization accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control, and governance processes.